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15 Nov, 2019
U.S. Defense Secretary Mark Esper on Friday rejected any suggestion of bias in a Pentagon decision to award Microsoft Corp an up to $10 billion cloud computing contract, after Amazon.com Inc announced plans to challenge it. "I am confident it was conducted freely and fairly, without any type of outside influence," Esper told a news conference in Seoul. Amazon says that politics got in the way of a fair contracting process.
U.S. Defense Secretary Mark Esper said on Friday the Pentagon awarded Microsoft Corp an up to $10 billion cloud computing contract after a fair competition, after Amazon.com Inc announced plans to challenge it over alleged bias.
Word of Berkshire Hathaway's stake sent the retailer's shares jumping.
With the holiday season fast approaching, US consumers will look to open their wallets and spend their hard-earned cash on a wide array of products. On Black Friday alone, consumers are expected to spend more than $6 billion.
as head of HBO in February, it signalled the end of an era for a cable network synonymous with high-quality television. Mr Plepler’s arrival at Apple would present a fresh challenge to Netflix, which has battled with HBO for coveted Emmy awards in recent years.
You are in “critical denial” about your future, rejuvenation guru Aubrey de Grey told his audience at the Longevity Forum at the Royal Institution in London this week. You are assuming that the world will ...
When a man I had never met offered to introduce me to second world war veterans in Russia, I jumped at the opportunity. Little did I know that at the end of my first day in the country his wife would be whipping me with birch twigs in a small cabin on the edge of a rural forest. “Winter is coming,” my host Sasha intones (I’m willing to bet good money he has never watched Game of Thrones).
Former Uber Technologies Inc. CEO Travis Kalanick is taking advantage of his first opportunity to cash out of the company he co-founded, dumping more than $700 million in stock since last week.
As it turned out, Ascension had signed a fairly standard cloud deal with Google for its patient data to be stored and processed. This is no different to the arrangements companies in many industries have reached with public cloud providers such as Amazon Web Services or Microsoft. Had Ascension contracted instead with IBM — and if a few dozen IBM workers, rather than Googlers, were able to see patients’ personal data — it wouldn’t have caused a stir.
Asian stocks jumped on Friday, propelled by a record S&P 500 finish and White House comments suggesting Washington and Beijing were close to striking a trade deal, reviving hopes the tariff war may near an end.
Tsk, tsk -- this pair of notable techies issued guidance investors didn't like.
Amazon will appeal the Trump administration’s decision to grant a $10bn defence contract to its rival Microsoft, accusing the US government of having shown “unmistakable bias” in its procurement process. The company said on Thursday it was lodging a legal case against the decision, following accusations that Donald Trump manipulated the process to harm Jeff Bezos, Amazon’s founder.
Learn about four corporate mergers that were either unsuccessful or faced critical challenges. Discover which factors can cause an M&A strategy to fail.
Asian equities rose on Friday after the S&P 500 index notched a new record closing high, but investor sentiment remained fragile following weak data from China and Germany, which reinforced concerns about the global economy.
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Seeking Alpha
New Jersey is seeking more than $640 million from Uber in taxes and penalties, saying the ride-hailing company misclassified its drivers as independent contractors
Los Gatos-based Netflix kicked off the nationwide popularity of unlimited vacation time, a perk that employers will find has some surprising results around the holiday season.
(Bloomberg) -- Chicago Mayor Lori Lightfoot wasn’t able secure state legislation that would bring in new cash from property sales in 2020 or improve the chances of a casino coming to the city in future years.The Illinois General Assembly adjourned on Thursday without voting to change the tax structure of a proposed casino in the city, which is expected to make the project more appealing for potential operators. Her proposal for a progressive real estate transfer tax also faltered during the six-day veto session held during October and November.Lightfoot’s 2020 budget proposal, released in October, projected $50 million in revenue from a graduated real estate transfer tax, which needs state approval. She also had been pushing lawmakers to lower the tax structure on a proposed Chicago casino, which could generate as much as $215 million annually for later years.“While we are disappointed that a much-needed fix to the gaming bill won’t be made during this compressed veto session, the Chicago casino is still very much in the sight-line thanks to the progress we’ve made with our state partners,” Lightfoot said in statement on Thursday.Even though lack of progress on the casino law won’t impact the city’s fiscal 2020 budget “this fiscal challenge looms large” for future years, she said. The city expects to draw money from a casino when its built to pay down some of the city’s rising pension costs and the state expects to use proceeds for infrastructure.“Thus, the heightened sense of urgency remains,” Lightfoot said.Budget StrugglesEarlier on Thursday, Lightfoot told reporters that if the graduated real estate transfer tax doesn’t move during veto session, she may try again next year.Lightfoot is working to fill an $838 million budget shortfall, the biggest in recent history, as the city’s payments to its four massively underfunded pension plans ramp up in the coming year. Chicago is struggling with a $30-billion shortfall across its retirement system after years of not paying enough to the funds. The city’s mandated contributions to the funds climb to $1.68 billion in 2020, budget documents show. Revenue from a Chicago casino would help shore up the police and fire funds, according to Lightfoot.Without a change in the tax structure, the Chicago casino would face an effective tax rate of approximately 72%, according to an Illinois Gaming Board report.While the Illinois General Assembly made some technical changes for gaming operations during the veto session, “work remains to make sure the Chicago casino opens,” Jordan Abudayyeh, Illinois Governor J.B. Pritzker’s spokeswoman, said in an emailed statement.“The governor is committed to continuing to work with the city and other stakeholders to finalize this important element,” she said.Other OptionsAfter weeks of negotiations between state and city officials, Illinois Representative Bob Rita had introduced a House amendment to a Senate bill to shift the tax structure for a proposed Chicago casino to a progressive rate. The legislation has been referred to the House Executive Committee but the chamber didn’t hold a vote.Lightfoot has said she would consider spending cuts and hasn’t ruled out raising property taxes more to close the budget gap if the real estate tax measure wasn’t approved by state lawmakers. The city is planning to refinance $1.3 billion in debt and is projecting $215 million in savings from such a deal, Chief Financial Officer Jennie Huang Bennett said Tuesday. That’s $15 million higher from the previous savings estimate.