Tag Archives: returns

GameStop frenzy leads to unrealistic expectations for returns

CNBC’s Jim Cramer on Thursday questioned “are prices real” on Wall Street anymore, as he exasperatingly tried to explain GameStop’s rally of as much as 175% over the past two days.

“I think the average American right now is trying to figure out how do I find a stock that triples,” Cramer said. “‘Forget what you guys are talking about with the FAANG. I want a triple.'” FAANG, an acronym coined by Cramer, stands for big tech stocks — Facebook, Amazon, Apple, Netflix and Alphabet’s Google.

“It is what people want. They want a triple. That’s not necessarily what we can provide,” the “Mad Money” host said. “Robinhood wants it. WallStreetBets wants it,” he added, referring to the online brokerage popular with young investors and the Reddit forum at the center of the GameStop saga.

Against the backdrop of the economic damage from the coronavirus pandemic, Cramer said incredulously that GameStop is “what’s gripping America” and the investing public.

The online-driven trading frenzy around the video game retailer ignited again Wednesday, when the stock doubled following the announcement of next month’s departure of Chief Financial Officer Jim Bell. The stock soared over 70% again Thursday at one stage before cutting the gain in half in volatile session.

Cramer said it seems unlikely that a CFO change could be the catalyst for such moves.

Ryan Cohen, a major GameStop investor and co-founder of online pet food retailer Chewy, and GameStop itself have been quiet during the outsized swings that began last month with a hedge fund short-squeeze around $20 per share, which sent the stock soaring 2,300% to as high as $483. GameStop crashed below $50 by mid-February before Wednesday’s spike.

Cohen did post a cryptic tweet Wednesday afternoon, and that had Cramer and the other “Squawk on the Street” hosts speculating on Thursday morning what it could possibly mean.

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Trump’s Tax Returns Aren’t the Only Crucial Records Prosecutors Will Get

When New York prosecutors finally get to examine the federal tax returns of former President Donald J. Trump, they will discover a veritable how-to guide for getting rich while losing millions of dollars and paying little to no income taxes.

Whether they find evidence of crimes, however, will also depend on other information not found in the actual returns.

The United States Supreme Court on Monday cleared the way for the Manhattan district attorney, Cyrus R. Vance Jr., to obtain eight years of Mr. Trump’s federal income tax returns and other records from his accountants. The decision capped a long-running legal battle over prosecutors’ access to the information.

The New York Times last year provided more or less a preview of what awaits Mr. Vance, when it obtained and analyzed decades of income tax data for Mr. Trump and his companies. The tax records provide an unprecedented and highly detailed look at the byzantine world of Mr. Trump’s finances, which for years he has simultaneously bragged about and sought to keep secret.

The Times’s examination showed that the former president reported hundreds of millions of dollars in business losses, went years without paying federal income taxes and faces an Internal Revenue Service audit of a $72.9 million tax refund he claimed a decade ago.

Among other things, the records revealed that Mr. Trump had paid just $750 in federal income taxes in his first year as president and no income taxes at all in 10 of the previous 15 years. They also showed he had written off $26 million in “consulting fees” as a business expense between 2010 and 2018, some of which appear to have been paid to his older daughter, Ivanka Trump, while she was a salaried employee of the Trump Organization.

The legitimacy of the fees, which reduced Mr. Trump’s taxable income, has since become a subject of Mr. Vance’s investigation, as well as a separate civil inquiry by Letitia James, the New York attorney general. Ms. James and Mr. Vance are Democrats, and Mr. Trump has sought to portray the multiple inquiries as politically motivated, while denying any wrongdoing.

Mr. Vance’s office has issued subpoenas and conducted interviews in recent months as it scrutinizes a variety of financial matters, including whether the Trump Organization misrepresented the value of assets when obtaining loans or paying property taxes, as well as the payment of $130,000 in hush money during the 2016 campaign to Stephanie Clifford, the pornographic film actress whose stage name is Stormy Daniels. Among those interviewed have been employees of Deutsche Bank, one of Mr. Trump’s largest lenders.

