Ken Osmond, Eddie Haskell on 'Leave It to Beaver,' dies - CNBC
Ken Osmond, who on TV's "Leave It to Beaver," played two-faced teenage scoundrel Eddie Haskell, a role so memorable it left him typecast and led to a second career as a police officer, died Monday.
Ken Osmond, who on TV's "Leave It to Beaver," played two-faced teenage scoundrel Eddie Haskell, a role so memorable it left him typecast and led to a second career as a police officer, died Monday. Osmond died in Los Angeles at age 76, his family said. No cause was given. "He was an incredibly kind and wonderful father," son Eric Osmond said in a statement. "He had his family gathered around him when he passed. He was loved and will be very missed." Ken Osmond's Eddie Haskell stood out among many memorable characters on the classic family sitcom "Leave it to Beaver," which ran from 1957 to 1963 on CBS and ABC, but had a decades-long life of reruns and revivals. Eddie was the best friend of Tony Dow's Wally Cleaver, big brother to Jerry Mathers' Beaver Cleaver. He constantly kissed up to adults, flattering and flirting with Wally and Beaver's mother, and kicked down at his peers, usually in the same scene. He was the closest thing the wholesome show had to a villain, and viewers of all ages loved to hate him. "He was a terrific guy, he was a terrific actor and his character is probably one that will last forever," Dow told The Associated Press on Monday. "He was one of the few guys on the show who really played a character and created it," Dow added, chuckling as he mimicked the evil laugh Osmond would unleash when his character was launching one nefarious scheme or another and trying to pull Wally and his younger brother Beaver into it. Mathers said he will greatly miss his friend of 63 years. "I have always said that he was the best actor on our show because in real life his personality was so opposite of the character that he so brilliantly portrayed," Mathers said on Twitter. Osmond was born in Glendale, California, to a carpenter father and a mother who wanted to get him into acting. He got his first role at age 4, working in commercials and as a film extra, and got his first speaking role at 9, appearing mostly in small guest parts on TV series. The role of Eddie in season one of "Leave It to Beaver" was also supposed to be a one-off guest appearance, but the show's producers and its audience found him so memorable he became a regular, appearing in nearly 100 of the show's 234 episodes. Osmond returned to making guest appearances on TV shows including "The Munsters" in the late 1960s, but found he was so identified with Eddie Haskell that it was hard to land roles. He would soon give up acting and become a Los Angeles police officer for more than a decade. "I was very much typecast. It's a death sentence," Osmond told radio host Stu Stoshak in a 2008 interview on "Stu's Show." "I'm not complaining because Eddie's been too good to me, but I found work hard to come by. In 1968, I bought my first house, in '69 I got married, and we were going to start a family and I needed a job, so I went out and signed up for the LAPD." LAPD Chief Michel Moore paid tribute to Osmond's police service. "Ken may have been a famous TV star," Moore said in a statement, "but his real life role as Los Angeles Police Officer was where he made his biggest impact. After his successful run on one of the most popular shows of all time, he chose to protect and to serve the residents of Los Angeles, and I'm proud to have been able to call him a law enforcement partner." Dow, who was a lifelong friend of Osmond's said: "His motorcycle cop stories are terrific." He recalled his favorite involved Osmond and his partner chasing down and cornering a robbery suspect who turned and shot Osmond in the stomach before his partner wounded the man. Although Osmond's bulletproof vest absorbed most of the impact, he still had to go to the hospital. "And he had to ride in the same ambulance with the guy who shot him," Dow recalled being told. He would return to TV in 1983, when "Leave It to Beaver" reruns were having a heyday, appearing in the TV movie "Still the Beaver." A revival series, "The New Leave It to Beaver," came next, with Osmond reprising the role of Haskell alongside Dow and Mathers from 1983 to 1989. Osmond's real-life sons with wife Sandra Purdy, Eric and Christian, played Haskell's sons, who shared their father's smarminess on the series. In 2014 Osmond would co-author a memoir reflecting on his life as Haskell. It was titled, "Eddie: The Life and Times of America's Preeminent Bad Boy."
