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“Game of Thrones’ nabs record 32 Emmy Award nominations

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Actors Kit Harington and Emilia Clarke on the set of the eighth season of Game of Thrones.

Helen Sloane | HBO

The battle for the Iron Throne may have ended — in flames — but the cast and crew of “Game of Thrones” aren’t done fighting. At least, when it comes to the 2019 Emmy Awards.

The HBO show earned a record 32 nominations on Tuesday, including best drama series. The all-time record was once held by “NYPD Blue,” which had a total of 27 nominations in 1994.

Despite mixed reviews for its final six episodes, “Game of Thrones” now has 160 Emmy nominations under its belt since debuting in 2011 and a whopping 47 wins.

The show’s awards range from acting nods to special effects achievements. Notably, “Game of Thrones” earned four nominations in the supporting actress in a drama series category — Gwendoline Christie, Lena Headey, Sophie Turner, Maisie Williams — as well as three nominations in supporting actor — Alfie Allen, Nikolaj Coster-Waldau, Peter Dinklage.

Carice van Houten was recognized as a guest actress for her role as Melisandre, and Emilia Clarke and Kit Harington also scored their first nominations in the lead categories, having previously been nominated as supporting actors.

Dinklage is the only “Game of Thrones” actor to actually win an Emmy for his performance in the series. He has taken home three trophies in the supporting actor category for his role of Tyrion Lannister. He had been nominated for every season in which he has appeared, garnering eight nominations for the part in total.

“Game of Thrones” is just part of HBO’s massive Emmy nomination haul. The network scored 137 nominations from shows and limited series like “Chernobyl,” “Sharper Objects,” “Veep” and “Barry.” Netflix was the next highest network with 117 nominations.

Here are just some the awards “Game of Thrones” is nominated for:

Lead Actress in a Drama Series:
Emilia Clarke — “Game of Thrones” (HBO)

Lead Actor in a Drama Series:
Kit Harington — “Game of Thrones” (HBO)

Outstanding Drama Series:
“Game of Thrones” (HBO)

Outstanding Supporting Actor in a Drama Series:
Alfie Allen — “Game of Thrones” (HBO)
Nikolaj Coster-Waldau — “Game of Thrones” (HBO)
Peter Dinklage — “Game of Thrones” (HBO)

Outstanding Supporting Actress in a Drama Series:
Gwendoline Christie — “Game of Thrones” (HBO)
Lena Headey — “Game of Thrones” (HBO)
Maisie Williams — “Game of Thrones” (HBO)
Sophie Turner — “Game of Thrones” (HBO)

Outstanding Guest Actress in a Drama Series:
Carice van Houten — “Game of Thrones” (HBO)

Outstanding Directing for a Drama Series:
David Benioff and D.B. Weiss — “Game of Thrones” (HBO)
David Nutter — “Game of Thrones” (HBO)
Miguel Sapochnik — “Game of Thrones” (HBO)

Outstanding Writing for a Drama Series:
David Benioff and D.B. Weiss — “Game of Thrones” (HBO)

See the full list of nominees here.

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Disney CEO Bob Iger resigns from Apple board

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Bob Iger, chief executive officer of The Walt Disney Company, walks with Tim Cook, chief executive officer of Apple.

Drew Angerer/Getty Images

Disney CEO Bob Iger has resigned from Apple’s board of directors, Apple said in an SEC filing on Friday.

Apple and Disney stock were unchanged on the news.

Disney is launching streaming video service Disney+ on Nov. 12, which will compete with Apple’s Apple TV+ service, scheduled to become available on Nov. 1.

Iger resigned on Sept. 10, the day Apple announced the price and release date for its streaming service. The two streaming services will increasingly come into conflict in the future as both compete for original content.

“It has been an extraordinary privilege to have served on the Apple board for 8 years, and I have the utmost respect for Tim Cook, his team at Apple, and for my fellow board members,” Iger said in a statement. “Apple is one of the world’s most admired companies, known for the quality and integrity of its products and its people, and I am forever grateful to have served as a member of the company’s board.”

Apple said in a statement, “Bob has been an exemplary board member for nearly eight years, and for as long as he has led Disney he has been one of Apple’s most trusted business partners. He is a dedicated, visionary CEO and a role model for an entire generation of business leaders. More than anything, Bob is our friend. He leads with his heart and he has always been generous with his time and advice. While we will greatly miss his contributions as a board member, we respect his decision and we have every expectation that our relationship with both Bob and Disney will continue far into the future.”

Apple downplayed potential conflicts in a financial filing earlier this year. “Apple enters into arms-length commercial dealings with The Walt Disney Company, including sales arrangements, digital services content licensing agreements, and similar arrangements,” Apple said in its proxy filing. “Apple does not believe that Mr. Iger has a material direct or indirect interest in any of such commercial dealings.”

Iger was personal friends with late Apple cofounder Steve Jobs. Disney bought Jobs’ other company, Pixar, in 2006, and Jobs was on Disney’s board until his death in 2011. Jobs asked Iger to take his place on the Apple board when he died, according to Fortune, and Iger joined the board that year. Iger was the chair of Apple’s corporate governance committee and on Apple’s compensation board, according to the company’s proxy filing earlier this year.