For all their revelations, Mr. Trump’s tax records are also noteworthy for what they do not show, including any new details about the payment to Ms. Clifford, which was the initial focus of Mr. Vance’s investigation when it began two years ago.

The tax returns represent a self-reported accounting of revenues and expenses, and often lack the specificity required to know, for instance, if legal costs related to hush-money payments were claimed as a tax write-off, or if money from Russia ever moved through Mr. Trump’s bank accounts. The absence of that level of detail underscores the potential value of other records that Mr. Vance won access to with Monday’s Supreme Court decision.

In addition to the tax returns, Mr. Trump’s accountants, Mazars USA, must also produce business records on which those returns are based and communications with the Trump Organization. Such material could provide important context and background to decisions that Mr. Trump or his accountants made when preparing to file taxes.

John D. Fort, a former chief of the I.R.S. criminal investigation division, said tax returns were a useful tool for uncovering leads, but could only be fully understood with additional financial information obtained elsewhere.

“It’s a very key personal financial document, but it’s just one piece of the puzzle,” said Mr. Fort, a C.P.A. and the director of investigations with Kostelanetz & Fink in Washington. “What you find in the return will need to be followed up on with interviews and subpoenas.”

Still, The Times’s investigation of Mr. Trump’s returns exposed a number of misleading assertions and falsehoods he has propagated about his wealth and business acumen.

Numerous claims by Mr. Trump of generous philanthropy fell apart upon examination of his tax returns, which raised questions about both the amount of certain donations and the overall nature of his tax-deductible giving. For example, $119.3 million of the roughly $130 million in charitable deductions he claimed since 2005 turned out to be the estimated value of pledges not to develop real estate, sometimes after a planned project fell through.

At least two of those land-based charitable deductions, one related to a golf course in Los Angeles and the other a Westchester estate called Seven Springs, are known to be part of the civil inquiry by Ms. James, who is examining whether appraisals supporting the tax write-offs were inflated.

More broadly, the tax records showed how the public disclosures he filed as a candidate and then as president offered a distorted view of his overall finances by reporting glowing numbers for his golf courses, hotels and other businesses based on the gross revenues they collected each year. The actual bottom line, after losses and expenses, was much gloomier: In 2018, while Mr. Trump’s public filings showed $434.9 million in revenue, his tax returns declared a total of $47.4 million in losses.

And such dire numbers were not an anomaly. Mr. Trump’s many golf courses, a core component of his business empire, reported losses of $315.6 million from 2000 to 2018, while the income from licensing his name to hotels and resorts had all but dried up by the time he entered the White House. In addition, Mr. Trump has hundreds of millions of dollars in loans, much of which he personally guaranteed, coming due in the next few years.

The Times’s investigation also found that he faces a potentially devastating I.R.S. audit focusing on the huge refund he claimed in 2010, which covered all the federal income taxes he paid from 2005 to 2008, plus interest. Mr. Trump repeatedly cited the ongoing audit as the reason he could not release his tax returns, after initially saying he would, even though nothing about the audit process prevented him from doing so.

If an I.R.S. ruling were to ultimately go against him, Mr. Trump could be forced to pay back more than $100 million, factoring in interest and possible penalties, in addition to some $21.2 million in state and local tax refunds that were based on the figures in his federal filings.

Russ Buettner and Susanne Craig contributed reporting.

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United flight’s engine catches fire after Denver takeoff, returns to airport safely

A United Airlines flight experienced engine failure after taking off from Denver International Airport on Saturday but landed safely after dropping debris over northern Colorado, officals said.

The Hawaii-bound jet was a Boeing 777 with 10 crew members and 231 passengers on board, according to reports.

Frightening video recorded from inside the plane showed the damaged engine on fire.

“When it initially happened, I thought we were done. I thought we were going down,” passenger David Delucia, who was traveling with his wife, told The Associated Press.

After hearing an explosion and seeing a flash of light, Delucia said he quickly stuffed his wallet in his pocket, thinking it would help responders identify his body more easily if he did not survive, he told the AP.