Nasdaq to tighten listing rules, restricting Chinese IPOs, sources say - CNBC
Nasdaq's new curbs on Chinese IPOs represent the latest flashpoint in the financial relationship between the world's two largest economies.
A view outside Nasdaq in Times Square during the coronavirus pandemic on May 13, 2020 in New York City. Nasdaq Inc is set to unveil new restrictions on initial public offerings (IPOs), a move that will make it harder for some Chinese companies to debut on its stock exchange, people familiar with the matter said on Monday. While Nasdaq will not cite Chinese companies specifically in the changes, the move is being driven largely by concerns about some of the Chinese IPO hopefuls' lack of accounting transparency and close ties to powerful insiders, the sources said. At a time of escalating tensions between the United States and China over trade, technology and the spread of the novel coronavirus, Nasdaq's new curbs on Chinese IPOs represent the latest flashpoint in the financial relationship between the world's two largest economies. Nasdaq also unveiled some restrictions on listings last year, seeking to curb IPOs by small Chinese companies. Their shares often trade thinly because most stay in the hands of a few insiders. Their low liquidity makes them unattractive to many large institutional investors, to whom Nasdaq is seeking to cater to. The new tightening of the listing standards reflects the bourse operator's concerns about some Chinese companies seeking U.S. IPOs. Last month, Luckin Coffee, which had a U.S. IPO in early 2019, announced that an internal investigation had shown its chief operating officer and other employees fabricated sales deals. The new rules will require companies from some countries, including China, to raise $25 million in their IPO or, alternatively, at least a quarter of their post-listing market capitalization, the sources said. This is the first time Nasdaq has put a minimum value on the size of IPOs. The change would have prevented several Chinese companies currently listed on the Nasdaq from going public. Out of 155 Chinese companies that listed on Nasdaq since 2000, 40 grossed IPO proceeds below $25 million, according to Refinitiv data. Small Chinese firms pursue these IPOs because they allow their founders and backers to cash out, rewarding them with U.S. dollars they cannot easily access because of China's capital controls. The companies also use their Nasdaq-listed status to convince lenders in China to fund them and often get subsidies from Chinese local authorities for becoming publicly traded. The proposed rules will also require auditing firms to ensure that their international franchises comply with global standards, the sources said. Nasdaq will also inspect the auditing of small U.S. firms that audit the accounts of Chinese IPO hopefuls, the sources added. U.S. President Donald Trump told Fox Business in an interview last week that he was looking "very strongly" at requiring Chinese companies that list in New York to follow U.S. accounting standards. But he noted that "the problem with that" was that Chinese companies could decide to list in London or Hong Kong instead. The U.S. Securities and Exchange Commission (SEC) has been locked in a decade-long struggle with the Chinese government to inspect audits of U.S.-listed Chinese companies. The regulator's accounting oversight arm, the Public Company Accounting Oversight Board (PCAOB), is still unable to access those critical records, it has said. The PCAOB, which was set up by the 2002 Sarbanes-Oxley Act and is overseen by the SEC, is tasked with policing the accounting firms that sign off on the books of the nation's listed companies. Its problems with Chinese audit quality have been festering since 2011, when scores of Chinese companies trading on U.S. exchanges were accused of accounting irregularities. The SEC is planning to host a roundtable this summer for companies, auditors, advisers and other parties to discuss issues with IPOs of foreign companies and their accounting disclosures, one of the sources said.
Stock futures fall, extending losses from the previous session - CNBC
The Dow Jones Industrial Average is coming off of a 400-point decline on Tuesday.
