Tinder's CEO Is Stepping Down | ||
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Tinder CEO Sean Rad is stepping down, Steve Bertoni at Forbes reports. IAC, Tinder's largest stakeholder, is looking for an adult CEO to replace Rad, who has had a tumultuous year. Forbes has the inside story on Rad's move. He's going to stay on as CEO until the company finds "an Eric Schmidt-like person." Insiders claim that Tinder's recent sexual harassment lawsuit was also to blame for Rad's downfall. Tinder's ousted co-founder Whitney Wolfe accused CEO Sean Rad, as well as co-founder Justin Mateen, of sexually harassing her. The suit was settled in September. Forbes also reports that Tinder's monetization plan, Tinder Plus, will roll out "imminently." The premium content will include a travel feature, allowing users to visit other cities and swipe through matches there, and an "undo" feature. Join the conversation about this story »  | ||
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Alibaba Shares Rally After Revenue Beats Expectations (BABA) | ||
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Alibaba just reported its first quarterly earnings since going public, and shares of the company are rallying to new highs. The $250 billion Chinese e-commerce giant reported earnings per share of $0.45 on revenue of $2.74 billion. Expectations were for the company to report earnings per share of $0.45 on revenue of $2.61 billion, according to data from Yahoo Finance. In premarket trade Tuesday following the results, Alibaba shares were up as much as 4% to a new high of more than $106 per share. On a year-over-year basis, Alibaba reported non-GAAP net income that rose 15.5% to $1.11 billion. Alibaba said the gross merchandise value transacted on its China retail marketplaces in the quarter was $90.5 billion, up about 49% from the previous year. This was composed of $61.9 billion on its Taobao marketplace, up 38% from last year, and $28.6 billion on Tmall, a nearly 78% increase. The company said this growth was primarily driven by an increase in number of active buyers. Alibaba is set to host a conference call to discuss its results at 7:30 a.m. ET. In a release Jonathan Lu, chief executive officer of Alibaba Group, said: "Our business continues to perform well, and our results reflect both the strength of our ecosystem and the strong foundation we have for sustainable growth. On our China retail marketplaces, gross merchandise volume for the quarter increased 49% and annual active buyers increased 52% year on year. We extended our unrivaled leadership in mobile with 217 million monthly active users on our mobile commerce apps in September and US$95 billion in mobile GMV for the twelve months ended September 2014. We are also encouraged by continued improvement of mobile monetization which demonstrates the strong commercial intent of our users." You can read the full release from Alibaba here. Join the conversation about this story »  | ||
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UBS: The US Economic Recovery Will Continue Through 2016 | ||
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UBS forecasts that the US economic recovery will continue till at least 2016. "With the Fed's QE program terminating in the current Q4(14), the economy finally will be "on its own." Continuation of the momentum initiated by expansive stabilization policies will entail various legacy effects of earlier growth," UBS Maury Harris said. They project that real GDP growth will be at 2.8% in 2016. They forecast 2.9% for 2015, revised downward from 3.2% because of the potential impacts of a stronger dollar and lower foreign growth. The firmer dollar could draw capital into the US, although a sliding trade balance could remove a half percentage point from Q4 growth in 2015 and 2016, they wrote. They forecast that wage and price inflation will modestly increase, with core PCE inflation — the Fed's preferred measure — expected at 2.1% in 2015 and 2.2% in 2016. They maintain their projection for the Fed's first rate hikes in mid-2015, and see the federal funds rate at 2.875% at the end of 2016. The fed has held this rate near zero since the 2008 recession. "Moderately accelerating wage and price inflation" will be important for rising interest rates, they wrote. The yield on the benchmark 10-year Treasury note will be in the 3% - 4% range, they forecast. Join the conversation about this story »  | ||
