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Facebook Suffers Massive Loss Overnight That Could Have Shareholders In Mass Panic

Investors did not see this coming.

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The last couple of days on the stock exchange have been tumultuous for Facebook to say the least. It started yesterday but continued today as the tech-heavy Nasdaq fell sharply after Facebook missed predicted earnings. It sent the social media giant into a massive share price decline. They are on track to lose in the neighborhood of $100 billion in market value. As of the time of this writing, Facebook shares are down more than 19 percent. Not good.

Facebook has lost about a fifth of their overall stock value. The Nasdaq 100 index was off by 1.2 percent. Facebook, however, was not alone in their misery.

Amazon has lost roughly 2 percent. Netflix fell by more than 1.7 percent before slightly bouncing back. Google’s parent, Alphabet, fell .2 percent. Rocky is an understatement for the tech market today. Twitter and Snap both fell as well, with Twitter by 2.5 percent and Snap by 3.1 percent.

Investors did not see this coming.” It happened after the Nasdaq Composite index hit a record just yesterday. Before Facebook started falling at the end of yesterday, they had jumped 1 percent during regular trading. After the bell, things got messy. Facebook posted weaker-than-expected daily active users for the last quarter and reported that revenue growth would decline sequentially in the second half of this year.

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“The Facebook guidance debacle will be a tough pill to swallow for the bulls and weigh on FANG names as this comes on the heels of a Netflix miss as well last week,” said Daniel Ives, who is the head of technology research at GBH Insights. “Facebook’s outlook will cause worries on the Street and that could spread to other names with stock multiples coming under attack. Facebook’s nightmare guidance will spook tech investors with a near term white knuckle period ahead.” It could cause a sort of contagion in the tech market that could see massive drops in values. We’ll see. The loss overnight and today could send shareholders into a mass panic.

With Facebook down more than 19 percent, they are on track for their biggest drop ever. Its previous biggest drop was a 12 percent fall in July of 2012 shortly after it went public. We are talking billions of dollars disappearing here. The good news is that the broader market is on much sounder footing at the moment. The SPDR S&P 500 ETF Trust was just below break-even. Investors were more than likely encouraged by President Trump’s comments following his meeting with European Commission President Jean-Claude Juncker that hinted at the possibility of a trade deal between the U.S. and the European Union. Trump got concessions out of the EU when everyone said it was impossible. Go figure.

Forbes is saying that Facebook is slowing down and that people should get out of their stock. From Forbes:

“Facebook is slowing down. And unless Mark Zuckerberg can speed it up again, you should get out of its stock. (I have no financial interest in the securities mentioned here).

Before getting into that, Facebook stock fell 20% in pre-market trading on July 26. That $123 billion market capitalization wipeout had a simple cause — a slower-than-expected growth and profit forecast.

To be fair, its daily average users (DAUs) increased 11% in the second quarter — but its 1.47 billion DAUs fell 10 million below the average of analysts’ estimates compiled by Bloomberg. Its user base was unchanged in its biggest market, the U.S. and Canada, at 185 million DAUs and fell 1% in Europe to 279 million DAUs, according to its quarterly report. And its $31.2 billion revenues — which soared 42% in the quarter — were $130 million below analysts’ expectations.

Facebook’s bad news bearer was CFO David Wehner who said revenue growth rates would decline in the third and fourth quarters.”

When Facebook’s top executives were asked on a conference call by analysts “for more information on exactly how the company’s financial future had changed so dramatically,” they could not satisfactorily answer according to Bloomberg. It sounds like they don’t know or are being cagey about their answers here.

Part of the pain Facebook is feeling right now is that investments they have made are not paying off. For example, they paid $19 billion for WhatsApp in 2014, which does not charge for the service. By May of 2018, WhatsApp messages had tripled with approximately 1.5 billion users who were sending 65 billion messages via the WhatsApp mobile app and web client per day, according to Business Insider. It is unknown if that is boosting Facebook’s revenue or hurting it. As an accountant, I would want to see those statistics in writing to figure it out.

