Jeff Bezos Is Selling Because Amazon Stock Is In Serious Trouble - CCN.com

• Jeff Bezos unloaded $4 billion worth of Amazon stock last week.
• Rumor has it, Bezos and girlfriend Lauren Sanchez are shopping for a swanky L.A. house. But he doesn’t need $4 billion even for a mega mansion.
• He’s taking profits while Amazon stock is inflated beyond all reason. AMZN’s insane P/E ratio of 90 is a total break with reality.

Jeff Bezos has been on an Amazon stock (NASDAQ:AMZN) selling spree. In the last week, he dumped $4 billion worth of shares in the company he founded.

(As an aside, Bezos will take home about $3 billion of that after paying taxes. Something to include in the conversation about Amazon’s low corporate taxes.)

Speculation has abounded as to why.

Jeff Bezos Has Some Expensive Habits

A Los Angeles high-end real estate broker says Bezos and girlfriend Lauren Sanchez are looking at houses in Bel Air and Beverly Hills. But the mega mansions on their shopping list are in the $100 million range, nowhere near Jeff Bezos’ $4 billion selloff.

Others have pointed out that Bezos has said funding space travel is his only option for putting a dent in his unprecedented personal fortune. Perhaps all of that money will go to Blue Origin, the space travel company in question. But this year’s offloading is unlike anything from previous years.

So why is Jeff Bezos selling so much Amazon stock? And why now?

Amazon Stock Is In A Massive Bubble

Watch the following CBS News segment, which outlines Amazon’s strengths, but examines the threats to sustained growth at recent years’ levels over the long term.

Amazon stock is now one of five powerful tech companies that account for 18% of the entire S&P 500 Index’s market cap today. When the stock market gets this top heavy, it’s a terrifying indication that there’s a dangerous equities bubble.

The last time only five companies made up 18% of the S&P 500 was during the Dot Com bubble in the year 2000:

Back in 2000, Microsoft, Cisco, General Electric, Intel, and ExxonMobil traded on a rich 47 times price-to-earnings multiple… realized sales turned out diving 7%.

In better news for the S&P 500 Index and Nasdaq Composite today:

Apple, Microsoft, Amazon, Google and Facebook [2020’s big five] trade at a forward price-to-earnings multiple of 30 times versus a healthy 14% expected sales growth rate.

You can count Amazon stock out of the rosy picture because its current P/E ratio is soaring like a Blue Origin rocket at an incredible 90.36(!). Compared to its big tech peers, Amazon’s multiples are nothing close to reasonable.

Apple’s (NASDAQ:AAPL) is 25.41.
Microsoft’s (NASDAQ:MSFT) is 32.03.
Alphabet’s (NASDAQ:GOOG) is 30.09.
Facebook’s (NASDAQ:FB) is 33.02.

Compared to its retail peer, Walmart (NYSE:WMT), with a P/E ratio of 23.29, Amazon stock is three times overweight. Sure, Amazon has a lot of room to grow. Its cloud business, for one, is very promising. But who seriously thinks Amazon will grow profits at three times the rate of Apple or Alphabet? Especially with threats like these…

Threats To Amazon’s Growth

Because of its sheer size and the rapid pace of its growth, Amazon is a major political target. It faces a number of political threats to the already razor thin margins of its operating cost structure. These range from the potential threat of tough new rules on taxes and labor from the potential Democratic president, to the already actual threat of the current administration’s new anti-counterfeit goods policies.

Fierce competition from Walmart will also keep future Amazon growth in check. The Dow 30 retailer isn’t taking Amazon’s growth laying down. Walmart’s ecommerce sales saw a massive surge last year, 41% in the third quarter alone. And Walmart and Target are even gaining (a little) ground on Amazon over online retail.

In order to maintain its fierce growth, Amazon has to stay committed to tiny margins at volume. Sometimes the thin margins don’t translate to more profit. As with one-day shipping for Prime members, which translated to top line growth last year, but fulfillment costs that grew just as fast.

Amazon was always a smart business and probably always will be, but AMZN stock has dropped over 90% before, during the Dot Com crash. When its multiples are this far out of line with any of its peers, it’s no surprise that Jeff Bezos would rather have the cash.