U.S. stock futures moved lower in overnight trading and pointed to losses at the open on Wednesday, after a sharp sell-off in the previous session. Dow futures fell 70 points, indicating a loss of 0.3%. The S&P 500 and Nasdaq were also set to open lower, with losses of 0.4% and 0.3%, respectively. Stocks fell on Tuesday, after spending much of the session around the flatline, as investors parsed through the latest developments surrounding the economy reopening. The Dow Jones Industrial Average lost more than 450 points, reversing its 160 points gain earlier in the day. The S&P 500 also registered a steep loss, dropping 2.05%. Stocks poised to benefit from economies reopening retail, real estate, banks and airlines dragged down the major averages. Disney fell 3%, Nike dropped 2.9% and JPMorgan lost 3.3%. Mall operator Simon Property Group gave up a 10% gain to close in the red. "You have a market just waiting to see how the economy opens," Quincy Krosby, Prudential chief market strategist, told CNBC. "After nearly six sessions of the market moving higher, you've got the S&P 500 at an important technical level, which is 3,000, and it needs a catalyst to climb above that. One of the main catalysts will be if the economy can open up without an increase in cases." The Nasdaq Composite snapped its six-session winning streak on Tuesday, as investors cooled off from buying technology stocks. The average lost 2.06%; however, it just barely held its positive year-to-date gain of 0.3%. Apple and Microsoft lost 1.1% and 2.3%, respectively. Netflix fell 2% and Amazon dropped 2.2%. Dr. Anthony Fauci said Tuesday that a vaccine will be essential in stopping the coronavirus spread, but warned it will be a while before a usable one is available. Fauci added the U.S. could face more "suffering and death" if states start to reopen too quickly. "Even though market participants know Dr. Fauci's stand on opening the economy too soon, to hear him testify also helped to underpin the view that if you do move too quickly you run the risk of causing cases to rise," Krosby said. Plus, Los Angeles County's public health director said Tuesday the region's stay-at-home order will "with all certainty" last through July. While several southern states have already started to let nonessential businesses resume operations. "You also had concern regarding the U.S. China relationship and where that is heading," Krosby added, after Sen. Lindsey Graham introduced legislation to require China to cooperate with a coronavirus investigation or face sanctions. "Given everything that the market has to focus on, the last thing the market needs is to see the resumption of a trade war," Krobsy added. Traders will be looking for clarity on future Federal Reserve actions when Fed Chairman Jerome Powell speaks on current economic issues on Wednesday at 9:00 a.m. ET. Powell's "comments tomorrow are going to be scrutinized by the market to see how he plans thwart the issue of negative interest rates," said Krosby. The Labor Department will release its producer price index for the month of April at 8:30 a.m. on Wednesday. Analysts polled by Dow Jones are expecting a drop of 0.5% in April, following March's decline of 0.2%. Producer prices have dropped during the pandemic, pulled down by declines in the costs of goods such as gasoline and services. Sony and Cisco Systems report quarterly earnings on Wednesday. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
Chamath Palihapitiya defends Elon Musk's decision to open Tesla production in defiance of local authorities - CNBC
Social Capital CEO Chamath Palihapitiya argued that having to sort through local, state and federal laws is confusing for businesses and there needs to be a coherent way to get back to work.
