China’s Tencent falls 3% after disappointing earnings and scrutiny from Chinese regulators

Tencent’s stock was in focus after the company posted a quarterly earnings report on Wednesday that missed analyst expectations. Thursday morning trade saw the Chinese tech giant’s Hong Kong-listed stock sliding around 3 percent following the news. The company’s profit for the quarter ending in June dipped 2 percent to 17.87 billion yuan ($2.59 billion), which was weaker than analysts had anticipated. That was also the first decline in profit for the company in almost 13 years. « The disappointment will be broad based from these results, particularly in a…

A former librarian blew $89,000 of public money on a mobile game

A former librarian in Utah will serve 30 days in jail after he was found guilty of spending around $89,000 in public money on a mobile app called « Game of War, » a local news outlet The Herald Journal reported. Adam Winger was a director at the North Logan City Library for about three years before he was placed on administrative leave last summer, which quickly followed with his resignation three months later. Winger pleaded guilty to theft and forgery charges in June, according to the Herald Journal. He…

Tesla whistleblower tweets details about allegedly flawed cars, scrapped parts

Tesla whistleblower Martin Tripp is tweeting internal emails, photos and vehicle identification numbers that he says are evidence of flawed manufacturing practices at Tesla’s battery factory, and product sold by Tesla that is imperfect, and could put drivers’ lives at risk. Tripp has, in previous interviews, said that Tesla’s Gigafactory took dangerous manufacturing shortcuts, and that Elon Musk had direct knowledge of these and failed to intervene. The lists of vehicle identification numbers, he wrote in the tweets, refer to specific cars that received batteries containing damaged cells that never…

Ex-SEC chair: Commission won’t punish Musk over his personality

Elon Musk’s big personality won’t exacerbate Tesla’s possible punishment by the Securities and Exchange Commission, former SEC Chair Harvey Pitt told CNBC on Wednesday. « The good thing about the SEC and its very hard-working staff is they are very much determined to do what they believe justice requires. They are not going to take positions for public approval or because a person has a personality, » Pitt said on « Power Lunch. » Pitt’s comments come after a New York Times report that the SEC has served Tesla with…

Cisco rises on strong earnings

Cisco stock rose more than 5 percent on Wednesday after the company reported better-than-expected earnings for the fourth quarter of its 2018 fiscal year, which ended on July 28. Here’s how the company performed: Earnings: 70 cents per share, excluding certain items, vs. 69 cents per share as expected by analysts, according to Thomson Reuters. Revenue: $12.84 billion, vs. $12.77 billion as expected by analysts, according to Thomson Reuters. As a whole, revenue was up 6 percent year over year in the quarter, while revenue growth for the entire fiscal…

Twitter suspends InfoWars account one day after suspending Alex Jones

Twitter on Wednesday suspended the official InfoWars account, the company told CNBC. The action comes one day after Alex Jones’ personal account was suspended. Jones, who operates InfoWars, was suspended for posting a link to a video that appeared on Periscope, which violated its terms. In the video, Jones told his viewers to have « battle rifles and everything ready at their bedsides. » That same link was shared by the official InfoWars account. The video was still live on Twitter-owned Periscope until earlier in the day on Wednesday. Twitter…

Uber’s revenue and bookings growth slowed slightly in the second quarter of 2018, company reports

Ride-hailing company Uber is still on track to book more than $10 billion in revenue this year, although growth has slowed and its losses widened since the first quarter, according to the company’s self-reported financials. Uber told CNBC its Q2 net revenue was $2.7 billion, up 51 percent from the same quarter last year, and gross bookings were $12 billion, up 41 percent year-over-year. That’s a slight slowdown in growth from Q1, when it booked revenue of $2.5 billion, up 67 percent year-over-year, and gross bookings of $11.3 billion, up…

Paris installs completely exposed urinals near popular tourist spots

Tourists visiting Paris’ Notre Dame Cathedral and River Seine might see more than they came for as public, exposed urinals are now available for use across the city. The bright red « uritrottoirs » are meant as an eco-friendly solution to public peeing. The receptacles look like a planter at first glance, with greenery filling the top. But a sign directs eyes down to the side of the structure, revealing a urinal. Aside from a slight U-shaped catcher, there are no privacy shields for any man using it. And not…

Twitter CEO: ‘I don’t know’ if ban will change Alex Jones’ behavior

An Alex Jones tweet that linked to content encouraging violence led to his temporary ban on Twitter, CEO Jack Dorsey said in an interview with NBC News. But while the company has seen temporarily or permanently barring people from its platform has the ability to « impact and change behavior, » Dorsey said he doesn’t know if it will have an effect on Jones. « Whether it works within this case to change some of those behaviors and change some of those actions, I don’t know, » Dorsey admitted. «…

Netflix pays more for TV shows up front, but keeps more upside on big hits, insiders say

Netflix, not surprisingly, is trying something very different to secure new TV shows. The high-flying company is frequently offering to pay for a television show’s production costs and throw in an additional fee on top to own original series, a different strategy than traditional TV networks have employed in the past. These moves, which come during contract talks with production companies, make it very hard for TV networks to compete, according to several people who have worked with Netflix on such deals. These contracts break the model on how shows…

