Cramer's lightning round: Snowflake is 'too expensive for me'

U.K. Estimates Pandemic Loan Losses Could Hit $30 Billion

The U.K. government estimates it could lose as much as 23 billion pounds ($30 billion) on loans it guaranteed to help prop up businesses during the pandemic.

The worst-case calculation was disclosed in the latest annual report of the Department for Business, Energy & Industrial Strategy, The projected best-case scenario reckons on losses of about 13 billion pounds. The estimates, which use loss ranges based on historic losses from similar prior programs and combine credit and fraud losses, were reported earlier by the Financial Times.

Britain’s Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme and the Bounce Back program have distributed about 50 billion pounds ($65 billion) of loans. The U.K. government guaranteed 80% of the CBILS and CLBILS loans and all the Bounce Back lending.

It was revealed last month that the U.K. government has started anaudit of the loan programs.

Trump administration narrowly averts complete SHUTDOWN hours before funding deadline

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The bill will fund the government through December 11.

It was approved just before the funding was set to expire at midnight and US President Donald Trump is expected to sign it.

United Airlines secures up to $5.17 bln Treasury loan

Sept 30 (Reuters) – United Airlines Holdings Inc said bit.ly/2GlPrpR on Wednesday it has secured a loan agreement of up to $5.17 billion with the U.S. Treasury.

How Facebook is combating spread of Covid-19 misinformation

(CNN Business)Facebook said Wednesday it will not accept ads that seek to delegitimize the results of the 2020 US election or that speculate voting will lead to illegitimate outcomes.

In an update to an existing ad policy that addresses premature claims of electoral victory, Facebook said ads that make claims of widespread voter fraud or that certain forms of voting — such as mail-in ballots — will lead to fraudulent results are not permitted.
Biden campaign and Facebook get in public spat on debate day
“This would include calling a method of voting inherently fraudulent or corrupt, or using isolated incidents of voter fraud to delegitimize the result of an election,” said Facebook product manager Rob Leathern in a tweet announcing the update.

    The policy is narrowly focused on ads, however, and does not address organic content created by users.
    For those types of posts making similar claims, Facebook (FB) applies a contextual label, according to company spokesman Andy Stone, citing a Sept. 3 blog post by CEO Mark Zuckerberg.

    Tokyo stock exchange suspends trading in all shares due to technical glitch

    TOKYO (REUTERS) – The Tokyo Stock Exchange said on Thursday (Oct 1) it has suspended trading in all shares due to a technical problem.

    In a statement on its website, it said it was not yet clear when the system would recover. It gave no further details.

    Morgan Stanley gets Fed approval to buy discount brokerage E*Trade Financial

    (Reuters) – Morgan Stanley has received approval from the Federal Reserve to acquire discount brokerage E*Trade Financial Corp, the U.S. bank said on Wednesday.

    Morgan Stanley and E*TRADE expect to complete the deal on Oct. 2, the bank said.

    Tokyo Stock Exchange suspends trading in all shares due to technical glitch

    TOKYO, Oct 1 (Reuters) – The Tokyo Stock Exchange said on Thursday it has suspended trading in all shares due to a technical problem.

    In a statement on its website, it said it was not yet clear when the system would recover. It gave no further details.

    Facebook will ban ads that seek to delegitimize US election

    • Facebook on Wednesday announced that it will not allow any ads on its service that seek to delegitimize the outcome of an election, including the upcoming U.S. election on Nov. 3.
    • This policy will prohibit any ads that call specific methods of voting, such as voting by mail, as being inherently fraudulent or corrupt.
    • The new policy will apply to ads on Facebook and Instagram effective immediately.

    Facebook on Wednesday announced that it will not allow any ads on its service that seek to delegitimize the outcome of an election, including the upcoming U.S. election on Nov. 3.

    "Last week we said we'd prohibit ads that make premature declarations of victory. We also won't allow ads with content that seeks to delegitimize the outcome of an election," tweeted Rob Leathern, Facebook director of product management. 

    This policy will prohibit any ads that call specific methods of voting, such as voting by mail, as being inherently fraudulent or corrupt, Leathern said. It will also prohibit the use of isolated incidents of voter fraud to delegitimize the result of an election, he added. 

    Facebook's policy change comes as President Donald Trump has used social media to make false claims that voting by mail leads to election fraud. Trump has refused to commit to a peaceful transfer of power should he lose. 

    The new policy will apply to ads on Facebook and Instagram effective immediately, Leathern said. 

    Cramer's lightning round: Snowflake is 'too expensive for me'

    • It's that time again! "Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.

    Seagate Technology: "It's a very inexpensive stock … and it yields 5%. … I'm OK with it."

    Abbvie: "It's a buy."

    Novavax: "I want you to take half of your money out, and I want you to take it out yesterday."

    Snowflake: "Snowflake is a great company. It sells at 100-times sales, which is the most expensive stock in the market. … I can't fight it because it's such a great company, but it's too expensive for me."

    Disclosure: Cramer's charitable trust owns shares of Abbvie.

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