Wall Street analysts react to Netflix's fourth-quarter earnings report - CNBC

Netflix Co-founder, Chairman & CEO Reed Hastings attends a Q&A during a Transatlantic Forum in Lille, France.

Sylvain Lefevre | Getty Images

Wall Street analysts are sticking with Netflix after the company reported it's fiscal fourth-quarter earnings report on Tuesday after the bell.

The company beat on the top and bottom line and reported weak guidance on U.S. subscribers. But that shouldn't deter clients from owning the stock according to analysts.

Netflix also admitted subscriber growth in the U.S. had slowed as competition continues to heat up from the likes of Disney+ and NBCUniversal's Peacock.

Shares of the company are up over 2% in premarket trading.

Here's what else analysts are saying about Netflix's earnings report:

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2020-01-22 12:34:00Z
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Trump says Elon Musk is like Thomas Edison: 'He's one of our great geniuses' - CNBC

President Donald Trump told CNBC on Wednesday that Elon Musk is one of the world's "great geniuses," he likened the CEO of Tesla and SpaceX to Thomas Edison.

Musk is "one of our great geniuses, and we have to protect our genius," Trump said in an interview with "Squawk Box" co-host Joe Kernen from the World Economic Forum in Davos, Switzerland.

"You know, we have to protect Thomas Edison and we have to protect all of these people that came up with originally the light bulb and the wheel and all of these things. And he's one of our very smart people and we want to cherish those people," the president said.

In a 2008 interview, Musk said Edison and Nikola Tesla, for whom he named his electric auto company, were both role models, but he preferred Edison. Tesla, the scientist, was a rival of Edison.

Trump's comments on Musk come as shares of Tesla have surged recently, more than doubling since late September, and hitting all-time high after all-time high. The stock market value of Tesla is around $100 billion. Its market capitalization is greater than those of General Motors and Ford combined.

Tesla stock has been on a tear after the electric car maker announced a surprise profit in its third-quarter earnings report in October. Back then, the stock was just more than $250 per share.

Musk's now-infamous "funding secured," Aug. 7, 2018, tweet sent the stock soaring, but it also marked the beginning of a chaotic ride for the company and Musk. In the 16 months that followed, Tesla stock bottomed at a three-year low just under $177 per share in June before boomeranging back up.

Trump recalled those rough times. "You go back a year and they were talking about the end of the company. And now all of a sudden they're talking about these great things."

In CNBC's interview on Wednesday, the president also marveled at what Musk's commercial company SpaceX has accomplished with rockets that land themselves.

"I spoke to him very recently, and he's also doing the rockets. He likes rockets. And he does good at rockets, too, by the way. I never saw where the engines come down with no wings, no anything, and they're landing. I said I've never seen that before," Trump said.

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2020-01-22 11:45:00Z
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Toyota, Honda recall 6 million vehicles over air bags - WJW FOX 8 News Cleveland

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Toyota, Honda recall 6 million vehicles over air bags  WJW FOX 8 News ClevelandView full coverage on Google News
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2020-01-22 10:27:00Z
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G.M.’s Cruise Unveils a Self-Driving Car. Don’t Look for It on Roads. - The New York Times

SAN FRANCISCO — Cruise, the autonomous vehicle division of General Motors, unveiled an ambitious new vehicle on Tuesday that its executives said was “the beginning of the future beyond the car.”

Emphasis on “beginning.”

The futuristic electric vehicle, called the Cruise Origin, has a long road to travel before any passengers will be able to hail a ride in it. Cruise would not name a time frame for its availability. It provided no details on how many vehicles it planned to produce, or whether it has begun test drives on closed tracks. It has not obtained state or federal regulatory approval to drive on roads.

“Our work is far from done,” Dan Ammann, chief executive of Cruise, said in a presentation.

Cruise emphasized that the Origin is more than just an idea, however. In an interview, Mr. Ammann said that the company would begin producing prototypes of the Cruise Origin and test driving the car “in the near future.”

Referring to the annual consumer electronics show in Las Vegas, he said, “Unlike some things you see at CES, for example, this is not a concept car.”

The event, held in a dark San Francisco warehouse with thu­­­­mping hip-hop and orange uplighting, represented a coming-out party for the latest autonomous technology company eager to show progress at a moment when excitement around the category is waning.

Four years ago, self-driving hype reached a fever pitch. Automakers struck partnerships with technology companies almost every week. Start-ups raised piles of funding at high valuations.

That year, G.M. plunked down nearly $1 billion to acquire a 40-person start-up in San Francisco called Cruise. The start-up went on to raise billions more in outside funding. Head count swelled to 1,700 workers.

But hype hit reality when testing data made it clear that it would take many more years for self-driving technology to be ready for widespread adoption. Google and Tesla had predicted fully autonomous self-driving cars would be available by 2018, a deadline that passed with little fanfare.

