Capital One suspect was apprehended in an FBI raid: VIDEO - Business Insider

Drew Angerer/Getty Images

• A 33-year-old woman named Paige Thompson was arrested on Monday. Thompson is accused of perpetrating the hack on Capital One that exposed the data of over 100 million customers in the US and Canada.
• Thompson lived in Seattle, and was arrested in a raid on Monday at her home.
• A video of the raid was published on Tuesday night, and it offers a look into the overwhelming force used to apprehend Thompson.
• Visit Business Insider's homepage for more stories.

A 33-year-old woman named Paige Thompson was arrested on Monday in an FBI raid on her Seattle home.

Thompson is accused of hacking into Capital One's servers and exposing data of over 100 million customers in the United States and Canada. 

The breach exposed Social Security numbers, bank account numbers, and personal information. There is currently no way to find out if your information was impacted in the breach, but Capital One says it will let customers know through various channels in the future.

On Monday, the FBI executed a raid on Thompson's home which was captured on home surveillance cameras by Thompson's roommates and shared with Seattle NBC affiliate King 5. 

Thompson's roommates Ashley and Alexis described the experience to King 5.

"We heard the 'FBI open up," said one of Thompson's roommates. "Green camo, military-like tactical gear."

Thompson is facing one federal charge of computer fraud and abuse; if convicted, she could face a sentence of up to five years in prison and a $250,000 fine.

During the FBI raid on Thompson's home on Monday, both Thompson and another suspect were taken into custody — 66-year-old Park Quan, who was arrested on charges of possessing illegal firearms and firearms augmentations including bump stocks, which are illegal in Washington state.

A video obtained by King 5 of the FBI raid was released on Tuesday night, which you can see right here:

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2019-07-31 15:15:12Z
CAIiEBIp0wFuEYoPXmCw0MvXrU8qLggEKiUIACIbd3d3LmJ1c2luZXNzaW5zaWRlci5jb20vc2FpKgQICjAMMNfv5wE

Apple proves it can cure its iPhone addiction - CNBC

A girl reacts as she tries an iPhone X at the Apple Omotesando store on November 3, 2017 in Tokyo, Japan.

Getty Images

If you had told any serious Apple observer two years ago that the company's stock would jump after reporting a sales decline for the iPhone, they would've called you nuts.

But that's where we were Wednesday morning after Apple reported in its fiscal third-quarter earnings that iPhone sales fell 12% versus the year-ago quarter. In fact, iPhone sales made up less than half of Apple's revenue for the quarter for the first time since 2012. (In the past, iPhone revenue made up as much has two-thirds of Apple's sales.)

That shift proves Apple is kicking its addiction to the iPhone. It's no longer tying its destiny to just one device, but an expanding ecosystem of digital services and hardware accessories that can spur growth and deliver strong results as iPhone sales decline. And in the years to come, there are plenty of opportunities to continue the trend.

Let's take a look at the stats:

Apple booked $25.99 billion in iPhone revenue during its fiscal third quarter. That's down 12% from the year-ago quarter, and 48% of Apple's overall revenue of $53.8 billion. It's also the first time the iPhone made up less than 50% of quarterly sales since 2012.

The wearables business, which includes AirPods, Apple Watch and Beats headphones, brought in $5.53 billion. That's a whopping 48% higher from the year-ago quarter. And the category is now bringing in more revenue than the iPad or Mac businesses. Apple's CFO Luca Maestri also said Tuesday that the category's growth is accelerating over 50%.

Apple's new darling, the services business, also showed strong growth. It's up 13% versus the year-ago quarter with $11.46 billion in revenue. (Apple CEO Tim Cook said the growth was as high as 18% if you account for a one-time lawsuit settlement and foreign exchange rates.)

The iPad and Mac businesses are steady. Thanks to a slew of recent upgrades to Macs and iPads, these two businesses were slightly up versus the year-ago quarter. They may not look as exciting as the hyper growth in wearables and services, but they function as an engine of stability for Apple. Plus there are more upgrades expected for Macs and iPads this fall.

Add all of that together, and you have what looks like an increasingly diversified business with more promising growth on the immediate horizon.

That's especially true for the services segment, which is expected to ramp up even more in the second half of this year with the introduction of new products like the Apple Card, Apple Arcade gaming service and Apple TV+ video streaming service. Don't be surprised to see a slew of new services beyond that related to health care, transportation and more.

Still, there are also the obvious caveats. Apple's businesses outside the iPhone remain anchored to the device, which is why Apple touts its active iPhone user base instead of the number of units it sells. Each one of those nearly 1 billion users is an opportunity for Apple to grab more sales from services and accessories.

But Apple has showed a willingness to tear down its so-called walled garden and put its digital services on third-party products like Samsung TVs and Amazon's Echo speakers. Cook hinted during Tuesday's earnings call that the trend will continue. And iPhone users remain extremely loyal, even if they're not upgrading as often as they used to. A robust services business only increases the stickiness of the iPhone.

As Tuesday's results showed, the iPhone may be Apple's most important and profitable product, but the company has found a way to diversify and grow without relying solely on it.

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2019-07-31 13:32:38Z
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GE CFO Jamie Miller to step down as CEO Culp moves forward with turnaround plan - CNBC

GE Chief Financial Officer Jamie Miller.

Getty Images

General Electric announced Wednesday that CFO Jamie Miller will step down from her role but will remain with the company during the leadership transition.

"I deeply value the opportunities I've had at GE over the last eleven years," Miller said in a statement. "With the progress we've made and the stabilization beginning to take hold, the time is right for my transition."

It's been a tumultuous time to be the executive in charge of the financials for the struggling industrial conglomerate. Miller became General Electric's CFO in October 2017, succeeding Jeffrey Bornstein shortly after John Flannery took over as chief executive officer. Flannery was ousted by the board and succeeded by current CEO Larry Culp in late 2018.

"Jamie was the last of the brigade from before and I think what it says – it has nothing to do with her performance – is that Larry has his arms around the change at GE," William Blair analyst Nicholas Heymann told CNBC's "Squawk Box."