Social Capital CEO Chamath Palihapitiya defended Elon Musk's reopening of Tesla facilities in defiance of local government orders, telling CNBC on Tuesday that local, state and government officials need to be more clear when setting regulations amid the pandemic. "The federal government has this specific set of guidelines. People may think they fall into those guidelines. Then states then issue guidelines and then on top of that you have regulations at local levels. When you put them all together it's incredibly confusing," Palihapitiya said Tuesday on "Squawk Box." "So if you're a business owner and you're trying to figure out how to get back to work, because you believe the risks are manageable, there's no clear way that you can go and actually get the approvals to do so," he added. Musk has been pushing to swiftly resume production at the company's Fremont, California, plant. On Monday, local TV broadcasters showed employees' cars streaming into the company's parking lots. California governor Gavin Newsom said Monday he did not know Tesla had restarted production before getting the go ahead from Alameda County officials. Musk tweeted a confirmation that Tesla had resumed production Monday afternoon, and dared the local sheriff's office to arrest him. Though a rush to return has been met with heavy resistance from local authorities, Musk threatened Saturday to pull Tesla out of California amid a dispute with Alameda County over the shutdown. Tesla also filed a lawsuit against the county, asking a federal court to invalidate orders by local authorities that have prevented the automaker from resuming production. Scott Haggerty, supervisor for the Fremont district of Alameda County, told the New York Times on Saturday that the county and Tesla executives were working on a plan to restart the plant May 18, when several automakers in Michigan plan to reopen. But Musk went ahead and opened Tesla factories up on Monday. Tesla said in a blog post Saturday night that it had developed new health and safety measures to protect its workers. Palihapitiya said that county officials should be working with Musk in order to resume production in a coherent way. On Monday afternoon, the Alameda County Sheriff and Alameda County Public Health Care Services Agency said in a statement: "We are actively communicating our feedback and understand Tesla will submit a site-specific plan later today as required under the State of California guidance and checklist for manufacturing issued on May 7. We look forward to reviewing Tesla's plan and coming to agreement on protocol and a timeline to reopen safely." Subscribe to CNBC on YouTube.
Oil drops nearly 2%, erasing earlier gain of more than 11% - CNBC
Oil prices reversed gains to settle lower on Thursday, despite optimism surrounding producers scaling back production as well as demand improving.
Oil prices turned negative in afternoon trading on Thursday, as optimism that had previously supported prices began to fade. Earlier oil moved higher on several bullish factors, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline demand improving as economies around the world reopen. But oil couldn't hold onto early gains, and ultimately settle in the red. West Texas Intermediate, the U.S. benchmark, shed 44 cents, or 1.83%, to settle at $23.55 per barrel. Earlier in the session WTI had been up more than 11%, hitting a high of $26.74. Brent crude, the international benchmark, settled 26 cents lower at $29.46 per barrel. Still, for the week WTI is up 19%. "Nascent signs of rebounding gasoline demand in the U.S. and a rapid curtailment of oil production that has seen U.S. producers cut over 1 million barrels per day of output in a matter of weeks has enabled oil prices to recover," Again Capital's John Kilduff told CNBC. "Volatility will remain the watchword, but there is an increasing sense that the worst is behind the industry, at this point." A drilling crew secures a stand of drill pipe into the mouse hole on a drilling rig near Midland, Texas February 12, 2019. On Wednesday, data from the Energy Information Administration showed that for the week ending May 1 production declined by 200,000 barrels per day to 11.9 million bpd, which is more than 1 million bpd below March's record high. Exxon, Chevron and ConocoPhillips are among the companies that have cut production in the face of depressed prices. "There has just been a fierce reaction by U.S. oil and exploration and production companies to really crater U.S. output. It's still very high, but it's working its way down rapidly," Kilduff added. While inventory in the U.S. is still rising, it's now at a slower clip. Last week, stockpiles grew by 4.6 million barrels, which was smaller than the 8.67 million barrels build analysts had been expecting, according to FactSet. And while demand for gasoline is still well below its highs, government data showed that it is starting to turn a corner as states open up their economies. Mizuho energy analyst Paul Sankey noted that oil also got a boost after Saudi Arabia raised its official oil selling prices, which "alleviates pressure on global crude pricing." "They are still fighting for market share (against Iraq/Iran primarily) in Asia, but have backed off US market share competition all-but completely," he wrote in a note to clients Thursday. Given WTI's nearly 40% gain this month, some say the rally is overdone, especially as storage around the world continues to fill. "A shift in market sentiment was lifting prices earlier this week, but the physical overhang does not want go away just yet," Citi analyst Francesco Martoccia said Wednesday. "The supply picture remains uncertain in size and timing, leaving a true read of US balances murkier in the short term," he noted. "We're not out of the woods yet," Kilduff added. "There still may be one more flirtation with negative pricing when this June contract goes off the board in a couple of weeks, but beyond that we should be clear of those kind of worries." CNBC's Michael Bloom and Patti Domm contributed reporting.