“Investors would like to see the city deliver a balanced budget, and believe that the administration has a number of options to reach this goal, given the home rule status of the city,” Dennis Derby, a senior credit analyst and portfolio manager at Wells Fargo Asset Management, which holds $41 billion in municipal assets under management, including Chicago debt. “We believe that if the real estate transfer tax in not enacted, the administration would explore other revenue and cost saving options to balance the budget.”Uber FightWith almost two weeks left until council members are expected to vote on the mayor’s first budget, Lightfoot’s spat with ride sharing companies escalated over the spending plan’s proposed fees to ease congestion. The plan would increase costs for single-passenger rides downtown and lower the cost for shared rides in neighborhoods, generating an estimated $40 million, according to city estimates.“This means that people opting for the luxury of riding alone downtown will pay a little more,” Lightfoot said Wednesday.Uber Technologies Inc. emailed Chicago users this week to blast the mayor’s proposal, calling it the “highest ride sharing tax in the country.” Uber has proposed an alternative plan that would raise $54 million for the city, according to Harry Hartfield, a company spokesman. Uber’s plan would expand the kinds of trips that would be subject to fees beyond downtown, according to a copy of Uber’s proposal. Lightfoot dismissed Uber’s plan on Wednesday and said the company will throw “hail Marys” to avoid more regulation.The Civic Federation, which tracks the city finances, said it supports Lightfoot’s proposed fiscal 2020 budget but has “several significant concerns,” according to a report released Wednesday.“The Mayor and her team have identified a number of creative avenues to fill an enormous budget gap,” Laurence Msall, president of the Civic Federation, which tracks the city’s finances, said in a release on Wednesday. “However, this plan leaves very little room for error.”To contact the reporter on this story: Shruti Date Singh in Chicago at ssingh28@bloomberg.netTo contact the editors responsible for this story: Elizabeth Campbell at ecampbell14@bloomberg.net, Michael B. MaroisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Amazon Web Services plans to file a contract protest of last month’s award of the $10 billion Joint Enterprise Defense Infrastructure (JEDI) contract to Microsoft Corp.
(Bloomberg Opinion) -- Your mother probably told you never to get in a car with a stranger. The multibillion-dollar global ride-hailing industry depends on your ignoring her. If they want to earn that trust, though, companies need to rethink the tradeoff they’ve long made between safety and cost.Around the world, passengers are now hailing more than 10.5 billion rides a year. Not surprisingly, some have ended in tragedy. Uber Technologies Inc. came under fire in India after a 26-year-old woman was raped by one of its drivers in 2014, and local rival Ola has faced a similar backlash. In the U.S., Lyft Inc. has been sued by multiple women who say drivers sexually assaulted them.Last year, within the span of three months, two female passengers were murdered by drivers of China’s ride-sharing company, Didi Chuxing Inc. Didi’s Hitch carpooling service once was marketed almost as a cross between Uber and Tinder: a taxi service that let drivers and passengers rate each other by appearance. Didi halted Hitch in August 2018 after an outpouring of anger from state media, regulators and China’s version of deleteuber.Last week, Didi announced plans to restart Hitch on a trial basis in seven Chinese cities by the end of the month. The decision follows a “comprehensive safety review and product revamp,” as well as the introduction of a new women’s safety program that includes better “risk analysis” and an updated in-app security assistant. Didi plans to spend 2 billion yuan ($285.5 million) on safety measures this year, including more frequent use of facial-recognition technology — to ensure drivers are who they say they are — and a deeper review of abnormal driving patterns, as well as more regular safety tests for drivers.But the key to the Hitch relaunch were new restrictions on the program. The service was to be limited to trips under 50 kilometers (31 miles) and women would only have been able to ride between 5 a.m. and 8 p.m. By contrast, men could keep riding until 11 p.m. After an online backlash, the company revised the service to run only until 8 p.m. for both men and women.While the company’s intentions were good, more obviously needs to be done. A sophisticated analysis of high-risk scenarios won’t help you if you’re stuck in the backseat within an inch of your life. And to assume that a woman will only be raped and murdered between the hours of 8 p.m. and 5 a.m. more than 30 miles from her pickup point is clearly a bit naïve.What the ride-hailing industry in China and elsewhere really needs to do is reexamine who’s allowed to drive in the first place. It’s hard to say whether the measures Didi is now implementing would have screened out Zhong Yuan, the 28-year-old Hitch driver who was executed in August for murdering his 20-year-old passenger. After passing background checks and providing documentation, you can still become a Didi driver in 10 days or less.Instead, companies should be raising the barriers to entry so they’re hiring fewer, better drivers. And if they won’t, governments should step in. In Malaysia, regulators now require aspiring drivers to pass written exams and health checks, and to register for specific permits. Roughly a third of applicants have failed the exam thus far, Transport Minister Anthony Loke said last month, and more than 20% of Grab drivers have reportedly quit to avoid complying with the stricter regulations.Singapore imposed new rules earlier this year to bring ride-hailing companies closer in line with taxi operators. The regulations were proposed less than a week after my Bloomberg News colleague Yoolim Lee wrote about a Grab accident that left her with a broken neck and at risk of stroke. She estimated that, around the time of the incident, nearly half of private-hire drivers in the city didn't have the proper license and shouldn't have been driving. While fewer drivers doesn’t necessarily mean safer drivers, a steeper commitment at least means they have a lot more at stake to protect their livelihoods.The genius of the gig economy is the ability to make money from underutilized, ubiquitous skills. Yet the model may have been taken too far. Just because you can make an omelet doesn’t mean you should run a diner. So why should you drive professionally just because you have a license?Shrinking the supply of drivers will obviously make rides more expensive. But it’s worth judging the prospect of higher prices against the long cycle of the internet economy. The Web has made everything from academic research to air travel cheaper and easier to access. At the same time, quality goods and services can’t be free forever: We’ve seen this in the news business, where websites that once offered unfettered access to their journalism (including Bloomberg.com) have implemented paywalls. If fewer drivers means safer rides, that’s a price most people should be willing to pay. (Corrects fifth and sixth paragraphs to show Didi revised its initial policy. )To contact the author of this story: Rachel Rosenthal at rrosenthal21@bloomberg.netTo contact the editor responsible for this story: Nisid Hajari at nhajari@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Rachel Rosenthal is an editor with Bloomberg Opinion. Previously, she was a markets reporter and editor at the Wall Street Journal in Hong Kong. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
2ndKitchen connects businesses without kitchens to nearby restaurants, allowing them to create custom menus even though they don’t serve food.