Miller joined GE in 2008 as chief accounting officer. She later worked as chief information officer, then became president and CEO of GE Transportation.

"I greatly appreciate Jamie's professionalism, expertise, and many contributions to GE's significant transformation during this critical time," Culp said. "She has been instrumental in developing our portfolio strategy, furthering our efforts to make GE a more focused industrial company, and spearheading our de-leveraging plan during a challenging period."

News of Miller's departure came shortly after GE posted better-than-expected earnings for the second quarter, sending its stock up more than 4% in the premarket. The company also gave a better-than-expected outlook for industrial cash flow.

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2019-07-31 12:06:30Z
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Fed day; Smartphone slide; GE earnings - CNN

The Federal Reserve will announce its decision on interest rates at 2 p.m. ET, followed by a press conference with Chairman Jerome Powell.

It's widely expected that the Fed will cut interest rates for the first time in more than a decade. Attention will then shift to what Powell has to say about the path forward.

Powell could also face questions on why a rate cut is necessary at a moment when the US economy is strong and unemployment remains historically low, and whether cutting rates now could limit the Fed's ability to respond to a future crisis.

The economic impact of the trade fight between the United States and China is likely to come up, too. President Donald Trump's tweets on Tuesday criticizing China indicated that a deal could still be a ways off.

2. Smartphone slide: A saturated smartphone market hit both Samsung (SSNLF) and Apple (AAPL) last quarter. But Apple, unlike Samsung, still managed to grow its revenue.

Profit in Samsung's smartphone business slumped by nearly 42% to 1.56 trillion Korean won ($1.32 billion), and the outlook for the rest of the year looks grim.

"The overall mobile market demand is expected to remain weak due to growing uncertainties over the global economy and trade," Samsung said Wednesday.

Revenue dropped 4% compared to last year as Samsung also faced price declines in its memory chip business. Shares fell nearly 3%.

Apple said Tuesday that iPhone sales for the quarter fell to about $26 billion, a decline of nearly 12% from the same period a year earlier.

But the company managed to grow its overall revenue by 1% from the prior year as it finds more traction selling wearable devices and digital services, including Apple Pay and Apple Music. Shares rose more than 4% in premarket trading.

3. GE earnings: General Electric's slumping power division continues to drag down the company's profit, and GE is burning through cash. But investors know that by now.

Instead, they're hoping GE (GE) can continue to demonstrate progress in its turnaround when the company reports earnings before US markets open.

Despite tumbling earnings, GE has stood by its 2019 guidance for industrial free cash flow throughout the year. But it faces a new threat: the Boeing 737 Max crisis.

Boeing said last week it is preparing for a 737 Max production shutdown in case it does not receive approval to fly the grounded plane again this year. That would serve as a setback for GE, which makes jet engines for the 737 Max.

Want more markets? Watch CNN's "Markets Now" digital live show Wednesday at 12:45 p.m. ET.

4. Global markets: US stock futures point higher ahead of news from the Fed.

The Dow is set to rise about 70 points, or 0.3%, when US markets open. The S&P 500 is poised to increase 0.2%, while the Nasdaq is tracking up 0.4%.

European markets, meanwhile, are more of a mix. Britain's FTSE 100 fell 0.3% in early trading, while Germany's DAX gained 0.1%.

Airbus (EADSF) reported stronger-than-expected earnings for the three months ending in June, but noted that it could face delivery challenges in the second half of the year.

Stocks in Asia fell on concerns about trade as negotiations between Washington and Beijing continue. Hong Kong's Hang Seng dropped 1.3% and Japan's Nikkei shed 0.9%.

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5. Coming this week:
Wednesday — Fed rate decision; GE, Occidental Petroleum, Molson Coors, and Qualcomm earnings
Thursday — Bank of England rate decision; General Motors, Dunkin', Kraft Heinz and Verizon earnings
Friday — US jobs report; Exxon, Chevron and Berkshire Hathaway earnings

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https://www.cnn.com/2019/07/31/investing/premarket-stocks-trading/index.html

2019-07-31 11:17:00Z
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Apple evolves beyond iPhone - Business Insider

Tim CookGetty

• Apple has finally delivered concrete, positive proof that it has a life beyond the iPhone.
• The iPhone represented less than half of Apple's total revenue for its third quarter, for the first time since 2012.
• That's down to new hardware like the Apple Watch, as well as growth in Apple's software business including the App Store and Apple Pay.
• These are ancillary services to the iPhone, so Apple hasn't moved away from its most popular bit of hardware just yet.
• But still, it's a massive change.
• Visit Business Insider's homepage for more stories.

Apple has undergone a major shift.

For the first time since 2012, the iPhone accounted for less than half the firm's overall revenue, for its fiscal third quarter.

It's not far off, at 48%. But that number will continue to fall.

Further good news: Apple's overall revenue was up for the quarter. In other words, Apple is capable of making money from things that aren't the iPhone faster than iPhone sales are falling.

That is a major milestone for the company.

Here's how that revenue breaks down by product category:

Shona Ghosh/Business Insider

The two key bits of good news are that Apple's "Services" and its wearables categories are both growing. And they're now bigger than the Mac and iPad units.

Apple doesn't get any more granular about its wearables sales, but CEO Tim Cook called out Apple Watch and AirPods as big sellers. Three-quarters of those buying an Apple Watch during the June quarter were first-time buyers, he said, and the wearables business is now as big as a Fortune 200 company.

Services revenue includes money coming from software like the App Store, streaming service Apple Music, insurance policy Apple Care, Apple Pay, and Apple's search ad business for the App Store.

Cook said the services business would likely double to $50 billion next year from where it was in 2016. Apple also boasts 420 million paid subscriptions across its various services, and is optimistic about hitting half a billion by 2020. Cook teased new services to come, and said these would drive new subscribers too.

All in all, these shows a company in the full swing of developing an ecosystem that goes beyond the iPhone. The other two $1 trillion titans of the moment, Microsoft and Amazon, pulled off something similar. Microsoft stopped relying on Windows as its revenue gorilla, making bets on the cloud and opening up its popular Office apps to other platforms. (Via, it has to be said, some terrible calls like buying Nokia and launching Windows Phone.)

