Ping An Good Doctor's shares slide below IPO price on valuation worries

HONG KONG (Reuters) – Ping An Healthcare and Technology Co Ltd’s shares tumbled as much as 11 percent on their second day of trading on Monday as investors worried about the high valuations for the loss-making firm that saw Hong Kong’s largest new listing in 2018.

Ping An Good Doctor app, an online healthcare platform operated by Ping An Healthcare and Technology Co Ltd, is seen on a mobile phone in this illustration picture taken May 3, 2018. REUTERS/Florence Lo/Illustration

The operator of China’s biggest online healthcare platform had a tepid stock market debut on Friday, with its shares closing unchanged from their IPO price of HK$54.80. On Monday, they fell to a low of HK$48.90 before partially erasing the losses in the afternoon to trade at HK$50.90, down 7.0 percent.

The company, also known as Ping An Good Doctor, raised $1.12 billion in an IPO that priced at the top of its range. It had secured seven cornerstone investors including Singapore sovereign wealth fund GIC [GIC.UL], Canada Pension Plan Investment Board and U.S. asset manager BlackRock.

“This is within expectation; the stock’s pricing was high and it trailed the disappointing performance of previous new economy companies,” said Kingston Lin, CEO of Ox Financial Securities.

Shares of some other technology-related companies that floated recently have been weak in Hong Kong. ZhongAn Online P & C Insurance Co recently dropped below its IPO price. China Literature, which soared on its debut last year, has been declining and is now close to its IPO price.

The stock market performance of Ping An Good Doctor, which is backed by China’s biggest insurer by market value, Ping An Insurance Group Co of China Ltd, raises questions about investor appetite for potential flotations of other Ping An units.

These include Lufax, China’s biggest online wealth management platform, and Ping An Healthcare Management, a medical data collection and analysis business.

Ping An Good Doctor’s debut comes at a time when Hong Kong is implementing new rules to attract more tech and biotech IPOs to the city, away from other major centers like New York and the Chinese mainland.

Chinese smartphone and connected device maker Xiaomi [IPO-XMGP.HK] filed an IPO application in Hong Kong last week in which it could raise about $10 billion in the largest listing globally in almost four years.

Lin of Ox Financial said the market is holding a cautious view towards even the IPO of Xiaomi.

“The market has shifted focus from last year and it is not upbeat on tech companies anymore,” he said.

Reporting by Clare Jim; Editing by Muralikumar Anantharaman

Why Warren Buffett Thinks Buying Microsoft Stock ‘Would Be a Mistake’

Berkshire Hathaway CEO Warren Buffett and Microsoft founder Bill Gates have known each other 27 years, enjoy playing bridge together and rallying in ping pong at the annual Berkshire Hathaway meeting.

But the billionaires’ friendship has its boundaries: Buffett will never buy Microsoft stock.

“It just would be a mistake for Berkshire to buy Microsoft,” the famous stock picker said at Berkshire Hathaway’s annual meeting Saturday.

Buffett has been notoriously averse to tech stocks for most of his investing career, though in 2016 he stunned shareholders by buying Apple stock, which is now by far Berkshire Hathaway’s largest holding.

Yet Buffett’s resistance to Microsoft (msft) has nothing to do with its business model or industry. Rather, the problem lies with Gates, who joined the Berkshire Hathaway board in 2004, and retired as chairman of Microsoft in 2014.

“If something happened a week later, a month later, in terms of [Microsoft] having better earnings than expected or making an acquisition—anything—both Bill and I would, incorrectly, but would be a target of suggestions and accusations, perhaps even, that somehow he had told me something, or vice versa,” Buffett said at the Berkshire meeting in Omaha.

In other words, Buffett is concerned with avoiding even the slightest perception of insider trading—however false—or anything that could invite such suspicions.

“I try to stay away from a few things just totally because the inference would be drawn that we might have talked, I might have talked to somebody about something,” Buffett added. “There’d be a lot of people who wouldn’t believe us if something good immediately happened after we bought it.”

Of course, Buffett had plenty of opportunities to buy Microsoft stock without any remote appearance of insider trading. Microsoft went public in 1986—more than five years before Buffett even met Gates. So why didn’t the Oracle of Omaha invest back then?

“In the earlier years, it’s very clear—the answer is stupidity,” Buffett admitted.

Now, Microsoft is just one of “a few [companies] that are off the list” of what Berkshire Hathaway (brk-a) is willing to invest in because of ethical conflicts, Buffett said. (He did not name the others in this group.)

“But both that and my stupidity have cost us a lot of money,” he added.

At least it doesn’t seem to be getting in the way of his friendship with Gates.

1 Out of Every 6 Retirees in America Is a Millionaire–Here Are 8 Things You Can Do Today to Become One of Them

This is according to a report by online investing company United Income, which analyzed data from multiple sources, including the Federal Reserve Board and the US Bureau of Labor Statistics, to find out how retirees are faring now compared to previous generations.