Apple CEO Tim Cook says company saw an 'uptick across the board' in late April thanks to stimulus and work from home - CNBC
Apple executives gave quite a bit of color on a call with analysts about what they've seen in the macro environment in the time of Covid-19 and how Apple has fared so far
When Apple reported second-quarter earnings on Thursday, company executives didn't provide financial guidance for the quarter ending in June. CEO Tim Cook said in an interview with CNBC's Josh Lipton that the company made that decision because "it's hard to see out the windshield to know what the next 60 days look like." But both Cook and Apple CFO Luca Maestri gave quite a bit of color on a call with analysts about what they've seen economically in response to Covid-19 and how Apple has fared so far, as world economies brace for a lockdown-related slowdown and China starts to economically recover from its period of quarantine. An 'uptick across the board' Apple executives discussed how the timing of lockdowns around the world affected demand for Apple products. "If you look at what happened in China, we were having a really good January, the lockdown started there toward the end of January, as you know. February we saw steep decline in demand. We closed our stores in February. As the lockdown completed in mid-February, towards the second half of February, we began to open stores," Cook said. Cook said store traffic in China was up from February but not to where it was before the lockdown started there. When the lockdowns started in the rest of the world in mid-March, Apple saw a sharp decline in demand outside of China, Cook said. But he struck an optimistic note about impending recovery, noting that things started looking a lot better in the second half of April. "The real thing for the rest of the world happened in March when the shelter in place orders went in and the work from home began. For those two, three-week period, at the end of the quarter we saw a sharp decline in demand," Cook said. "If you now step out until April and look at that, early April started like the end of March, but in the second half of April we've seen an uptick across the board." Cook also gave two possible reasons why: Stimulus packages and a shift to working from home. "A part of it is due to the stimulus programs taking effect in April. And then a part of it is probably the consumer behavior of knowing this is going to go on for a little while longer and getting some devices and so forth lined up to work at home more," Cook said. iPads and laptops are in, headphones and iPhones will be hurt Some of Apple's products will fare better in the marketplace than others during the pandemic, executives said. Apple's more powerful computers, which include the Mac and iPad lines, could have a strong quarter as people need computers at home. "We believe that iPad and Mac are going to improve on a year-over-year basis during this quarter and that's customers that are either taking online education or working remotely," Cook said. However, sales of mobile devices like iPhones, headphones, and Apple Watches will likely take a hit, executives said. "On iPhone and Wearables, we expect a year-over-year revenue performance to worsen in the June quarter, relative to the March quarter," Maestri said. "During the last three weeks of the quarter, as the virus spread globally and social distancing measures were put in place worldwide including the closure of all our retail stores outside of Greater China on March 13, and many channel partner sales around the world, we saw downward pressure on demand, particularly for iPhone and Wearables," Cook said. Maestri said that people were holding onto their older iPhones for longer. "While we did see a slight elongation in our replacement cycle towards the end of the quarter which we attribute to the widespread point of sale closures, our active installed base of iPhones has reached an all-time high." Cook said on the call he doesn't see Apple's customers trading down to less expensive devices with less storage or power. Other product lines likely to be hurt by the pandemic include Apple's warranty program, AppleCare, which is often sold at stores along with new computers and phone; and Apple's relatively small ad business, which includes search ads in the Apple App Store, ads inside the Apple News App, and "third party agreements," Maestri said. Remote work and school could be big Apple executives repeatedly talked up the company's education and enterprise sales and software, suggesting that it sees significant opportunity as people around the world work and go to school from home. "I think many people are finding that they can learn remotely and so I suspect that trend will accelerate