Disclaimer: The reports and opinions in this article do not represent investment or trading advice from CCN.com.

This article was edited by Sam Bourgi.

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2020-02-09 22:00:00Z
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British Airways Boeing 747 Hits a Record 825 MPH During NYC-London Trip - The Drive

Although the British Isles are currently being slammed by Storm Ciara with flooding and gusting winds, the inclement weather has presented at least one benefit for travelers. While ground transportation has been delayed across the United Kingdom because of the intrepid downpours, those in the air are traveling faster than ever with massive tailwinds pushing flights along at record pace. In fact, one British Airways Boeing 747 traveled from New York to London in just four hours and 56 minutes, hitting a top ground speed of 825 miles per hour and setting a subsonic flight record for the route.

Saturday night, British Airways flight BA112 zoomed across the Atlantic Ocean, taking off from JFK at 6:21 p.m. New York time and landing at Heathrow around 4:47 a.m. GMT. Data acquired by plane-tracking site FlightRadar claims this to have been around 80 minutes ahead of schedule. For reference, the same source claims the average flight time from New York to London to be six hours and 13 minutes. That 250+ mph tailwind meant that the 747’s true airspeed was still below the speed of sound, but that doesn’t take away from how incredible it is to get across the Atlantic in just over four hours.

What's more, flight BA112 was one of three flights that beat the previously standing record set by Norwegian Airlines in 2018. It was one minute faster than a Virgin Airbus A350 flight which touched down just a few moments later, and it was three minutes faster than another Virgin flight which landed about 30 minutes afterward. Regardless, they were all far clear of the old benchmark which measured five hours and 13 minutes.

A spokesperson for British Airways told CNN, "We always prioritize safety over speed records, but our highly trained pilots made the most of the conditions to get customers back to London well ahead of time."

It should be mentioned that while flight BA112 smashed the subsonic record, the fastest time from NYC to London was set by the engineering marvel, Concorde. The aircraft's top commercial flight hit speeds of 1,350 mph and accomplished the route in just two hours, 52 minutes and 59 seconds.

h/t: Jalopnik

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2020-02-09 20:48:35Z
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British Airways Sets Record, Crossing The Atlantic In Under 5 Hours In Strong Winds - NPR

Enlarge this image

British Airways Flight 112 flew from New York to London in under five hours, setting a new record. Courtesy of Flightradar24 hide caption

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Courtesy of Flightradar24

Kubilay Kahveci's flight was supposed to be in the air for more than six hours — an overnight voyage from New York City to London. But British Airways Flight 112 made the trek in under five hours, setting a new record for the fastest subsonic commercial flight across the Atlantic Ocean.

"I was definitely surprised. It felt like a European flight rather than a transatlantic one," Kahveci told NPR in an email. "Turbulence woke me up a couple of times. ... But it wasn't too bad after all and I'm glad they brought us home safely because I initially booked a Virgin Atlantic flight that was cancelled due to Storm Ciara."

Propelled by strong winds, the Boeing 747 at its fastest topped a ground speed of 800 miles per hour, according to global flight-tracking service Flightradar24. British Airways confirmed that the flight took 4 hours, 56 minutes, beating the previous 2018 record by Norwegian, which flew from New York to London in 5 hours, 13 minutes.

"That was the first time that we've seen it below five hours," said Flightradar24's Ian Petchenik. "This particular speed hasn't happened before, but those increased speeds across the Atlantic happen on a fairly regular basis, especially in the winter when the jet stream kind of dips down into where the North Atlantic Tracks are and is a bit stronger."

Severe storms around the United Kingdom have been causing lots of flight delays, cancellations and diversions. But the wind conditions made for very fast eastbound flights, a few of which on Sunday crossed the Atlantic under the five-hour mark. Petchenik said the New York-London route has historically been used as a speed benchmark for trans-Atlantic air travel.

"We always prioritise safety over speed records," British Airways wrote in its brief statement to NPR on Sunday, "but our highly trained pilots made the most of the conditions to get customers back to London well ahead of time."

By Petchenik's estimate, the jet stream winds may have added roughly 150 miles per hour to the airplane's speed.