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10 Things You Need To Know Before The Opening Bell (DIA, SPY, QQQ, SPX) | ||
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Oil Is Crashing. The price of WTI crude plunged 3.7% to as low as $75.84 per barrel earlier today. This comes amid growing supplies, falling demand, and actions by Saudi Arabia to suppress prices. Alibaba Beats And Rallies. The $250 billion e-commerce behemoth earned $0.46 per share in Q3 on $2.75 billion in revenue. This was a bit stronger than what analysts' had forecasted. Shares are up 3% in pre-market trading. The European Commission Cuts Growth Estimates. The EC expects the European Union's GDP to grow by 0.8% this year and 1.1% in 2015, down from previous estimates of 1.2% and 1.7% respective. "Inflation is set to be 0.5% this year, and 0.8% next year," BI's Mike Bird noted. "Even in 2016, it'll only rise to 1.5%, still far from the ECB's 2% target." The Nikkei Rallied. Japan's main index of stocks closed up 2.73%, following Friday's announcement of a boost to QE. In Hong Kong, the Hang Seng fell 0.3%. Markets are mixed in Europe with Britain's FTSE is flat, France's CAC 40 is flat, Germany's DAX is up 0.3%, and Spain's IBEX is down 0.3%. The US Department Of Justice Is Investigating JP Morgan. It's the latest in a long line of banks to be stung by probes over forex trading. JP Morgan is estimating legal costs could run as high as $5.9 billion. Blackstone Is Nearing An $8 Billion Deal To Sell Its Real Estate Arm. According to Bloomberg, Blackstone is closing in on the sale of IndCor Properties. Sprint Shares Tanked After Disappointing Earnings. The US telecommunications firm reported a loss of $192 million and said it would lay off 2,000 people. Herbalife Is Crashing. Herbalife reported weak Q3 financial results and cut its financial outlook. Shares are down by 14% in pre-market trading. Hyundai And Kia Will Be Paying The US Government $100 Million. The carmakers got slapped with the bill for selling cars with a worse fuel economy than the companies advertised. US Voters Will Be Heading To The Polls. Many organisations are forecasting a 70% chance that the Republican party will retake the Senate. Business Insider's Brett Logiurato breaks down what that means. Join the conversation about this story »  | ||
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Good morning! Here are the major stories from around the world. What Are Traders Chatting About Right Now? Midterm Elections And Oil... (DIA, SPY, QQQ, TLT, IWM) | ||
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Good morning and happy Election Day! From Dave Lutz of JonesTrading, here's a quick guide to what traders are talking about this morning: Good Morning! US futures are retreating slightly, led by a 25bp drop in Russell names as the Yield Curve flattens, potentially a headwind for those Regional Fins, which are a large % of the IWM. The markets are being rather resilient near peaks, as the Oil complex got taken apart overnight – WTI and Brent are both off over 2.5% - Headlines Iran Nuke talks near a breakthrough, coupled with Saudi campaigning in Venezuela and Mexico for lower prices to slow Shale production are today’s “reasons”. EU Markets are acting well, with the DAX up 30bp, but volumes remain quite light on the continent into the ECB meeting – DAX trading 25% light to averages. Over in Asia, Nikkei popped nearly 3% in 2x volume as they re-open from yesterday’s holiday – China was flat, Aussie was slightly higher, while India was closed. The standout loser was Korea, as the KOSPI was hit as peeps worried plunging yen will hurt exports. The US 10YY is under pressure, down 4bp as Germans flush toward Bunds as the ECB slashes