Amazon, meanwhile, made a very early call to sell its hardware cheap and bring in revenue from areas like Prime, e-books, Audible, and other subscription services.

For this to work in the long term, Apple needs to make a serious effort to reach Android users

AirPods are still targeted at people who own iPhones.Hollis Johnson/Business Insider

There is some bad news, which is that all of Apple's emerging strong revenue categories are still ancillary to the iPhone.

Most Apple Music users are also iPhone owners. Anyone using Apple Pay, Apple Care, and the App Store will need to own Apple hardware of some kind. Even hardware like the Apple Watch and AirPods are tethered to the iPhone.

So if Apple wants these categories to keep growing and even supersede the iPhone in terms of revenue, it still needs to keep selling iPhones or make a serious effort to reach Android users.

Cook didn't have much to offer when asked by an analyst whether Apple will come up with services that don't rely so much on the iPhone.

"We have other products where people are purchasing things," Cook responded. "They're watching Apple TV. We offer Apple Music on Android, and so there's a series of things that are outside of that. And so we'll see what we do in the future."

It's possible the number of non-iPhone users paying for Apple services will grow, especially if Apple's TV streaming service, Apple TV+, is a hit. But as yet, the firm has not made a serious effort to reach the people who don't already use its devices.

That's not the only path to better services and wearables growth, however.

Even as sales of new iPhones fall, there are clearly a bunch of people buying refurbished and second-hand iPhones. This is why Apple's "installed base", the number of people using iPhones, is growing even as iPhone sales decline. CFO Luca Maestri also talked up Apple's trade-in programme, which gives people discounts for trading in their old iPhones.

Apple will likely still need to push people to newer iPhones so they can access and pay for newer services but, per the introduction of trade-ins, it's approaching the issue in a more innovative way than hoping people will cough up $1,000 every three years.

Analysts at Citi were optimistic in a note to investors this morning: "Read this slowly and ponder it: Apple's wearable, home, & accessory category is larger than iPad sales. This underscores a new theme that is starting to emerge from Apple, which we believe investors are overlooking and that is the diversity of Apple's offerings. The bulls are overly focused on Apple's services and the bears are overly focused on iPhone sales, units & ASP [average selling price]. While we do not discredit either of those views, we believe most are not realizing the diversity of Apple's offerings."

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2019-07-31 11:03:13Z
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BA strike: holiday disruption looms after airline fails to halt action - The Times

new

Graeme Paton, Transport Correspondent

BA’s pilots could refuse to fly from August 15Alamy

British Airways passengers are facing travel chaos at the height of the summer holidays after a legal bid to halt a hugely damaging pilots’ strike was rejected.

The Court of Appeal today threw out BA’s application for an injunction intended to block a proposed walkout.

Three senior judges ruled that the strike by members of British Airline Pilots’ Association (Balpa) could go ahead after confirming that its ballot for action was legally sound.

It means that the walkout by as many as 4,000 BA pilots could go ahead in a little over two weeks.

Balpa said that it would not announce the date of any strike today although it only has to give a fortnight’s formal notice of industrial action. Pilots could refuse to fly…

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Subscribe now and get unlimited digital access on web and our smartphone and tablet apps, free for your first month.

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2019-07-31 11:00:00Z
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Fed day; Smartphone slide; GE earnings - CNN

The Federal Reserve will announce its decision on interest rates at 2 p.m. ET, followed by a press conference with Chairman Jerome Powell.

It's widely expected that the Fed will cut interest rates for the first time in more than a decade. Attention will then shift to what Powell has to say about the path forward.

Powell could also face questions on why a rate cut is necessary at a moment when the US economy is strong and unemployment remains historically low, and whether cutting rates now could limit the Fed's ability to respond to a future crisis.

The economic impact of the trade fight between the United States and China is likely to come up, too. President Donald Trump's tweets on Tuesday criticizing China indicated that a deal could still be a ways off.

2. Smartphone slide: A saturated smartphone market hit both Samsung (SSNLF) and Apple (AAPL) last quarter. But Apple, unlike Samsung, still managed to grow its revenue.

Profit in Samsung's smartphone business slumped by nearly 42% to 1.56 trillion Korean won ($1.32 billion), and the outlook for the rest of the year looks grim.

"The overall mobile market demand is expected to remain weak due to growing uncertainties over the global economy and trade," Samsung said Wednesday.

Revenue dropped 4% compared to last year as Samsung also faced price declines in its memory chip business. Shares fell nearly 3%.

Apple said Tuesday that iPhone sales for the quarter fell to about $26 billion, a decline of nearly 12% from the same period a year earlier.

But the company managed to grow its overall revenue by 1% from the prior year as it finds more traction selling wearable devices and digital services, including Apple Pay and Apple Music. Shares rose more than 4% in premarket trading.

3. GE earnings: General Electric's slumping power division continues to drag down the company's profit, and GE is burning through cash. But investors know that by now.

Instead, they're hoping GE (GE) can continue to demonstrate progress in its turnaround when the company reports earnings before US markets open.

Despite tumbling earnings, GE has stood by its 2019 guidance for industrial free cash flow throughout the year. But it faces a new threat: the Boeing 737 Max crisis.

Boeing said last week it is preparing for a 737 Max production shutdown in case it does not receive approval to fly the grounded plane again this year. That would serve as a setback for GE, which makes jet engines for the 737 Max.

Want more markets? Watch CNN's "Markets Now" digital live show Wednesday at 12:45 p.m. ET.

4. Global markets: US stock futures point higher ahead of news from the Fed.

The Dow is set to rise about 70 points, or 0.3%, when US markets open. The S&P 500 is poised to increase 0.2%, while the Nasdaq is tracking up 0.4%.

European markets, meanwhile, are more of a mix. Britain's FTSE 100 fell 0.3% in early trading, while Germany's DAX gained 0.1%.

Airbus (EADSF) reported stronger-than-expected earnings for the three months ending in June, but noted that it could face delivery challenges in the second half of the year.