14 Nov, 2019
(Bloomberg) -- U.S. hedge funds bought shares of Facebook Inc. and Netflix Inc. despite steep declines in the technology darlings during a volatile third quarter.Chase Coleman and David Tepper were among the money managers who increased their Facebook holdings during the three-month stretch that saw the social-media giant fall nearly 8%. Netflix was favored by firms including Lee Ainslie’s Maverick Capital Ltd. and Dan Sundheim’s D1 Capital Partners despite a 27% drop in the three months ending Sept. 30.Hedge fund managers, who have long adored FAANG stocks, had to navigate a tumultuous period. While Amazon.com Inc. also fell, down 8%, Google parent Alphabet Inc. and Apple Inc. both rose more than 13%. At the same time, the S&P 500 index gained 1.2% amid an escalation in the U.S.-China trade war and dovish moves by central bankers.Here are some other notable moves:Harvard University’s endowment added 2 million Facebook shares, bringing the value of its position to roughly $400 million on Sept. 30, and making the company its biggest single U.S. equity holding.Stan Druckenmiller offloaded almost his entire stake in Uber Technologies Inc., selling 2.5 million shares. His Duquesne Family Office took a stake in Shopify Inc.Warren Buffett’s Berkshire Hathaway Inc. announced new common-equity stakes in Occidental Petroleum Corp., which is on top of a preferred stake that was previously disclosed, and home furnishings company RH. The firm trimmed some of its largest stock bets, including Apple, Wells Fargo & Co. and Phillips 66.Viking Global Investors ditched its $1.2 billion stake in UnitedHealth Group Inc. as health-care stocks were hit by politics both in Washington and on the campaign trial.Maverick sold 690,000 shares of managed-care company Humana Inc., which had been the fund’s top U.S. equity position in the second quarter. (It now sits at No. 9).Microsoft Corp. was one of the less popular stocks for the second quarter in a row. Tiger cubs Viking, Coatue Management and Maverick all decreased their holdings in the tech giant as did Duquesne. But the software giant was up more than 3% during that period and has been a top performer this year -- shares have gained almost 46%.\--With assistance from Katherine Chiglinsky, Emma Vickers, Vincent Bielski, Scott Deveau and Michael McDonald.To contact the reporters on this story: Katia Porzecanski in New York at kporzecansk1@bloomberg.net;Hema Parmar in New York at hparmar6@bloomberg.net;Melissa Karsh in New York at mkarsh@bloomberg.netTo contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Alan MirabellaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Kohl's (KSS) will report its third quarter results before the market opens on Tuesday, November 19.
Apple Inc. has hired Jeffrey Miller, a close ally of President Donald Trump, to lobby for the tech giant as it tries to avoid being hit with new tariffs. CNBC first reported the news Thursday, citing a federal lobbying disclosure document. The document shows Miller's lobbying firm reached a deal with Apple in October. Miller is a major fundraiser for Trump's re-election campaign and served as vice finance chairman for Trump's inaugural committee. The amount he is being paid by Apple was not disclosed. Apple is seeking for its products -- especially iPhone parts and Apple Watches -- to be exempt from tariffs on Chinese goods scheduled to take effect Dec. 15. CEO Tim Cook has met with Trump a number of times to discuss business issues, and told the president in August that tariffs against China could hurt Apple's bottom line.
Amazon.com, Inc. (NASDAQ: AMZN) is planning to protest a $10 billion cloud computing contract, known as JEDI, which the Department of ...
The conglomerate led by Warren Buffett revealed new stakes in two companies, according to a filing on Tuesday.
Amazon.com Inc on Thursday said it is contesting the Pentagon's award of an up to $10 billion cloud computing deal to Microsoft Corp, expressing concern that politics got in the way of a fair contracting process.
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Yahoo! Finance
Dan Laboe kicks of his new series, The 4th Revolution, where he discusses new technology and how it will impact the markets.
A UK PR firm pitching to run an account for Ola has proposed running a campaign to politicize ride-hailing as a tactic to shift regulations in its favor. The approach suggests that, despite the appearance of ride-hailing platforms taking a more conciliatory position with regulators that are now wise to earlier startup tactics in this […]
It was another dull day, the S&P 500 finished the day higher by roughly ten basis points at 3,096.
Here are three highly-ranked REITs we found using our Zacks Stock Screener that dividend investors might want to buy with stock indexes at new highs...
Walmart is a retail titan taking the fight to Amazon. But earnings growth is tepid. The stock is hitting new highs, but is it a good buy?
Expedia Group's vacation rental business Vrbo plans to reposition itself as a family travel site that would offer vacation rentals, resorts, and other features facilitating family vacations. The unit's new general manager Jeff Hurst told Skift Thursday that the move has been in the works behind the scenes for some time. Hurst, who was interviewed […]
After Hours: Apple dipped and RH stock leapt on Warren Buffett moves. Chip leaders Nvidia and Applied Materials were active on earnings. An FDA panel backed an Amarin drug.
Amazon.com Inc will protest the Pentagon's decision to award a $10 billion cloud computing contract to Microsoft Corp, the Wall Street Journal reported (https://on.wsj.com/2CLjsdK) on Thursday, citing a statement.