Much of the debris landed in Commons Park and in the Northmoor and Red Leaf neighborhoods of Broomfield, which is about 20 miles north of downtown Denver. 

Miraculously, no injuries were reported on board the aircraft or on the ground. 

The damaged engine caused the plane to lose altitude, with a trail of black smoke visiible to people on the ground, the AP reported.

A large circular piece of the plane fell next to a house in Broomfield, Colorado.
(Broomfield Police Department)

(Broomfield Police Department)

Debris also fell near a dog park and on a turf field in a Broomfield park.
(Broomfield Police Department)

ALABAMA MILITARY PLANE CRASH LEAVES 2 DEAD

The National Transportation Safety Board is investigating the incident and has asked Coloradans not to touch debris if they find pieces of the plane in their neighborhoods. 

Transportation Secretary Pete Buttigieg told MSNBC that he will work with the NTSB to investigate the engine failure to “understand any lessons learned in a way that will maximize the sense of safety every time we get on a plane.”

“America’s reputation for excellent air safety is not something that just happened,” Buttigieg told MSNBC. “It happened because of close regulation of understanding whenever an incident happens, why it happens and ensuring that we have the highest standards in this country.”

Denver’s KUSA-TV acquired a video that shows passengers cheering as the plane safely lands at Denver International Airport. 

Colorado resident Clare Armstrong told Fox News she was at the Broomfield Commons Dog Park when she heard a loud boom in the sky and saw debris start falling in the area. 

She and others in the dog park were able to safely get to shelter. 

Broomfield police said they are “beyond grateful” that no one was injured, given how many people are normally at the park on a weekend day. 

It was currently unclear what caused engine No. 2 on the aircraft to malfunction. A video taken from the ground shows a large plume of black smoke emitted from the plane. 

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Jon Ostrower, editor-in-chief of Air Currents, explained on Twitter that “whatever befell this engine had tremendous energy involved given the near-total disintegration of the nacelle.”

United Airlines said all passengers and crew were transported back to the terminal in Denver and would be offered a new flight to Honolulu in the coming hours. 



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Parler, a Social Network That Attracted Trump Fans, Returns Online

SAN FRANCISCO — Parler, the social network that drew millions of Trump supporters before disappearing from the internet, is back online a month after Amazon and other tech giants cut off the company for hosting calls for violence around the time of the Capitol riot.

Getting iced out by the tech giants turned Parler into a cause celebre for conservatives who complained they were being censored, as well as a test case for the openness of the internet. It was unclear if the social network, which had positioned itself as a free speech and lightly moderated site, could survive after it had been blacklisted by the biggest tech companies.

For weeks, it appeared the answer was no. But on Monday, for the first time since Jan. 10, typing parler.com into a web browser returned a page to log into the social network — a move that had required weeks of work by the small company and that had led to the departure of its chief executive.

Parler executives did not immediately respond to requests for comment on Monday.

It was unclear how Parler had figured out how to host its site on computer servers, the central technology underpinning any website. Many of the large web-hosting firms had previously rejected it. For other services required to run a large website, Parler relied on help from a Russian firm that once worked for the Russian government and a Seattle firm that once supported a neo-Nazi site.

Parler’s return appeared to be a victory for small companies that challenge the dominance of Big Tech. The company had sought to make its plight about the power of companies like Amazon, which stopped hosting Parler’s website on its computer servers, and Apple and Google, which removed Parler’s mobile app from their app stores.

Parler had become a hub for right-wing conversation over the past year, as millions of people on the far right had flocked to the platform over what they perceived as censorship of conservative voices by Facebook, Twitter and Google. Much of the content on Parler was benign, but for months ahead of the Jan. 6 Capitol riot, the site also hosted calls for violence, hate speech and misinformation.

Days after the riot, Amazon, Apple and Google said they had cut off Parler because it showed that it could not consistently enforce its own rules against posts that incited violence. Apple and Google have said they would allow Parler’s app to return if the company could prove it could effectively police its social network.

