This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.

Over the past five years, the world has seen a seemingly unending series of high-profile data breaches, defined as incidents in which unauthorized parties access and retrieve sensitive, secure, or private data.

Major incidents, like the 2013 Yahoo breach, which impacted all 3 million of the tech giant’s customers, and the more recent Equifax breach, which exposed the information of at least 143 million US adults, has kept this risk, and these threats, at the forefront for both businesses and consumers. And businesses have good reason to be concerned — of organizations breached, 22% lost customers, 29% lost revenue, and 23% lost business opportunities.

This threat isn’t going anywhere. Each of the past five years has seen, on average, 1,704 security incidents, impacting nearly 2 billion records. And hackers could be getting more efficient, using new technological tools to extract more data in fewer breach attempts. That’s making the security threat an industry-agnostic for any business holding sensitive data — at this point, virtually all companies — and therefore a necessity for firms to address proactively and prepare to react to.

The majority of breaches come from the outside, when a malicious actor is usually seeking access to records for financial gain, and tend to leverage malware or other software and hardware-related tools to access records. But they can come internally, as well as from accidents perpetrated by employees, like lost or stolen records or devices.

That means that firms need to have a broad-ranging plan in place, focusing on preventing breaches, detecting them quickly, and resolving and responding to them in the best possible way. That involves understanding protectable assets, ensuring compliance, and training employees, but also protecting data, investing in software to understand what normal and abnormal performance looks like, training employees, and building a response plan to mitigate as much damage as possible when the inevitable does occur.

Business Insider Intelligence, Business Insider’s premium research service, has put together a detailed report on the data breach threat, who and what companies need to protect themselves from, and how they can most effectively do so from a technological and organizational perspective.

Here are some key takeaways from the report:

• The breach threat isn’t going anywhere. The number of overall breaches isn’t consistent — it soared from 2013 to 2016, but ticked down slightly last year — but hackers might be becoming better at obtaining more records with less work, which magnifies risk.
• The majority of breaches come from the outside, and leverage software and hardware attacks, like malware, web app attacks, point-of-service (POS) intrusion, and card skimmers.
• Firms need to build a strong front door to prevent as many breaches as possible, but they also need to develop institutional knowledge to detect a breach quickly, and plan for how to resolve and respond to it in order to limit damage — both financial and subjective — as effectively as possible.

In full, the report:

• Explains the scope of the breach threat, by industry and year, and identifies the top attacks.
• Identifies leading perpetrators and causes of breaches.
• Addresses strategies to cope with the threat in three key areas: prevention, detection, and resolution and response.
• Issues recommendations from both a technological and organizational perspective in each of these categories so that companies can avoid the fallout that a data breach can bring.

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• Apple lowered its first-quarter guidance Wednesday and cited slowing growth in China in an unexpected update to investors.
• That follows economic data pointing to a slowdown in the country.
• Watch Apple trade in real time here.

China's economy is losing steam.

In a letter lowering Apple's revenue forecast Wednesday, chief executive Tim Cook partly blamed weak sales in the second largest economy and said the company hadn't anticipated the degree of deceleration taking place. 

“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Cook said.

Forecasting $84 billion in revenue for the first fiscal quarter, compared with analyst expectations of more than $91 billion, he said most of the revenue decline occurred in greater China across products including iPhones, Macs and iPads.

The announcement comes amid increasing concerns about the Chinese economy, which grew at its weakest pace in a decade in the three months ending in September.

Earlier Wednesday, data showed China's private manufacturing sector contracted for the first time in 19 months in December, only adding to concerns after stocks closed their worst year in a decade.

Ongoing trade tensions with the United States have added to uncertainty, Cook said, referring to the spate of tariffs that Washington and Beijing have placed on hundreds of billions of dollars worth of each other’s products.

“As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed,” he said. “And market data has shown that the contraction in Greater China’s smartphone market has been particularly sharp.”

At the same time, economists say the slowdown last year was in part thanks to a state-led deleveraging campaign as authorities attempted to crack down on risky lending.

“For most of 2018, worries about a domestically-driven slowdown in China’s economy and the trade war with the US hit both the renminbi and the country’s stock markets,” said John Higgins, chief markets economist at Capital Economics.

In after-hours trading Wednesday, shares of Apple dropped more than 7%. 

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• Real estate in Manhattan has been moving toward a buyers' market.
• The median sales price of units sold in Manhattan fell 6% in the final three months of 2018.
• The fourth quarter marked the first time in three years that the figure was below $1 million.

In the latest sign that Manhattan is heading toward a softer real-estate market, the typical cost of housing sold fell below $1 million during the final stretch of 2018 for the first time in three years.

The median sales price of units sold in the borough fell nearly 6% from the same period last year to $999,000 from October to December, according to a report from listing broker Douglas Elliman Real Estate, the lowest since 2015. Though the rate of decline is steadying, the number of total sales fell for a fifth straight quarter.

With bidding wars occurring at the lowest rate within the market in six years, according to the report, Douglas Elliman's New York City office president Steven James said market dynamics had offered "an excellent opportunity for buyers."

Co-ops performed better than condos, the report out Thursday said. Most inventory gains were seen in the studio and one-bedroom market, while home prices skewed the overall average higher through larger-sized sales.

"All-in-all, this was a weaker market than a year ago, but there was nothing dramatic to change from prior quarters in 2018," added report author Jonathan Miller of Miller Samuel Inc. "It looks like 2019 market sales and prices might show us 'more of the same' as the federal tax law and higher rates play a crucial role in the housing marketplace."

Real-estate activity in Manhattan has contrasted with trends across the country, where housing shortages are expected to persist in the months ahead. Compounded by falling residential-construction activity and rising interest rates, that could price some Americans out of the market.

The new tax law could be one possible reason for the disconnect. Lower mortgage-interest deductions and new caps on state and local tax deductions have reduced incentives for Americans to own homes. This means the next buyer might adjust how much they are willing to pay, according to Mark Fleming, chief economist at First American.

"This is particularly relevant in New York," Fleming said. "It's now more expensive than before to own a higher-priced home."

Meanwhile, the rate at which national home costs are rising appears to be slowing. A CoreLogic report out Wednesday showed annual price gains slowed to 5.1% in November from 6.2% a year earlier.