growth forecasts – Bund Yields are near 2week lows, driving US 10YY toward 2.3% again. The $ is under pressure, losing ground as the Yen rebounds – and EUR regains 1.25 against the $ as €5.3bln in options expire at that strike today. Despite the commodity tailwinds, we find most everything in the red as the damage in the Crude Complex probably sparking margin liquidation in other commodities. Silver and Copper are off 90bp (Slow EU growth) – Corn, Soy and Wheat all off 1% (Higher Crop Yields). While both Brent and WTI are sharply lower, there remains a small bid in Natty Gas as shorts continue to cover there. While today is about the Micro, with a slew of earnings releases scheduled – Other Scheduled Catalysts today include US Trade Balance at 8:30, ISM New York at 9:45, and Factory Orders at 10. After the close we get API data for the Crude Complex, as well as results flowing in from 2014 Mid-Term elections. Some moves from earnings - BABA up 4%, - while HLF is off 15%, S 10% and PCLN 5% Join the conversation about this story »  | ||
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Tinder's CEO Is Stepping Down | ||
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Tinder CEO Sean Rad is stepping down, Steve Bertoni at Forbes reports. IAC, Tinder's largest stakeholder, is looking for an adult CEO to replace Rad, who has had a tumultuous year. Forbes has the inside story on Rad's move. He's going to stay on as CEO until the company finds "an Eric Schmidt-like person." Insiders say Tinder's recent sexual harassment lawsuit was also to blame for Rad's downfall. Tinder's ousted cofounder Whitney Wolfe accused Rad, as well as cofounder Justin Mateen, of sexually harassing her. The suit was settled in September. Forbes also reports that Tinder's monetization plan, Tinder Plus, will roll out "imminently." The premium content will include a travel feature, allowing users to visit other cities and swipe through matches there, and an "undo" feature. Join the conversation about this story »  | ||
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Protectionist wins Melbourne Cup as Japanese favourite dies | ||
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Melbourne (AFP) - Germany's Protectionist won Australia's biggest race, the Aus$6.2 million (US$5.4 million) Melbourne Cup, on Tuesday but the event was marred by the deaths of two horses, including Japanese favourite Admire Rakti who came last. Protectionist, starting at 7-1 and beautifully ridden by English jockey Ryan Moore, beat England's Red Cadeaux (20-1) by four lengths, with New Zealand's Who Shot Thebarman (20-1) another half-length away in third. But there was sadness in the aftermath. The well-supported Admire Rakti collapsed and died in his stall upon returning from the track and later it was confirmed that another runner Araldo was put down after injuring himself when spooked by a flag being waved in the crowd. "Our vets are on hand and the horse will undergo an autopsy," chief race steward Terry Bailey said of Admire Rakti's demise. "Obviously we'll have to await those results to find out the cause of the death." In another post-race incident, seventh-placed Araldo kicked out at a fence when returning to the mounting yard and injured a hind leg. Racing Victoria's head of veterinary and equine welfare Brian Stewart said the horse fractured a pastern bone which was not repairable. The deaths shocked Flemington following Protectionist's outstanding victory to become the sixth internationally-trained winner of Australia's iconic race. The Japanese topweight in the race had been well supported after a storming victory in the Caulfield Cup last month, and was up with the lead for most of the 3,200-metre (two mile) event. But as the seven-year-old galloper rounded the final bend he was noticeably under pressure. Jockey Zac Purton furiously tried to maintain his position, only to drop back sharply through the field to finish 25 lengths behind the second-last horse. "He travelled well for me the whole way but when the pressure come on he folded pretty quick," Purton said.