Mr. Ammann introduced the Origin alongside Kyle Vogt, Cruise’s co-founder and president. A room full of “Cruisers,” the company’s term for its employees, cheered them on.

The rectangular-shape vehicle with double sliding doors on each side has no steering wheel or brakes. Inside, it is spacious, with room for six people sitting and facing each other.

Cruise’s plan is not to sell the vehicles but to operate a system of autonomous taxis — essentially, robo-taxis — that can be hailed via an app. It is in a race with Uber, which has an autonomous vehicle division, and Waymo, which is backed by Google’s parent company, Alphabet.

Cruise’s executives said that their vehicle is designed to last for one million miles, far longer than typical cars. “Traditional cars haven’t been designed with that mentality,” Mr. Vogt said in an interview.

Their presentation hinted at a future in which Cruise Origin cars could also transport cargo autonomously.

Mr. Vogt said that unveiling the car could help speed up conversations with regulators.

“Seeing the vehicles in the flesh makes it easier to have these conversations because it’s a little bit less abstract,” he said.

Permits are one hurdle. Another is technology.

Cruise must get its vehicles to the point where their sensors and software can navigate city roads, with all their complicated, unpredictable scenarios, as well as a human driver can.

When asked if it would take as many as five years to make the Cruise Origin a reality, Mr. Vogt said, “I hope not.”

“This is going into production,” he added. “This car is going to happen.”

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2020-01-22 05:02:00Z
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Cruise's self-driving electric shuttle is made for ridesharing - Engadget

Cruise still isn't ready to say when its autonomous vehicle will be available, but now it's shown off the Origin, a GM-built electric shuttle van that doesn't have a steering wheel or pedals. Instead it's fully self-driving, intended to be a shareable, modular vehicle that can handle being on the road all the time.

It's basically a minibus, with three seats at each end that face each other and split sliding doors that open up like a subway car. Cruise hasn't revealed details like the battery capacity or cost, but claims that "the average San Franciscan household driving themselves or using ridesharing" will see savings of $5,000 per year thanks to the vehicle.

Gallery: Cruise Origin | 5 Photos

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According to execs, more information on manufacturing for this "production" vehicle will be coming soon. Also, because of its modular design, they think it will be better suited for use as a robotaxi than regular passenger cars, and that its sensors will have "superhuman" ability to spot pedestrians and navigate in bad weather. They claim it's "what you'd build if there were no cars." Lofty promises -- hopefully we'll find out soon how the company plans to fulfill them. Others, including Ford, Waymo, Uber and Tesla, just to name a few, are also chasing the autonomous-cars-as-a-service model in different ways, and it's still unclear who may get their first.

By removing the steering wheel, the rearview mirror, the pedals, and more, we're left with something simple: space. pic.twitter.com/K3tS0QxuSC

— Cruise (@Cruise) January 22, 2020

Source: Cruise, Medium

Coverage: Autoblog

In this article: autonomous vehicles, Cruise, driverless, GM, Honda, robotaxi, shuttle, tomorrow, transportation

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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2020-01-22 04:51:39Z
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Starbucks Pledges to Slash Water Use and Waste - Wall Street Journal

Starbucks sells reusable cups and lids. Photo: Europa Press News/Europa Press via Getty Images

By

Heather Haddon

Heather Haddon
The Wall Street Journal
• Biography
• @heatherhaddon
• heather.haddon@wsj.com

Jan. 21, 2020 9:00 am ET

Starbucks Corp. wants to cut its water use and the amount of trash it sends to landfills over the next decade, the latest big company to set fresh targets for limiting its environmental impact.

The coffee giant said Tuesday that it aims to serve more coffee in reusable cups, curb food and packaging waste and set a more environmentally friendly menu including more plant-based options. Starbucks also plans to build stores that make more efficient use of energy and water, and improve environmental practices among its coffee growers and other suppliers.

Starbucks is one of many companies facing more pressure from consumers and investors to address sustainability and their environmental impact.

BlackRock Inc., the world’s largest asset manager and one of Starbucks’s largest shareholders, said earlier this month that it would ask companies to assess and better address their environmental risk. Investment funds with sustainability goals are growing, as is scrutiny of their efforts to meet those benchmarks.

Share Your Thoughts

Do you support Starbucks taking these steps? Do you think this strategy will affect the company’s bottom line? Join the conversation below.

“The journey we undertake is not only the right one for Starbucks’s responsibility as a corporate citizen of the world but is also fundamental to our brand relevance,” Chief Executive Kevin Johnson said in a letter to employees and customers. The company said it plans to include the letter in Starbucks’s annual proxy to investors on Friday.

Starbucks was one of the biggest companies to say it would eliminate single-use plastic straws in 2018 amid an outcry against their use. Starbucks said it would get rid of them by 2020.

Starbucks is on track to eliminate plastic straws through paper ones or recyclable and strawless lids in more than 30,000 stores where it operates by the end of the year, said John Kelly, the company’s executive vice president for public affairs and social impact.