Stocks in Asia fell on concerns about trade as negotiations between Washington and Beijing continue. Hong Kong's Hang Seng dropped 1.3% and Japan's Nikkei shed 0.9%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

5. Coming this week:
Wednesday — Fed rate decision; GE, Occidental Petroleum, Molson Coors, and Qualcomm earnings
Thursday — Bank of England rate decision; General Motors, Dunkin', Kraft Heinz and Verizon earnings
Friday — US jobs report; Exxon, Chevron and Berkshire Hathaway earnings

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https://www.cnn.com/2019/07/31/investing/premarket-stocks-trading/index.html

2019-07-31 09:52:00Z
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Fed Readies First Interest-Rate Cut Since 2008 - The Wall Street Journal

How Federal Reserve Chairman Jerome Powell frames the economic outlook will shape the market reaction to the central bank’s Wednesday decision. Photo: Susan Walsh/Associated Press

By

Nick Timiraos

Nick Timiraos
The Wall Street Journal
• Biography
• @NickTimiraos
• Nick.Timiraos@wsj.com

July 31, 2019 5:00 am ET

The Federal Reserve is expected to say Wednesday it will reduce its benchmark interest rate by one quarter percentage point. That would mark just the fifth time in the past 25 years that the central bank switched from raising to lowering rates.

In the four prior cases, the Fed never cut rates just once. In 1995 and 1998, officials made three small reductions over a few months, and the economy avoided a downturn. In 2001 and 2007, they began deep and sustained cuts to stimulate an economy entering recession. The most recent Fed rate cut occurred in late 2008, when the central bank lowered rates to near zero after the financial crisis and then held rates at that level for seven years.

Fed officials have approvingly cited the examples of the 1990s, which could reflect hopes that a few small cuts now will keep the decadelong expansion going and avoid a full-blown rate-cutting cycle.

The Fed’s new policy statement, to be released at 2 p.m. EDT, and a press conference by Chairman Jerome Powell at 2:30 p.m. should provide more clarity. No new economic or interest-rate projections are scheduled for release. Here’s what to watch:

The Rate Decision

The coalition of officials favoring a quarter-point rate cut at this week’s meeting have cited four reasons for cutting now, when the economy looks OK.

First, they are worried weaker global growth and trade uncertainty are chilling business investment, which could ultimately weaken hiring and consumer spending, the engine of the U.S. economy.

Second, officials are troubled that inflation softened earlier this year, when they expected it to reach their 2% target.

Third, stock- and bond-market conditions have been buoyant recently because investors expect the Fed to lower rates. Failing to cut would, in effect, serve to tighten policy, which could further weaken investment.

Finally, officials have said that because interest rates are already historically low, leaving less room to cut if needed to combat a downturn, they want to act pre-emptively. One recent lesson inferred by Fed policy makers from the experiences of other countries with low rates is that “you don’t need to wait until things get so bad to have a dramatic series of cuts,” said Fed Vice Chairman Richard Clarida in a Fox Business Network interview two weeks ago.

While this led some analysts to speculate the Fed might reduce rates by a half-percentage point, such a cut “would be very difficult to explain in the context” of recent good economic data, said Lou Crandall, chief economist at financial-research firm Wrightson ICAP.

Watch the policy statement for how the Fed explains its reasons for acting as it does.

The Rate Path

Because a rate cut is already expected, how Mr. Powell frames the economic outlook and the policy debate will shape the market reaction to Wednesday’s decision.

Specifically, watch to see if he opens the door to another rate cut. In June, seven of 17 officials projected interest rates would fall by a half-percentage point by year’s end, a clear sign that several officials, including Mr. Powell, may not view this rate cut as “one and done.”

Also watch the rationale he emphasizes for this rate move. If declining inflation and public expectations of future inflation are prompting the rate cut, officials could see more reason to lower rates again this year. One quarter-point cut isn’t likely to do enough to boost price pressures.

The Portfolio

The key question at the Fed meeting will be how to communicate current thinking around the policy path. One component of this is whether to end the runoff of the Fed’s $3.8 trillion asset portfolio two months ahead of the schedule.

Some Fed officials have said they don’t see any reason to change the process because it is already set to end in September. But Mr. Powell hinted in June they might stop it early to avoid sending conflicting signals with different tools—by easing policy with lower rates while tightening policy with the runoff.

At times, markets have interpreted decisions about the portfolio as a signal of future intentions on rates. One argument for ending the runoff early is that would provide a more market-friendly message without giving up more ammunition in the form of additional rate cuts.

It is a close call, and either way, markets may watch this decision as another sign of the possible rate path.

Dissents

Mr. Powell faced his first dissent on a policy decision last month, when St. Louis Fed President James Bullard voted against holding rates steady because he preferred a cut. Because of the Fed’s rotation system, just five of the 12 regional Fed bank presidents have a vote on policy, though the others participate fully in the policy debates.

Recent remarks from Kansas City Fed President Esther George and Boston Fed President Eric Rosengren, also voters this year, raised questions among Fed analysts about whether either might dissent against a cut because they would prefer leaving rates unchanged.

Related

• Trump Criticizes Expected Fed Rate Cut as ‘Not Enough’
• Why Fed Is Cutting Rates When Economy Looks Good
• Former Fed Chief Yellen Endorses Quarter-Point Rate Cut
• Trump Rejected Proposal to Weaken Dollar Through Market Intervention

Write to Nick Timiraos at nick.timiraos@wsj.com

Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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2019-07-31 09:00:00Z
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Stocks Mixed as Trade Talks Wrap Up; Dollar Steady: Markets Wrap - Yahoo Finance

Stocks Mixed as Trade Talks Wrap Up; Dollar Steady: Markets Wrap

(Bloomberg) -- Stocks in Europe drifted, American equity futures gained and Asian shares retreated as the U.S. and China concluded the latest round of trade talks with no obvious breakthrough and investors grappled with a flood of corporate earnings. Treasuries and the dollar were steady before the Federal Reserve’s rate decision.