Average wealth for American retirees is $752,000 — which has more than doubled since 1989, the report found. Likewise, the rate of retired millionaires has more than doubled in the last 30 years. Fewer people are retiring in poverty and relying on minimum wage than ever before. The report says “the percentage of retirees living on the minimum wage or less dropped in half over the past 30 years.”

Still, the median wealth for retirees is just over $200,000 — and people are living longer and costs are increasing. Many retirees end up relying on their monthly Social Security retirement benefits, about $1,400 on average. The Social Security Administration says the benefits account for one-third of retirees’ income.

Retiring as a millionaire may seem like a difficult goal to accomplish. However, there are tricks that can help you get over the line so you can enjoy seven digit wealth when you stop working.

Matt Fellowes, the CEO of United Income shared his tips on how to retire a millionaire with Business Insider. Below are the eight best pieces of advice from Fellowes on how to be wealthy when you stop working.

10 Quotes From The 2 Best Entrepreneurial Minds Alive

Having spent the past 10 years relentlessly studying psychology, self-improvement, and entrepreneurship, there are many people who have inspired and influenced my thinking.

However, over the past 3 years, I’ve come across two thinkers who stick out. Not just in their thinking, but their overall approach to life and business.

Naturally, both of these entrepreneurs are highly aligned, synergistic, and yet very different.

These two entrepreneurs are Dan Sullivan and Joe Polish. Dan is the founder of Strategic Coach, which is considered by many to be the #1 entrepreneurial coaching program in the world. Joe is the founder of Genius Network, GeniusX, and Genius Recovery. Genius Network is considered the #1 entrepreneurial mastermind group in the world. 

DAN SULLIVAN

“Always make your future bigger than your past.”―Dan Sullivan

“Who, not how.”―Dan Sullivan

“As an entrepreneur, you’ve removed yourself from the restrictions and limitations of other people’s systems. Still, it’s amazing how many of us strive to meet others’ expectations and demands – or set up rigid, impossible ideals for ourselves.”―Dan Sullivan

“Over scheduled entrepreneurs can’t transform.”―Dan Sullivan

“For a company to achieve 10x, it doesn’t need you managing – it needs self-managing.”―Dan Sullivan

JOE POLISH

“Life gives to the giver and takes from the taker.”―Joe Polish

“Wherever there is anxiety, there is opportunity. Transform bad news into good news, and leverage that with marketing.”―Joe Polish

“Any problem in the world can be solved with the right Genius Network.”―Joe Polish

“Opposite of addiction is connection.”―Joe Polish

“Be willing to destroy anything that isn’t excellent.”―Joe Polish

Trading, Fast And Slow

In Daniel Kahneman’s excellent book, Thinking, Fast and Slow, he investigates two systems of thought. The first is quick and automatic. The second, more focused on complex issues. Both employ heuristics, but in different ways. Both involve non-rational thinking.

While I am borrowing the title and the general approach, it is not a perfect analogy. So much volatility driven by minor snippets of news. It is time to think about why.

Market Heuristics

The human desire for an explanation for everything drives social media. There must be a reason! The PBS NewsHour show today attributed the stock rebound to economic news. Forget that such news was reported either before the opening or in the first thirty minutes of trading. Other sources assigned different explanations, but none were very credible.

In the last two weeks, we have seen multiple examples of “trading fast.” Here is how it works.

  1. There is a news-driven stimulus. These are all actual examples.
    1. There is a raid on the office of the President’s lawyer;
    2. One semiconductor company provides a clouded outlook;
    3. A tweet or an overnight speech hints at a change in trade talks;
    4. A news conference suggests higher (or lower) tensions with Iran or Russia.
  2. Traders react. Most people do not understand the basic trader approach. You often “take a leg” leaning in a direction that seems to capture the mood of the market. If it goes your way, you ride it. If not, you try to scratch it for even or a small loss. Every piece of news has a simple evaluation: bullish or bearish.
  3. Algorithms react. The top computer systems have learned the keywords that are associated with market moves. These are even faster than the traders.
  4. Technical traders react. The market reaction may send stock prices through levels widely viewed as important support or resistance.
  5. ETFs that hold the key stocks plummet. Other companies in that ETF get slammed, even though their fundamentals are essentially unchanged.
  6. Financial TV brings in the chartists, who cite the temporary breach of the 200-day moving average, the move of averages into “correction territory”—more than a ten percent decline, and the level of decline possible in a Fibonacci retracement. Take your pick!

The least valuable heuristic treats the market as a war between two sides. This approach offers comments like the following:

  • The bears are in control
  • The bulls must defend the 2500 line
  • The bulls are absent – a buyer’s strike

And many similar statements. This is an entertaining way to (over-)simplify the market. We can all visualize a two-player game. Few can think about the wide variety of groups that are actually represented. Let’s turn to some facts.

The market participants

Those focused on daily news and an excessively frequent review of account statements might make a trade. More importantly:

  • The clear majority of investors and managers were doing nothing;
  • At the investor level, people were not even aware of the market volatility, at least until the evening news;
  • The field was open for System one, short-term thinking.