Tesla shares down more than 4% on worries about potential SEC probe

Tesla shares fell more than 4 percent Wednesday on continued concern the Securities and Exchange Commission will investigate the electric car maker. The agency has sent subpoenas to the company over CEO Elon Musk’s recent comments about having secured funding to take Tesla private, Fox Business Network’s Charles Gasparino said on Twitter Wednesday, citing a « company source. » Subpoenas sent to Tesla Company Source If Musk’s statements were untrue, Musk could be accused of manipulating Tesla’s stock. Tesla declined to comment. Source: CNBC

The WhatsApp founder who left Facebook is still employed, in an apparent move to vest stock

WhatsApp cofounder Jan Koum announced his departure from the Facebook-owned subsidiary in April, but he’s still employed, reportedly stalling until his remaining stock options vest. Facebook confirmed to CNBC that Koum is still an employee, despite an April Facebook post in which he said it was time to « move on. » But the Wall Street Journal reported Wednesday Koum hasn’t shown up since July and is instead taking advantage of a practice commonly known in Silicon Valley as « rest and vest » in which executives remain on the…

MoviePass parent company lost $100 million in the second quarter

MoviePass’ parent company, Helios and Matheson Analytics, lost $100 million in the second quarter, according to its most recent quarterly report filed late Tuesday, on pace to blow through its remaining assets in the next quarter if its new turnaround plan doesn’t work out. Helios and Matheson posted a gross loss of $104.6 million, a drastic swing from the year-ago period when it reported a gross profit of $223,000. The company has just $175.3 million of total assets left on hand, including $15.5 million in cash. Shares of Helios and…

Cryptocurrency investor robbed via his cellphone sues AT&T for $224 million over loss

A U.S. investor filed a $224 million lawsuit against AT&T Wednesday accusing the telecommunications giant of negligence that allegedly caused the California resident to lose roughly $24 million in cryptocurrency. In a 69-page complaint filed with the U.S. District Court in Los Angeles, the plaintiff Michael Terpin claimed that because of « AT&T’s willing cooperation with the hacker, gross negligence, violation of its statutory duties, and failure to adhere to its commitments in its Privacy Policy, » he lost nearly $24 million worth of cryptocurrency. Terpin, who was using AT&T…

Amazon Alexa completes its tie-up with Microsoft Cortana

Users of Amazon’s Alexa and Microsoft’s Cortana can now access features of the other’s virtual assistant, the companies announced Wednesday. The integration gives Alexa and Cortana greater powers as they compete with Apple’s Siri and Alphabet’s Google Assistant. For example, a person with Cortana can now order products off Amazon or manage existing orders using voice instructions. Likewise, someone with an Echo could set up new calendar events and respond to emails with Cortana’s help. The move comes almost a year after the tech giants revealed the plan for their…

‘Wild swings’ likely to rock US stocks as Turkey crisis rages, Wells Fargo’s Chris Harvey warns

Wells Fargo Securities has a new message for investors: Hold on tight. Christopher Harvey, the firm’s head of equity strategy, believes the Turkey debt crisis will spark a crisis of confidence in the United States as earnings season winds down, and headline risks become front and center again. « You can start to have a lot more wild swings in the marketplace, » he said Tuesday on CNBC’s « Futures Now. » « What we’re telling clients is ‘don’t light your hair on fire. Start to take down risk prudently,…

Tesla directors do damage control after Elon Musk tweets

Members of Tesla’s board are scrambling to control a chief executive who some directors think is out of control. Elon Musk, the electric-car maker’s co-founder and chief executive, stirred up a public storm by announcing on Twitter last week that he wanted to turn Tesla into a private company. In recent days, according to people familiar with the matter, some of his fellow board members delivered a stern message: Stop tweeting. Mr. Musk hasn’t heeded that advice. He has continued to post messages on Twitter, publicly plotting the company’s strategy…

Italian soccer giant Juventus switches to an online channel in a bid to grab a global fan base

Italian soccer club Juventus launched a digital channel, replacing its traditional TV station which has closed after 12 years in the wake of disappointing ratings and high running costs. By taking the content online, the Serie A club wants to offer more opportunities for fans to keep up to date from smartphone, tablet and desktop services as the new soccer season begins. Club members can access the service for 2.99 euros ($3.50) per month or 14.99 euros annually, while non-members will be charged 3.99 euros per month and 19.99 euros…

Ripple is ‘definitely’ targeting China with its blockchain-based payments tech, exec says

Ripple is targeting the Chinese market with its distributed ledger technology designed to speed up cross-border payments, an executive at the firm told CNBC. « China is definitely of interest, it is definitely a target, » Jeremy Light, vice president of European Union strategic accounts at Ripple, told CNBC in a phone interview. « China is definitely a country and region of interest. » Earlier this year, the blockchain company struck a deal with Hong Kong-based financial services firm LianLian International, aimed at powering the latter’s cross-border transactions between China,…

Xiaomi shares close below IPO price, hitting a record low as major Chinese stocks fall