The Stoxx Europe 600 index struggled for direction amid mixed company reports, with personal and household-goods shares among the biggest losers as L’Oreal dropped after posting disappointing sales figures. Construction companies led gains after upbeat results from Vinci. On a big day for banks, Credit Suisse and BNP Paribas rose after reporting earnings that beat expectations, while Lloyds Banking Group fell after a miss. Futures on the S&P 500, Dow Jones Industrial Average and Nasdaq 100 all advanced. Hong Kong shares were the hardest-hit in Asia before the city’s markets closed early due to a storm. Samsung slid after it reported a sharp decline in profit.

The euro weakened after data showed economic growth in the common-currency area slowed by half in the second quarter, the latest in a string of reports flagging a deteriorating outlook. Most European bonds gained.

With one of the week’s key events -- trade talks -- over for now, investors still have the Fed, a slew of corporate results and Friday’s U.S. jobs data to contend with. American delegates wrapped up negotiations with their Chinese counterparts in Shanghai on Wednesday with little evidence of progress toward ending the year-long trade dispute. And with a Fed rate cut already baked into market pricing, Chairman Jerome Powell’s post-meeting press conference later Wednesday will be parsed for clues on the policy path.

“The bond and equity markets have fully priced in a cut,” Paul Brain, head of fixed income at Newton Investment Management, said in a note. “On balance, there may be some that are disappointed by the size of the cut and the subsequent messaging, but once that is out of the way there will be a realization that rates are heading lower.”

Shares in China and Hong Kong were also weighed down by a pledge by the Communist Party’s Politburo to avoid applying stimulus to the property market. Nasdaq futures were buoyed after Apple shares jumped more than 4% in late trading, spurred by projected revenue that topped estimates. Crude oil extended its recent rally.

Here are some of the key events to watch as the week unfolds:

Fed officials announce their decision Wednesday. Chairman Jerome Powell will hold a press conference following the FOMC’s meeting.The Bank of England policy decision is due Thursday.The U.S. July jobs report is due Friday.

Here are the main moves in markets:

Stocks

The Stoxx Europe 600 Index was little changed at as of 10:16 a.m. London time.Futures on the S&P 500 Index climbed 0.2%.The MSCI All-Country World Index fell 0.1%, the lowest in more than a week.The U.K.‘s FTSE 100 Index dipped 0.4%.

Currencies

The Bloomberg Dollar Spot Index was little changed.The euro decreased 0.1% to $1.1145.The British pound increased 0.1% to $1.2168, the first advance in a week.The Japanese yen was little changed at 108.57 per dollar.

Bonds

The yield on 10-year Treasuries decreased one basis point to 2.05%, the lowest in a week.Germany’s 10-year yield decreased one basis point to -0.41%.Britain’s 10-year yield increased one basis point to 0.644%.Japan’s 10-year yield declined less than one basis point to -0.153%.

Commodities

West Texas Intermediate crude climbed 0.7% to $58.48 a barrel, hitting the highest in more than two weeks with its fifth straight advance.Gold was little changed at $1,430.59 an ounce.The Bloomberg Commodity Index rose 0.2% to 79.20, the highest in a week.

--With assistance from Moxy Ying, Joanna Ossinger and Andreea Papuc.

To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.net

To contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.net

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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2019-07-31 08:28:00Z
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Dow futures higher as investors anticipate first Fed rate cut in a decade - CNBC

U.S. stock index futures were higher Wednesday morning, as market participants braced for the outcome of the Federal Reserve's meeting later in the session.

At around 03:30 a.m. ET, Dow futures rose 70 points, indicating a positive open of more than 66 points. Futures on the S&P and Nasdaq were both slightly higher.

The U.S. central bank is widely expected to cut interest rates for the first time since the financial crisis more than a decade ago. Market expectations point to a quarter-point rate cut.

The Fed is set to deliver its decision at 2:00 p.m. ET, with Chairman Jerome Powell scheduled to hold a press conference at 2:30 p.m. ET.

The projected move from the Fed has supported risk asset prices worldwide in recent days. However, trade war concerns have resurfaced to cap gains.

President Donald Trump said in a series of tweets Tuesday that Beijing is not keeping its promise of buying more U.S. agricultural products, decreasing hope that the world's two largest economies could soon reach a trade deal.

China insists it has bought U.S. agricultural products.

Washington and Beijing agreed to restart trade talks late last month after they fell through in May. The two countries have been engaged in a trade war since last year. In that time, they've slapped tariffs on billions of dollars' worth of each other's goods.

Economic data and earnings

On the data front, ADP payrolls for July will be released at around 08:15 a.m. ET. Employment cost index figures for the second quarter and Chicago Purchasing Manager Index (PMI) data for July will follow slightly later in the session.

In corporate news, General Electric, Occidental Petroleum and Spotify are among the companies scheduled to report their latest quarterly earnings before the opening bell.

Qualcomm, Vale and Sturm Ruger are among those set to post their results after market close.

— CNBC's Fred Imbert contributed to this report.

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https://www.cnbc.com/2019/07/31/stock-market-wall-street-poised-for-first-fed-rate-cut-in-a-decade.html

2019-07-31 06:34:04Z
52780341383806

AMD Quarterly Earnings Report Q2 FY 2019 - AnandTech

AMD announced their second quarter earnings for the 2019 fiscal year, and the company’s revenue was $1.53 billion for the quarter. This is down 13% from the same quarter last year. Gross margin improved from 37% to 41% year-over-year. Operating income was $59 million, down from $153 million a year ago, and net income was down $81 million to $35 million. This resulted in earnings-per-share of $0.03.

AMD Q2 2019 Financial Results (GAAP)
	Q2'2019	Q1'2019	Q2'2018
Revenue	$1531M	$1272M	$1756M
Gross Margin	41%	41%	37%
Operating Income	$59M	$38M	$153M
Net Income	$35M	$16M	$116M
Earnings Per Share	$0.03	$0.01	$0.12

Although AMD was in the black for yet another quarter, this is certainly a dip that AMD does not expect to last. Their forecast for Q3 2019 is a 9% year-over-year increase in revenue to $1.8 billion, and they’ve recently launched new products that could help them achieve those goals.