Nov.14 -- Apple Inc. is considering bundling its paid internet services in a bid to gain more subscribers, according to people familiar with the matter. Bloomberg's Mark Gurman has more on "Bloomberg Technology."
Amazon.com Inc. plans to protest the award last month of a 10-year, $10 billion Pentagon cloud-computing contract to Microsoft Corp. that many assumed would go to Amazon.
“Do you know how hard it is to create a culture of frugality — in Silicon Valley? It’s very difficult,” the CEO said in discussing salary caps and other cost-cutting measures inspired by Amazon.
Amazon.com Inc will protest a recent cloud computing contract award given to Microsoft Corp by the Pentagon, The Wall Street Journal reported on Thursday.
Big tech is jumping into the payments business in a big way.
Google’s Kubernetes software container platform ultimately forced this Bay Area startup to throw in the towel and sell off the vast majority of its business.
Amazon.com Inc. plans to protest the award last month of a 10-year, $10 billion Pentagon cloud-computing contract to Microsoft Corp. that many assumed would go to Amazon. The controversial JEDI deal has been contested for months, prompting one previous bidder, Oracle Corp. , to file a lawsuit disputing the selection process. "AWS is uniquely experienced and qualified to provide the critical technology the U.S. military needs, and remains committed to supporting the DoD's modernization efforts. We also believe it's critical for our country that the government and its elected leaders administer procurements objectively and in a manner that is free from political influence. Numerous aspects of the JEDI evaluation process contained clear deficiencies, errors, and unmistakable bias -- and it's important that these matters be examined and rectified," an Amazon spokesman said in a statement to MarketWatch on Thursday.
Nasdaq down 0.04% Continue reading...
The game-streaming service will use up a lot more data than some plans can handle.
Top tickers for end of day: SO, DIS, CVX, AAPL, WBA, UPS, SE.
More demand than supply, rehabs for older properties, and limits on new supply. All are descriptors in recent months for the hottest sector in local commercial real estate. Well, all those are still true for those properties as well.
The AGs are preparing subpoenas, called civil investigation demands, to support the inquiries, according to a report on CNBC. To date, the investigation has focused on Google’s advertising business.
Berkshire Hathaway Inc. revealed new stakes in furniture maker RH and energy company Occidental Petroleum Corp. , according to a filing on Thursday. The conglomerate led by legendary investor Warren Buffett owned about 1.2 million shares of RH, formerly known as Restoration Hardware, and nearly 7.5 million shares of Occidental. It trimmed stakes in Apple Inc. and Wells Fargo , among other companies. In April, Berkshire committed $10 billion to help Occidental's bid for Anadarko Petroleum Corp. , giving Occidental an edge over Chevron Corp , which was also vying for Anadarko and later bowed out. Shares of RH rallied more than 6% in the extended session, while Occidental stock rose 1.6%.
Billionaire entrepreneur Mark Cuban said Thursday morning on Fox Business that artificial intelligence will have a much larger impact on ...
Netflix said on Thursday it would make changes to maps in a documentary that showed German Nazi death camps inside the borders of modern Poland, after Polish Prime Minister Mateusz Morawiecki pressed the streaming and production company to act.
Berkshire Hathaway picked up RH and Occidental Petroleum but soured on RedHat and Apple. Hedge funds bought software stocks, 13F filings show.
Apple Inc. (NASDAQ: AAPL) announcedThursday that customers in the U.S. can enroll in the Apple Women’s Health, Apple Heart ...
(Bloomberg Opinion) -- The global bond market rallied for a second consecutive day on Thursday in an awkward development for the growing chorus of voices that have cropped up the last few weeks contending that the synchronized global slowdown was over. From China to Germany, and from Cisco Systems Inc. to freight shipments, the latest data show  it’s too soon to turn optimistic.In China, industrial output rose 4.7% in October from a year earlier, below the median estimate of 5.4%. Germany did post a surprise expansion in its gross domestic product for the third quarter, but that came with plenty of caveats. For one, the increase was only 0.1%, and the contraction for the second quarter was deeper than initially reported — negative 0.2% versus negative 0.1%. In the U.S., economists were passing around the latest Cass Freight Index for October, which fell 5.9% to mark its 11th consecutive year-over-year decline. This gauge has been around since 1995 and tracks freight volumes and expenditures by hundreds of companies in North America conducting $28 billion of transactions annually. More important, the compilers of the index noted in the latest survey that the index “has gone from ‘warning of a potential slowdown’ to ‘signaling an economic contraction.’” Cisco is not in the freight business, but comments by Chief Executive Officer Chuck Robbins late Wednesday after the computer company released fiscal second-quarter results echoed the sentiment in the freight industry. “Just go around the world and you see what’s happening in Hong Kong, you look at China, what’s happening in D.C., you’ve got Brexit, uncertainty in Latin America,” he said on a conference call with investors and analysts. “Business confidence suffers when there’s a lack of clarity, and there’s been a lack of clarity for so long that it’s finally come into play.”Maybe the global economy isn’t worsening, but it’s too soon to say an upswing is underway. Despite the sell-off in the bond market since September, yields are still showing caution. Yields on bonds worldwide as measured by the Bloomberg Barclays Global Aggregate Index stand at 1.45%, which is closer to its all-time low of 1.07% in 2016 than last year’s high of 2.27% in November.AWASH IN MORE DEBTThe Institute of International Finance came out with its quarterly look at the mountain of global debt, concluding that it rose by about $7 trillion in the first half of the year to a record of just more than $250 trillion. That increase is more double the $3.3 trillion expansion for all of last year. It pegs global debt, which it sees expanding to $255 trillion by the end of the year, at a lofty 320% of global GDP. It’s no surprise that the world is awash in debt, but yields show there seems to be a dearth of it for the public because of massive purchases by central banks. As of October, the collective balance-sheet assets of the Federal Reserve, European Central Bank, Bank of Japan and Bank of England stood at 35.7% of their countries’ total GDP, up from about 10% in 2008. Still, this is no time to be complacent. The IIF points out that much of the growth in debt has come in emerging markets, which is generally considered riskier than that of developed economies and where central banks are not doing things like quantitative easing. This could become an issue relatively quickly; the IIF pointed out that $9.4 trillion of bonds and syndicated loans from emerging markets come due by the end of 2021.CORPORATE CASH SHRINKSThe latest doubts about the strength of the economy kept the S&P 500 Index little changed for a second consecutive day. Perhaps that’s for the better because falling interest rates and bond yields are perhaps the single-biggest reason equities are up 23.4% this year in the absence of earnings growth. The second is probably share repurchases. But a new report from Societe