The events

What is the rational interpretation of key events? This is just a starting point for astute readers.

  • China response on tariffs. Pretty mild and not a surprise. It is a routine part of the current negotiation. If anything, the overall prospects for compromise have improved.
  • Trump attack on Amazon (NASDAQ:AMZN). More of the same.
  • Chip stock conference calls – basically good as confirmed by Apple (NASDAQ:AAPL).
  • Overall earnings reports – new records, despite the few clunkers.

Conclusion

If you try to “trade fast” you are competing with top-flight competition. If you have analyzed stock values, and can ignore the noise, you may find it very profitable to “trade slow.”

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Buying The SPY Dip

Introduction

Over the last three monthly stock expirations, we have successfully traded the SPDR S&P 500 Trust (SPY) or other market tracking ETFs – both long or short – into option expiration. Here is a public record of those trades.

  1. In February, we outlined our long position in SPY,
  2. In March, we outlined our short position in QQQ, and
  3. In April, we outlined a long setup for QQQ (we were long SPY at the time).

When the SPY broke below its 200 day moving average today, with many people calling for lower lows, we initiated a long trade in SPY at under $260/share and shared this information with our subscribers. We had actually exited a SPY long earlier in the week when SPY was struggling with its 50-day moving average.

The chart below shows the price action in SPY over the last six months. It has essentially been trading between its 50-day and 20-day moving averages since February with a lot of volatility. The point of control is near $267, which is also near its 50-day moving average. In this case, to reduce our risk profile, we also sold calls at the $267 strike with a June expiration. This will enable us to profit from the elevated volatility.

Source: Think or Swim

OPEX Price Magnet

I created the concept of OPEX Price Magnets in June 2017, and have seen how the value of stocks and commodities have tended to exhibit mean-reverting behavior in and around the option expiration date. One point of mean reversion in many markets has been the point where the market is delta- or gamma-neutral on a given options expiration date. We call this point the “OPEX Price Magnet.”

The graph below shows the relationship between the S&P index price and the Price Magnet since February 2018. An introduction to OPEX Price Magnets can be reviewed by clicking this link.

Source: Viking Analytics

The chart above plots two daily data points, and the table below shows several more. June 15th is actually a more meaningful option expiration date than May 18th, since this is the quarterly expiration, and there are considerably more options in open interest in June than there are in May (note the highlighted Magnet Strength below). As a result, we believe that the quarterly expiration Price Magnet will help to keep the S&P index (and the SPY ETF) above the danger zone. It is also possible that stocks will rally substantially above these levels, and possibly mean-revert back later.

In addition to the S&P 500 Index, the Powershares QQQ (QQQ) and the iShares Russell 2000 ETF (IWM) are both suggesting that techs and small caps could rally modestly in the days and weeks ahead. This gives us more comfort in our long position.

Note: All charts above were taken from Trading View unless otherwise indicated, and all tables were created by Viking Analytics unless otherwise indicated.

Disclaimer: This article was written for information purposes, and is not a recommendation to buy or sell any securities. All my articles are subject to the disclaimer found here.

Disclosure: I am/we are long SPY.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Australia's Commonwealth Bank says records of nearly 20 mln accounts lost

SYDNEY (Reuters) – Commonwealth Bank of Australia (CBA), the country’s top lender, confirmed on Thursday it lost records of almost 20 million accounts and decided to not inform its clients, a breach the nation’s prime minister called “an extraordinary blunder”.

An CBA bank logo is pictured in Sydney, Australia May 3, 2018. REUTERS/Edgar Su

CBA’s announcement, which was made in a YouTube video by a senior bank executive a day after BuzzFeed Australia reported the data breach, puts further pressure on Australian banks already reeling from revelations of widespread misconduct in a judicial inquiry.

It is also the latest blow to CBA, which has been accused in a federal lawsuit of breaching anti-money laundering protocols more than 50,000 times and has admitted to using outdated medical definitions to refuse sick customers health insurance payouts.

Earlier this week, a regulator ordered CBA to keep an extra A$1 billion ($750 million) in cash reserves as punishment for the alleged money laundering breaches, which it is contesting.

In a YouTube video, CBA’s acting head of retail banking services, Angus Sullivan, said the bank found in May 2016 it had lost two magnetic tapes containing 15 years of data on customer names, addresses and account numbers for 19.8 million accounts.

The tapes were due to be disposed of, but CBA could not confirm they were securely destroyed, Sullivan said. The tapes did not contain PINs, passwords or other data that could enable account fraud, he said.

The bank informed its regulators and launched an internal investigation which found the tapes had “most likely been disposed of”, Sullivan said. It did not tell customers because “we balanced the need to alert customers without unnecessarily alarming them”, he said.

“This is an extraordinary blunder,” Prime Minister Malcolm Turnbull told reporters.

“It’s hard to imagine how so much data could be lost in this way. If that had happened today, the bank would have to advise each of their customers,” Turnbull added.