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• New Year's resolutions are notoriously hard to keep. 
• This is because they can often be too vague or too monumental. 
• If you've already failed yours, here are seven more manageable resolutions you can try.

New Year's resolutions are hard to keep. In fact, about 80% of people fail to stick to them for longer than six weeks.

Most changes people want to make seem to involve their health — losing weight, exercising more, or eating more salads. But research has shown that the more vague your self-promises, the less likely you are to keep them. 

It's only day three of the year, but you may have slipped up on your resolutions already. If so, it might be time to try something new, instead of recycling the same old tired ideas. 

Here are seven alternative and easy-to-keep changes that you can feel good about making in 2019.

1. Reduce your carbon footprint by finding discounted food

Being more environmentally aware can include making more of an effort to recycle, and cooking more meals from scratch. Another is to make the most of discounted food before it gets thrown away. Many supermarkets drop their prices of food before the end of the day to reduce waste, but cafés and restaurants have started to do the same.

The Swedish app Karma is currently available in Sweden and London, with the potential of going worldwide. It allows you to find high-quality food at a 50% discount from over 1,500 places. There are even some Michelin-starred restaurants on the list.

2. Find five minutes a day for your mental wellbeing

Everyone has to deal with stress, so you should consider making it a resolution to try and manage it better. One way to do this is by using apps like Calm, which have relaxing noises like falling rain and free meditation sessions.

Mental health app Remente is another one which combines psychology with brain and mental training to help you manage stress and become more efficient in how you handle day to day life. It also helps free up time so you can focus on other things.

3. Stretch every morning

In a Ted talk, Harvard psychologist Amy Cuddy said you can make improvements in your life simply by stretching out in the morning. If you wake up and throw your arms out in a V shape, she said, you're more likely to be happy throughout the day. In comparison, you could be doing your emotions a disservice if you wake up in the fetal position.

• A comedian said Saudi Arabia encouraged more people to watch his show "Patriot Act" by making Netflix remove an episode.
• Hasan Minhaj criticized Saudi Arabia on his show, accusing it of covering up the murder of Jamal Khashoggi to protect Crown Prince Mohammed bin Salman.
• In response, Saudi authorities threatened Netflix with legal action, and they pulled the episode.
• In a tweet, Minhaj noted that this made the show a viral news story, and attracted a huge viewership to it on YouTube.

The comedian whose show was pulled from Netflix in Saudi Arabia said that the kingdom had played itself by encouraging more people to talk about and watch the show.

In the episode of "Patriot Act" that Netflix removed in Saudi Arabia, Hasan Minhaj accused the country of covering up the killing of journalist Jamal Khashoggi in order to protect its crown prince, Mohammed bin Salman.

He also criticized the Saudi-led military campaign in Yemen and the power and wealth of the Saudi royal family.

Minhaj said that the removal of the episode made it go viral, and that more people saw it as a result.

"Clearly, the best way to stop people from watching something is to ban it, make it trend online, and then leave it up on YouTube," he tweeted sarcastically on Wednesday.

He also encouraged people to donate to victims of the conflict in Yemen, calling it "the world's largest humanitarian crisis."

Netflix confirmed to the Financial Times on Tuesday that it had removed the episode from Saudi Araba, citing a legal complaint from the kingdom.

Read more: Here's everything we know about the troubling disappearance and death of Saudi journalist Jamal Khashoggi

The episode is available on YouTube, where it had been viewed more than 1.6 million times at the time of writing.

It is now the post-popular video in the "Patriot Act" channel's history, with more than 60% more views than the closest runner-up.

In the episode, Minhaj mocked Saudi Arabia's changing account of Khashoggi's death and said it was designed to protect Crown Prince Mohammed's international reputation as a "reformer."

Saudi Arabia had initially claimed that Khashoggi safely left the Saudi consulate in Istanbul, where he had later found to have been killed in October. After changing its story multiple times, the kingdom now blames government agents who it said exceeded their authority.

"This is the most unbelievable cover story since Blake Shelton won sexiest man alive. Are you kidding me?" Minhaj, a Muslim-American comedian, said.

"This entire cover-up exists for one reason," Minhaj said, before the show cut to clips of reporters citing analysts who suggested that the changing story was made to protect the crown prince.

Saudi Arabia has consistently maintained that Crown Prince Mohammed was not aware of and did not order the killing. But the CIA reportedly found that the crown prince did personally the killing, and a motion passed by the US Senate placed the blame on him.

Minhaj also said that more attention should have been put on the war in Yemen, where an estimated 85,000 children under the age of five have died since 2015, before Khashoggi's death.

"It blows my mind that it took the killing of a Washington Post journalist for everyone to go, 'Oh, I guess [Crown Prince Mohammed] is not a reformer," he said. "Meanwhile, every Muslim person you know was like, 'Yeah, no sh--.'"

Netflix told the Financial Times that Saudi Arabia's Communications and Information Technology Commission requested the episode's removal, accusing it of violating cybercrime law.

Netflix said it supports "artistic freedom worldwide" but that it had received a "valid legal request."

Read More: 7 heartbreaking images show why US lawmakers want to stop supporting the brutal Saudi-led war in Yemen that's seen indiscriminate attacks and left millions on the brink of famine

Karen Attiah, Khashoggi's editor at The Washington Post, where he wrote columns often critical of the Saudi government, was critical of Netflix on Twitter and said the fact it had removed the episode was "outrageous."

Join the conversation about this story »

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This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.

Relative to many other sectors around the globe, the US healthcare industry has been notoriously slow to embrace new payment systems and processes. 

For example, approximately 77% of healthcare providers still use paper-based patient billing methods, according to an MGMA and Navicure survey. The lack of urgency to innovate has resulted in confusion, inefficiencies, and security issues among stakeholders. 

However, this stagnation is enabling payments firms to capitalize on two key trends to disrupt — and capture a piece of — the $3 trillion healthcare industry:

• The consumerization of healthcare. Consumers are increasingly being urged to play a more prominent role in managing and paying for their own health. In effect, they've become better informed and more critical of the quality of health services. Considering that the billing process is typically the first and last interaction a patient has with a provider, a negative experience could directly impact a healthcare firm's bottom line — only 15% of patients who reported a less than satisfactory billing experience would recommend the hospital to others, according to Becker's Hospital Review. 
• The digitization of healthcare. Healthcare legislation, rising costs, and a shift from fee-for-service care to value-based care are incentivizing payers and providers to seek out digital solutions that drive down costs and improve services. 