some," Cook said. "I think that's probably also true about working remotely in some areas, in some jobs." Maestri discussed some of Apple's enterprise clients like IBM and SAP and what they've done to enable work from home, including being able to manage company machines remotely and deploying new machines easily. "We've seen countless examples of new products and deployments implemented in just a few hours. For instance worked with our New York teams. Peloton, for instance, worked with our New York teams to deploy an entire fleet of Macs overnight so their team could work remotely," Maestri said. Apple said that it's delivering large orders of iPads to school systems, including 100,000 in Los Angles and 350,000 in New York. Cook says that as Apple works from home, some of his employees are more productive, but it's not across the board. "Everybody's getting used to the work at home," Cook said. "In some areas of the company people may be even more productive, in some other areas they're not as productive. So it's mixed, depending upon what the roles are." Manufacturing in China is back at 'typical levels' Apple's execs were clear on the call on Thursday: its supply chain is going back to normal, which has implications for new product launches through the end of the year, which Cook called the company's "lifeblood." Apple's devices are complicated computers with hundreds of different parts from different suppliers, many of whom are based in China. Apple's final assembly is mostly done in China as well. While China shut down in January, cities have re-opened and people are going back to work. "While we felt some temporary supply constraints in February, our operations team, suppliers and manufacturing partners have been safely returning to work and production was back at typical levels toward the end of March," Cook said on the call. Apple's CFO said that he didn't anticipate production or supply issues with the new products Apple has released during the pandemic, including a new low-cost iPhone and high-end iPad. "We are in a typical supply position including our usual ramp associated with new products recently launched," Maestri said.
5 things to know before the stock market opens Tuesday - CNBC
Stocks are set to advance as Dow stocks 3M, Caterpillar and Pfizer rise on earnings and U.S. oil prices come off their lows.
1. Stocks set to rally again, tracking higher for April Dow futures were pointing to an over 300-point gain at Tuesday's open as Dow stocks 3M, Caterpillar and Pfizer rose in the premarket after reporting earnings and U.S. oil prices came off their lows. The Dow Jones Industrial Average on Monday advanced more than 350 points as more states lay out plans to begin to relax coronavirus restrictions. With just days left in April, the Dow was up over 10%, tracking to break a three-month losing streak with its best monthly performance since October 2002. The S&P 500 was up more than 11% in April, also pacing to snap a three-month losing streak and with its best monthly performance since January 1987. As of Monday's close, the S&P 500 was about 15% from its February all-time high and over 30% above its March coronavirus low. The Dow was also up more than 30% from its March low and about 18% from its February record. 2. Four of the Dow-30 companies report earnings 3M shares jumped Tuesday after the manufacturing conglomerate reported first-quarter earnings and revenues that topped expectations as demand for safety equipment and cleaning products spiked during the pandemic. The maker of N95 medical masks reported adjusted earnings per share of $2.16 on revenue of $8.1 billion. It withdrew guidance due to uncertainty surrounding the coronavirus crisis. Caterpillar shares rose Tuesday despite the heavy equipment maker reporting first-quarter earnings and revenue that missed estimates. Caterpillar issued adjusted profit of $1.60 per share on revenue of $10.6 billion. It did not offer any outlook because of the virus outbreak. Pfizer and Merck, both Dow stocks, reported better than expected first-quarter profits and revenue Tuesday. Pfizer earned 80 cents per share on $12 billion in revenue. It reaffirmed 2020 guidance. Shares were higher. Merck said it made $1.50 per share on revenue of $12 billion. It lowered its outlook. Shares were lower. 