- First success for Germany -
Protectionist was Germany's first success in the race and a first for trainer Andreas Wohler. Moore skilfully manoeuvred Protectionist into the clear about 200 metres from home and the five-year-old charged to the line for an easy victory in the 104th Melbourne Cup. "He's won very easily, a very good horse," said a delighted Moore. "Obviously, it's very special to win." Wohler was also jubilant. "We've had great success all over the world but that's the biggest of all," he said. "He (Moore) was so patient. When he came around the last bend I said he just needs to have the right gap and he found it... Ryan is a superstar. "It's unbelievable. It's a moment you won't forget in your life. It's a big achievement from our team." Purton said he was "just shattered" by the fate of Admire Rakti. "He gave me such a great thrill there at Caulfield. They don't deserve this," he said, adding that owner Riichi Kondo was distraught. "The whole way through the run I thought I'd win. I didn't think they'd beat me from where I was," Purton said. But with 800 metres to go the horse was not responding and Purton began worrying that all was not well. "I didn't know it was as bad as it was," he said. As they approached the home turn Admire Rakti was clearly under stress and then dropped sharply back through the field. Purton eased him down and virtually walked him over the line, 25 lengths behind the second-last horse, Mr O'Ceirin. It is the second consecutive year in which there was tragedy in the Melbourne Cup. French mare Verema was put down after snapping a cannon bone in 2013. Nine-year-old Red Cadeaux gamely held off Who Shot Thebarman to take the runner-up cheque for the third time in the event. "He gave me his best, as always," said jockey Gerald Mosse. "Very big heart and he tried so hard all the way. He just found one too good for him again." Signoff, ridden by Brazilian jockey Joao Moreira, was fourth with Willing Foe fifth and Precedence sixth.
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The Banker Accused Of Killing 2 Sex Workers In Hong Kong Had A Complicated Love Life | ||
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Rurik Jutting, the 29-year-old former Bank of America employee accused of killing two sex workers in his Hong Kong apartment, has a long line of former girlfriends, from Europe to Asia. Yesterday, it was reported that Jutting had been jilted by a former fiancee. But it seems that Jutting did not lack for girlfriends. His exes include:
Sonya Loretta Dyer, who sometimes goes by the pseudonym 'Sonya Milkshake', was dating Mr Jutting for 'several years' before his arrest this week ... She has also appeared in a suggestive video for the magazine in 2010, in which she danced in a metallic bikini top and skirt, with milkshake poured down her face and cleavage suggestively. Sarah Butt was the former fiance. They met when the pair worked at Barclays in London. After they broke up, he ended up working for BofA while she now works for Goldman Sachs, The Telegraph said.
But Jutting's complex love life took another twist when a friend of Miss Guarin's told MailOnline she was his current girlfriend. Speaking to MailOnline from Quezon City in the Philippines, the woman said she had been in a relationship with him for two months, and last spoke to him on October 20 – 11 days before he was arrested. The Mail also cites "a stunning British fashion student": Jutting is also believed to have dated glamorous British fashion student Sonya Dyer, 29, once said to have described him as her 'hubby'. Asked about him at her flat in West London last night, she tearfully declined to comment.
'He told me that he had financial problems and some issues with stuff. Last October he told me that he tried to kill himself. I think he tried to kill himself because he's under pressure with his job. He was depressed.' She added: 'He liked a variety of sex, two or three girls. He was never violent towards me.' Jutting earned six figures, so we know he had money to take care of all his girlfriends. His rent was £3,000 a month. Join the conversation about this story »  | ||
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The bikini model 
One of his Asian girlfriends was Ariane Guarin, also known as Yanie, who seems to be the woman pictured with him on a photo posted to Facebook. But 
Photos of Alibaba Shares Rally After Revenue Beats Expectations (BABA) | ||