Now is the time for payments hardware, software, and processing firms to introduce specific solutions that accommodate the shifting landscape. These could include digital payment options, such as online checkouts or point-of-service mobile wallet acceptance, or value-added services that enhance the overall payments and billing experience. However, before payments companies introduce new solutions, they must navigate the highly regulated and complex industry.

In this report, Business Insider Intelligence, Business Insider's premium research service, explains how a typical healthcare transaction is structured, identifies the major players in the industry, and pinpoints the most pressing pain points for stakeholders. We then look at the opportunities available to payments companies, and explore specific solutions that could help them attract partners in the space. 

Here are some of the key takeaways:

• Healthcare in the US is a key industry for payments firms — spending increased 3.3% to reach $3.3 trillion in 2016, according to the Office of the Actuary in the Centers for Medicare & Medicaid Services.
• Despite the size of the market, very few new opportunities have opened up for payments companies because of the healthcare industry's slow innovation and the complex regulations around entering the space. 
• However, two key trends — the consumerization of healthcare and the digitization of healthcare — will put some payments companies in a strong position to capture a larger share of the market. 
• The payments firms that rise to the top of the market will have to offer digital solutions that accommodate the shifting landscape, such as mobile wallet acceptance — 61% of consumers reported having interest in using mobile wallets, such as Apple Pay or Samsung Pay, to make healthcare payments, according to InstaMed. 
• Payments companies will also have to introduce value-added services that appeal to healthcare providers while differentiating their offerings from competitors, such as easy-to-understand billing, integrated check-ins, and AI-based engagement tools.  

In full, the report:

• Tracks the growth of US healthcare spending. 
• Identifies subsets of healthcare payments — specifically, where payments are coming from and where they're going. 
• Explains the intricacies of a healthcare transaction and pinpoints where there are potential bottlenecks. 
• Details what some of the leading players in the healthcare payments space are doing to differentiate themselves.
• Lists some specific solutions that payments companies could turn to in order to attract healthcare partners. 

Subscribe to an All-Access pass to Business Insider Intelligence and gain immediate access to:

	This report and more than 250 other expertly researched reports
	Access to all future reports and daily newsletters
	Forecasts of new and emerging technologies in your industry
	And more!

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Here is what you need to know.

1. Apple warns China is slowing down. CEO Tim Cook sent a letter to investors on Wednesday that cut Apple's first-quarter guidance, citing a slowdown in China's economy.
2. Major Apple suppliers are getting pounded. The facial-recognition-sensor maker AMS plunged as much as 17% Thursday, while the chipmaker Dialog Semiconductor shed 8%.
3. Stocks are under pressure. Apple slid 8% in after-hours trading, taking down other tech names with it. The S&P 500 was set to open lower by 1.65% after China's Shenzen Composite fell 0.8% and the Euro Stoxx 50 was down 1.08%.
4. A 'flash crash' ripped through Asia's currency market. The Japanese yen soared versus its peers late Wednesday, gaining as much as 3.7% versus the US dollar and 7.2% versus the Australian dollar as moves were exacerbated by thin holiday volumes.
5. 3 top-ranked investment pros all like the same overlooked corner of the market. They all think cellular towers will yield big returns in the year ahead — here's which names they like and why.
6. Here's how we'll know when the stock market's bottom is in. "To confirm the resumption of a new bull market we'd like to see this internal breadth gauge surge to 70% like it did at the start of new bulls in 1994, 2003, 2009, 2013, and 2016," Ari Wald, Oppenheimer's head of technical analysis, wrote in a note on Tuesday.
7. Tesla sinks after missing on deliveries and cutting prices. Shares fell 6.81% Wednesday after the electric-car maker announced fourth-quarter Model 3 deliveries and full-year Model S and Model X deliveries that missed expectations and the company said it was lowering prices on the three models by $2,000 each.
8. GE started off the new year with a bang. General Electric shares surged 6.21% Wednesday — if the gains hold up all year, it would be the best annual performance for the industrial conglomerate since 2015.
9. The value of a typical Manhattan apartment just fell below $1 million. The median sales price of units sold in Manhattan fell almost 6% to $999,000 from October to December, making for the lowest reading in three years, according to a report from the listing broker Douglas Elliman Real Estate.
10. US economic data is heavy. ADP Employment Change will cross the wires at 8:15 a.m. ET before initial claims is released at 8:30 a.m. ET. Then, at 10 a.m. ET, ISM Manufacturing is due out. US auto sales will be announced throughout the day. The US 10-year yield is up 2 basis points at 2.64%.

Join the conversation about this story »

NOW WATCH: The equity chief at $6.3 trillion BlackRock weighs in on the trade war, a possible recession, and offers her best investing advice for a tricky 2019 landscape

• An American Airlines flight made an emergency landing on Wednesday night.
• Flight AA10 was flying from Los Angeles International Airport to John F. Kennedy in New York, but diverted to Phoenix's Sky Harbor Airport.
• The Airbus A321 landed after one hour and 36 minutes of the five and a half hour cross country flight. 
• Passenger Terron Austin tweeted: "Sudden burst of smoke followed by an announcement to immediately prepare for landing."
• American Airlines confirmed the unscheduled landing and said it was investigating reports of smoke.  

An American Airlines flight was forced into making an emergency landing on Wednesday, after what a passenger described as a "sudden burst of smoke" on board.

American Airlines confirmed the diversion on Twitter, responding to passenger Terron Austin who tweeted his flight from Los Angeles to New York had been diverted to Phoenix.

Austin said there had been a "sudden burst of smoke followed by an announcement to immediately prepare for landing."

In a statement to Business Insider, American Airlines confirmed the diversion. They said there was "an odor" on board and said staff are investigating reports of smoke. 

Flight AA10 took off from Los Angeles International (LAX) at 9:10 p.m. (PT) on Wednesday night, heading for John F. Kennedy Airport in New York, where it was scheduled to land at 8:17 a.m. local time.

But the Airbus A321 was diverted to Phoenix Sky Harbor International Airport after one hour and 36 minutes in the air, 372 miles east of LAX, according to the Flightradar24 tracking website.