3. US oil prices recover about half earlier losses Oil-storage tanks are seen from above in Carson, California, April 25, 2020 after the price for crude plunged into negative territory for the first time in history on April 20. Wall Street's recovery continued as depressed U.S. oil prices recovered some of their earlier losses. The contract for June delivery was sinking about 15% to under $11 per barrel Tuesday. Analysts are concerned the June contract for West Texas Intermediate crude, the American benchmark, could crash and possibly go negative like the May contract did earlier this month on demand and shortage scarcity. Adding pressure to prices Monday, the United States Oil Fund, an exchange-traded security popular with retail investors, said it would sell all of its June delivery contracts in favor of longer-term contracts. The July and August contracts were faring better at $18 and over $22 per barrel respectively. 4. Fed begins its two-day April meeting Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference in Washington, D.C., U.S., on Tuesday, March 3, 2020. The Federal Reserve, after unleashing its most aggressive programs ever to support markets and the economy, started its two-day April meeting Tuesday. The Fed is likely to pause any additional initiatives during the coronavirus crisis until it has more information about how those moves are working and what lies ahead. According to respondents to the CNBC Fed Survey, the economy could take one to two years to rebound to full strength with the central bank and Congress having to commit trillions of dollars more along the way. Despite the massive coronavirus relief, respondents still see the unemployment rate peaking in August at 19%. 5. Trump slams China, rolls out US testing blueprint President Donald Trump speaks during a news conference on the novel coronavirus, COVID-19, in the Rose Garden of the White House in Washington, DC on April 27, 2020.
Stock futures rise, rebounding from two days of steep losses - CNBC
The Dow Jones Industrial Average has lost more than 1,000 points this week.
U.S. stock futures pointed to gains at the open on Wednesday, following recent weakness in markets aggravated by oil's massive decline. Dow futures rose 110 points, indicating a gain of about 0.6% at the open. The S&P 500 and Nasdaq Composite were also slated to open higher, with gains of 0.6% and 0.9%, respectively. The West Texas Intermediate contract for June delivery rebounded in evening trading, popping 16% to above $13 a barrel. Helping sentiment, Senate Republicans and Democrats passed on Tuesday evening a $484 billion coronavirus relief package for small businesses, hospitals and testing. The House could approve the bill as early as Thursday. On Tuesday, the Dow Jones Industrial Average lost about 630 points, bringing its weekly decline to more than 1,000 points. The 30-stock index was dragged down by Merck & Co., which lost 5.5%, and Boeing, which fell more than 5%. The S&P 500 also experienced sharp declines, falling more than 3%. The tech heavy Nasdaq Composite fell about 3.5%, its worst daily performance since April 1. The market's sell-off this week came beside massive losses in the oil market due to the evaporation of demand. Oil prices are tanking and spreading to more futures contracts, worrying investors about the deep economic damage being done by the coronavirus shutdowns. "This week investors are realizing that even though the crisis could soon get better, the negative impacts of having an economy which is essentially shut down are magnifying at an alarming rate. With no demand even for a couple months, energy prices go negative as excess oil supplies balloon," Jim Paulsen, chief investment strategist at the Leuthold Group told CNBC. The June contract for West Texas Intermediate, which is the more actively traded contract and therefore a better indication of how Wall Street views the price of oil, settled down 43.4% at $11.57 per barrel. On Monday, crude futures for May fell below zero for the first time in history. Investors also digested another batch of corporate earnings showing the economic fallout of the virus on Tuesday. Shares of IBM fell 3% after reporting a decline in revenue. Coca-Cola fell 2.5% as the beverage company said global volumes plunged 25% due to the coronavirus pandemic. Netflix and Chipotle both rose in extended trading on Tuesday following their quarterly earnings report. Netflix reported global streaming net additions came in a 15.8 million, far higher than the 8.2 million expected. Netflix, which has rallied nearly 35% this year, is benefiting from the stay-at-home trend. Chipotle saw digital sales surge more than 80% as the revved up online orders during the coronavirus shutdown. Before the bell on Wednesday, Delta Air Lines, AT&T and Biogen will report earnings. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
Apple and Google CEOs should be held responsible for protecting coronavirus tracking data, says GOP Sen. Hawley - CNBC
The companies have teamed up to release tools allowing developers to create apps notifying users who if they have come into contact with someone who has tested positive.