The revenue payoff from Facebook’s $3 billion 2014 acquisition of OculusVR is not very big either. In the third quarter of 2017, Facebook sold 210,000 Rift headsets at $399 apiece, generating about $84 million in retail sales. That’s a poor return on investment. Digital advertising is also suffering and doesn’t seem to be growing for Facebook these days. Forbe’s is also concerned about Zuckerberg himself, as they feel he is in over his head and cannot be displaced. We’ll see.

Whatever the reasons, it’s been a rough week for Facebook and shareholders could be starting to eye the exits. Again, not good.

 

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Ex-Ohio State Coach Busted For Lewd Pics He Took In The White House As Sick Scandal Erupts

The end result was not what he expected

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The White House is known to have some controversy. However, the latest turmoil surrounding it has nothing to do with the people inside or the building itself. Instead, news outlets have been reporting on former Ohio State assistant coach Zach Smith who was caught taking lewd pictures while he visited the White House. The end result was not what he expected, and the hammer is about to come down.

Fox News reported,

“Former Ohio State assistant coach Zach Smith allegedly took lewd photos of himself in a bathroom at a White House, ordered thousands of dollars worth of sex toys sent to his office and had sex with a staffer on the college’s campus, according to a report. Documents and receipts obtained by sports outlet Stadium showed Smith ordered more than $2,200 in erotic toys, camera equipment and clothes. He allegedly had the items shipped to his office at the Ohio State Woody Hayes Athletic Center in 2015. It also reportedly obtained lewd photos of Smith while he was wearing a suit from April 20, 2015, the same day the football team was at the White House for a visit after the team, the Buckeyes, won the national title in 2014. Another photo allegedly showed Smith placing his genitalia next to a White House bathroom towel that had the Seal of the President of the United States.

Smith’s ex-wife Courtney Smith told Stadium that the former coach “took multiple photos of his penis inside the Ohio State coaches’ offices” and he “photographed himself in the coaches’ offices receiving oral sex and having sex with an OSU staffer.” Stadium reached out to Brad Koffel, Smith’s attorney, who said he had “no idea” about the lewd photographs and erotic toys. The lawyer accused the media outlet of “receiving stolen property.” “If anyone of this is published or referenced, we will refer to the county prosecutor,” Koffel told Stadium. “This is a felony.”

Smith was fired by Ohio State last month after a history of domestic violence allegations became public. His ex-wife Courtney Smith alleged Smith was abusive toward her multiple times and the college was aware of the incident. Smith has denied the allegations and the two divorced in 2016. Head Coach Urban Meyer was placed on paid leave as the school investigated if the coach properly handled domestic abuse allegations against Smith. Ohio State announced the probe would wrap up on Sunday and the findings would be given to the school board of trustees, USA Today reported.”

Watch Stadium reported,

“Documents and receipts Stadium has obtained show Zach Smith ordered more than $2,200 in sex toys, male apparel and photography equipment and had the items delivered to him at Ohio State’s Woody Hayes Athletic Center in 2015. The Woody Hayes Athletic Center houses all Buckeye football operations. All of the items were delivered to “Zach Smith, Woody Hayes Athletic Center, 535 Irving Schottenstein Drive, Columbus” between February and May 2015. Copies of some of those documents are listed below. Courtney Smith said Zach Smith took multiple photos of his penis inside the Ohio State coaches’ offices, inside the White House when the Buckeyes visited in 2015 and also photographed himself in the coaches’ offices receiving oral sex and having sex with a OSU staffer.

After winning the 2014 national title, the Buckeyes were honored at the White House on April 20, 2015. One photo of Smith’s penis, taken on April 20, 2015 according to a time stamp, shows Smith in his black suit he wore to the White House event. Another photo of Smith’s penis includes a White House bathroom towel featuring the Seal of the President of the United States. Stadium will not publish the penis photos or the photos of the Ohio State staffer, who is no longer working with the football program. Brad Koffel, Zach Smith’s attorney, said Friday that he had “no idea” about the photos and sex paraphernalia sent to Smith to the Woody Hayes Athletic Center.