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Alibaba just reported its first quarterly earnings since going public, and shares of the company are rallying to new highs. The $250 billion Chinese e-commerce giant reported earnings per share of $0.45 on revenue of $2.74 billion. Expectations were for the company to report earnings per share of $0.45 on revenue of $2.61 billion, according to data from Yahoo Finance. In premarket trade Tuesday following the results, Alibaba shares were up as much as 4% to a new high of more than $106 per share. On a year-over-year basis, Alibaba reported non-GAAP net income that rose 15.5% to $1.11 billion. Alibaba said the gross merchandise value transacted on its China retail marketplaces in the quarter was $90.5 billion, up about 49% from the previous year. This was composed of $61.9 billion on its Taobao marketplace, up 38% from last year, and $28.6 billion on Tmall, a nearly 78% increase. The company said this growth was primarily driven by an increase in number of active buyers. Alibaba is set to host a conference call to discuss its results at 7:30 a.m. ET. In a release Jonathan Lu, chief executive officer of Alibaba Group, said: "Our business continues to perform well, and our results reflect both the strength of our ecosystem and the strong foundation we have for sustainable growth. On our China retail marketplaces, gross merchandise volume for the quarter increased 49% and annual active buyers increased 52% year on year. We extended our unrivaled leadership in mobile with 217 million monthly active users on our mobile commerce apps in September and US$95 billion in mobile GMV for the twelve months ended September 2014. We are also encouraged by continued improvement of mobile monetization which demonstrates the strong commercial intent of our users." You can read the full release from Alibaba here. Join the conversation about this story »  | ||
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How To Make The Perfect 'Flat White' — The Microfoam Coffee That Charmed London Is Obsessed With | ||
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The flat white — an espresso-based beverage prepared with steamed milk — has for a long time been as ubiquitous as sourdough bread and vintage cocktails on the cosmopolitan streets of London and Melbourne. In wider Europe, Australia, and New Zealand, it has been providing a more refined and delicate option for many others who want to enjoy coffee that has got a milky hit, without the excess that comes in a cappuccino or latte. It is a winning method. Now, the flat white is infiltrating the US market. It started catching on in New York City this year, served at coffee houses like Culture Espresso on 38th Street and Little Collins in Midtown, according to the New York Post. Previously, the coffee concoction proved hard to find in North America. In the UK, the drink went mainstream in 2010, when Starbucks added it to the menu. Others followed, however, and the chain was soon outflanked by rival coffee shop Costa — doing wonders, says the Guardian, for the company's sales given the drink's popularity with coffee "aficionados." For many, however, the flat white remains a specialist drink — a choice for the hipsters of independent cafes and pop-up bars manned by gurus of the caffeinated game. There are plenty who order it, but do not really know what it is exactly. And be warned, because it's not simply a cafe latte with slightly less milk, which to many is a statement that amounts to blasphemy; a mistake too readily made. Artisan coffee shop and training school's Alessandro Bonuzzi agrees: "I still find that the consumer doesn't quite understand the distinction between a latte and flat white." Business Insider UK spoke to two more experts to clarify the process. "The key is the milk steaming stage," explains Scott Bentley, who runs Caffeine Magazine. "The milk needs to be steamed to increase the volume by about 25% — this must be done in a specific way to not split the milk and so the milk is a similar texture throughout, like that of paint. "The old style cappuccino you'd get from a chain cafe would overheat the milk and split it into very airy foam and hot milk at the bottom. The secret, says Bentley, is "microfoam" — the small, fine, velvety bubbles extracted from coffee pitchers by only knowledgeable hands. It uses free-poured milk so the foam is folded through the whole drink. There's no distinct layer between coffee and foam. Bentley continues: "The microfoam needed for a flat white is produced by introducing the steam so it swirls the milk in the pitcher and getting the milk hot but not scalding, which is why people sometimes complain that speciality coffee is never hot enough. "This temperature is also important as it's when the sugars begin to be released making the milk sweeter — again a reason why you shouldn't need sugar in your quality coffee as the coffee isn't bitter and the milk is sweeter."
London's St Clements Cafe has seen flat white sales soar. The cafe's Olivia Grant says it's as much about "ratio" as method. Also essential is a 160 milliliter cup, she says. She explains: "The milk should be textured but not too foamy, hot but not too hot. It's for true coffee lovers. If poured properly the milk will be put in centrally so the coffee sits at the rim. "Lately, sales of flat whites here have almost exceeded cafe latte sales." With its roots in New Zealand and Australia (there's an argument about which nation truly invented it), a rosetta or fern is often put on a flat white to illustrate the Kiwi flag.