Tom Podolec, an aviation photojournalist with Canada's CTV network tweeted:"Declared emergency for smoke in the cabin. 97 people on board. Landed and inspected by ARFF [Aircraft Rescue and Fire Fighting.] No injuries. Taxied to gate."

Read more:I flew long-haul economy on both American Airlines and British Airways to see which was better — here's the verdict

Austin's full tweet on Wednesday night said:"So...we’re having an emergency landing in #Phoenix on my 9PM PST flight from #LA to #NYC."

"Sudden burst of smoke followed by an announcement to immediately prepare for landing. We weren’t even two hours in the air yet."

He then tweeted:"Nearly an hour later, both food & hotel vouchers secured for tonight’s stay here in #Phoenix via one of only five staff members scrambling to assist all passengers on grounded/delayed @AmericanAir flight 10 from #LA to #NYC."

In a tweet to Austin from its official account, American Airlines said:"We're working on getting another aircraft now."

Join the conversation about this story »

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• In its first profit warning in more than a decade on Wednesday, Apple said its revenue will be up to $9 billion lower than originally anticipated in the first quarter of its 2019 financial year.
• Wall Street analysts responded by almost universally reducing price targets.
• Some said Apple's issues were worse than feared, while others said it exposes serious structural issues at the company.

Apple gave Wall Street a nasty surprise on Wednesday when it issued its first profit warning in more than a decade.

Apple had previously told investors to expect revenue between $89 billion and $93 billion in its first quarter. On Wednesday, it revised that estimate down to $84 billion, 7.6% lower than it had expected.

It listed a whole bunch of reasons for the slowdown, including economic weakness in emerging markets, especially in China, where things have been exacerbated by trade tensions with the US.

Weaker than expected iPhone upgrades, a strong US dollar, and an iPhone battery replacement program were among the other issues noted. You can read the full shopping list of Apple problems here.

Analysts responded by near-universally reducing price targets. Some said Apple's issues were worse than feared, while others said it exposed serious structural issues at the company.

The company's stock price is currently down 8.5% in pre-market trading.

Here's what Wall Street is saying about Apple's profit warning:

Wedbush

Analyst Daniel Ives did not mince his words, calling the profit warning "Apple's darkest day in the iPhone era."

"The magnitude of the top-line miss (~8%) with China demand the culprit was jaw dropping in our opinion and will heavily weigh on shares," he said.

Ives added that it is not yet time to "declare the iPhone growth story is dead in the water," however. "Going forward this is an installed base story of 750 million active iPhones worldwide with 350 million of those in the current window of an upgrade opportunity over the next 12 to 18 months," he said.

Price target: $200 (lowered from $275)

Goldman Sachs

On the back of Apple's update, Goldman Sachs reduced its 2019 financial year revenue projection by 6% to $253 billion. It said Apple is more sensitive to macroeconomic changes than most firms.

"We don’t see strong evidence of a consumer slowdown heading into 2019 but we just flag to investors that we believe Apple’s replacement rates are likely much more sensitive to the macro now that the company is approaching maximum market penetration for the iPhone," Goldman explained.

Price target: $140 (lowered from $182)

Longbow Research

Longbow had this damning take on the theory that Apple's services and new product revenue can stave off iPhone issues:

"The magnitude of the China-led sales shortfall is a clear wakeup that the bull thesis of growth in new products and high-margin services and expanded capital return does not currently carry enough weight to mitigate a substantial decline in iPhone demand."

Citi

"How low can Apple go?" was the question Citi asked. It added that the impact of trade tensions between the US and China was worse than feared.

"While we have been very vocal about the negative impact from the trade tensions resulting in a negative impact to demand for Apple’s products in China with our iPhone and sales estimates below consensus as detailed in our December 10th report Global Tech Views: How Low Can Apple Go?: Trade Wars are Bad for Tech Stocks, we were surprised about the magnitude of the miss and the negative impact of China demand for iPhones," Citi analysts said.

Price target: $170 (lowered from $200)

Read more: Tim Cook blames Trump's trade war with China as a big factor in Apple's slowdown

BMO Capital Markets

It was much the same message from BMO. "We have been cautious surrounding the newly launched iPhone’s ability to drive an upgrade cycle, particularly in China, and December quarter results are worse than we would have expected," it said.

Price target: $153 (lowered from $213)

Bank of America Merrill Lynch

Bank of America Merrill Lynch said things could yet get worse for Apple. "Although the trade tensions with China could ease in 1H19, the broader demand weakness and slower upgrade cycles are likely to push units much lower in F19 (we now model 181mn units down from 210mn previously)," it added.

Price target: $195 (lowered from $220)

Nomura

Analysts at Nomura said the iPhone miss was "severe" and suggested the weakness "was primarily in the new XS/XR models." It added that Apple's issues are "partly structural, partly cyclical," but there are "bright spots" in services and wearable tech, such as Apple Watch.

Price target: $175 (lowered from $185)

Wells Fargo

"It goes without saying that Apple's negative results have far-reaching derivative implications," analysts said, highlighting firms including Intel and Broadcom as potential collateral.

Price target: $160 (lowered from $210)

Morgan Stanley

"China is following in the footsteps of the US market with lengthening smartphone replacement cycles slowing overall market growth," Morgan Stanley said of Apple's China issues.

Price target: $211 (lowered from $236)

SEE ALSO: Apple just warned its holiday quarter was a huge miss, and the stock is getting crushed

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• Bristol-Myers Squibb has agreed to acquire Celgene, the drugmakers announced Thursday in a deal valued at $74 billion. 
• The deal will pay Celgene shareholders one BMS share and $50 cash for each Celgene share they own. 
• The deal combines a massive pharmaceutical company with a biotech giant, both of which have a big presence in cancer drug development. 
• Watch Celgene and BMS trade in real time. 

In the first big pharma deal of the year, pharma giant Bristol-Myers Squibb has snapped up biotech giant Celgene in a $74 billion deal. 

Celgene shareholders will get one BMS share and $50 cash for each Celgene share they own, valuing Celgene at about $102.43 a share, according to the companies. That's about 54 percent more than Celgene's closing price on Wednesday.

The deal combines two companies who've made a lot of investments in cancer drugs, but both have faced challenges to their stock price amid competition. 