After providing Koffel with copies of some of the sex orders and photos, I asked Koffel: What was the purpose of Zach Smith taking those photos in the Woody Hayes Athletic Center and the White House, and why were the sex items delivered to him at the Woody Hayes Athletic Center? Did Urban Meyer have knowledge of this information? The following was the entire text exchange between Koffel and myself.

Koffel: Sounds like extortion. Thanks for the texts Brett. I’d get a lawyer if I were you.
McMurphy: Not extortion. I’m not asking for money nor have I received any money. I’m asking for your comment to my original question: what was the purpose of taking these photos and why were the items delivered to the Woody Hayes Center? And did Urban Meyer have knowledge of any of this?
McMurphy: As a courtesy, as you said you would extend, here are my questions: what was the purpose of taking these photos and why were the items delivered to the Woody Hayes Center? And did Urban Meyer have knowledge of any of this? Thx u
Koffel: You know these were accessed illegally. Another felony
McMurphy: I don’t know how they were accessed. Can you answer my questions please
Koffel: You absolutely know or should know these were obtained without my client’s consent. If not, you do know.
Koffel: *now
McMurphy: What are the answers to my questions?
Koffel: You have my answers & my advice. Tread very lightly.
McMurphy: You didn’t answer my questions? So you have nothing further?
Koffel: Not him except with his face. Gag gifts. The oral sex is not him.
McMurphy: Want to double check: White House picture with his tie and wedding ring that are visible from media photos of the event is not him?
Koffel: Nope
McMurphy: Thx u
Koffel: This is receiving stolen property.
Koffel: If any one of this is published or referenced we will refer to the county prosecutor. This is a felony ORC 2913.04
Koffel: Also you are under RC 2913.05

The items that Smith had delivered to him between February and May 2015 included men’s spider enhancer triple c-ring, WildmanT ball lifter red, body wear CS2 metallic erotic c-strap gold and snakeskin, Candyman men’s jock suspenders, as well as PetitQ open slit bikini brief and studio pro product table-top poto lighting kit which arrived at the Woody Hayes Athletic Center. The products, while mostly from Amazon, also came from companies such as Gypsy B, Devil’s Wink, and Captain Camo to name a few. Just two days ago Toledo Blade announced that Smith had been arrested on the suspicion that he had been drinking and driving in February of 2013 however he plead guilty and got a lesser charge. Reporters were told by Koffell that Ohio State coach Urban Meter was not aware of the arrest from 2013 and that it has never been previously reported until Tuesday.

In July, Smith was fired after the reporters of unreported domestic violence allegations which included the 2009 arrest while he was a part of Meyer’s coaching staff in Florida. However, while Meyers was asked over nine times about Smith’s domestic violence incidents he denied knowledge of them every single time. Nonetheless, Ohio State University announced they would be starting an investigation. Shortly thereafter, Meyer admitted he had lied about not knowing of the incidents but maintained that followed proper protocol. The result of the investigation is still unknown, however, it will end at the end of the 14-day investigation whereby the OSU Board of Trustees and President Michael V. Drake will be notified first and then the media.

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Trump Just Blindsided Muslims In Bold Move Overnight, He’s Done

The White House will be notifying lawmakers of the president’s decision

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There are now several reports stating that President Donald Trump will be canceling the $200 million worth of foreign aid that was set aside to “stabilize” the war-torn nation of Syria.

The AP is reporting that officials with knowledge of the move have said that the White House will be notifying lawmakers of the president’s decision to withhold the funding and spend it elsewhere.

Here is more on this aid package via The Daily Caller:

“President Donald Trump’s administration will withdraw funding for aid programs in northwestern Syria, according to reports from administration officials.