General SA raises concern that the cash companies use to fund those buybacks is being depleted. “A boon for U.S. share buybacks” has left companies with less cash in their coffers, Societe Generale strategists Sophie Huynh and Alain Bokobza wrote in a report. Cash and money-market investments held by companies in the S&P 500 peaked in 2018’s first quarter on a per-share basis before falling 5.3% through the third quarter of this year, according to Bloomberg News’s David Wilson. S&P 500 companies have bought back the equivalent of 22% of their market value since 2010, the Societe Generale strategists noted in their report.CHILEAN CRISIS ENTERS NEW PHASEThe chaos in Chile, long known as the safest bet in Latin America, has become so bad that not even direct intervention by the nation’s central bank was able to reverse the slide in the peso. The currency fell about 1% Thursday, bringing its slide to 11.4% since mid-October. That’s the worst of the 31 major currencies tracked by Bloomberg and more than five times the next biggest loser, the Hungarian forint. What should have investors worried is that the peso depreciated even after the central bank announced a $4 billion currency swap program to ease liquidity in the market amid the worst civil unrest in a generation. “I don’t think it will help stop the sell-off in any way,” Brendan McKenna, a currency strategist at Wells Fargo, told Bloomberg News in reference to the swaps program. “There has to be some breakthrough on the political front for the currency to stabilize.” Foreign investors have been especially rattled since the government said Sunday that it backed plans to rewrite the constitution in response to four weeks of riots and protests in support of better pensions, wages, education and health care. If that were to happen, it’s possible the government would swing too far to the populist left to the detriment of the economy. FOLLOW THE CLIMATE CHANGE MONEYDespite the overwhelming evidence about climate change, there is still an alarming number of deniers. But if it was really all a big hoax or overblown, then why are the world’s biggest, most influential investment firms steering away from areas that are likely to be hit the hardest, such as the coasts? Goldman Sachs Group Inc. is considering real estate markets including Denver; Austin, Texas; and Nashville, Jeffrey Fine, a managing director at the firm’s merchant-banking division, said Thursday at a conference hosted by the NYU School of Professional Studies. Fine may not have specifically cited climate change, but according to Bloomberg News’s Gillian Tan, he did note that more companies and young people are moving away from the coasts. The Fed held its first conference on climate change last week in San Francisco, with one central bank official saying it has the potential to “displace people permanently” amid damaging wildfires in California and storms punishing the Eastern Seaboard. About 3 billion people — or some 40 percent of the world’s population — live within 200 kilometers (124 miles) of a coastline, according to Bloomberg News. It’s projected that by 2050 more than 1 billion will live directly at the water’s edge.TEA LEAVESThe idea that the U.S. consumer was strong and carrying the economy took a hit a month ago when Commerce Department data showed that retail sales in September fell unexpectedly. The 0.3% decline from August was directly opposite the 0.3% advance expected based on the median estimate of economists surveyed by Bloomberg. That’s why Friday’s update from the government on October retail sales is so critical, especially heading into the holiday sales season. Economists are calling for a 0.2% rebound. Bloomberg Economics isn’t so optimistic, saying that decelerating wage growth suggests household demand will moderate. It is forecasting no change in spending. Although the headline number will get the attention, the smart money will be looking at sales among a control group that are used to calculate GDP and exclude food services, auto dealers, building-material stores and gas stations. By that measure, sales are seen rising 0.3% from no change in September.DON’T MISS Stock Investors Could Use a Refresher on the Basics: Nir Kaissar You Care About Earnings? The Stock Market Doesn’t: John Authers Too Many Young American Men Still Aren’t Working: Justin Fox Brazil’s Politics and Economics Are Growing Apart: Mac Margolis Matt Levine's Money Stuff: You Can Buy Almost All the StocksTo contact the author of this story: Robert Burgess at bburgess@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Robert Burgess is an editor for Bloomberg Opinion. He is the former global executive editor in charge of financial markets for Bloomberg News. As managing editor, he led the company’s news coverage of credit markets during the global financial crisis.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Nvidia Corp. reported quarterly sales that topped analysts’ estimates, but the chipmaker gave a tepid forecast that suggests demand for gaming graphics chips is recovering slower than predicted.Revenue in the fiscal third quarter was $3.01 billion and profit excluding certain costs was $1.78 a share, the company said. Wall Street was looking for earnings of $1.57 a share on sales of $2.9 billion, according to data compiled by Bloomberg.Revenue in the fiscal fourth quarter will be $2.95 billion, plus or minus 2%, the Santa Clara, California-based company said in a statement Thursday. That compares with an average analyst estimate of $3.1 billion. Gross margin, or the percentage of sales remaining after deducting the cost of production, will be 64%, plus or minus 50 basis points.Nivdia said it expects "strong sequential growth" in its data center chip business, offset by a seasonal decline in sales of GeForce notebook graphics chips and other components for gaming systems.Nvidia shares rose 1% extended trading following the report. Earlier, they closed at $209.79 in New York.Chief Executive Officer Jensen Huang has almost doubled the market value of Nvidia since 2017 by finding new customers for gaming chips. But the majority of sales still comes from that market. The use of graphics chips to speed up artificial intelligence software in data centers has been the biggest driver of new growth.Before Thursday’s results, Nvidia had posted three straight quarters of declining revenue as customers accumulated unused chips and didn’t need to buy as many new ones.Nvidia’s GeForce chips are particularly popular with serious video-game players who will spend more than the price of a laptop on just one component for their machines. That has helped Nvidia dominate this profitable market. This year, Advanced Micro Devices Inc. introduced new chips -- particularly for more affordable systems -- that are more competitive.In data centers, while Huang’s company pioneered the use of accelerators to help with AI work, other companies have designed rival components, including the owners of data centers themselves, such as Google.To contact the reporter on this story: Ian King in San Francisco at ianking@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair Barr, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In the latest look at stocks ordered by largest market capitalization, Russell 3000 component nVent Electric PLC (NVT) was identified as having a larger market cap than the smaller end of the S&P 500, for example Tripadvisor Inc (TRIP), according to The Online Investor. Click here to find out the top S&P 500 components ordered by average analyst rating » Market capitalization is an important data point for investors to keep an eye on, for various reasons..