Bristol-Myers has faced stiff competition from companies like Merck in an area of cancer treatment known as cancer immunotherapy. BMS's drugs, Opdivo and Yervoy, harness the body's immune system to treat cancer.

"As a combined entity, we will enhance our leadership positions across our portfolio, including in cancer and immunology and inflammation," BMS CEO Giovanni Carforio said in a news release Thursday. 

Read more:Why Bristol-Myers Squibb is making a big bet its approach to treating lung cancer is the right one

Celgene had a tough 2018, even after doing big-ticket deals like the $9 billion acquisition of Juno Therapeutics and the $7 billion purchase of Impact Biosciences. In 2018, Celgene's stock fell about 40% and the company faces competition for its blockbuster cancer treatment, Revlimid.

Join the conversation about this story »

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• Apple's stock crashed after it lowered its revenue forecast, blaming the Chinese economy and slowing iPhone sales.
• As a sweetener for Wall Street, CEO Tim Cook pointed to the $10.8 billion Apple makes from "services" such as the App Store, iCloud subscriptions, and Apple Music.
• Apple has long touted services as its new growth business.
• This would be more convincing if Netflix hadn't just undermined Apple by skirting the iTunes billing process.

Spare a thought for Apple and its raging New Year's hangover.

The company's stock price plummeted in after-hours and pre-market trading on Wednesday, as the company revised its revenue estimate for its first fiscal quarter down to $84 billion. Apple had previously told investors to expect revenue between $89 billion and $93 billion.

Chief executive Tim Cook pinned the blame on lower iPhone demand and the slowing Chinese economy, compounded by President Donald Trump's trade war.

As Wall Street adjusted to the new reality of peak iPhone, Cook was handwaving: Look at our burgeoning services business! Lots of revenue!

Services, Cook wrote on Wednesday, "generated over $10.8 billion in revenue during the quarter, growing to a new quarterly record in every geographic segment, and we are on track to achieve our goal of doubling the size of this business from 2016 to 2020."

This is an important narrative for Apple, which has been trying to distract Wall Street from peak iPhone since about 2016, when it began talking up its "non-iPhone revenue." The idea is that Apple won't earn money forever from high-margin hardware like the iPhone, and instead can earn sustainable revenue by getting existing users to pay for services like the App Store, Apple Music, iCloud storage, and AppleCare.

This would be more convincing if it wasn't for Netflix

This isn't reassuring Wall Street just yet, and here's why.

Apple doesn't break down its services revenue, instead lumping various software revenue streams under the one umbrella. We don't know, for example, how much revenue iCloud subscriptions bring in versus Apple Music subscriptions.

Read more:Netflix is curbing a $256 million revenue stream for Apple by circumventing iTunes billing

We can calculate, though, that a decent chunk of the money comes from the App Store.

Apple splits app revenue with developers, skimming up to 30% off app subscriptions, purchases, and one-off payments.

The company said developers earned $26.5 billion from apps in 2017. Assuming this is after Apple sliced off its 30%, this suggests the company earned around $11.35 billion from the App Store for the full year 2017. Apple said it earned $29.9 billion from services in 2017, so that suggests App Store accounted for nearly 38% of services revenue that year.

This is a nice earner for Apple as long as developers keep playing ball. This isn't just about skimming 30% off flash-in-the-pan mobile games, but earning continuous revenue from subscriptions to beloved services such as Netflix and Spotify, which cost up to $170 a year.

Except developers are not playing ball.

Netflix has just altered its signup process so that iOS users won't be billed for their subscriptions through iTunes. That lets the streaming service dodge the 30% fee (or 15% after a year) that Apple charges and keep all the subscription money for itself. Netflix happens to be the app that currently earns the most money for Apple in the US.

Spotify has been fighting iTunes billing for years, asking lapsed subscribers to update their subscription directly through its website. In 2016, the company said Apple's fee was actively harming its business.

Amazon likewise dodges iTunes billing on Kindle ebook purchases, by forcing people to buy ebooks through its website rather than through the Kindle iOS app.

It's a case of bad timing for Cook that Netflix decided to pull its iTunes billing stunt just days before Apple announced lowered revenue and tried to point to services as the new growth business.

It isn't clear how Apple will respond to Netflix, or prevent other developers from taking the same route. The company may make an aggressive move and block the Netflix app, although it's difficult to see how that doesn't raise competition questions given Apple is currently building its own Netflix competitor.

Alternatively, Apple may cave and drop its fees further. But that would put the services growth narrative at further risk — and no amount of handwaving could help.

SEE ALSO: Netflix quietly made a change to its iPhone app that should spook Apple

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• Roger Federer's serve is "super underestimated" according to Serena Williams.
• The tennis greats have a combined 43 Grand Slam titles between them.
• They played each other for the first time on Tuesday, with Federer coming out on top in a mixed doubles match at the Hopman Cup.
• Williams called his serve an "awesome weapon."

Roger Federer's serve is an "awesome weapon," according to Serena Williams.

Both tennis players, heralded as the best the sport has seen, made history on Tuesday when they shared a court in a mixed doubles match, with Federer and his partner Belinda Bencic prevailing over Williams and Frances Tiafoe at the Hopman Cup in Perth, Australia.

A 20-time Grand Slam champion, Federer has exceptional tennis intelligence, an outrageous forehand, and is a big-game player for the big occasions. But after playing against him for the first time in her career, Williams — who has won 23 majors herself — says he also has a "killer serve."

Aside from a rogue double fault, Federer served reasonably well during the January 1 dream match and scored winners against Williams.

In a post-match interview at the Hopman Cup, Williams said: "I think his serve is super underestimated… he has a killer serve, you can't read it, and there's a reason why he's the greatest as you can't be that great and not have such an awesome weapon like that serve."

Federer's fastest recorded serve speed is 230 kmh (143 mph) and has an average speed of 207 to 209 kmh (128.5 to 130 mph), according to the Sydney Morning Herald. He has 10,818 career aces in singles competition.

SEE ALSO: Serena Williams praised Roger Federer as 'the greatest of all time' after losing to him in a historic doubles match

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• Apple on Wednesday evening cut its revenue guidance for its crucial holiday quarter.
• In a letter to shareholders, CEO Tim Cook noted iPhone weakness that primarily came from greater China. 
• Apple shares were down 8% early Thursday.
• Watch Apple trade live.