After Amazon booted Parler from its web-hosting service, Parler sued it, accusing it of antitrust violations and breaking its contract. A federal judge said last month that Amazon‘s contract allowed it to terminate service and declined to force the company to keep hosting Parler, as the start-up had requested.

Parler had more than 15 million users when it went offline and was one of the fastest growing apps in the United States. It is largely financed by Rebekah Mercer, one of the Republican Party’s biggest benefactors.

John Matze, Parler’s co-founder and chief executive, said earlier this month that Ms. Mercer had effectively fired him over disagreements on how to run the site. Ms. Mercer has hired Mark Meckler, a leading voice in the Tea Party movement, to run Parler.

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Chappelle’s Show returns to Netflix now that Dave got paid

Dave Chappelle says that his long running beef with Comedy Central over rights to Chappelle’s Show is over. The surprise announcement came during a 10-minute performance titled Redemption Song posted to Chappelle’s Instagram account late Thursday night. The clip closes with news that the sketch comedy will return to Netflix starting today.

Netflix began airing Chappelle’s Show on November 1st but pulled it on November 24th after the comedian complained that Comedy Central’s owner ViacomCBS licensed the show without his approval. “I called them and I told them that this makes me feel bad. And you want to know what they did,” said Chappelle in a clip posted to Instagram on the morning of November 24th. “They agreed that they would take it off their platform just so I could feel better.” Netflix, which has been airing standup specials from Chappelle since 2016, has a lucrative contract with the performer worth tens of millions of dollars.

Now, three months later, and 15 years after Chappelle famously walked off the show that aired on Comedy Central between 2003 and 2006, we have a resolution. According to Chapelle’s telling, Comedy Central reached out to him to make things right.

“I never asked Comedy Central for anything. If you remember I said ‘I’m going to my real boss and I came to you’ because I know where my power lies,” Chappelle said to the Redemption Song audience. “I asked you to stop watching the show and thank god almighty for you, you did. You made that show worthless because without your eyes, it’s nothing. And when you stopped watching it they called me. And I got my name back. And I got my license back, and I got my show back, and they paid me millions of dollars. Thank you very much.”

Chappelle then thanked Netflix co-CEO Ted Sarandos for his “courage,” and Chris McCarthy of ViacomCBS for “making the past right.”

“Finally after all of these years I can finally say to Comedy Central, ‘it’s been a pleasure doing business with you,’” said Chappelle in closing.

Now, how about a nice game of shirts vs. blouses?



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PlayStation Wrap Up Returns With Your 2020 PS5 and PS4 Gaming Stats

The PlayStation Wrap Up, a breakdown of all the hours played, Trophies earned, and more, returns to deliver all your 2020 gaming stats, including any time your account has spent on PS5 so far.You can head to the official PlayStation Wrap Up site to get your breakdown of PlayStation 4 and PlayStation 5 games you’ve played.

The Best PS5 Games

PS4 stats are the primary focus, with the number of games and hours played, your top played games, hours spent locally vs. online, your average playtime every day of the week, and more. The Wrap Up also includes some generalized stats pulling from all PS4 player data for games like The Last of Us Part 2, Ghost of Tsushima, and MLB: The Show 20.

Additionally, PS5 owners will see some stats as well, like top game and hours spent with it, total hours played, and the number of PS5-specific trophies earned.

Players can also grab a free dynamic PS4 theme in honor of the Wrap Up. To actually access the information as well, PlayStation requires players to have a registered PSN account, be 18 years or older, and have at least played on a PS4 for 10 hours during the last calendar year.


PlayStation’s Wrap Up returns after previously offering players a look at Trophies, top games, and more for 2019.

And while you’re looking back at your PlayStation past, don’t forget to look ahead to what’s to come, including the current state of PlayStation studios and their active projects, the biggest games coming in 2021, and why PS5’s 2021 lineup has us so excited. And for the latest on all things PlayStation, be sure to watch our weekly PlayStation show, Podcast Beyond!