On a mixed day for the markets, these stocks fell.
The AGs are preparing subpoenas, called civil investigation demands, to support the inquiries, according to a report on CNBC. To date, the investigation has focused on Google’s advertising business.
* Cisco top drag on all three indexes after disappointing forecast
The U.S. benchmark S&P 500 stock index managed to close at a new record Thursday, but the Dow and Nasdaq indexes slipped as the euphoria about an imminent U.S - China trade deal, supporting the five week rally, began to fade.
Cisco guidance for its second quarter fell short of targets. Management cited weakening business confidence amid U.S.-China trade war, Hong Kong on its earnings call. Cisco stock fell.
U.S. stock benchmarks finished virtually unchanged on Thursday but the S&P 500 managed a tepid record close, as as hopes that the U.S. and China would soon finalize a trade agreement began to fade. The S&P 500 index closed up less than 0.1% at 3,096. Meanwhile, the Dow Jones Industrial Average finished little-changed at 27,781 and the Nasdaq Composite Index finished slightly lower at 8,479. Technology stocks fell as Cisco Systems Inc. slumped after earnings fell short of expectations, suggesting business are avoiding investment amid President Trump's trade clash with China. Shares of Cisco ended the day down 7.3% lower on Thursday, leading losers among Dow components.
Cisco's customers are grappling with uncertainty, but Walmart is having no trouble growing sales.
The several dozen attorneys general investigating advertising practices at Alphabet Inc's Google are planning to expand their antitrust probe into the unit's flagship Android business, CNBC reported on Thursday, citing people familiar with the matter. The investigation, led by the Texas attorney general's office, is known to have focused on Google's search and digital advertising businesses since it began in September. Google has said it is cooperating with the probe by U.S. states and territories and that previous investigations in several have considered similar issues without charging the company with wrongdoing.
Walmart earnings topped Q3 views. Sales just missed, but e-commerce sales surged 41%. The Dow Jones giant raised EPS guidance. Walmart stock opened higher but reversed lower.
The benchmark S&P 500 posted a slim gain to end with a record closing high on Thursday, as a dour forecast from tech stalwart Cisco Systems Inc was offset by a strong report from big box retailer Walmart Inc .
The investigation, led by the Texas attorney general's office, is known to have focused on Google's search and digital advertising businesses since it began in September. Google has said it is cooperating with the probe by U.S. states and territories and that previous investigations in several have considered similar issues without charging the company with wrongdoing. The Alphabet unit also faces two other major inquiries — a U.S. Justice Department investigation and a probe by the House of Representatives Judiciary Committee — both of which have broad reviews of the big internet companies underway.
A final look back at the debate about the history - and future - of value investing Continue reading...
Understanding parking — how it’s paid for and how it shapes how we get around and use the limited supply of land in San Jose, especially downtown — is critical in figuring out how government and business are trying to shape the city’s future.
We finally get an updated MacBook Pro that should fix that sssssticky butterfly keyboard. Plus, it looks like Apple's AR glasses have been delayed until at least 2022, but there's new hope for the iPad Pro.
What else are you going to do?
Just before 8 a.m. on Thursday shots rang out at Saugus High in California, leaving one dead and several others injured. The 15-year-old suspect, a student at Saugus, had initially avoided capture but is now in custody, according to published reports. While the story, like so many before it, made national headlines, the NRA was busy getting ratioed.
Amazon.com's web services unit is challenging a Pentagon decision to award the $10 billion JEDI contract for military cloud services to Microsoft . The Pentagon announced the contract award last month. Amazon dominates the cloud computing space with about 33% of the business, while Microsoft trails with about 16%.
The Dow Jones Industrial Average pared its loss slightly while the S&P; 500 edged higher heading into the last hour of trading in the stock market today.
Walmart Inc (NYSE: WMT) shoppers can now dictate their grocery orders through Apple Inc. (NASDAQ: AAPL) devices.What ...
Amid the rapidly changing video landscape and uncertainty over T-Mobile US Inc.’s pending merger with Sprint, only one U.S. telecommunications name still has room for upside, according to HSBC.
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Disappointing guidance from Weibo left the Chinese internet media leader reeling.
Facebook VP John Tenanes cited Hudson Yards' "access to arts, culture, media and commerce" as a deciding factor.
Thank you to everyone who submitted questions for this blog’s first ever “Reader Mailbag” post. This month I will answer 10 reader questions, split across two separate posts. If you would like to submit a question for the next mailbag series, you can leave a message in the comments or send a direct message via … Continue reading "November 2019 Reader Mailbag – Part 1/2"
* Cisco top drag on all three indexes after disappointing forecast
Cisco Systems, Inc. (NASDAQ: CSCO) shares continued to drop Thursday after the company issued weak guidance, leading a couple of ...
The latest U.S.-China trade war setback. Walmart's blowout quarterly earnings and early Disney+ success. Other quarterly results. And why Douglas Dynamics (PLOW) is a Zacks Rank 1 (Strong Buy) stock at the moment...
It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...
When a big stock makes a big move, it's going to get a lot of coverage on the PreMarket Prep Show. Listeners were not disappointed ...