Apple shares were under pressure Thursday morning, down more than 8%, after CEO Tim Cook sent a letter to shareholders warning that revenue for the crucial holiday quarter was going to come in below expectations. 

The company said it now sees fiscal first-quarter revenue of $84 billion, below the $89 billion to $93 billion that it had previously expected. 

"If you look at our results, our shortfall is over 100% from iPhone, and it is primarily in greater China," Cook told CNBC. 

China's economy grew at its weakest pace since the financial crisis last quarter as its trade war with the US added uncertainty to an already rocky environment.

But the writing was on the wall for Apple long before Wednesday's announcement as a handful of suppliers had warned on their outlooks in recent months. 

Last month, the semiconductor manufacturer Cirrus Logic lowered its  third-quarter revenue, citing "recent weakness in the smartphone market." And in November, suppliers Qorvo, AMS, and Lumentum all warned on their outlooks. 

Apple's stock has had a rough couple of months, falling more than 32% from its October peak of $233.47. In August, the tech giant became the first US company with a market capitalization of more than $1 trillion. That was down to $749 billion at Wednesday's closing bell.

Apple is set to report its first-quarter results on January 29. Analysts surveyed by Bloomberg were expecting earnings of $4.65 a share on revenue of $91.25 billion before Wednesday's announcement. 

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NOW WATCH: The equity chief at $6.3 trillion BlackRock weighs in on the trade war, a possible recession, and offers her best investing advice for a tricky 2019 landscape

• Nancy Pelosi said it is possible that Donald Trump could be indicted as part of Special Counsel Robert Mueller's investigation.
• Speaking to NBC's "Today" show, Pelosi said that Department of Justice guidelines that say a sitting president cannot be indicted are "not conclusive."
• She said that it is an "open" legal discussion whether Trump could be indicted while still in office.

Nancy Pelosi said there is a possibility that special counsel Robert Mueller could indict President Donald Trump while he's still in office.

Pelosi voiced the opinion in an NBC "Today" show interview broadcast on Thursday, hours before she is due to be confirmed as the speaker of the House of Representatives, a position she held from 2007-2011.

She said that Department of Justice guidelines, which say that a sitting president should not be indicted, are not "conclusive."

When asked about the guidelines by "Today" co-host Savannah Guthrie, Pelosi said: " I do not think that that is conclusive. No I do not."

Both Pelosi and Guthrie noted that the department guidelines are not the law. Pelosi was initially reluctant to comment on whether Trump could be indicted while he is still in office, but later said it is possible.

Here is the exchange:

Guthrie: Should the special counsel honor and observe the Department of Justice guidance that states a sitting president should not be indicted?

Pelosi: Do I think that that is conclusive? No I do not

Guthrie: So you think it's possible that special counsel Mueller could legally indict a sitting president?

Pelosi: Let's just see what Mueller does. Let's spend our time on getting results for the American people

Guthrie: As you well know, there is longstanding DOJ guidance that states a sitting president should not be indicted. But it is not the law.

Pelosi: It is not the law. Everything indicates that a president can be indicted after he is no longer President of the United States.

Guthrie: What about a sitting president?

Pelosi: Well, a sitting president, when he is no longer President of the United States.

Guthrie: A president who is in office? Could Robert Mueller come back and say "I am seeking an indictment"?

Pelosi: I think that that is an open discussion. That is an open discussion in terms of the law

The US Constitution does not say whether a sitting president can be indicted while in office.

But today's Department of Justice policy holds that the president cannot be indicted. Several legal experts have told Business Insider that this policy may be the only reason Trump has not been indicted already.

In December, The New York Times published an opinion piece by a former Justice Department legal expert saying that Trump technically could be indicted, but that it was unlikely to happen.

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This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.

The US smart home market has still yet to meet the expectations many observers had in the early part of this decade.

The same issues Business Insider Intelligence first identified back in 2015 still plague the space — persistently high prices, technological fragmentation, and consumers' lack of a perceived benefit from the devices.

But the newfound popularity of smart home voice control has revolutionized smart home ecosystems across the country, and convinces more consumers to equip their homes with smart devices on a daily basis. The Amazon Echo, released in 2014, has become immensely popular and capable, awakening users to the utility of both voice control and smart home devices. This has prompted companies to rush to release competing devices and integrate voice control into their smart home ecosystems.

In a new report from Business Insider Intelligence, we examine the overall state of the US smart home market — both the professionally and self-installed markets. We analyze the factors driving demand for smart home devices and smart home voice speakers, and discuss the future of voice control in the home.

Here are some key takeaways from the report:

• Voice control is becoming a key remote interface within the home, a trend that began with the introduction of the Amazon Echo in 2014. Since then, Google, Samsung, and Apple have all integrated voice control into their smart home ecosystems.
• While progress has been made, prices are still too high and consumers still have yet to show strong demand for smart home devices.
• The US smart home market is only now entering the mass market phase of consumer adoption and overcoming the chasm that it sat in back in 2015.

In full, the report:

• Analyzes current consumer demand for smart home devices based off results from Business Insider Intelligence's proprietary survey.
• Forecasts future growth in the number of smart home devices installed in American homes.
• Analyzes the factors influencing the proliferation of voice control devices in the homes.
• Identifies and analyzes the market strategies of various companies that have integrated voice control into their smart home ecosystems.

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• Apple was plunging 7.7% in premarket trading, or about $57 billion in market value, on Thursday after warning that sales in China were slowing.
• Global stocks slid after a shock revenue-guidance downgrade from Apple and troubling comments about the economic impact of the US-China trade war from CEO Tim Cook.
• During the European morning, tech stocks slumped while Chinese indexes fell.
• US futures were also pointing to a horrible day stateside, with the Nasdaq set to drop 1.8%.

After a roller-coaster day of trading to start 2019, global markets were enduring more turbulence Thursday after Apple warned investors that sales were slowing in China, reigniting fears about a slowdown in the world's second-largest economy.

"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China," Apple said after the close of trading on Wednesday.

Apple plunged 8% in after-hours trading and was down 7.7% in US premarket trading as of 1:10 p.m. in London (8:10 a.m. in New York). The rest of the so-called FAANG stocks (Facebook, Amazon, Netflix, and Google) followed Apple lower, and the slump in tech shares dragged down global markets.