Disney and Apple have had a close corporate relationship over the years. Disney was one of the first major companies to develop apps for iPhones and iPads, and shortly after Iger took over as Disney CEO in 2005, he appeared on stage with Jobs to announce ABC content for iTunes. Disney has announced that it will distribute its streaming service on Apple’s platforms.

More recently, Iger has been photographed chatting with current Apple CEO Tim Cook at an annual retreat in Sun Valley, Idaho.

Iger has been CEO of Disney since 2005 and is its chairman. He is not on any other public company boards.

This isn’t the first time that a director has left Apple’s board because of competition concerns. In 2009, then-Google CEO Eric Schmidt resigned from Apple’s board when it became clear that Google’s Android would directly compete with Apple’s iPhone.

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‘The most important chart in the world’ offers a warning sign

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Government bond yields recently held above an important level, but the next test may prove dangerous for the stock market.

The benchmark 10-year Treasury note yield tested 1.5% in late August and early September, bouncing off that level and most recently trading around 1.8%.

That’s the third time the barrier has been broken since the economic recovery began in mid-2009, with the yield bouncing up strong each time. This signaled the renewal of the longest bull market run in Wall Street history that has coincided with the most durable expansion in U.S. history.

However, another challenge could mean tough times on the horizon, according to an analysis by Michael Hartnett, chief investment strategist at Bank of America Merrill Lynch. In his weekly analysis of market flows, Hartnett called the 10-year’s movements over the past decade, and specifically its ability to stay above the 1.5% yield level, “the most important chart in the world.”

Hartnett explained that the stock market has maintained a close relationship with bond yields that could become ominous if fixed income stages another big rally, which he expects to happen in 2020 and be a drag on stocks and other risk assets.

“For the past 10 years, the correct market mantra has been lower yields mean lower credit spreads and higher stocks, so long as lower yields prevent recession. But given 1.5% on the 10-year Treasury was not breached in 2012 & 2016 when recession fears were high, a break below in 2019 would incite fears of a recession ‘tipping point’ causing higher spreads and lower stocks,” he said in an email.

Indeed, recession fears had been elevated during much the summer, cresting when the two-year yield briefly passed above the 10-year, a phenomenon known as an inverted yield curve. Inversions have been reliable recession indicators for the past 50 years.

However, a swell of mostly positive economic data, renewed hopes for a trade deal between the U.S. and China and the long-awaited announcement of more monetary stimulus from the European Central Bank helped turn the tide for bond yields, ending the 2-year/10-year inversion and indicating that things may not be as bad as feared.

Investors have been fleeing bond funds since yields bottomed earlier this month, with $6.1 billion in outflows over the past week, the second-biggest run of redemptions on record, according to BofAML data. The move came as the 1.5% level held, which coincided with a boost in sentiment.

“Emotionally and psychologically it probably was big because of the fact that global yields are negative. If we did break to a new low in that 10-year that we haven’t seen, that could have set off talk about breaking 1%,” said Jim Paulsen, chief investment strategist at the Leuthold Group. “That could have been very risky given the fragile state of where mindsets are now with recession, and that might be just enough to freeze up the financial markets.”

However, while the BofAML strategy team is positive for risk assets in 2019, it is bearish beyond that as it expects yields to head back lower. Hartnett said in his note to clients that he sees a 2020 with a “bond bubble pop” that “induces [a] Big Top in credit (spreads trough) & equities (multiples peak), causing Wall St deleveraging & Main St recession.”

“There’s a good chance that U.S. rates are going to sell off, said Robert Tipp, chief investment strategist at PGIM Fixed Income. “Our rates are simply unsustainably high vs. the rest of the world.”

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TV+ will not have ‘material impact’

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Apple disputed the negative call by Goldman Sachs on Friday, which hit the stock, taking issue with the firm’s negative characterization on how Apple would account for its new TV+ service.

Goldman said that the one-year free trial of the TV+ service would have a “material negative impact” on earnings by showing lower hardware profit margins. Goldman believes that this issue will send the stock significantly lower, so the firm cut its 12-month price target.

“We do not expect the introduction of Apple TV+, including the accounting treatment for the service, to have a material impact on our financial results,” the company said in a statement to CNBC.

Apple shares – which were down by 2.6% on Friday before the statement – rebounded slightly, to trade down 1.8%.

Goldman predicted a slide greater than 25% in the stock over the next 12 months. The firm cut its 12-month price target on the company to $165 from $187. The move made Goldman’s target the lowest of the major Wall Street banks, as well as the fifth lowest of all analysts who cover Apple, according to TipRanks.com.

The note was not accusing Apple of improper accounting. Instead, Goldman analyst Rod Hall believes that the company’s profit margins for hardware will suffer as a result of the TV+ free trial. Hall said this would result “in a negative calculated impact to EPS of 16%” for fiscal first quarter 2020.

“Effectively, Apple’s method of accounting moves revenue from hardware to Services even though customers do not perceive themselves to be paying for TV+,” Hall said.

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