CBA is seen as a stable part of life in the country of 24 million where most people have had a mortgage, insurance policy or regular savings account with CBA at some point – often starting with its famed “Dollarmites” deposit account for school children.

But the crises have started affecting its financial performance because of concerns it will result in heightened regulations, and CBA shares are down about 7 percent so far this year while the broader market is up. CBA shares ended up 0.6 percent on Thursday, roughly in line with the broader market.

Reputation management experts, however, said CBA’s move to use YouTube to take responsibility for the incident and reassure customers no personal data was stolen was a smart one.

“They’ve so overdrawn their goodwill cheque account that there’s not much they can do to push back on this,” said Steve Harris, CEO of The Brand Agency, a communications and image consultant.

“They need to bypass the media and communicate directly to get their message through, because whatever they (say) via media it will be put into a whirlpool of Royal Commission, money laundering and other filters,” added Harris, referring to the powerful independent inquiry into the broader finance sector.

Consumer psychologist Adam Ferrier said posting a YouTube video and “trying to put a face to the banks and admitting to errors is always a good strategy”.

By mid-afternoon, the video had been viewed 3,798 times, according to data published on YouTube.

($1 = 1.3296 Australian dollars)

Reporting by Byron Kaye and Wayne Cole; Editing by Muralikumar Anantharaman

Fedora 28: The new developers' Linux arrives

Is Fedora Linux for everyone? No. I recommend Mint or Ubuntu for most users. But, if you’re a Red Hat Enterprise Linux (RHEL) or CentOS user, or an open-source programmer, it’s another story. Then, Fedora should be your first choice.

The Fedora Project is Red Hat‘s community-driven open-source Linux. Fedora is also essentially RHEL’s test bed. As such, it uses cutting-edge software, such as the 4.16.3 Linux kernel. This latest version, Fedora 28, comes in three distinct editions: Fedora 28 Server, Fedora 26 Workstation, and Fedora 28 Atomic Host.

All versions are built from a common set of base packages. As with all new Fedora releases, the packages come with numerous bug fixes and performance tweaks as well as new features. The Fedora 28 base package includes updated compilers and languages including the latest version of the GNU Compiler Collection (GCC) 8, Golang 1.10, and Ruby 2.5.

For developers, one of the most interesting of Fedora’s new features is its modular repository. With this, programmers can choose alternative software versions instead of the default packages. So, for example, if you want to run a different version of Node.js, you can do it.

This is done via a new optional repository Modular, aka the “Application Stream” or AppStream for short. This ships additional software versions on independent life cycles. This way you can keep your operating system up to date while having the right version of an application for their use case, even with the default version in the distribution changes.

To see what programs are available run the command:

$ dnf module list

…from the shell.

Fedora 28 also includes improved Virtualbox, Oracle’s popular desktop virtual machine (VM) hypervisor, guest support. With this, Fedora 28 integrates and performs better with host operating systems when you run it on them as a Virtualbox guest VM. This results from Linux developers adding VirtualBox Guest Additions to the Linux kernel.

Besides Modular support, Fedora 28 Server now includes support for 64-bit ARM as a primary architecture. Always thought ARM would make a great server platform? Now you can find out.

Fedora Atomic Host is is a minimal footprint operating platform. It’s designed for the sole purpose of running containerized application. You can use it to run containerized workloads from your desktop all the way to the public cloud. Fedora Atomic Host includes a base image for creating virtual machines, an Atomic Host image for creating container deployment hosts, and base container images as a starting point for Fedora-based containerized applications. Fedora 28 Atomic Host also includes Kubernetes 1.9 for orchestrating container-based workloads.

Finally, Fedora 28 Workstation comes with new tools and features for general users and developers with the GNOME 3.28 desktop. GNOME 3.28 adds the capability to favorite files, folders, and contacts for easier organization and access. Additionally, the new application Usage is included to help users more easily diagnose and resolve performance and capacity issues. The new Fedora also introduces GNOME Photos as the default photo management application.

Fedora Workstations has more than a pretty new face. After years, Fedora finally supports third-party software repositories, which include proprietary software. When you launch GNOME Software 3.28 for the first time, an alert bar asks about enabling third-party repositories. Selecting Enable gives you the following repositories:

  • Google Chrome, the web browser from Google (google-chrome.repo)
  • PyCharm, Python IDE for Professional Developers by JetBrains (_copr_phracek-PyCharm.repo)
  • NVIDIA’s proprietary graphics drivers (rpmfusion-nonfree-nvidia-driver.repo)
  • Steam client, digital distribution platform developed by Valve Corporation (rpmfusion-nonfree-steam.repo)

You can, of course, ignore these and use only free and open-source software repositories.

Matthew Miller, the Fedora Project Leader, summed up: “The Fedora Project’s mission is to bring leading-edge innovation to our users, and Fedora 28 offers that through the addition of some of the latest open-source technologies including GNOME 3.28 and Kubernetes 1.9. Additionally, with the introduction of the new modular repository, Fedora 28 users are provided with more control over their environments through the ability to choose the right speed for various updates based on their unique needs.”