Apple's shock revenue-guidance downgrade, along with troubling comments from CEO Tim Cook about the economic impact of the US-China trade war, added to fears that had already gripped investors.

"The trade tensions between the United States and China put additional pressure on their economy," Cook said in an interview with CNBC on Wednesday.

Cook's words, as well as continuing fears around monetary-policy tightening from global central banks and a general slowdown in the world economy, have helped push markets downward on the second day of trading in 2019.

Here's the scoreboard:

• FAANG stocks slid, with Facebook down 1%, Amazon down 1.1%, Netflix down 1.4%, and Google down 1.6% in premarket trading.
• US stocks looked set for a substantial drop Thursday following Cook's comments, which came after markets closed on Wednesday. Futures pointed to a fall of 1.8% in the tech-heavy Nasdaq, while both the S&P 500 and the Dow Jones Industrial Average were set to open 1.1% lower.
• In Asia, China's Shenzhen Composite ended 0.8% lower, while Japan's Nikkei 225 lost 0.3%.
• As European trading kicked off, shares also fell, with the Euro Stoxx 50 broad index down 0.65% and Germany's DAX down 0.9%.

Thursday's market moves extend a brutal start to the new year after 2018 ended on a sour note for markets. The S&P 500 fell 6.2% in 2018, booking its worst year since the financial crisis and worst December since the Great Depression.

Read more:Chinese stocks were the worst on earth in 2018, losing 27% — here's why

Away from stocks, currency markets also took a pounding overnight with a suspected "flash crash" sending the dollar, the pound, and the euro sharply lower and pushing the Japanese yen into orbit.

The moves, which are also thought to be linked to Cook's comments, saw investors pull money rapidly out of Western currencies like the dollar and push it into the perceived safe haven of the yen.

Sharp moves in the yen

At its peak, the yen was up by about 2.5% against the dollar. The dollar tumbled to an intraday low of 104.96 yen, its lowest since March.

The Australian dollar, often considered a gauge of global risk appetite, fell to its lowest level since 2009 in early Asian trade to an intraday low of $0.6776.

The spike in risk aversion triggered massive stop-loss flows from investors who had held short positions on the yen for months. A lack of liquidity, with Japan still on holiday after the New Year, added to the sharp surge.

SEE ALSO: 'Flash crash’ rips through Asia's currency markets sending the yen into orbit and the Aussie dollar crashing to Earth

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NOW WATCH: The equity chief at $6.3 trillion BlackRock weighs in on the trade war, a possible recession, and offers her best investing advice for a tricky 2019 landscape

• Shares in major suppliers for Apple are taking a hammering Thursday after the tech giant announced a shock slowdown.
• Companies which produce microchips, sensors, and accessories for the California company are nursing major losses.
• AMS, an Austrian firm which produces facial recognition sensors used in the iPhone X, has lost 20% and is the biggest faller on the Stoxx Europe 600 index of major European companies.
• Apple's shares are down 7.7% in premarket trading. You can follow live at Markets Insider.

Shares in major suppliers for Apple are taking a hammering Thursday after the tech giant warned that it expects revenues to be as much as $9 billion lower than previously forecast in the first quarter of the year.

Apple's stock is down around 7.7% in premarket trading, or more than $56 billion in market capitalization. The news also dragged shares of a whole host of companies which manufacture components for Apple devices such as iPhone and iPad, many of whom rely on the California company for a significant proportion of their revenues.

Here's a snapshot of the carnage as of around 1.20 p.m. GMT (8.20 a.m. ET):

• AMS, an Austrian firm which produces facial recognition sensors used in the iPhone X, has lost 20% and is the biggest faller on the Stoxx 600 index of major European companies.
• The Switzerland headquartered STMicroelectronics, which builds imaging and proximity sensor products used in Apple's iPhone X, is 9.2% lower Thursday.
• Dialog Semiconductor, a UK-based semiconductor maker with an exclusive contract to make power management circuits for iPhone, iPad, and Apple Watch has seen its Frankfurt-listed shares fall 8.2%.
• Germany's Infineon Technologies, which makes chips for the iPad, has dropped around 4.4%.
• Logitech, the Swiss tech accessory maker has lost 5.8%. It supplies accessories sold in Apple retail stores including chargers, mice, and keyboards.
• In the US, Advanced Micro Devices, a semiconductor company in California, slumped 2.4% in premarket trading. So-called FAANG peers (Facebook, Apple, Amazon, Netflix and Google) also slumped at least 1% each. Microsoft is down 1.5%. 
• Hong Kong-listed Apple suppliers AAC Technologies fell 5.4% and Sunny Optical plunged 6.8%

Apple cited a slowdown in China exacerbated by President Trump's trade war, the strong US dollar, and reduced battery replacement prices as reasons for its revenue slowdown. The company estimates that revenue for the first fiscal quarter would come in around 7.6% lower than a previously expected $84 billion. The original guidance called for revenues between $89 billion and $93 billion.

Away from Apple suppliers, financial markets in general have been hit by news of Apple's weaker than expected performance, with major share indexes around the world losing ground in the European morning.

SEE ALSO: Tim Cook blames Trump's trade war with China as a big factor in Apple's slowdown

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Keep your friends close and your enemies closer. That’s the strategy e-tailers will have to adopt if they want to compete with Amazon. To fight back against the e-commerce giant’s expanding dominance, other online retailers must understand exactly why and how customers are buying on Amazon — and which aspects of the Amazon shopping experience they can incorporate into their own strategic frameworks to win back customers.

Business Insider Intelligence, Business Insider’s premium research service, has obtained exclusive survey data to give e-tailers the tools to figure out how to do just that with its latest Enterprise Edge Report: The Amazon Commerce Competitive Edge Report.

Enterprise Edge Reports are the very best research Business Insider Intelligence has to offer in terms of actionable recommendations and proprietary data, and they are only available to Enterprise clients.

Business Insider Intelligence fielded the Amazon study to members of its proprietary panel in March 2018, reaching over 1,000 US consumers – primarily hand-picked digital professionals and early-adopters – to gather their insights on Amazon’s role in the online shopping experience.