"We knew that the jet stream was going to be very well placed this week to possibly break that record," he said, explaining that subsonic speeds are measured against the ground.

Flights cross the Atlantic Ocean in the jet stream, as tracked by Flightradar24. Courtesy of Flightradar24 hide caption

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Courtesy of Flightradar24

"Relative to the airflow around it, it's not going faster," Petchenik said. "It's still traveling at the same speed that it normally travels relative to the air. The air itself is moving faster."

Kahveci, who was coming back from a business trip on Flight BA112, said the captain did announce after the landing that the flight was the quickest subsonic British Airways flight from New York's John F. Kennedy International Airport to London's Heathrow Airport — but did not mention that it was the fastest overall on the route.

"It's just bragging rights," Petchenik said. "I don't think there's a plaque handed out, though that would be neat."

NPR's Julia Holmes Bailey contributed to this report.

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2020-02-09 18:57:00Z
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Here are some absurd facts about pizza on National Pizza Day - CNN

(CNN) — The time has come to wrap yourself in the warm, gooey embrace of cheese, settle into a heavenly array of toppings, and chomp down on some comforting crust. It's National Pizza Day.

Now, that's not to be confused with National Cheese Pizza Day (September 5), National Pepperoni Pizza Day (September 20), National Pizza Month (October) and National Sausage Pizza Day (October 11), but boy, does this nation love pizza.

Here are some absurd pizza facts to fuel your month of munching.

It might be addictive

The seemingly harmful pizza pie was ranked as the food most associated with addictive-like eating behaviors, according to a study. Its delicious combination of fat and carbohydrates, along with its texture, color, and complimentary taste profile make it so appealing.

Artificial Intelligence is coming for your slice

Pizza is just the beginning, though. If a computer can figure out how to properly layer the ingredients of a pizza, it may be able to better understand how to construct other foods, or eventually be able to layer clothes into an outfit, project leader Dimitrios Papadopoulos told CNN Business.

Pizza has been a tool of military intelligence

In the late '60s, the US Army's 113th Military Intelligence unit used the tastiest trick in their book -- fake pizza deliveries -- to spy on reporters and politicians, according to The New Yorker.

People love setting pizza records

Guinness World Records has recorded an seemingly endless list of pizza records. Here are just a few:

Most expensive pizza commercially available: Topped with white Stilton cheese, French foie gras and truffles, two types of caviar, and 24-karat gold leaves, all on a bed of black squid ink dough, this pizza will cost you $2,700. If you're in the market for a pile of money in the shape of a pizza, this delicacy can be found at Industry Kitchen in New York.

Highest altitude pizza delivery on land: Good news! If you can make it to the top of Mount Kilimanjaro in Tanzania, you might be able to convince Pizza Hut to deliver a victory meal to you. They've done it before, after all.

In 2016, the General Manager of Pizza Hut Africa, Randall Blackford, and a group of employees, led by experienced guides, trekked to the summit of Kilimanjaro with a pepperoni pizza in tow.

The feat was undertaken to mark the opening of the first Pizza Hut in Tanzania and the 100th country in which the company had launched a restaurant.

A version of this piece appeared in October 2019 for National Pizza Month

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2020-02-09 17:02:40Z
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Everywhere You Can Get Free & Cheap Pizza for National Pizza Day - Thrillist

Food & Drink

Everywhere You Can Get Free & Cheap Pizza for National Pizza Day

By Dustin Nelson Updated On 02/09/2020 at 10:04AM EST

@dlukenelson

By Dustin Nelson @dlukenelson Updated On 02/09/2020 at 10:04AM EST

Courtesy of PizzaRev

All those other food holidays with food deals are like a pile of college bowl games. Today is the Super Bowl. February 9 is National Pizza Day, arguably the most important food holiday of the year. (And it doesn't hurt that it coincides with the Oscars this year so you can take advantage of the holiday while you cheer on Parasite.)

National Pizza Day is one of the biggest, most fun food holidays of the year. You'll find tons of restaurants doing deals from local shops to Pizza Hut, Blaze Pizza, and many others. Plus, you'll always be able to find some kind of outlandish deal where a smaller chain wants to stand out and get you to spend the day loving its pizza. This year, you might be looking at Blaze as the big one. Postmates is offering a free large pizza from Blaze and it's hard to argue with a deal like that. 