You can download Fedora 28 today. Give it a try, and if you’re not afraid of cutting-edge Linux, you’ll like it.

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Fitbit Strikes Deal With Google That Could Lead to Wearables Collaboration

Fitbit has teamed up with Google in an effort to get more deeply involved in the healthcare sector.

The fitness tracker maker announced on Monday that it would use Google’s recently announced health data standards for apps, known as the Google Healthcare API, to connect its wearable devices to the electronic medical records systems used by doctors and hospitals. The aim eventually is to allow doctors to get health data straight from Fitbits on their patients’ wrists.

Fitbit will also move to Google’s (googl) cloud data storage platform, much of which is already certified as complying with the federal Health Insurance Portability and Accountability Act, or HIPPA, which regulates the use of medical records. That could free Fitbit from having to build its own similar systems that comply with the law.

“Working with Google gives us an opportunity to transform how we scale our business, allowing us to reach more people around the world faster, while also enhancing the experience we offer to our users and the healthcare system,” Fitbit CEO James Park said in a statement. “This collaboration will accelerate the pace of innovation to define the next generation of healthcare and wearables.”

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Both companies have struggled somewhat in the wearables market lately. Fitbit was the market leader a few years ago when fitness trackers were all the rage but it has slipped as consumers have looked more to smartwatches from Apple, Samsung, and others to track their travels and run apps, too.

Plunging sales two years ago sent Fitbit’s shares into a tailspin—they’re down more than 70% from their 2015 initial public offering price—although it has unveiled a well-reviewed watch of its own called Versa. To turn things around, Fitbit has been shifting its focus from just weekend athletes to healthcare and in February acquired healthcare data service Twine, which helps connect people with chronic conditions like diabetes and hypertension with coaches and doctors.

Meanwhile, Google’s Android Wear software failed to catch on for several years and was recently renamed Wear OS. The company largely relied on other gadget makers to build smartwatches running its software, but as it did with phones, may have to step in and make its own products.

With both companies looking for a boost in wearables, the announcement of the new partnership also hinted at possible deeper product cooperation in the future. “Finally, Fitbit and Google are collaborating to bring together the strengths of both companies to innovate and transform the future of wearables,” the companies said in a statement, without mentioning any specifics.

Shares of Fitbit (fit) gained 5% on Monday to close at $5.55 on the news of the deal.

Qualcomm's patent deals aim to ease Apple, regulator tensions, executive says

(Reuters) – Qualcomm Inc has broadened its use of a lower-cost licensing model for the next generation of mobile data networks, a move that could help in contentious talks with two customers including iPhone maker Apple Inc, the wireless tech company’s patent licensing chief said on Monday.

FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo

The patent business traditionally has supplied much of Qualcomm’s profit but has also spurred conflict with Apple, Samsung Electronics Ltd and Huawei Technologies Co Ltd as well as regulators in China, South Korea and the United States.

New deals could lower the licensing rate that Qualcomm receives while making the business more dependable if regulators view the terms favourably and two major customers – Apple and a company widely believed to be Huawei – resolve their disputes and resume paying Qualcomm.

“It’s a good context for dealing with the two licensee issues we have now,” Alex Rogers, the head of Qualcomm’s licensing division, told Reuters in an interview, naming Apple but leaving Huawei unnamed as is the company’s policy when a dispute hasn’t become public through a court proceeding.

Rogers did not comment directly on the likelihood of resolving either customer dispute. Apple and Huawei did not immediately respond to requests for comment.

Qualcomm sells chips for mobile phones but has a second, much older business licensing technology for wireless networks. The licensing business has generated global controversy and resulted in billions of dollars in regulatory fines, some of which remain on appeal.

Handset makers can licence one of two sets of Qualcomm patents: The full suite that costs makers about 5 percent of the cost of a handset or a smaller set of so-called “standard essential patents” for 3.25 percent, which includes only the patents needed for gear to work on mobile data networks.

In the past, most of Qualcomm’s customers licensed both sets of patents to avoid lawsuits. But Qualcomm has been defusing tensions by making it easier for customers to licence just the smaller, lower-cost set of standard patents and by adding patents for the next generation 5G wireless network to the suite at no additional cost.

That essentially extends a 2015 settlement with China’s chief antitrust regulator. Qualcomm began to licence only its standard patents for 3G and 4G networks to Chinese handset makers for a rate of 3.25 percent. More than 100 device makers have signed on for such deals.

“We have not lowered the rate. What we’re doing is including more technology, more (intellectual property) in the offering without increasing the price,” Rogers added.

Qualcomm also announced last week that it would assess its patent fees against only the first $400 (£291) of a phone’s net selling price. Rogers said the previous price cap was $500, a figure that was well known among industry insiders but that Qualcomm did not make public.

“What we’re doing here is creating a foundation for stability going forward,” Rogers said, describing Qualcomm’s 5G licensing moves as “regulator friendly”.