In full, the study:

• Uses exclusive survey data to analyze the factors behind Amazon’s success with consumers.
• Segments three types of Amazon customers that e-tailers should be targeting.
• Shares strategies on how e-tailers can attract shoppers at key moments.

First, why is Amazon so popular?

Amazon is ubiquitous. In fact, a whopping 94% of those surveyed said they’d made a purchase on the site in the last twelve months. And of those who did, the vast majority believed Amazon’s customer experience was simply better than its leading competitors’ — specifically eBay, Walmart, Best Buy, and Target.

The biggest contributor to Amazon’s superior experience? Free shipping, of course. According to Amazon’s 2017 annual report, the company actually spent $21.7 billion last year covering customers’ shipping costs, a number that’s been compounding over the past few years.

Not only is free shipping included for all Prime members as part of their subscriptions but, of all e-tailers listed in the survey, Amazon also offers the lowest minimum order value for non-subscription members to qualify for the perk (just $25). The pervasiveness of free (and fast) shipping is steadily heightening customer expectations for the online shopping experience — and forcing competitors to offer similar programs and benefits.

Who exactly is shopping on Amazon?

The survey results showed that across generations for a large minority of respondents, Amazon is a standard part of their typical shopping process. Nearly a third (32%) of respondents said they begin their online shopping process on Amazon. Of those who do start their journeys elsewhere, 100% ended up purchasing something from Amazon at some point over the last 12 months.

Based on the trends in responses, Business Insider Intelligence segmented out three different types of Amazon shoppers, each with unique implications for how competitors could evolve their strategies:

• Amazon loyalists: This group of consumers is most committed to shopping on Amazon. E-tailers must understand what has made Amazon their default experience — and how they could be pried away.
• Comparison shoppers: This consumer segment looks at other sites before ultimately completing a purchase with Amazon, which could allow e-tailers to find success at the bottom of the purchase funnel. E-tailers should focus on what they can do more of to steal sales away at the end of the purchasing process.
• Open-search shoppers: These consumers start their online product search away from Amazon, often with specific reasons including what they’re looking for and why they’re not looking on Amazon. Other e-tailers have the opportunity to attract these shoppers from the beginning of the purchase funnel — keeping them from ever venturing to Amazon.

Want to learn more?

Business Insider Intelligence has compiled the complete survey findings into the four-part Amazon Commerce Competitive Edge Report, which dives deeper into each of these consumer segments to give e-tailers an intricate understanding of Amazon’s role in their purchasing processes.

The report presents actionable strategies for retail strategists and executives to zero in on three individual consumer segments at critical shopping moments, and empower them to win sales in an Amazon-dominated world.

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• During the winter of 2017, there were 2.1 million new affairs in the United States, according to data from married dating website Ashley Madison.
• Ashley Madison polled its users to determine the US cities where cheating most often occurred at this time, and places like Pittsburgh, Pennsylvania and Bloomington, Indiana made the list.
• "A lot of times people living in smaller hubs spend a great deal of time traveling for work and use that time to connect with people who are not their spouse," Isabella Mise, director of communications for Ashley Madison, said in a release.

With cold and dark winter months comes a tendency for couples to stay inside and get close in bed. And sometimes with someone other than your partner. Last winter, there were 2.1 million new affairs in the United States, according to data from married dating website Ashley Madison.

To determine the top places where people cheat in the winter, Ashley Madison analyzed sign-up data between December 21, 2017 and March 20, 2018 to find the most popular places for wintertime extramarital affairs.

Many of the places that made the list were smaller towns and cities like Pittsburgh, Pennsylvania and Bloomington, Indiana.

"A lot of times people living in smaller hubs spend a great deal of time traveling for work and use that time to connect with people who are not their spouse," Isabella Mise, director of communications for Ashley Madison, explained in a release.

Here are the top 10 cities for cheating during the winter.

Alexandria, Virginia

The 10th most popular city for cheating in the winter months is Alexandria, Virginia. According to Paul Keable, Ashley Madison's vice president of communications, East Coast destinations like Alexandria were the most popular for wintertime affairs.

Read more:6 people reveal why going on a dating hiatus may be your best tool in finding love

Pittsburgh, Pennsylvania

Pittsburgh, Pennsylvania was the ninth most popular winter cheating location and with the city's cold temperatures during the winter months, it makes sense.

"Having a warm body to snuggle up with in the winter allows people to avoid feeling devoid of the human and social interactions they mentally and physiologically crave," Caitlin Bergstein, a matchmaker for Three Day Rule, told Brit+Co when explaining why people tend to pair up more in the winter.

Bloomington, Indiana

Bloomington, Indiana ranked eighth on Ashley Madison's list. The city has a population of 85,000 and many live there while they attend Indiana University.

• Emily Blunt talked about her first red-carpet outfit in a recent interview with W Magazine.
• It's safe to say she isn't a huge fan of the look.
• She described her appearance as "far too tanned,""sweaty," and "horrible."
• Blunt's fashion has certainly evolved since then. 

Emily Blunt has become quite a style icon in recent years, but the "Marry Poppins Returns" star isn't a huge fan of her earlier looks.

W Magazine recently interviewed the actress for its first issue of 2019, and she shared her thoughts on her first-ever red carpet appearance. 

"It was for 'My Summer of Love,' and I was far too tanned," she told W Magazine's Lynn Hirschberg. "I was wearing a very bright yellow dress. I always laugh at how sweaty I looked. Horrible."

Blunt wore the cheery yellow dress to the opening of the Sydney Film Festival in June 2005. She paired it with strappy teal pumps for an extra pop of color.

While not necessarily "horrible," it's certainly more simple than the elegant gowns she's become known for.

Her distaste for this particular outfit doesn't mean she's shied away from yellow hues as her fashion sense has evolved. She wore the color during the Dubai International Film Festival in December 2014 with a Zuhair Murad design that is more indicative of her current red-carpet style.

Her recent Yanina Couture gown for the premiere of "Mary Poppins Returns" in November 2018 further proves her style evolution from breezy dresses to extravagant, billowing gowns. 

Read more:People are obsessed with Emily Blunt's Mary Poppins Vogue cover

Blunt may not be a fan of her first red carpet appearance, but her latest looks are anything but "horrible." 

Visit INSIDER's homepage for more.

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