Newsom Family to Leave Historic Governor’s Mansion for Estate in Sacramento Suburb – KTLA Los Angeles


Gov. Gavin Newsom gestures to the crowd alongside his wife, Jennifer Siebel Newsom, and (from left) children Dutch, Montana and Brooklynn on Jan. 7, 2019, during his swearing in in Sacramento. (Credit: Stephen Lam / Getty Images)

Gov. Gavin Newsom gestures to the crowd alongside his wife, Jennifer Siebel Newsom, and (from left) children Dutch, Montana and Brooklynn on Jan. 7, 2019, during his swearing in in Sacramento. (Credit: Stephen Lam / Getty Images)

California’s new governor won’t be living in the historic governor’s mansion after all.

Gov. Gavin Newsom and his family moved into the remodeled 142-year-old Victorian mansion around the time he was sworn into office earlier this month.

But they plan to move to a $3.7 million, six-bedroom house in a Sacramento suburb, The Sacramento Bee reported Friday, citing property records showing the family bought the home in Fair Oaks in December.

The house was purchased by a company registered to Newsom’s cousin, Jeremy Scherer, co-president of PlumpJack, a hospitality company founded by Newsom.

The 12,000 square-foot home is “more kid-friendly” for the four Newsom children, all under 10, said Newsom spokesman Nathan Click. The family plans to move, along with their two dogs and rabbit, once their new house is renovated in a few months.

The California governor’s mansion is seen on March 12, 1964, when Gov. Edmund Pat Brown lived there. (Credit: CBS via Getty Images)

The California governor’s mansion is seen on March 12, 1964, when Gov. Edmund Pat Brown lived there. (Credit: CBS via Getty Images)

A Realtor’s invitation described the Fair Oaks property as a “sophisticated Santa Barbara Montecito-styled home within over eight acres of park-like setting” including a wine cellar, pool, guest house and tennis court.

Click said the historic governor’s mansion will be used for public events and state business.

The Newsoms have been the first gubernatorial family with children to live in the mansion a few blocks from the state Capitol, even temporarily, since former Gov. Jerry Brown’s sister, Kathleen, lived there as a teenager while their father, Pat Brown, was governor in the 1960s.

Newsom and his wife, Jennifer Siebel Newsom, initially had been undecided about moving to Sacramento from their home in Marin County near San Francisco, citing their concerns about uprooting their young children.

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Angry Waffle House patron throws drink at worker – WRDW-TV

Friday, January 18, 2019

COVINGTON, Ga. (AP) — A sheriff’s office in Georgia says a woman threw a soft drink at a Waffle House worker who put her change on the counter instead of in her hand.

The Covington News reports the Newton County Sheriff’s Office says the woman was angry about the placement of her change and threw the full drink at the worker on Sunday morning.

The sheriff’s office says the woman and a man who was with her were gone by the time authorities arrived.

The sheriff’s office says the woman could face a battery charge. An investigation is ongoing.

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Tesla’s Decline Causes Concern for Almost $1 Billion in Bond Payments – TheStreet.com

Investors will have an extra long weekend to think about the implications of Tesla’s (TSLA) decision to slash 7% of its full-time workforce.

While Wall Street cheered Tesla’s third-quarter earnings results — which did come in vastly ahead of consensus estimates — investors weren’t thrilled that the fourth quarter will likely come in below last quarter’s mark, according to the company-wide email. 

While there’s far worse news that Tesla could have delivered than a dip in profits — for instance, no profits — Wall Street was nonetheless unimpressed. The move is drawing plenty of questions at this point. Is Tesla cutting workforce to help pay for its Shanghai factory? What does this mean for its $35,000 Model 3?

Of course, it helps to have context and in this case, we don’t really have much. For instance, as Tesla gears up to deliver the Model 3 in Europe and China, are there some explainable costs or reasons for a possible slowdown? Will those explanations point to a return in momentum next quarter?

Those are the types of answers that investors will want when Tesla hosts its quarterly conference call and releases its fourth-quarter results. 

The Impact on the Bonds

Despite the flurry of questions and the onslaught of selling on Friday, one note worth covering its Tesla’s 2019 convertible bonds. On March 1st, $920 million worth of convertible debt will come due. If Tesla stock is trading at or above $359.88, the company can elect to pay back that debt with stock rather than cash.

Tesla has already said that should the stock close above the conversion price, that it will pay it back with a 50/50 combination of cash and stock. However, with Tesla’s recent pullback and Friday’s 13% plunge, that puts Tesla’s strategy in jeopardy.

As of last quarter, Tesla had about $2.9 billion in cash and equivalents. Tesla’s cash and liquidity situation is more complicated than a simple glance at the balance sheet, but it gives us a rough idea of where the automaker stands. In the third quarter, Tesla was cash-flow positive and profitable, and so long as that’s the case in the fourth quarter, Tesla should be able to make the payment in March, even if it is all cash. However, it will come at an unfortunate time for Tesla, as it tries to get its Shanghai factory open before the end of the year, continues to expand its Supercharger Network and has a number of new models in the pipeline.

Of course, it’s always possible that Tesla stock will be able to rally above that conversion price in time to pay part of the debt with stock. After all, it’s more than a month away and we’ve seen crazier things than a 20% rally in Tesla’s share price in a short time period. Earnings will likely be a big catalyst between now and then, too.

Either way, keep the debt in mind. 