Ride-share provider Via said on Thursday it had partnered with the Port Authority of New York and New Jersey to provide flat-rate shared trips from New York City's LaGuardia Airport, which is plagued by congestion and limited access to public transit.
Just look at the performance of Roku vs. Cisco and the main customers for a host of other tech companies such as Apple, Nvidia, Texas Instruments and Advanced Micro Systems.
Shares of Walt Disney Co (NYSE: DIS) are up more than 10% this week on the heels of a successful Disney+ streaming service launch. On ...
Maxim also set a $190 price target on AAPL stock
Maxim Group has turned bearish on Apple Inc. (NASDAQ: AAPL) amid expectations for revenue to fall short of expectations next ...
* Cisco top drag on all three indexes after disappointing forecast
Microsoft stock on Thursday hit a record high for the fourth time in the last five trading days after it announced an expanded strategic partnership with software firm Salesforce.com.
As Apple continues its recent rebound, Facebook stock and Alphabet parent Google are showing signs of renewed strength.
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Alphabet Inc (GOOG), where a total of 11,630 contracts have traded so far, representing approximately 1.2 million underlying shares. That amounts to about 87.2% of GOOG's average daily trading volume over the past month of 1.3 million shares..
Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Southern Company (SO), where a total volume of 60,770 contracts has been traded thus far today, a contract volume which is representative of approximately 6.1 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 155.9% of SO's average daily trading volume over the past month, of 3.9 million shares..
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For traders looking for some trickle-down impact of Walmart's earnings report without being directly involved with the shares, the following exchange-traded funds could move on Walmart results today.
The Dow Jones Industrial Average was slightly lower in afternoon trading Thursday, as Cisco, Disney and Apple fell in the stock market today.
The rise of Big Tech has a lot of people concerned. But while the spread of misinformation and election interference has garnered most ...
In the first 24 hours of its release, 10 million people had already signed up for this much anticipated streaming service.
Top tickers for midday: DIS, AAPL, CSCO, WMT, AMD, ROKU, CGC, TSLA, I, BABA, FB, BA, BAC, NVDA, MSFT, NFLX, AMZN, UBER, ACB, JD.
German broadcaster ProSiebenSat.1 is more interested in collaborating in digital growth areas than in a full-blown merger, Chief Executive Max Conze said on Thursday after Italy's Mediaset raised its shareholding.
Dutch fintech Adyen's focus is on organic growth as it launches a virtual and physical card-issuing business to complement payments services it already offers merchants, Chief Financial Officer Ingo Uytdehaage said on Thursday.
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Global economic uncertainty is finally hitting the networking hardware market leader.
The world’s uber wealthy would certainly take a significant hit under Elizabeth Warren’s tax plan, but even if her proposal were in place for decades, the fortunes of men like Amazon’s Jeff Bezos and Microsoft founder Bill Gates would still be firmly intact, according to a website founded by two UC Berkeley economists.
The three major U.S. stock market indexes were slightly lower as initial claims for unemployment benefits rose, U.S.-China trade talks hit a snag over farm purchases, and Germany posted underwhelming growth numbers.
SmarTrend identified an Uptrend for Servicenow Inc (NYSE:NOW) on October 28th, 2019 at $243.14. In approximately 2 weeks, Servicenow Inc has returned 2.91% as of today's recent price of...
Alex Eule and Al Root discuss how a century-old industrial giant is reshaping itself by tapping big data.
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Netflix's CEO called out Disney's decision to keep Disney+ ad free.
He will be working on a new futuristic effort while still retaining a lesser role at the social-media giant.
Amazon (NASDAQ: AMZN) today announced an expansion of the company’s workforce in Las Vegas with plans to create 125 additional corporate jobs in the city. To accommodate this growth, the company recently opened a new 30,000 square foot office in Town Square in downtown Las Vegas. This expansion will allow Amazon to more than double its corporate workforce in the area – with teams based in the new Las Vegas office supporting the company’s Human Resources organization.
The iShares Edge MSCI USA Size Factor ETF is seeing unusually high volume in afternoon trading Thursday, with over 483,000 shares traded versus three month average volume of about 32,000. Shares of SIZE were trading flat on the day.
Beyond Alibaba and Tencent, lesser known privately held Chinese startups have made waves recently, with rapid growth and global ambitions. Here are five you should know about.