The question now is whether more handset makers will opt for Qualcomm’s lower-cost standard patents rather than its pricier full portfolio.

“What we perceive here is there will be more of a mix than there was in the past of companies opting for (standard essential patents) only,” Rogers said. “How much more, depends on each individual company.”

While Qualcomm has made no public disclosures about the status of talks with the two major customers in licence disputes, the company’s approach to licensing patents for upcoming 5G networks will look different than its initial approaches for 3G and 4G networks of years past.

“Both of those issues (disputes) are essentially now being handled within the framework of the current programme we’re offering,” Rogers said.

Reporting by Stephen Nellis; Editing by Peter Henderson and Cynthia Osterman

Viewers Are Ditching Cable For Streaming Faster Than Anyone Expected

“Cord cutting” has been a kind of ghost story for cable providers for much of the past decade—a tale that, while foreboding, didn’t seem entirely real. But consumers are abandoning traditional cable for streaming services faster than ever, turning what had been an ominous prediction into a clear and present danger.

Three major pay-TV providers last week reported dramatic declines in subscribers to traditional cable and satellite television packages. Some of the losses were more than double what Wall Street analysts expected, and stocks in major TV providers have fallen off a cliff. Those dismal results followed reports of huge subscriber growth at streaming services like Netflix, leaving would-be defenders of legacy TV with nowhere to stand.

The numbers tell the story in no uncertain terms. Charter Communications, which offers cable service under the Spectrum brand, announced on Friday that it lost 122,000 TV customers in the first quarter of 2018. That massively exceeded Wall Street projections, which the Wall Street Journal said averaged about 40,000 lost subscribers ahead of the earnings report. Charter’s stock dropped as much as 15% Friday.

That collapse followed similarly grim reports from other legacy providers. Comcast announced Wednesday that it had lost 96,000 customers for the quarter, its fourth straight quarter of subscriber losses, and slightly worse than analyst projections. AT&T’s DirecTV satellite service lost 188,000 customers in the same period, driving down video revenue by $660 million despite growth of its own online streaming service. AT&T stock tanked as much as 7% the day after its report. Comcast notched healthy earnings from its increasingly diverse business, but even it couldn’t fight the headwinds, with its stock draining more than 7% by the end of the week.

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The reports continue a strong trend away from traditional cable services—total cable subscriber numbers declined 3.4% over the course of 2017, a faster decline than in 2015 and 2016. The fact that the latest numbers so dramatically underperformed even grim Wall Street expectations suggests the dropoff is continuing to accelerate.

At the same time, streaming services, also known as “over the top” or OTT services, are showing gains that are even more dramatic. Netflix, the 800-pound gorilla in the sector, reported earlier this month that it had added a net 1.96 million subscribers in the first quarter. Perhaps even more worrisome for cable providers are services like HBO Now, which deliver what had been exclusive cable content directly to subscribers, and whose growth is also accelerating.

There are a lot of factors driving the dramatic transition. Arguments about the appeal of “unbundling,” or the ability to pay only for the content a subscriber specifically wants, are widespread. In terms of user experience, the sheer convenience of browsing shows without being bound to a broadcast schedule—or worrying about programming a DVR—makes traditional cable feel downright prehistoric. Cable services have also spent years digging their own graves with bad service and opaque billing—both Comcast and Charter have regularly been among American companies most hated by their own customers.

For years, it was thought that live sports would keep many subscribers from ditching cable, but that dam has cracked in half. Both broadcast networks and ESPN are available through services including Sling and Hulu. And a standalone ESPN streaming service, ESPN+, launched this month, at a stunningly low $4.99 a month rate that seems likely to deepen cable’s losses further.

The impacts of the switch to streaming packages are still unclear, but they’ll be complex. Done right, the transition could channel more revenue directly to creative powerhouses like Disney, which is planning to launch its own OTT service, packed with Star Wars and Marvel IP in addition to animated films. But the decline of cable could be tough for smaller players, such as niche channels which currently get a share of cable fees but might not be able to attract subscribers on their own.

It’s more than likely that cable providers will find some role in this reshaped future. But it’s clearer than ever that their glory days—when they had the leverage to do things like tack on steadily rising fees—are over.

5 Things Successful People Do Every Sunday

Successful people know that the week starts the moment their alarm sounds on Monday – and they’re ready to get after it. It’s not hard to realize that elite performers, and the people who live full lives, maximize all the different moments that compose a week. Whether it’s business or life, these people are intentional in how they expend their energy and use their time. 

In my experience, winning the first half of Monday sets a great tone for the week. Yet, if you wait until Monday morning to plan for the week, you’re already behind. The best time to set intentions is over the weekend. Naturally, Sunday is a great day, or night, to set the tone just before the week starts.

Here’s a look at five easy, yet powerful, habits you can maintain on Sundays that will help you have a great week. And if you have enough great weeks, you’ll have a great year. If you have many great years, you’ll enjoy a full life.