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Michigan postal carrier under investigation after mail found in home – WDIV ClickOnDetroit

SUNFIELD TOWNSHIP, Mich. – A 42-year-old postal carrier is being investigated after mail dating back more than a year was found in a western Michigan home.

RELATED: Warren post office employee being investigated for mail theft

WILX-TV reports that the worker is suspected of hoarding mail from her route in Portland, east of Grand Rapids. Officials say some of it was wet and damaged. Other pieces were burned.

A relative found the mail Saturday after the worker moved out of the Sunfield Township home. U.S. Postal Service spokesman Jeff Arney said it’s not clear if the mail was being kept for monetary gain.

The employee has been placed on leave. No charges have been filed.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Two Snap Executives Depart Following Internal Investigation Into An “Inappropriate Relationship” — Report – Deadline

Snap forced out two senior executives following an internal investigation into an alleged inappropriate relationship involving an outside contractor, the Wall Street Journal reports.

The company fired Francis Racioppi, its head of global security, after an investigation into his relationship with a contractor, the Journal reported, citing sources. Racioppi allegedly had an affair with a woman, whom he hired, then terminated her contract once the relationship ended, according to the report.

Snap’s head of human resources, Jason Halbert, also announced plans to leave the company this week. Although he wasn’t directly involved in the situation he recruited Racioppi, who reported to him, according to the Journal.

Racioppi told the journal he had done nothing wrong and planned to hire an attorney to challenge the findings. The company declined Deadline’s request for comment.

The departures mark the latest in a wave of executive exits from the ephemeral messaging company. Earlier this week, CFO Tim Stone stepped down after just eight months on the job. The former Amazon veteran’s departure shook up Wall Street, which punished the company’s stock, even as analysts raised questions about the company’s future.

“We jumped off the “Sell” SNAP train prematurely last May at $10.58 when Tim Stone was named to be the new CFO,” wrote MoffettNathanson analyst Michael Nathanson. “After a disastrous year of post IPO missteps, we figured that much of the bad news was in the stock and that a new CFO coming from Amazon would quickly right the stock price, if not the operations. That hasn’t exactly been the case.”

The influential analyst knocked Snap for an array of missteps, including failing to build an appealing Android app for non-U.S. users, failing to grow its U.S. user base for consumers over the age of 35, and for moving too slowly to adopt an auction based ad system.

There’s been tremendous instability in Snap’s executive ranks. Other executives stepping off include former chief strategy officer, Imran Kahn, vice president of content, Nick Bell, head of global strategic partnerships, Elizabeth Herbst-Brady, and the previous CFO, Drew Vollero.

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Why PG&E Stock Popped 11% This Morning – Motley Fool

What happened

The bad news surrounding PG&E Corporation (NYSE:PCG) — the California electric utility at the center of controversy because of its role in last year’s Camp Fire wildfire, as well as an apparent imminent bankruptcy case — just keeps getting worse. Yesterday, S&P downgraded PG&E’s debt from CC to D, or basically from “junk bonds” to “just plain trash.” Today, analysts at RBC Capital Markets followed up with a reduction in their price target on PG&E stock: from $45 to …

… just $8 even.

Despite all the negative news, PG&E stock jumped as much as 11% in early trading today and remains up 9.7% as of 11 a.m. EST. Why?

Utility power lines.

Don’t be fooled by a sucker rally. The sun is setting on PG&E stock. Image source: Getty Images.

So what

Honestly, there doesn’t seem to be a good reason for PG&E stock going up so much on no good news and more than a little bad news. My best guess at this point is that some investors who (rightly) predicted PG&E’s downfall and shorted the stock are now collecting their winnings by buying back the shares — which has the effect of bidding up the price of PG&E stock.

Now what

If I’m right about that, though, then the share price strength at PG&E won’t last long. A higher price, but one unsupported by good news giving reason to believe PG&E shares will be worth anything after bankruptcy, is only going to attract new short-sellers to drive PG&E stock right back down again.

My advice? If you own PG&E stock, you’ve probably already lost a lot of money. Don’t get suckered in by this latest rally and risk losing even more.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Consumer sentiment plunges to its lowest level since Trump’s election – Yahoo Finance

Consumer sentiment is crumbling.

The preliminary reading for the University of Michigan’s consumer sentiment index in January declined to the lowest level since President Donald Trump was elected.

said in a statement.‘ data-reactid=”15″>“The decline primarily focused on prospects for the domestic economy, with the year-ahead outlook for the national economy judged the worst since mid-2014,” Richard Curtin, Surveys of Consumers chief economist, said in a statement.

A multitude of concerns has been hitting Main Street.

“The loss was due to a host of issues including the partial government shutdown, the impact of tariffs, instabilities in financial markets, the global slowdown, and the lack of clarity about monetary policies,” he added. “Aside from the direct economic impact from these various issues on the economy, the indirect effect meant that half of all consumers believed that these events would have a negative impact on Trump’s ability to focus on economic growth.”

People protest Donald J. Trump’s 71st birthday, in New York City on June 14, 2017. (Photo by Erik McGregor)

The University of Michigan’s readings for consumers’ views on current economic conditions and expectations for the future also declined more-than-expected, decreasing to 110.0 in January from 116.1 in December.

Curtin noted that the “strength in personal finances” will “continue to support consumption expenditures at favorable levels in 2019.” However, he added that consumers reported feeling a need to safeguard precautionary savings, which could impact discretionary spending.

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck‘ data-reactid=”35″>Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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