So, to aid your quest of having pizza for breakfast, lunch, and dinner, we've collected all the best pizza deals for National Pizza Day. (Check out this separate piece on the best Oscars night food deals for some good non-pizza offers today.)

Free Pizza for National Pizza Day

Blaze Pizza
The deal: Place an order of at least $25 through Postmates, and you'll get a free large 14-inch pizza with the code "PIZZADAY." The large pizza can be a part of that $25 minimum. (Meaning your final cost would be less than $25.)
When: February 9

Pizano's Pizza & Pasta
The deal: The Chicago-based pizza shop is making frozen heart-shaped pizzas for Valentine's Day. You'll get one thin-crust heart-shaped pizza for free when you order a two- or four-pack of mix and match pizzas. They can be shipped anywhere in the continental US. 
When: Through February 14

Pizza Deals for National Pizza Day

Mountain Mike's Pizza
The deal: Get $8 off an order of any two large pizzas with the code "429659."
When: January 31 - February 14

Pizza Hut
The deal: For a limited time, you can get a Meat Lover's Pizza for just $10. (That's 30% off.)
When: Ongoing

Cicis
The deal: Get three large one-topping pizzas for $5 each when you carryout and use this coupon. 
When: Through February 9

Chuck E. Cheese
The deal: Upgrade your large pizza to an XL for free at the home of pizza mouse.
When: February 9-14

Mountain Mike’s Pizza
The deal: Buy any two medium pizzas and get $5 off with the code “160378.”
When: February 9-23

BJ's Restaurant and Brewhouse
The deal: Take $10 off an order of at least $40 with the promo code "10OFF40."
When: Through February 9

Boston’s Pizza Restaurant & Sports Bar
The deal: For National Pizza Day, you’re getting a $5 individual, gourmet pizza with the purchase of a beverage at participating locations.
When: February 9

Pizza Rev
The deal: Any 11-inch pizza is going to be just $6 for National Pizza Day. 
When: February 9

Einstein Bros. Bagels
The deal: Shmear Society members can grab two Pizza Bagel slices for just $3 with any purchase. It's free to join the reward program. 
When: February 3-9

Ooni
The deal: This isn't food. It's an oven that bills itself as "the world's first portable, affordable pizza oven." The Ooni Karu can cook a pizza in 60 seconds, hitting up to 932 degrees Fahrenheit. On National Pizza Day, you can get it for $199, down from the usual $275. 
When: February 9

Courtesy of Mountain Mike's Pizza

Local Pizza Deals for National Pizza Day

Graduate Hotels - New Haven, Connecticut
The deal: Any guest checking into the hotel on February 9 will get a $20 gift card to the local BAR Pizza. 
When: February 9

Paperboy - Santa Monica, California
The deal: Paperboy is offering half-off pizzas all day long. 
When: February 9

Tavolino - New York City, New York
The deal: Chef Nick Accardi is going to offer a free glass of Lambrusco with each individual-sized pizza. If you have four or more people who order an individual-sized pie, you'll get a full bottle of Lambrusco. 
When: February 9

Other Deals Available on National Pizza Day

Chili's
The deal: The Margarita of the Month is the Hearts of Fire 'Rita with tequila, Fireball Whiskey, and Maker's Mark Bourbon. It'll run you $5. 
When: Through February 29

Olive Garden
The deal: Olive Garden has made its $5 Take Home promotion a permanent offer. When you order an entrée in-restaurant, you can get up to five $5 Take Home orders to go along with your order. Olive Garden, however, will not clean out your office microwave when you reheat it for lunch the next day. That's on you.
When: Ongoing

Jimmy John's
The deal: The sandwich shop announced its Freaky Fast Rewards program is going national on December 9. To celebrate, join up, then after your first order through the app you'll be rewarded with a free eight-inch sandwich. 
When: Ongoing

On the Border
The deal: Get the 1800 Grande 'Rita on the rocks with 1800 Silver Tequila for just $5. 
When: Through February 22