Jonathon Dornbush is IGN’s Senior News Editor, host of Podcast Beyond!, and PlayStation lead. Talk to him on Twitter @jmdornbush.



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Outdoor dining returns to LA with tables 8 feet apart, no TVs allowed

After weeks of being limited to takeout and delivery, struggling restaurants in Los Angeles were allowed to reopen for outdoor dining Friday with new restrictions in place.

Restaurants must require employees to wear a face mask and shield, tables must be eight feet apart and seat no more than six people, and televisions are not allowed to be turned on.

“Televisions or any other screens that are used to broadcast programming must be removed from the area or turned off,” the order from the Los Angeles Department of Public Health says. “This provision is effective until further notice.”

NYC RESTAURANT OWNERS NOT LOVING VALENTINE’S DAY RETURN OF INDOOR DINING AT 25% CAPACITY

This no-TVs edict is likely in place to prevent people from gathering at restaurants to watch the Super Bowl next week.

“We really do need to be cautious as we move forward, given we have a major sporting event. We’ve seen lots of people together shouting, yelling, screaming during the excitement of a game,” Health Officer Dr. Muntu Davis said this week about the Super Bowl, according to the Los Feliz Register. “This should be a virtual get-together, just like many of you celebrated the holidays with just your immediate family present.”

Restaurants in Los Angeles haven’t been open for outdoor dining since late November when the county’s department of health limited restaurants to takeout and delivery.

The reopening comes as Los Angeles starts to recover from the worst COVID-19 wave since the pandemic first hit. 5,669 Los Angeles residents were hospitalized with COVID-19 as of Friday, which is down from the peak of 8,098 people hospitalized on Jan. 5. Los Angeles County has recorded 1,097,941 confirmed cases and 16,107 deaths since the pandemic began.

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Restaurants will welcome the reopening despite the rules, as the hospitality industry nationwide has been hammered by coronavirus.

Restaurants sales fell by $240 billion in 2020, workers saw 2.5 million jobs lost, and 110,000 eating and drinking places are closed either permanently or temporarily, according to a National Restaurant Association report released this week.

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Trump’s lawyers must get 72-hour warning if Treasury turns over president’s tax returns to Democrats: judge

The U.S. Treasury Department must grant former President Trump’s lawyers a 72-hour warning if it allows his tax returns to be released to Democrats, a judge ruled Friday, according to a report.

U.S. Rep. Richard Neal, D-Mass., chairman of the House Ways and Means Committee, is still seeking the returns after he was refused access to them in 2019 by then-Treasury Secretary Steven Mnuchin, who claimed Democrats didn’t have a “legitimate legislative purpose” for the request, Politico reported.

Neal had cited a law that requires the Treasury to turn over tax documents at the request of House tax committees.

Democrats sued in federal court in a case that is still pending a year and a half later.

NEW YORK TIMES AND TRUMP TAXES: WHY IT’S NOT A CAMPAIGN BOMBSHELL

Washington, D.C., District Court Judge Trevor McFadden, a Trump appointee, put the two-week order in place because the Treasury Department could reverse course under the new Biden administration.

He also ordered both sides to give a status report on Feb. 3.

The nomination of President Biden’s Treasury secretary pick, former Federal Reserve boss Janet Yellen, was unanimously approved by the Senate Finance Committee on Friday and now heads to the full Senate for a vote Monday. 

WHO IS JANET YELLEN, BIDEN’S PICK TO LEAD THE TREASURY? 

Douglas Letter, general counsel for the House, told McFadden in the hearing that Treasury has a “clear legal obligation” to turn over the documents that Democrats still want even though he’s out of office, according to Politico. “Our feeling is enough is enough. The statute is clear,” he said. 

It’s unclear if the Treasury Department under Biden will allow the House access to the returns.

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Democrats and the district attorney of New York City are also seeking his tax returns in separate cases.

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Olivia Jade returns to YouTube in first video since college admissions scandal

Olivia Jade Giannulli is attempting a YouTube career comeback.