1. Prioritize yourself

You likely sacrifice a great deal of time and energy for your business or others during the week. Sunday is the perfect day to enjoy the moments that you like most.

When you think of what makes you feel good, let go of any judgments. It doesn’t matter if this time is spent playing with your kids, going to yoga, reading a book or finding a quiet corner to sit in silence. This time is whatever you need it to be in order to regroup, feel fulfilled and carry great energy into the week.

2. Write out your goals for the week

It’s hard to win the week if you wake up Monday without a clear sense of what you want to create or accomplish. Use Sunday night to think about the previous week, think about your short and mid-term goals and define the objectives for the week ahead. 

I’ve started taking this practice to another level. Instead of focusing only on productivity and business objectives, I also focus on how I want to feel that week. This causes me to use my awareness to sense how I feel in the moment, and determine if it’s congruent with how I want to feel. If it’s not, I can set a new intention for the week.

By doing both the pragmatic and the feeling intentions, you’re combining advantages from the head space and the feeling body. Together, you gain from the intuition and guidance of emotions and the creativity and execution of the mind.

3. Take inventory of your life 

Too many of us focus only on our work. Collectively, we are reaching near epidemic levels of stress at work and obsession over society’s definitions for success. We’re chasing milestones, raises and titles while sacrificing the things that make us happy on a personal level.

Avoid that trap by checking in on how your life is unfolding. Are you making time for the things, people or experiences that make you happy? Are you planning the trip you’ve wanted to take, or are you putting it off? Are you setting intentions in your personal life and investing energy into realizing them? Are you aligned with the career path that makes you fulfilled? 

Your work is not your life. Use every Sunday as a moment to remember that.

4. Disconnect the tech

Too many of us spend nearly every moment of the workday in front of a computer or some type of LED back-lit screen. Not only does this have physical effects on our bodies, it also creates disconnection to ourselves and to others. This divide is only exacerbated by social media.

Give your body, mind and soul a rest by taking a break from social media and putting the devices aside. Feel what it’s like to experience life through your eyes and senses, and spend time connecting to real-life human beings.

The world is a beautiful place and life is an incredible experience when you step back and live in real life.

5. Turn your phone into black and white mode

If you’re up for it, consider changing your phone’s display from color to black and white before you go to bed on Sunday night. My brother told about this and it’s made a fast impact on my mood and physiology.

By turning my phone to black and white during the week, I find that it reduces the visual stimulus that tires my brain and triggers my nervous system and it reduces the time I spend on social media. It reminds me that my phone is just a tool and not my life. I now only use the color on my phone during the weekends.

Final Word

Our habits have a big impact on the ways we experience life – often without us noticing. It’s imperative to establish healthy habits that allow you to sustain a higher baseline of happiness, health and fulfillment. Consider adding just one of these actions or habits to your Sunday until it sticks. Then move to the next one. Over time, you’ll sustain all of them and you’ll be happier and healthier for it.

Outrage breaks out after Whole Foods partners with Yellow Fever eatery

LOS ANGELES (Reuters) – Amazon.com’s Whole Foods Market sparked social media outrage after its newest store in its 365 grocery chain partnered with an Asian restaurant with the racially charged name of Yellow Fever.

A Whole Foods Market store is seen in Santa Monica, California, U.S. March 19, 2018. REUTERS/Lucy Nicholson

The independently owned and operated eatery – whose name is taken from the slang term for a white man’s sexual attraction to Asian women – is located in the 365 store that opened in Long Beach, California, on Wednesday.

“An Asian ‘bowl’ resto called YELLOW FEVER in the middle of whitest Whole Foods — is this taking back of a racist image or colonized mind?” Columbia University professor and author Marie Myung-Ok Lee, wrote on Twitter.

Whole Foods, which has eight stores in its 365 chain that was launched with a no-frills concept to win over millennials, declined comment.

“Yellow Fever celebrates all things Asian: the food, the culture and the people and our menu reflects that featuring cuisine from Korea, Japan, China, Vietnam, Thailand and Hawaii,” said Kelly Kim, executive chef and co-founder of Yellow Fever, which also operates two Los Angeles-area restaurants.

“We have been a proud Asian, female-owned business since our founding over four and a half years ago in Torrance, California.”

Kim, who is Korean-American, in previous interviews said she was aware that the name choice would be attention-getting and controversial.

“One night, we just said ‘Yellow Fever!’ and it worked. It’s tongue-in-cheek, kind of shocking, and it’s not exclusive — you can fit all Asian cultures under one roof with a name like this. We just decided to go for it,” Kim told Asian American news site NextShark six months ago.

A year ago she told the Argonaut, a local Los Angeles news outlet, that Yellow Fever means “love of all things Asian” and that public push back over the name had not been as drastic as expected.

Some people on social media defended the news of the partnership with Whole Foods as part of a broader cultural trend.

“This is no more offensive than @abc naming an Asian sitcom Fresh of the Boat or FOB- which is considered racists [sic],” wrote Lorin Hart, who uses the Twitter handle @CubeProMH.