Kolache Factory
The deal: It's buy-three-get-three-free on kolaches when you mention National Pizza Day. 
When: February 9

Applebee's
The deal: The neighborhood chain is serving up its new pasta and grill combos for $9.99. You get a grilled entrée with your choice of pasta dish.
When: Ongoing

Halo Burger
The deal: Nab a free QP Burger after your first loyalty visit to the burger chain. 
When: Ongoing

Applebee's
The deal: The all-you-can-eat deal is back and it now includes boneless buffalo wings. 
When: For a limited time

El Fenix
The deal: Grab a Fiesta Burrito -- your choice of veggie, shredded chicken, picadillo beef, braised pork, fajita steak, or fajita chicken -- with your choice of sauce, plus rice and beans for $7.99. 
When: Through February 29

Jon Smith Subs
The deal: Place a catering order of at least $100 and you'll get a free $20 gift card. Some locations are offering $20 off your order instead of the gift card.
When: Through February 29

More Pizza Deals?

If you know of any National Pizza Day deals that we missed, shoot us an email to news@thrillist.com and we might add 'em here. 

Want More Free Food?

Here's our huuuuuuuge running list of all the free food you can get right now, as well as the best reward programs, birthday freebies, and gift card deals you'll find. If you want a little more than, say a free taco, we also have you covered with a long list of meals you can get at fast food chains under $5. You're welcome.

Sign up here for our daily Thrillist email and subscribe here for our YouTube channel to get your fix of the best in food/drink/fun.

Dustin Nelson is a Senior Staff Writer at Thrillist. Follow him @dlukenelson.

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2020-02-09 15:04:00Z
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Amazon CEO Jeff Bezos finds new ways to spend money - Quartz

From our Obsession

Looking at Big Tech as the next Big Oil.

Asked nearly two years ago what he might do with his considerable wealth, the world’s richest person Jeff Bezos said “space travel” was his only option.

“The only way that I can see to deploy this much financial resource is by converting my Amazon winnings into space travel,” the Amazon founder said, adding that he was “liquidating” about $1 billion a year in Amazon stock to fund his space business, Blue Origin. “That is basically it.”

But space travel might not be enough for Bezos these days. Over the past week, he unloaded roughly $4 billion of stock as Amazon’s market cap closed above $1 trillion for the first time, Bloomberg reported. That brings Bezos’s total stock sales to more than $14 billion, mostly over the past four years. His net worth is estimated at $127 billion, or roughly 2 million times the median US household income.

What to do with all that wealth? Even with $1 billion or so into Blue Origin a year, Bezos is still positively swimming in cash. So the ultimate billionaire is figuring out new ways to deploy some of those financial resources.

For instance, property. Bezos and girlfriend Lauren Sanchez are reportedly mega-mansion hunting in Bel Air and Beverly Hills, and considering a 40,000-sq-ft property listed for $225 million. Last year, Bezos bought three condos in Manhattan for a combined $80 million a few months after Amazon backed out of its deal for a second headquarters with New York City.

Also, art. According to an art dealer’s newsletter, Bezos bought two works of art last November: Hurting the Word Radio #2 by Ed Ruscha at Christie’s for $52.5 million and Vignette 19 by Kerry James Marshall at Sotheby’s for $18.5 million.

Of course, with the stock he liquified just last week, Bezos could invest $1 billion into Blue Origin for the year, buy four $225 million mega-mansions, 20 more works of art averaging $50 million each, and still have more than $1 billion to spare. How else could a man so rich possibly convert those Amazon winnings? Certainly not philanthropy.

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2020-02-09 14:55:00Z
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2 Ways to Get Out of Paying Taxes on Your Social Security Benefits - The Motley Fool

Taxes are an unpleasant -- but essential -- part of life. And unfortunately, you won't be able to escape them even in retirement.

Not only could you be faced with income taxes if your savings are stashed in a 401(k) or traditional IRA, but you may also have to pay taxes on your Social Security benefits. Considering half of baby boomers expect their benefits to make up the majority of their income in retirement, according to a survey from American Advisors Group, taxes could put a serious damper on your senior years.

However, if you're strategic about it, you may be able to avoid taxes on your benefits altogether. Here's how.

Image source: Getty Images.