Shares of China’s Xiaomi slid 5 percent on Wednesday, closing below its initial public offering (IPO) price for the first time since its first day of trade and hitting a record low. The smartphone maker closed at 16.30 Hong Kong dollars ($2.08), below the 17.00 Hong Kong dollar price its stock had when it went public. The last time it did this was on its first day of trade when shares closed at 16.80 Hong Kong dollars. But Xiaomi’s Wednesday closing price represents a more than 24 percent decline from…

Tencent shares fall as its huge gaming business worries investors ahead of second-quarter earnings

Tencent reports second-quarter earnings Wednesday with investors closely watching the impact of Chinese regulators on the company’s giant gaming business, which is a key driver of revenues. Shares of the Chinese internet giant fell sharply ahead of the earnings report as investors fretted about a potential slowdown in growth in online games and advertising revenue. Here’s what the market expects in the three months to the end of June: Revenues of 77.3 billion yuan ($11.2 billion), according to analysts surveyed by Reuters, up from 56.6 billion yuan in the same…

Y Combinator to set up China arm with former Baidu executive Qi Lu as chief

American start-up incubator Y Combinator is setting up shop in China, with a new unit to be led by former Baidu chief operating officer Qi Lu. Sam Altman, Y Combinator’s president, said in a company announcement Wednesday that China had been « an important missing piece of our puzzle » when it came to sourcing new start-ups to take under its wing. « We think that a significant percentage of the largest technology companies that are founded in the next decade — companies at the scale of Google, Microsoft, Apple,…

Walmart teams up with Ellen DeGeneres for new denim-focused clothing line

Walmart is partnering with Ellen DeGeneres on a new clothing line as the retailer looks to bulk up its apparel brands in stores and online to compete with the likes of Amazon and Target. The move builds on Walmart’s partnership with Lord & Taylor that was rolled out earlier this year on Walmart.com. Walmart also recently started selling in-house apparel brands for women, kids and plus sizes. Amazon is on track to surpass Walmart as the No. 1 apparel retailer in the U.S. by year’s end, according to Morgan Stanley.…

Twitter suspends right-wing media personality Alex Jones

Twitter has suspended right-wing media personality Alex Jones for violating its policies, according to a Tuesday report. Jones will be blocked from posting on Twitter for seven days, Dow Jones reported citing the company. According to that report, the social media platform suspended Jones for a policy-offending tweet, but it declined to comment on the content in question. Dow Jones reported that Twitter sent Jones a note citing his promotion of a link to a video « that violated the company’s policy against targeted harassment of someone or inciting others…

China could reportedly use its ‘unwritten’ tech rules as an ‘invisible tool’ against US firms

With Sino-American trade tensions escalating, China’s cybersecurity standards could be used as an « invisible tool » of retaliation against Washington’s tariffs, according to one expert. Those so-called standards are government-issued guidelines about things like firewalls and software that are technically voluntary, but are oftentimes treated as mandatory by foreign firms’ Chinese business partners. Over the past several years, Beijing has issued close to 300 new national standards, Washington-based think tank the Center for Strategic and International Studies said in a report earlier this month. Those additions are contributing to…

Verizon offers free Apple TVs and YouTube subscriptions to new 5G customers in four cities

Verizon will offer customers who sign up for its new 5G internet service a free Apple TV box and a subscription to Google’s YouTube streaming television service, the company announced Tuesday. Apple’s TV device sells for $179 while YouTube’s TV service costs $40 a month. The promotion will likely be temporary: Verizon said that it the deal will be available for the « initial » 5G broadband offering when it launches in four cities later this year: Los Angeles; Houston; Sacramento, California; and Indianapolis, Indiana. The 5G wireless standard is…

Amazon now owns $1 billion worth of other companies

Amazon has become a more active corporate investor in recent years — and now its investment portfolio is worth $1 billion for the first time. Amazon disclosed in its latest quarterly report that it now owns $1 billion worth of stock in public and private companies, as of the end of the second quarter. That’s up 60 percent from the year-ago period’s $623 million and a 163 percent increase from the $380 million it disclosed in the same quarter of 2016. Compared to early 2015, it’s almost a fivefold increase…

Tesla needs an ‘adult’ to step in and tell Musk to be careful, corporate communications expert says

Elon Musk’s erratic tweets could get the company in trouble, and it’s about time someone stepped in, corporate communications expert Paul Argenti told CNBC on Tuesday. « At some point somebody, like an adult, has to come in and say, ‘Mr. Musk, you need to be more careful about your communications,’ » Argenti, a professor at Dartmouth College’s Tuck School of Business, said on CNBC’s « Power Lunch. » That « adult » likely isn’t Tesla’s board, according to Argenti, who graded the board a « D at best »…

Cramer: The ‘tide has turned’ against bitcoin

Bitcoin may be losing its spark as it cracks below $6,000, according to CNBC’s Jim Cramer. « I think the tide has turned against it, » Cramer said Tuesday on CNBC’s « Squawk on the Street ». « I’m not saying its time has passed but there is a notion that the sun seems to be setting. » Bullish sentiment has certainly faded since the cryptocurrency hit its all-time high near $20,000 in December. Bitcoin neared its lowest level of the year and was trading near $6,036 Tuesday, according to…