AMD Q2 2019 Computing and Graphics
	Q2'2019	Q1'2019	Q2'2018
Revenue	$940M	$831M	$1086M
Operating Income	$22M	$16M	$117M

Looking back at Q2 though, Computing and Graphics revenue was down 13% to $940 million, and AMD attributes this drop to lower graphics channel sales. This drop was slightly offset though by higher client CPU and datacenter GPU sales. Also good for AMD and their investors is that their average selling price for client processors has increased thanks to more Ryzen sales, and GPU average selling price has also increased thanks to datacenter GPU sales. The Computing and Graphics segment had an operating income of $22 million for the quarter, compared to $117 million a year ago.

AMD Q2 2019 Enterprise, Embedded and Semi-Custom
	Q2'2019	Q1'2019	Q2'2018
Revenue	$591M	$441M	$670M
Operating Income	$89M	$68M	$69M

AMD’s other major segment is their Enterprise, Embedded, and Semi-Custom, and this product group also saw revenues fall 12% to $591 million for the quarter. AMD attributes this drop to lower semi-custom product revenue, which you can more or less read as console sales, and that makes sense since the current generation consoles are reaching the end of their life, but both Microsoft and Sony have both committed to AMD platforms for their next generation consoles, so expect this segment’s fortunes to get a bit better soon. Operating income was $89 million for this group, which was up from $69 million last year. The higher operating income is thanks to higher EPYC processor sales, which is also a great sign for this segment.

Although this quarter’s revenue certainly saw a dip, AMD did just launch their latest third generation Ryzen this month, which wouldn’t be reported in their Q2 earnings which ended June 29th. As we saw in our review, this is a great step forward for AMD’s processor designs, and they have also launched their Navi based GPUs in July, so it makes some sense to see a dip prior to a major product launch. We’ll keep our eye on their results for Q3, but as previously mentioned they are expecting this to be a short-term drop, and with their new product lineup, that seems like a safe bet.

Source: AMD Investor Relations

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https://www.anandtech.com/show/14691/amd-quarterly-earnings-report-q2-fy-2019

2019-07-31 05:20:00Z
CBMiTWh0dHBzOi8vd3d3LmFuYW5kdGVjaC5jb20vc2hvdy8xNDY5MS9hbWQtcXVhcnRlcmx5LWVhcm5pbmdzLXJlcG9ydC1xMi1meS0yMDE50gEA

Capital One Data Theft Impacts 106M People - Krebs on Security

Federal prosecutors this week charged a Seattle woman with stealing data from more than 100 million credit applications made with Capital One Financial Corp. Incredibly, much of this breach played out publicly over several months on social media and other open online platforms. What follows is a closer look at the accused, and what this incident may mean for consumers and businesses.

Paige “erratic” Thompson, in an undated photo posted to her Slack channel.

On July 29, FBI agents arrested Paige A. Thompson on suspicion of downloading nearly 30 GB of Capital One credit application data from a rented cloud data server. Capital One said the incident affected approximately 100 million people in the United States and six million in Canada.

That data included approximately 140,000 Social Security numbers and approximately 80,000 bank account numbers on U.S. consumers, and roughly 1 million Social Insurance Numbers (SINs) for Canadian credit card customers.

“Importantly, no credit card account numbers or log-in credentials were compromised and over 99 percent of Social Security numbers were not compromised,” Capital One said in a statement posted to its site.

“The largest category of information accessed was information on consumers and small businesses as of the time they applied for one of our credit card products from 2005 through early 2019,” the statement continues. “This information included personal information Capital One routinely collects at the time it receives credit card applications, including names, addresses, zip codes/postal codes, phone numbers, email addresses, dates of birth, and self-reported income.”

The FBI says Capital One learned about the theft from a tip sent via email on July 17, which alerted the company that some of its leaked data was being stored out in the open on the software development platform Github. That Github account was for a user named “Netcrave,” which includes the resume and name of one Paige A. Thompson.

The tip that alerted Capital One to its data breach.

The complaint doesn’t explicitly name the cloud hosting provider from which the Capital One credit data was taken, but it does say the accused’s resume states that she worked as a systems engineer at the provider between 2015 and 2016. That resume, available on Gitlab here, reveals Thompson’s most recent employer was Amazon Inc.

Further investigation revealed that Thompson used the nickname “erratic” on Twitter, where she spoke openly over several months about finding huge stores of data intended to be secured on various Amazon instances.

The Twitter user “erratic” posting about tools and processes used to access various Amazon cloud instances.

According to the FBI, Thompson also used a public Meetup group under the same alias, where she invited others to join a Slack channel named “Netcrave Communications.”

KrebsOnSecurity was able to join this open Slack channel Monday evening and review many months of postings apparently made by Erratic about her personal life, interests and online explorations. One of the more interesting posts by Erratic on the Slack channel is a June 27 comment listing various databases she found by hacking into improperly secured Amazon cloud instances.

That posting suggests Erratic may also have located tens of gigabytes of data belonging to other major corporations:

According to Erratic’s posts on Slack, the two items in the list above beginning with “ISRM-WAF” belong to Capital One.

Erratic also posted frequently to Slack about her struggles with gender identity, lack of employment, and persistent suicidal thoughts. In several conversations, Erratic makes references to running a botnet of sorts, although it is unclear how serious those claims were. Specifically, Erratic mentions one botnet involved in cryptojacking, which uses snippets of code installed on Web sites — often surreptitiously — designed to mine cryptocurrencies.

None of Erratic’s postings suggest Thompson sought to profit from selling the data taken from various Amazon cloud instances she was able to access. But it seems likely that at least some of that data could have been obtained by others who may have followed her activities on different social media platforms.

Ray Watson, a cybersecurity researcher at cloud security firm Masergy, said the Capital One incident contains the hallmarks of many other modern data breaches.

“The attacker was a former employee of the web hosting company involved, which is what is often referred to as insider threats,” Watson said. “She allegedly used web application firewall credentials to obtain privilege escalation. Also the use of Tor and an offshore VPN for obfuscation are commonly seen in similar data breaches.”