1. Make sure your income is below the federal income limit

Your benefits may be subject to both federal and state taxes, and the amount you pay in federal taxes (if you owe them at all) depends on how much you're earning.

To determine whether you owe federal taxes on your benefits, you'll need to know what's called your "combined income" -- which consists of your adjusted gross income, your nontaxable interest, and half of your annual Social Security benefit amount. So, for example, if you're receiving $20,000 per year in benefits and withdrawing $30,000 per year from your 401(k), your annual combined income would be $10,000 + $30,000, or $40,000.

The good news is no matter how much you're earning, you won't have to pay federal taxes on 100% of your benefit amount. But you may face taxes on up to 85% of your benefits if you're earning above a certain limit:

Percentage of Your Benefits Taxed	Combined Income for Individuals	Combined Income for Married Couples Filing Jointly
0%	Less than $25,000 per year	Less than $32,000 per year
Up to 50%	$25,000 to $34,000 per year	$32,000 to $44,000 per year
Up to 85%	More than $34,000 per year	More than $44,000 per year

Data source: Social Security Administration.

The only way to get out of paying federal taxes entirely is if you're earning less than $25,000 per year (or $32,000 per year for married couples) in combined income. For most people, it's not worth intentionally keeping your income that low just to avoid paying taxes on it.

However, there is one caveat: Qualified Roth IRA withdrawals generally don't count toward your combined income. That means if you're strategic about your retirement withdrawals, you can earn more than the income limit while still avoiding taxes. It's also a good incentive to start saving in a Roth IRA now, because it can help you get out of paying income taxes and Social Security taxes in retirement.

2. Move to a state that doesn't tax benefits

Regardless of whether you owe federal taxes on your benefits, you may be able to get out of paying state taxes depending on where you live. Not all states have a Social Security tax, and the states that currently do not tax benefits include:

Alabama	Illinois	Nevada	South Dakota
Alaska	Indiana	New Hampshire	Tennessee
Arizona	Iowa	New Jersey	Texas
Arkansas	Kentucky	New York	Virginia
California	Louisiana	North Carolina	Washington
Colorado	Maine	Ohio	Wisconsin
Florida	Maryland	Oklahoma	Wyoming
Georgia	Massachusetts	Oregon
Hawaii	Michigan	Pennsylvania
Idaho	Mississippi	South Carolina

Also, West Virginia will be added to the list in the near future. As a result of a bill that passed in early 2019, taxpayers will be able to avoid paying taxes on 100% of their Social Security benefits by 2022 -- good news for soon-to-be retirees in the state.

Retirees in Illinois, however, should keep an eye out for changes in their tax laws. Although Social Security benefits currently aren't taxed at the state level, there's a chance that may change. Because the state is struggling financially, some lawmakers are considering taxing benefits to bring in extra income. That may or may not happen, but if you're planning on retiring in Illinois, it's a good idea to consider how Social Security taxes could affect your retirement.

Looking at the big picture in retirement

Although lowering (or eliminating) taxes is a great way to stretch your retirement income, it's important to look at the big picture to see if there are other ways to maximize your money.

For example, if you currently live in a state that taxes benefits, you may consider moving to a different state to avoid handing over that cash to Uncle Sam. But before you start packing your bags, make sure you've considered your entire financial situation. If the overall cost of living is higher or you'll face other hefty taxes -- like sky-high property taxes -- in your new state, the Social Security tax break you receive may not be worth it.

Additionally, think about whether there are any other ways to reduce your taxes in retirement. Investing in a Roth IRA is one way, but you may also choose to invest in a health savings account (HSA). HSAs allow you to invest tax-deductible dollars, let that money grow over time, and then withdraw it tax-free as long as it goes toward medical costs. Since healthcare costs can be significant in retirement, saving money on taxes can help stretch your savings even further.

If Social Security benefits are going to be a significant source of income in retirement, it's crucial to maximize them the best you can. Saving money on taxes is one way to do that, but it's also important to be strategic about your entire retirement plan. By going into your senior years with a solid understanding of how taxes will affect your retirement income, you'll be more prepared for any challenges life throws your way.

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2020-02-09 13:02:00Z
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