There. Ciscos outlook for the Current Quarter was upbeat as well. The dow component increased its dividend and added 15 billion to its buyback. Earned 53 cents a share, 3 cents better than estimates. Revenue for the quarter around 12 billion, a slight decline from a year ago. As for the stock, shares took off initially after that report was released. And the results come at a tough time for the tech sector. As josh lipton explains, ciscos report was closely watched as a proxy for business spending. Reporter tech has tanked with the nasdaq now down more than 10 so far this year, a big part of the concern, the Global Economic slowdown Means Companies are spending less on technology. Thats why tech investors were so interested to hear from cisco which is seen as a barometer of corporate i. T. Spending. It generated 49 billion in revenue in its last fiscal year, so the bottom line is, it was very big, it remains big, and its Earnings Report is important for folks that want an updated view
Of new yorks primary to 18 points in likely voters. This after trailing her by 30 points in march. Mrs. Clinton is at 56 , senator sanders at 38 . For republicans, donald trump leads ted cruz, 56 to 22 . John kasich has 17 . In washington, senior lawmakers on the Senate Intelligence committee are pushing a draft bill that would prohibit unbreakable encryption. It also requires companies to help government access data on devices with a warrant. The draft is reportedly being finalized but its unclear when the measure will be introduced. Global news 24 hours a day, powered by our 2,400 journalists in more than 150 news bureaus. Emily im emily chang, welcome to our onehour special here on bloomberg west unicorns bubble or boom . The number of unicorns has soared to more than 200 worldwide. These are private companies with a billiondollar valuation or more. Some are starting to wonder if soaring valuations are another bit of financial make believe are unicorns in for a reckoning . The marke
Unbreakable encryption. It also requires companies to help government access data on devices with a warrant. The draft is reportedly being finalized but its unclear when the measure will be introduced. Global news 24 hours a day, powered by our 2,400 journalists in more than 150 news bureaus. Emily im emily chang, welcome to our onehour special here on bloomberg west, unicorns, bubble or boom. The numb of unicorns has soared to more than 200 worldwide. These are private companies with a billiondollar valuation or more. Some are starting to wonder if soaring valuations are another bit of financial make believe are unicorns in for a reckoning . The market is seeing some correction. Some are writing down the value of onceprized startup and the reigning unicorn giants are holding off on going public, wary of a volatile market. Well talk about these issues this hour, and speak to two of the biggest unicorns around. Abnb and dropbox with two of the y. C. , s to come out of the big incubator,
Regulators before its put out for Public Comment and adopted. Now this is a proposal from 2011. The rule being proposed today mandated by doddfrank and deals with incentivebased compensation at a wide range of financial institutions. Here are the key elements of this reproposal. First of all, it mandates that 60 of incentive pay for Senior Executives and significant risk tears at firms with more than 250 billion in assets, think the big wall street banks, this pay be paid out over four years. These executives at firms with 5 50 it 250 billion in assets have to wait three years. Wall street firms defer this pay for three years. But for a Smaller Group of executives. Second, this new proposal includes claw backs at firms with more than 50 billion in assets, Senior Executives and risk takers will be subject to claw backs looking back seven years if they engage in conduct including misconduct, fraud, or financial misrepresentation. Lastly, were with firms with over 1 billion in assets they
Bank of america and wells fargo beat, jpmorgan falls short. Results from delta and intel. Both coming ahead of consensus. And the read on retail sales slightly below expect tatioexpet Doug Mcmillan giving a rosier assessment. Bank of america had good Third Quarter results. Wells fargo had a beat as well. Its loans helping to lift profits. And jpmorgan missing with its quarterly results. Jamie dimon spoke about his banks expenses on last nights Conference Call. I spoke my whole life on good expenses, bad expenses. Bad expenses are waste, things you dont need. We want expenses go up. We find marketing opportunities, well spend it. If the Investment Bank does better. Thats how we run the company. That wont ever change. Once again, jim, story is loan growth is good, but the trading revenues are challenging almost everywhere. Yeah. People will say when they listen to bank of america, which was an excellent quarter, okay . Bank of america is making money in that business, why shouldnt jpmorg