“The good news, however, is that Capital One Incidence Response was able to move quickly once they were informed of a possible breach via their Responsible Disclosure program, which is something a lot of other companies struggle with,” he continued.

In Capital One’s statement about the breach, company chairman and CEO Richard D. Fairbank said the financial institution fixed the configuration vulnerability that led to the data theft and promptly began working with federal law enforcement.

“Based on our analysis to date, we believe it is unlikely that the information was used for fraud or disseminated by this individual,” Fairbank said. “While I am grateful that the perpetrator has been caught, I am deeply sorry for what has happened. I sincerely apologize for the understandable worry this incident must be causing those affected and I am committed to making it right.”

Capital One says it will notify affected individuals via a variety of channels, and make free credit monitoring and identity protection available to everyone affected.

Bloomberg reports that in court on Monday, Thompson broke down and laid her head on the defense table during the hearing. She is charged with a single count of computer fraud and faces a maximum penalty of five years in prison and a $250,000 fine. Thompson will be held in custody until her bail hearing, which is set for August 1.

A copy of the complaint against Thompson is available here.

Tags: Capital One breach, GitHub, Masergy, Paige A. Thompson, Ray Watson, Slack, twitter

This entry was posted on Tuesday, July 30th, 2019 at 9:59 am and is filed under Data Breaches, Ne'er-Do-Well News. You can follow any comments to this entry through the RSS 2.0 feed. You can skip to the end and leave a comment. Pinging is currently not allowed.

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https://krebsonsecurity.com/2019/07/capital-one-data-theft-impacts-106m-people/

2019-07-30 16:18:22Z
52780342100097

Capital One Data Theft Impacts 106M People - Krebs on Security

Federal prosecutors this week charged a Seattle woman with stealing data from more than 100 million credit applications made with Capital One Financial Corp. Incredibly, much of this breach played out publicly over several months on social media and other open online platforms. What follows is a closer look at the accused, and what this incident may mean for consumers and businesses.

Paige “erratic” Thompson, in an undated photo posted to her Slack channel.

On July 29, FBI agents arrested Paige A. Thompson on suspicion of downloading nearly 30 GB of Capital One credit application data from a rented cloud data server. Capital One said the incident affected approximately 100 million people in the United States and six million in Canada.

That data included approximately 140,000 Social Security numbers and approximately 80,000 bank account numbers on U.S. consumers, and roughly 1 million Social Insurance Numbers (SINs) for Canadian credit card customers.

“Importantly, no credit card account numbers or log-in credentials were compromised and over 99 percent of Social Security numbers were not compromised,” Capital One said in a statement posted to its site.

“The largest category of information accessed was information on consumers and small businesses as of the time they applied for one of our credit card products from 2005 through early 2019,” the statement continues. “This information included personal information Capital One routinely collects at the time it receives credit card applications, including names, addresses, zip codes/postal codes, phone numbers, email addresses, dates of birth, and self-reported income.”

The FBI says Capital One learned about the theft from a tip sent via email on July 17, which alerted the company that some of its leaked data was being stored out in the open on the software development platform Github. That Github account was for a user named “Netcrave,” which includes the resume and name of one Paige A. Thompson.

The tip that alerted Capital One to its data breach.

The complaint doesn’t explicitly name the cloud hosting provider from which the Capital One credit data was taken, but it does say the accused’s resume states that she worked as a systems engineer at the provider between 2015 and 2016. That resume, available on Gitlab here, reveals Thompson’s most recent employer was Amazon Inc.

Further investigation revealed that Thompson used the nickname “erratic” on Twitter, where she spoke openly over several months about finding huge stores of data intended to be secured on various Amazon instances.

The Twitter user “erratic” posting about tools and processes used to access various Amazon cloud instances.

According to the FBI, Thompson also used a public Meetup group under the same alias, where she invited others to join a Slack channel named “Netcrave Communications.”

KrebsOnSecurity was able to join this open Slack channel Monday evening and review many months of postings apparently made by Erratic about her personal life, interests and online explorations. One of the more interesting posts by Erratic on the Slack channel is a June 27 comment listing various databases she found by hacking into improperly secured Amazon cloud instances.

That posting suggests Erratic may also have located tens of gigabytes of data belonging to other major corporations:

According to Erratic’s posts on Slack, the two items in the list above beginning with “ISRM-WAF” belong to Capital One.

Erratic also posted frequently to Slack about her struggles with gender identity, lack of employment, and persistent suicidal thoughts. In several conversations, Erratic makes references to running a botnet of sorts, although it is unclear how serious those claims were. Specifically, Erratic mentions one botnet involved in cryptojacking, which uses snippets of code installed on Web sites — often surreptitiously — designed to mine cryptocurrencies.

None of Erratic’s postings suggest Thompson sought to profit from selling the data taken from various Amazon cloud instances she was able to access. But it seems likely that at least some of that data could have been obtained by others who may have followed her activities on different social media platforms.

Ray Watson, a cybersecurity researcher at cloud security firm Masergy, said the Capital One incident contains the hallmarks of many other modern data breaches.

“The attacker was a former employee of the web hosting company involved, which is what is often referred to as insider threats,” Watson said. “She allegedly used web application firewall credentials to obtain privilege escalation. Also the use of Tor and an offshore VPN for obfuscation are commonly seen in similar data breaches.”

“The good news, however, is that Capital One Incidence Response was able to move quickly once they were informed of a possible breach via their Responsible Disclosure program, which is something a lot of other companies struggle with,” he continued.

In Capital One’s statement about the breach, company chairman and CEO Richard D. Fairbank said the financial institution fixed the configuration vulnerability that led to the data theft and promptly began working with federal law enforcement.

“Based on our analysis to date, we believe it is unlikely that the information was used for fraud or disseminated by this individual,” Fairbank said. “While I am grateful that the perpetrator has been caught, I am deeply sorry for what has happened. I sincerely apologize for the understandable worry this incident must be causing those affected and I am committed to making it right.”

Capital One says it will notify affected individuals via a variety of channels, and make free credit monitoring and identity protection available to everyone affected.