Mr. Kelly said the positive response to Starbucks’s pledge on straws encouraged the company to set more sustainability goals.

“The world is clearly looking for companies like Starbucks to do more,” Mr. Kelly said in an interview.

Starbucks has long offered a 10-cents credit for customers who bring in their own cups. Now the company is testing other incentives to encourage more customers, which could include a larger reimbursement, Mr. Kelly said.

Starbucks earlier this month added new coffees with almond, coconut and oat dairy-alternatives as part of its plant-based menu targets. The company is considering adding plant-based meats to its menu, particularly in breakfast items, Mr. Kelly said.

“Everything is on the table,” he said.

Write to Heather Haddon at heather.haddon@wsj.com

Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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2020-01-21 14:00:00Z
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CEOs haven't been this pessimistic about the world economy since 2009 - Axios

DAVOS — A parade of billionaires, CEOs, world leaders and hangers-on has now arrived in Davos, Switzerland, bearing skis, packed schedules and deep concerns about the global economy.

• PwC's annual Global CEO survey — 1,581 CEOs across 83 territories — was conducted in the fall and released tonight as the World Economic Forum opened. It makes for some pretty alarming reading.

The big picture: 53% of CEOs expect global economic growth to decline in 2020, up from 29% in 2019 and just 5% in 2018. Their views of their own companies’ prospects were the bleakest since 2009.

• That sentiment was spread across all regions, though CEOs in the Asia-Pacific are most optimistic and North American CEOs least so.

What they’re worried about:

• CEOs in the Asia-Pacific view trade conflicts as the top threat to their organizations’ bottom lines, while geopolitical uncertainty is the top concern in the Middle East, populism ranks first in Latin America, policy uncertainty in Africa and cyber threats in North America.
• Over-regulation is the biggest concern among CEOs in Europe, and also finishes top in the global average.

What they’re doing about it:

• Trade conflicts didn’t even register as a top 10 concern until last year, but are now top-of-mind, particularly in China.
• Chinese CEOs who are “extremely concerned” about trade conflicts are far more likely to say they’re shifting production to alternative territories than a year ago (44% then, 63% now).
• Among "extremely concerned" U.S. CEOs, 50% are adjusting supply chains but just 23% are moving production, while 34% aren't making any changes at all (compared to 5% in China).
• Worth noting: Chinese CEOs now list Australia, not the U.S., as the most important country for their growth prospects.

What they foresee:

• CEOs around the world expect massive changes for big tech. By 2022, most anticipate more regulations (71%), including on social media, the break-up of dominant firms (63%), and compensation of individual users for their data (51%).
• While companies are eager to stress their climate consciousness while in Davos, just 24% of CEOs are “extremely concerned” about climate change.
• In China, though, the percentage of CEOs who see new opportunities for their companies through climate change initiatives has jumped from 2% in 2010 to 47% now — far higher than in Germany (20%) or the U.S. (15%).

Who's coming to Davos

15,000 total attendees (3,000 of them with official invitations) including 100 billionaires and 53 heads of state or government, per Politico.

• Climate will dominate the official agenda. I eavesdropped on a few attendees tonight discussing whom they most wanted to see, and Greta Thunberg was the consensus pick. Soon after, placard-waving climate protesters chanted their way through the streets
• Several panels will also be dedicated to inequality and human rights.

Between the lines: The irony of the uber-rich and super-powerful arriving by private jet to discuss these topics in a proudly exclusive setting (there are at least 10 tiers of access badge) is lost on no one.

• But the sheer concentration of power and wealth in one Alpine town makes Davos, now in its 50th year, a hard-to-match destination for deal-making and consensus-building.

Trump in town

Davos opened this evening on the third anniversary of President Trump's inauguration, and on the eve of impeachment proceedings that will likely be watched more closely than his speech on Tuesday morning.

The big picture: Trump’s America First populism and climate skepticism are anathema to the Davos set, but his tax cuts and economic record are not.

• Two candidates who scare many CEOs more than Trump — Bernie Sanders and Elizabeth Warren — are among the top contenders in the Iowa caucuses, which begin two weeks from today.
• Kellyanne Conway told reporters ahead of Trump’s trip that he planned to “take on the perils of socialism right there in Davos,” while heralding his NAFTA replacement deal and partial trade agreement with China.

Trump's Davos dance card:

• European Commission President Ursula von der Leyen
• Pakistani Prime Minister Imran Khan
• Iraqi President Barham Salih
• Kurdistan Regional Government President Nechirvan Barzani
• Swiss President Simonetta Sommaruga
• World Economic Forum Founder Klaus Schwab

Also heading to Davos: Venezuelan opposition leader Juan Guaidó, who is defying a travel ban and may struggle to re-enter Venezuela.

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2020-01-21 13:02:00Z
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