Reporting by Lisa Baertlein in Los Angeles; Editing by Marguerita Choy

3 Simple Leadership Lessons You Can Learn From the Historic Meeting Between North and South Korea

The meeting earlier today between North Korea’s leader Kim Jong-un and South Korea’s president Moon Jae-in was something most of us never expected to see in our lifetimes. Whatever happens next, we should pause to take note of this historic event and the lessons we all can learn from it.

If you watched the video, it was a breathtakingly simple moment. An older, trim man stood waiting by a building on one side of a concrete barrier only a few inches high. A younger, heftier man strode confidently across a road and up to the barrier, reached his arm across it, and shook the older man’s hand. Onlookers applauded as the younger man stepped over the barrier and the two posed together for pictures. Then he took the older man’s hand and led him back across that same low concrete step. 

Afterward, there were many speeches, television, pictures with the leaders’ children, and champagne toasts. But that was the mind-bending moment when the leaders of North Korea and South Korea, two nations that have been at odds since North Korea’s founding 60 years ago, first briefly visited each other’s countries. Their encounter came with a lot of pomp and was met with a certain amount of skepticism from foreign relations experts in Japan, the United States, and many other countries who question whether North Korea will ever agree to dismantle its nuclear weapons.

But the two leaders had another surprise in store: They announced their intention to end the Korean War–officially going on since 1950, although in a cease-fire state–by the end of 2018. Whether they keep that promise or not, and really whatever happens next, there are some important lessons we can all learn from this emotional day.

1. Just because something bad has been going on for a really long time doesn’t mean you shouldn’t try to change it.

How many things do we just live with because it’s always been that way? Unless you’re a senior citizen, there has never been a time in your life when these two nations were not at war. Kim and Moon, who are 36 and 65 respectively, have both known the war as a constant from before they were born. And although the two nations have lived side by side relatively uneventfully since the cease-fire was signed in 1953, their navies have had skirmishes around their disputed border in the ocean and the Demilitarized Zone (DMZ) between the two countries remains a tense place. A formal end to hostilities should have been signed 65 years, except that the various nations involved, which included the United States, the Soviet Union and China, couldn’t agree on terms. Signing one now would be a big step toward a safer, better world.

2. Talk is cheap.

The skeptics on both sides of the DMZ are skeptical for good reason. Although we’ve never seen anything quite like today’s events, the two Koreas have flirted with peace before but made little progress negotiating actual treaties. Experts everywhere foresee that North Korea won’t willingly give up its nuclear arms, although as a start, Kim has said he’ll forego building the long-range missiles that could reach the United States.

In the past, promising initiatives have been followed by negotiations that stalled for years, so the U.S. and South Korea are pushing North Korea to agree to deadlines for completing the process of denuclearization. So far, there’s no agreement to a deadline so the practial results of today’s meeting, if any, are hard to predict.

3. A little bit of progress is still progress.

Kim and President Donald Trump are planning to meet within the next few months. That would be another first: No sitting U.S. president has ever met face to face with a North Korean leader. (Former President Bill Clinton did meet with Kim Jong-un’s father and predecessor Kim Jong-il, but that was long after Clinton’s time in office.) 

Moon and Kim announced plans to open a liaison office in the DMZ to improve relations. They also said they would arrange a reunion in the fall for Korean families separated by the war. Many of these family members will have been out of touch with their relatives on the other side of the line for decades. If nothing else, that’s a great reason to celebrate.

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Western Digital beats estimates, sets upbeat forecast on chip demand

(Reuters) – Western Digital Corp reported better-than-expected profit and revenue on Thursday, as demand for its memory chips used in smartphones and personal computers rose coupled with higher prices for its hard disk drives.

FILE PHOTO: A Western Digital office building under construction is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo

The multi-billion dollar memory industry has flourished due to demand from smartphones and cloud services that require more powerful chips to store a massive amount of data.

Western Digital and Seagate Technology PLC control most of the world’s hard disk drive market. Western Digital said average selling prices in the third quarter rose 14.3 percent to $72 from a year earlier. Analysts on average expected $63, according to financial data and analytics firm FactSet.

The company’s shares rose about 3 percent following the release of its earnings, but slipped after Chief Executive Officer Stephen Milligan warned that the company’s margins are “normalizing” due to an expected drop in NAND prices.

The company forecast current quarter adjusted profit in the range of $3.40 and $3.50 per share, above analysts’ average estimate of $3.29, according to Thomson Reuters I/B/E/S.

The data-storage device maker’s net income fell to $61 million, or 20 cents per share for the third quarter ended March 30, after booking a $1.04 billion charge for interest and other expenses. Last year, it earned $248 million, or 83 cents per share.

Net revenue rose to $5.01 billion from $4.65 billion.

Excluding one-time items, the company reported a profit of $3.63 per share.

Analysts on average had expected a profit of $3.30 per share and revenue of $4.93 billion.

Reporting by Sonam Rai and Munsif Vengattil in Bengaluru; Editing by Bernard Orr