Bloomberg reports that in court on Monday, Thompson broke down and laid her head on the defense table during the hearing. She is charged with a single count of computer fraud and faces a maximum penalty of five years in prison and a $250,000 fine. Thompson will be held in custody until her bail hearing, which is set for August 1.

A copy of the complaint against Thompson is available here.

Tags: Capital One breach, GitHub, Masergy, Paige A. Thompson, Ray Watson, Slack, twitter

This entry was posted on Tuesday, July 30th, 2019 at 9:59 am and is filed under Data Breaches, Ne'er-Do-Well News. You can follow any comments to this entry through the RSS 2.0 feed. You can skip to the end and leave a comment. Pinging is currently not allowed.

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https://krebsonsecurity.com/2019/07/capital-one-data-theft-impacts-106m-people/

2019-07-30 15:49:57Z
52780342100097

Capital One Data Theft Impacts 106M People - Krebs on Security

Federal prosecutors this week charged a Seattle woman with stealing data from more than 100 million credit applications made with Capital One Financial Corp. Incredibly, much of this breach played out publicly over several months on social media and other open online platforms. What follows is a closer look at the accused, and what this incident may mean for consumers and businesses.

Paige “erratic” Thompson, in an undated photo posted to her Slack channel.

On July 29, FBI agents arrested Paige A. Thompson on suspicion of downloading nearly 30 GB of Capital One credit application data from a rented cloud data server. Capital One said the incident affected approximately 100 million people in the United States and six million in Canada.

That data included approximately 140,000 Social Security numbers and approximately 80,000 bank account numbers on U.S. consumers, and roughly 1 million Social Insurance Numbers (SINs) for Canadian credit card customers.

“Importantly, no credit card account numbers or log-in credentials were compromised and over 99 percent of Social Security numbers were not compromised,” Capital One said in a statement posted to its site.

“The largest category of information accessed was information on consumers and small businesses as of the time they applied for one of our credit card products from 2005 through early 2019,” the statement continues. “This information included personal information Capital One routinely collects at the time it receives credit card applications, including names, addresses, zip codes/postal codes, phone numbers, email addresses, dates of birth, and self-reported income.”

The FBI says Capital One learned about the theft from a tip sent via email on July 17, which alerted the company that some of its leaked data was being stored out in the open on the software development platform Github. That Github account was for a user named “Netcrave,” which includes the resume and name of one Paige A. Thompson.

The tip that alerted Capital One to its data breach.

The complaint doesn’t explicitly name the cloud hosting provider from which the Capital One credit data was taken, but it does say the accused’s resume states that she worked as a systems engineer at the provider between 2015 and 2016. That resume, available on Gitlab here, reveals Thompson’s most recent employer was Amazon Inc.

Further investigation revealed that Thompson used the nickname “erratic” on Twitter, where she spoke openly over several months about finding huge stores of data intended to be secured on various Amazon instances.

The Twitter user “erratic” posting about tools and processes used to access various Amazon cloud instances.

According to the FBI, Thompson also used a public Meetup group under the same alias, where she invited others to join a Slack channel named “Netcrave Communications.”

KrebsOnSecurity was able to join this open Slack channel Monday evening and review many months of postings apparently made by Erratic about her personal life, interests and online explorations. One of the more interesting posts by Erratic on the Slack channel is a June 27 comment listing various databases she found by hacking into improperly secured Amazon cloud instances.

That posting suggests Erratic may also have located tens of gigabytes of data belonging to other major corporations:

According to Erratic’s posts on Slack, the two items in the list above beginning with “ISRM-WAF” belong to Capital One.

Erratic also posted frequently to Slack about her struggles with gender identity, lack of employment, and persistent suicidal thoughts. In several conversations, Erratic makes references to running a botnet of sorts, although it is unclear how serious those claims were. Specifically, Erratic mentions one botnet involved in cryptojacking, which uses snippets of code installed on Web sites — often surreptitiously — designed to mine cryptocurrencies.

None of Erratic’s postings suggest Thompson sought to profit from selling the data taken from various Amazon cloud instances she was able to access. But it seems likely that at least some of that data could have been obtained by others who may have followed her activities on different social media platforms.

Ray Watson, a cybersecurity researcher at cloud security firm Masergy, said the Capital One incident contains the hallmarks of many other modern data breaches.

“The attacker was a former employee of the web hosting company involved, which is what is often referred to as insider threats,” Watson said. “She allegedly used web application firewall credentials to obtain privilege escalation. Also the use of Tor and an offshore VPN for obfuscation are commonly seen in similar data breaches.”

“The good news, however, is that Capital One Incidence Response was able to move quickly once they were informed of a possible breach via their Responsible Disclosure program, which is something a lot of other companies struggle with,” he continued.

In Capital One’s statement about the breach, company chairman and CEO Richard D. Fairbank said the financial institution fixed the configuration vulnerability that led to the data theft and promptly began working with federal law enforcement.

“Based on our analysis to date, we believe it is unlikely that the information was used for fraud or disseminated by this individual,” Fairbank said. “While I am grateful that the perpetrator has been caught, I am deeply sorry for what has happened. I sincerely apologize for the understandable worry this incident must be causing those affected and I am committed to making it right.”

Capital One says it will notify affected individuals via a variety of channels, and make free credit monitoring and identity protection available to everyone affected.

Bloomberg reports that in court on Monday, Thompson broke down and laid her head on the defense table during the hearing. She is charged with a single count of computer fraud and faces a maximum penalty of five years in prison and a $250,000 fine. Thompson will be held in custody until her bail hearing, which is set for August 1.

A copy of the complaint against Thompson is available here.

Tags: Capital One breach, GitHub, Masergy, Paige A. Thompson, Ray Watson, Slack, twitter

This entry was posted on Tuesday, July 30th, 2019 at 9:59 am and is filed under Data Breaches, Ne'er-Do-Well News. You can follow any comments to this entry through the RSS 2.0 feed. You can skip to the end and leave a comment. Pinging is currently not allowed.

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https://krebsonsecurity.com/2019/07/capital-one-data-theft-impacts-106m-people/

2019-07-30 15:20:00Z
52780342100097