The funding cuts are to the State Department’s “stabilization” programs in northwestern Syria, reported CBS News, citing administration officials. The programs include countering violent extremism, supporting independent media, as well as strengthening local civic and government institutions.

At Trump’s request, the State Department has been reviewing areas in Syria where the U.S. can scale back its financial commitments while focusing its efforts on areas liberated from the Islamic State. As the programs in northwestern Syria are phased out in the coming months, the money will be shifted to help support the counter-ISIS mission in northeast Syria.

The move to cut funding for northwestern Syria comes after Trump froze over $200 million in recovery aid for the entire country in late March. State Department officials said the latest cuts are “distinct from that amount.”

The State Department told CBS that “$200 million of stabilization assistance for Syria is currently under review at the request of the President.”

“Distinct from that amount, U.S. assistance for programs in northwest Syria are being freed up to provide potential increased support for priorities in northeast Syria, as will be determined by the outcome of the ongoing assistance review, including the D-ISIS campaign and stabilization efforts,” according to the report.

Because it has already been cleared of ISIS militants, northwestern Syria is not seen as a priority for the Trump administration, which has sought a narrower mission of fighting the remnants of ISIS in the country’s eastern half. The northwest is also an extraordinarily complex place, partially under Syrian government control but also home to Idlib, a rebel stronghold, and Afrin, where Turkish forces have been battling U.S.-backed Kurdish militia groups.

Washington has provided almost $900 million in non-lethal and stabilization aid to Syrian assistance since 2012, according to the State Department. Funding for humanitarian aid, which is distinct from the stabilization programs, will continue, administration officials said.

“We remain committed to countering ISIS and al-Qaida, in Syria and elsewhere,” a State Department official told Axios. “We will continue to provide life-saving, needs based, humanitarian assistance to vulnerable Syrians, including those in northwest Syria.”

The $200 million in recovery aid was originally pledged by the former Secretary of State Rex Tillerson at a February meeting of the US.-led coalition to defeat ISIS. But we are now starting to learn that only weeks later, the White House ordered the State Department to delay the funds pending the outcome of a spending review.

The Daily Caller reports:

“The cancellation of stabilization funding is in line with Trump’s inclination to avoid a leading role in the Syrian war. While he has stopped short of withdrawing the roughly 2,000 U.S. troops deployed to Syria, he has repeatedly signaled a desire to let other governments take the lead in post-war reconstruction.

The loss of U.S. funding will be more than offset by an additional $300 million pledged by coalition partners, including $100 million from Saudi Arabia, according to State Department spokesperson Heather Nauert.

“Many coalition partners have made pledges and contributions in recent months and the United States appreciates all partners who have stepped up to support this critical effort,” she told the AP.

The proper extent of U.S. involvement in Syria has been an open question in Washington for several years, but the debate has taken on new urgency as Syrian President Bashar al-Assad nears victory in the seven-year war. Backed by Russian and Iranian forces, Assad has regained control of most of central and southern Syria, leaving only pockets of rebel territory in the northwest and a U.S.-backed Kurdish autonomous region in the east.”

The cancellation of stabilization funding is just one more promise kept by the Trump White House. Where he pledged to avoid having the U.S. take a leading role in the Syrian war. Although he did not withdraw the roughly 2,000 U.S. troops deployed to Syria nor did he mention any withdrawal in the future, he has repeatedly said he his goal is to let other governments take the lead in the post-war reconstruction of a nation which is far from being stable.

Although the loss of these funds will be felt it will be offset by an additional $300 million which has already been pledged by coalition partners. One of which includes Saudi Arabia who has pledged $100 million.

The AP is reporting that in acknowledgment of the changing of power the White House plans to tap James Jeffrey as special envoy to Syria. Jeffrey is a former U.S. ambassador to Turkey and a career foreign service officer. Jeffrey will hold the title of “special representative for Syrian engagement” and report directly to Secretary of State Mike Pompeo or the President.

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