The 21-year-old daughter — whose parents Lori Loughlin and Mossimo Giannulli pleaded guilty for their involvement in the college admissions scandal — returned to the video content platform with a new message to her followers on Thursday.  

“This is so crazy! Welcome back to my YouTube channel,” Jade began. “I am really excited because obviously I haven’t filmed in a really long time and I’m just grateful to be back on YouTube and I’m really excited for you guys to watch this video.”

“I wanted to film this little intro part just because I didn’t want it to, like, just start the vlog and me not address anything,” she explained. “Obviously did my ‘Red Table Talk’ interview and I think if you have any questions for me or you have anything to say or you’re like, ‘Why are you back?’ you can go watch that interview. I think I kind of disclosed what I felt I needed to say on there.”

OLIVIA JADE BREAKS SILENCE ON PARENTS’ INVOLVEMENT IN COLLEGE ADMISSIONS SCANDAL

Jade was known on YouTube for creating makeup tutorials and is trying to restart her career with new daily vlogs about life in her new Los Angeles apartment.

WARNING: VIDEO BELOW MAY CONTAIN GRAPHIC LANGUAGE

A few minutes into the vlog, Jade made an editor’s note to clarify something she said. 

US ATTORNEYS OPPOSE MOSSIMO GIANNULLI’S REQUEST TO SERVE PRISON SENTENCE AT HOME AS HE AWAITS COURT VERDICT

“I didn’t want this to come across the wrong way, and I’d just rather say something and make the video look a little weird,” she said. “I don’t mean to say [what I said] in a dismissive way or a pretentious way. I think what I was trying to get across was that the thing I wanted to do the most was apologize for so long and I felt like I got to do that at ‘Red Table [Talk].’ So although I can’t change the past, I can change how I act and what I do going forward.” 

LORI LOUGHLIN HAD EMOTIONAL REUNION WITH DAUGHTERS OLIVIA JADE AND ISABELLA AFTER RELEASED FROM PRISON

Jade added that she doesn’t want anybody to think that her “name’s cleared” just because she sat down for an interview with Jada Pinkett Smith and her family. 

Actress Lori Loughlin (R) and daughter Olivia Jade (L) have reunited after Loughlin was released from prison on Dec. 28. 
(Axelle/Bauer-Griffin/FilmMagic)

“I just want to move on and do better and move forward and come back, and do what I love, which is YouTube,” she said.

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In December, the former University of Southern California student, said, “I’m not trying to victimize myself. I don’t want pity. I don’t deserve pity. We messed up. I just want a second chance to be like I recognize I messed up. And for so long I wasn’t able to talk about this because of the legalities behind it. I never got to say I’m really sorry that this happened or I really own that this was a big mess-up on everybody’s part. But I think everybody feels that way in my family right now.”

She claimed that her parents’ actions just came from a place of love. Jade said she confronted them but “they didn’t really have much to say except like, ‘I’m so sorry. I really messed up trying to give the best to you and your sister…’ I’ve seen them day in and day out and how they’ve received all of this. And I know that they’ve struggled.”

Olivia Jade returned to YouTube with a new message to her followers on Thursday. (Photo by Frazer Harrison/Getty Images)

Meanwhile, Loughlin, 56, was released from Federal Correctional Institution in Dublin, Calif., on Dec. 28, while Giannulli, 57, is currently serving five months at a facility in Lompoc, Calif. 

Back in August, Loughlin and Giannulli pleaded guilty to charges stemming from $500,000 payments to scam mastermind William “Rick” Singer to get their daughters, Olivia Jade and Isabella Giannulli, recruited onto the University of Southern California’s crew team. The two had never participated in the sport.

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In their plea agreement, Loughlin, agreed to serve two months and pay a $150,000 fine along with two years of supervised release and 100 hours of community service. Giannulli, meanwhile, was ordered to pay a $250,000 fine with two years of supervised release and 250 hours of community service in addition to a five-month prison sentence.

Fox News’ Melissa Roberto contributed to this report

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