Apple CEO Tim Cook and Google CEO Sundar Pichai should hold themselves personally responsible for protecting data collected through their efforts to trace the spread of Covid-19, Sen. Josh Hawley, R-Mo., wrote in a letter to the CEOs on Tuesday. "If you seek to assure the public, make your stake in this project personal," wrote Hawley, a prominent tech critic. "Make a commitment that you and other executives will be personally liable if you stop protecting privacy, such as by granting advertising companies access to the interface once the pandemic is over." Apple and Google announced earlier this month that they have teamed up in an effort to combat the spread of the new coronavirus. The companies will release tools allowing public health authorities to create apps that will notify users who opt-in if they have come into contact with someone who has tested positive for Covid-19. The system, known as contact tracing, will use Bluetooth connections in phones. The partnership has drawn both praise and skepticism just as lawmakers across the political spectrum had agreed that a national privacy law was urgently needed. Several proposals are on the table, but relief measures for the ongoing pandemic have been of top priority in Congress over the past several weeks. In his letter to Apple's Tim Cook and Google's Sundar Pichai, Hawley said that even though the companies promised to use anonymized data in the project, data can often be "reidentified" by cross-checking it with another data set. "Pairing the data from this project with the GPS data that both your companies already collect could readily reveal individual identities," Hawley wrote, adding that the project, "could create an extraordinarily precise mechanism for surveillance." Hawley said Google's record on privacy furthered his concerns. As attorney general of Missouri in 2017, Hawley had investigated Google on antitrust grounds. Since then, as a member of Congress, Hawley has frequently criticized what he sees as weak enforcement of antitrust and consumer protection laws on tech companies including Google and Facebook. Representatives from Google and Apple did not immediately respond to requests for comment. Hawley acknowledged in his letter that his request was unusual, but said, "A project this unprecedented requires an unprecedented assurance on your part." Subscribe to CNBC on YouTube. WATCH: Why the U.S. government is questioning your online privacy
Facebook is launching a dedicated gaming app to take on Twitch and YouTube - CNBC
Facebook is launching dedicated app for people to create and watch live gameplay.
Facebook is making a big push into gaming at a time when the space is seeing a huge boom in demand thanks to the coronavirus lockdowns. On Monday, the social media giant will launch a dedicated mobile app called Facebook Gaming worldwide, where people will be able to create and watch live gameplay. The move sees Facebook taking on the likes of Amazon's Twitch, Google's YouTube and Microsoft's Mixer. The news was originally reported by The New York Times and later confirmed to CNBC. The app has already been available for testing in Southeast Asia and Latin America for the past 18 months. It offers a similar experience to the Gaming tab on Facebook's website, which lets users broadcast themselves or watch a streamer playing games instead. Facebook Gaming will also feature a function called "Go Live," which lets users livestream mobile games directly from their smartphone to Facebook. This precludes the need for dedicated third-party software and hardware which people usually require to broadcast themselves playing games on platforms like Twitch. For now, Facebook isn't including ads in the app and monetization is pretty limited. It does however let people earn money with so-called "stars" which let fans make one-time payments. The company says it will explore more monetization options over time. The app will initially be available on the Google Play app store, with an iOS version in the works for a later date. Facebook lags behind Twitch and YouTube when it comes to live video game broadcasts. In the first three months of 2020, the firm's game streaming platform clocked almost 554 million hours of viewing time, compared to 1.1 billion for YouTube and 3.1 billion for Twitch, according to research from Streamlabs and Stream Hatchet. But the company says over 700 million of its users already interact with gaming content on the main Facebook app. It's hoping to gain considerable traction through Facebook Gaming, especially as the coronavirus pandemic and government lockdowns have forced people around the world to shelter in place. Watch:This billionaire gamer built a pandemic-proof business