Washington State Sees July 1 For Marijuana Kickoff
Washington State passed Initiative 502 legalizing recreational marijuana back in November of 2012. Since that time, the Washington State Liquor Control Board has worked to create the rules and regulations to support I502. Marijuana activists believe the board has not worked quickly enough, while the board feels they have hit its intended timeline goals. Kouchlock Productions received the first license to become a recreational seller and the company is planning to open on July 1. Kouchlock has been working to build inventory as they expect demand to be as high as Colorado's launch.
Zillow CEO Spencer Rascoff on the Benefits of $3.5B Trulia Buyout
Zillow announced it will buy rival Trulia for $3.5 billion in stock. Zillow chief executive officer Spencer Rascoff tells TheStreet's Brittany Umar how the acquisition will enhance Zillow's business -- from gaps it will fill in its portfolio, the ways in which it stands to positively impact advertising revenue and how it has the potential to reach $100 million in cost savings by 2016. As the Trulia deal is the latest in a string of acquisitions made by Zillow of companies including Streeteasy.com, Retsly Software and HotPads, Rascoff also reveals what sort of company Zillow is aiming to become through these deals.
Tyson Ups Estimates and Trims Fat After Hillshire Buy
Tyson Foods shares are higher on Monday after reporting quarterly results which missed forecasts but said it was selling assets which would bring in nearly $600 million. Although earnings of 73 cents a share were six cents below expectations, Tyson's raised its fiscal 2015 earnings guidance and that sent the stock higher. On the top line, sales of $9.7 billion dollars were better than Wall Street estimates and were an 11% increase from the sales during the same quarter last year. Tyson also announced it is selling its Brazil and Mexico operations for $570 million. The proceeds from the sale will go towards paying off the debt Tyson took on when it bought Hillshire Brands. That deal should be finalized by the fourth quarter. Tyson shares are up 23% over the past year. TheStreet's Whalen MacHale reports from New York.
Royce Manager Praises Family Mart, Thomas Cook India & Ashmore
Japan-based convenience store operator Family Mart is a smart play on pan-Asian growth with the benefit of strong corporate governance, said David Nadel, portfolio manager for the Royce International Smaller-Companies Fund. Nadel is also bullish on Thomas Cook India, saying the travel services company will benefit from the leisure aspirations of the growing middle class in India. Furthermore, he said Thomas Cook India is asset light has boasts a very profitable foreign exchange business. Finally, Nadel is positive on the Ashmore Group, saying that the emerging market fund manager will profit from investors worldwide seeking yield.
Markets Pull Back Midday on Pending Home Sales Unexpected Decline
U.S. markets moved lower on Monday after the excitement from two big merger announcements faded and weak economic data took center stage. Pending Home Sales unexpectedly fell in June. The National Association of Realtors reported the index was down 1.1 percent last month. Economists were expecting a gain of 0.5%. U.S. Treasury's are also pulling back. On the deals front, Dollar Tree (DLTR) and Family Dollar (FDO) are higher after announcing Dollar Tree would buy Family Dollar for $8.5 billion. Zillow (Z) is trading lower after after saying it would acquire rival real estate website Trulia (TRLA). Trulia is up about 10 percent. Tyson Foods (TSN) is up more than 4 percent despite missing earnings expectations but outperforming revenue estimates. TheStreet's Susannah Lee has the details from Wall Street.
Jim Cramer: Twitter is a Dangerous 'Battleground Stock'
TheStreet's Jim Cramer calls Twitter a "battleground stock" along with Tesla, Amazon, and Herbalife. Cramer warns investors not to stray on these battleground stocks because they are all a little too dangerous to be in his comfort zone based on their risk-reward profiles. Cramer thinks Twitter could either be up $8 or down $8, depending on their results which are due after the closing bell on Tuesday. Cramer says that Twitter's new CFO, Anthony Noto, could create a scenario in which a strong CFO could do a lot of good for the company and the stock. Cramer says that if Twitter gets hit Tuesday after reporting results, he may be interested in buying shares.
McDonald's Bans Big Macs and McNuggets in China on Meat Recall
If you have a craving for a burger in China's biggest cities, then you're not lovin' this: McDonald's is pulling its beef, pork and chicken items off the menu after a supplier issued a major recall. On Monday, diners at McDonald's across China were greeted with a much smaller menu. There were no chicken McNuggets and the only burger available is made of fish. Customers were forced to indulge in ice cream and pies. McDonald's meat supplier, OSI Group, recalled all products made in its Shanghai facility over the weekend. The supplier was accused of packing unclean and expired meat and passing it off as fresh. Sheldon Lavin, the owner of OSI, publicly apologized in Shanghai. He said, 'What happened at [OSI] Shanghai was completely unacceptable and I hope that you will accept my personal and sincere apology.' TheStreet's Julia Sun reports from New York.
Norwegian Cruise Line CEO on Why the European Market is Hot
It looks like Americans, more than their European counterparts are all about taking cruise vacations. A recent poll says approximately 24% of the U.S. population has been on a cruise-based vacation, that's compared to a mere 3% of the European population. But, the percentage of Europeans opting for cruises is on the rise from its low level as Europeans realize the value inherent to an all-inclusive vacation package. Economically improving countries in Europe have also helped to spur rising interest in the cruise industry. As a result, cruise line operators such as Norwegian Cruise Line and Royal Caribbean are positioning more of their ships around Europe to capture the building demand. In an interview aboard the Norwegian Breakaway, the company's CEO Kevin Sheehan shares with TheStreet's Brian Sozzi what's now driving the European cruise market, as well as what are a few of the hotter destinations this summer. One hint? The Baltic region is big this season.
Bearish Calls on DSW and Cisco, Time Warner Cable Gets Upgrade
In Monday's Analysts' Actions, Cisco and DSW get downgrades and Time Warner Cable gets an upgrade. DSW (DSW) was downgraded at Sterne Agee to 'underperform' from 'neutral.' The firm said, 'a lack of fashion trends and a cool start to spring certainly hurt business' The price target is $23 dollars a share, that's about a 15% to the downside from where the stock is currently trading. Cisco (CSCO) was also downgraded. The stock is now rated a 'sector perform' from 'outperform' at Pacific Crest Securities. Price target is unchanged at $26 per share. The analysts at Pacific Crest believe the stock is fully valued as the company attempts to enter new markets through acquisitions. Time Warner Cable (TWC) was upgraded at Wunderlich Securities to a 'buy' from 'hold.' The price target was also raised to $190 from $146. The firm says it expects the possible merger with Comcast to receive regulatory approval. TheStreet's Susannah Lee has the report from Wall Street.
9 Facts You Should Know About Pot Laws in the United States
Calls for the legalization of marijuana in all U.S. states are growing louder. Progressive states Colorado and Washington, the only two which have legalized pot, have proven that relaxing the laws on its use will not lead to the destruction of society as we know it. While the fight is moving slowly, progress is being made. As it stands, only 24% of the U.S. population live in a state of full prohibition. Of those laws passed or still to take effect, 37 states plus the District of Columbia have relaxed marijuana laws, while 33% of the U.S. population live in a state where the drug is or will soon be both decriminalized and legal for medical use.