SEE ALSO: Starbucks Will Start Delivering Coffee Join the conversation about this story »  | ||
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The European Union Slashes Its Growth Outlook For Itself | ||
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BRUSSELS (Reuters) - The fragile euro zone will need another year to reach even a modest level of economic growth, the European Commission said on Tuesday, revising down its forecasts and predicting more of the low inflation and high joblessness that plagues the bloc. In its autumn estimates, the EU executive said the euro zone's economy would expand 0.8 percent this year, 1.1 percent next year and by 1.7 percent in 2016 - a level the Commission said six months ago would be achieved next year. The delay in the upturn was due to drag on the economy from France and Italy. The euro zone's faltering recovery from the financial crisis is becoming a wider concern as the currency bloc that generates a fifth of world economic output holds back a broader global revival led by the United States. "The slowdown in Europe has occurred as the legacy of the global financial and economic crisis lingers," said Marco Buti, the director general of the Commission's economics department. "We see growth ... coming to a stop in Germany ... protracted stagnation in France and contraction in Italy," he said in a statement on the forecasts for 2014 to 2016. The Commission data appears to avoid the relapse into recession that European Central Bank President Mario Draghi warned EU leaders of at a summit in Brussels last month, but despite a slowly improving trend, indicators remain dour. Inflation will be 0.5 percent this year, 0.8 percent in 2015 and 1.5 percent in 2016, still below the ECB's target of the 2-percent level it judges as healthy for the economy, while unemployment will barely budget at 10.8 percent in 2016. The data is likely to support calls by economists and some investors for the ECB to embark on the kind of bond-buying program of quantitative easing that Japan, Britain and the United States have employed to recover from the crisis. But Draghi has told the euro zone it cannot just rely on the ECB, which is banned from directly financing governments, to help, and that countries such as France must reform to get more young people into work and help carry the burden of an ageing population. For now, euro zone leaders are putting their faith in a proposed 300 billion euro fund to invest in projects to get the economy going, while calling on Germany, Europe's biggest economy, to spend more. But the Commission forecasts Germany will post a budget surplus this year, a balanced budget in 2015 and another surplus in 2016, showing little appetite for more government spending.
(Reporting by Robin Emmott; Editing by Alastair Macdonald) Join the conversation about this story »  | ||
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Staggering Unemployment In Greece And Spain Show How Europe Is Failing | ||
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The European Commission's latest economic forecasts are grim. Overall, growth for the eurozone is expected to be 1.1% this year, down from the 1.7% in the spring forecast. On the unemployment front the report took an even more negative tone. Labour market conditions are expected to improve very gradually, with unemployment falling from 11.5% today to 10.8% in the eurozone by 2016.
But the headline stats hide the deep divisions among country outlooks. In particular, the huge divide in the prospects for the unemployed across Europe look set to last. Basically, the countries in the north are doing fine. The ones in the south are a nightmare, with unemployment rates double or triple what you'll see in Germany. On the one side, you have the eurozone's core countries, which have managed to bounce back since the depths of the crisis. Unemployment in Germany is set to fall from 5.1% this year to 4.8% by 2016
The Netherlands is set to follow a similar trend with unemployment declining from 6.9% to 6.7% over the next two years.
In the middle of the pack France, Europe's second-largest economy, is feeling the impact of the region's woes more acutely. The country's budget deficit is expected to consistently breach the 3% rule under the Stability and Growth Pact. By 2016, one in 10 in the country look set to remain out of work almost a decade since the onset of the Great Recession.
But at the other end of the spectrum are the countries worst hit by the Great Recession and the euro crisis that followed. In Greece and Spain, unemployment is set to remain above a staggering 20% through 2016 and likely beyond, seven years after the crash:
Incidentally, this type of divergence in economic fortunes is precisely what the European economic union and the single currency were supposed to avoid. The longer Southern Europe is allowed to languish the more damage is likely to the region's long-term growth potential, as workers become de-skilled or demotivated and the long-term unemployed take huge hits to their lifetime earnings potential. Join the conversation about this story »  | ||
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