(Bloomberg Opinion) -- When I read my colleague Tara Lachapelle’s column on Wednesday about how the “great unbundling” of cable television could turn into the “great re-bundling,” I had to chuckle. It was inevitable that once consumers got a taste of what an unbundled world looked like, they would begin to appreciate some of the virtues of the once-despised cable bundle.Yet not many people realized that a decade or so ago, when talk about a-la-carte television (as unbundling was then called) was all the rage. Back then, it seemed so simple. As cable bills grew more expensive, consumers questioned why they were forced to take — and pay for — 300 channels when they only really watched 9 or 10. Wouldn’t it make more sense to just get the stations they cared about? More to the point, wouldn’t it be cheaper once they were rid of the 290 stations they didn’t want? Obviously, the bundle was the problem.In Washington, two successive Republican chairmen of the Federal Communications Commission, Michael Powell and Kevin Martin, were big advocates of a-la-carte television back in the 2000s. Gene Kimmelman, an executive with Consumers Union, the publisher of Consumer Reports,  told me in 2007 that a-la-carte television “would create marketplace pressure to reduce prices.”  I wrote about cable television frequently in the mid-2000s, and the reader feedback was almost unanimous. “What we really need is a la carte TV,” one reader wrote. “That way I can buy what I want rather than what someone forces into my TV.”The one person I knew who never bought the hype was a Wall Street analyst named Craig Moffett. Today, Moffett is a partner at MoffettNathanson LLC, a research boutique he co-founded in 2013. When I first got to know him, he was with Sanford C. Bernstein & Co. LLC(1) covering the telecom and cable industries. I recently went back and looked at his old research — not only because it has turned out to be prophetic, but because a-la-carte television is a good example of why we should be careful of what we wish for.What Moffett understood, and unbundling’s proponents didn’t, was that the economics of cable was, in one important sense, illusory. Cable companies paid stations based on the number of total subscribers — not on the number of people who actually watched. This system had two big benefits. It allowed niche stations without a lot of advertising to reap enough revenue to make a go of it. And it allowed the more popular stations to charge more for advertising than if they were unbundled.Without the cable bundle, Moffett said, many of the niche channels wouldn’t survive. And the bigger ones would have to charge so much that it wouldn’t be long before consumers were paying more for their 10 channels than they had for 300.One example he used in a note to clients in 2007 was Black Entertainment Television.  Without the cable bundle, Moffett estimated that BET would need to raise its subscription price by 588% to maintain its revenue at the time — and that would have only been possible if every African-American household in the U.S. subscribed. “If just half opted in — a wildly optimistic scenario — the price would rise by 1,200%,” he wrote.Moffett saw early on that streaming, barely a blip on the horizon, would disrupt the bundle. During this past decade, millions of American households have cut the cord. Perhaps more important, according to one survey, almost three-fourths of all U.S. households subscribe to at least one streaming service like Netflix or Hulu.Streaming obviously has a lot of upside. The quality of a typical, streamed TV show today is superior to the vast majority of shows the networks used to offer. Being able to watch on demand is a blessing. The fact that shows on Amazon Prime or Netflix have no ads, well, who doesn’t love that?But there have also been downsides, just as Moffett predicted. Let’s face it: you’re not really saving money. I pay $15.99 a month for a Netflix premium subscription, $11.99 for Hulu premium (which means no ads), $14.99 for HBO NOW, $11 for Showtime, and $4.99 for the new Apple TV service. If I decide to add Disney+ that’ll be another $6.99 a month.Because I’m a sports fan, I need a way to get ESPN and ESPN 2, which remain tethered to the bundle because their costs are so enormous they would simply be unaffordable as stand-alone streaming services. I’ve been using PlayStation Vue’s mini-bundle, which costs $54.99. Sony Corp. recently announced it will be ending the service at the end of January, so I’ll have to find a replacement. But they’re all in the same basic price range.When you add it all up — something I’d avoided doing until I wrote this column — it comes to $113.95. A month. Ouch. And that doesn’t include the $12.99 a month I pay to be an Amazon Prime member, which gives me access to shows like “Fleabag” and “The Marvelous Mrs. Maisel.”Here’s another data point. Remember Moffett’s prediction about what would happen if BET left the bundle? We now have the proof.  Cable subscribers pay 27 cents a month for BET, according to research from Kagan, a media research group within S&P Global Market Intelligence. A subscriber to its spanking new streaming app, BET Plus: Try $9.99. So much for all the money we were going to save.The other problem, as Tara noted in her column, is the frustration that has come with dealing with all these different services. It means “knowing which TV programs and movies reside where, having to toggle among those different apps — which isn’t as smooth as simply channel-surfing — and managing multiple monthly subscriptions,” Tara wrote.Wouldn’t you know it: Moffett saw this coming too. In 2006, he wrote a tongue-in-cheek note to clients from sometime in the future. Streaming, he predicted, had become a burden:The complexity was overwhelming. Forgotten passwords. Balky navigation. And lord, were the subscription fees astronomical, what with the average consumer having to sign up for six or seven different companies’ offerings in order to satisfy all the different members of the family.The solution, Moffett projected, would come from a clever entrepreneur with a once-in-a-lifetime idea:What if we could aggregate all the channels in one place? Disney, Fox, Turner, ABC, NBC, YouTube, CBS, MTV, the whole works, accessible from a single source. For one monthly subscription, we could bring viewers all of this amazing content, smoothly and easily! One navigation framework. A single interface. One bill. All the channels at your fingertips. And even huge libraries of content, available on demand!!!We’re not there yet. But we’re heading in that direction. It won’t be cheap. But I have my own prediction: This time around, nobody’s going to be complaining about the bundle.(1) The firm is now known as AllianceBernstein L.P.To contact the author of this story: Joe Nocera at jnocera3@bloomberg.netTo contact the editor responsible for this story: Timothy L. O'Brien at tobrien46@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
An antitrust investigation of Alphabet is expanding to include more of its business practices, according to a published report Thursday. 50 state attorneys general, who represent the 48 U.S. states, Puerto Rico and Washington D.C., are preparing subpoenas that will focus on Google search and its Android platform, in addition to its advertising business, according to CNBC. The investigation was formally announced in September by Texas Attorney General Ken Paxton, who emphasized Google's handling of user data and its dominant advertising business at the time.
The largest new position is in LKQ Corp Continue reading...
GainersSienna Biopharmaceuticals Inc (NASDAQ: SNNA) shares climbed 93.5% to $0.3096 after the company announced that Nasdaq ...
* Walmart posts strong third-quarter earnings, raises outlook
The U.S. Postal Service (USPS) reported Thursday morning a low single-digit increase in operating revenue for its 2019 fiscal year as ...
The Dow Jones today held up relatively well near midday Thursday amid a sell-off in Cisco Systems stock. Walmart also backed off highs after an early pop.
Attention students: using a budget priced Google Chromebook instead of an Apple Inc. (NASDAQ: AAPL) laptop will limit your chances of ...
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One of the most recent unicorn catastrophes has been Smile Direct Club SDC, whose losses during its brief lifetime are approximately 60%.
Cisco Systems Inc. shares dropped Thursday after a disappointing outlook from the networking giant prompted half of the analysts covering the stock to cut price targets and express cautious optimism as the company experiences a business slowdown.
Walmart’s e-commerce business got a boost from grocery, but it needs sell more non-food items online, analysts say.
Video-streaming space gets increasingly intense as Disney and Apple join the bandwagon amid flaring up price war and content exclusivity.
This data-driven advertising technologist has numerous tailwinds helping it along.
Facebook Inc signed a lease for over 1.5 million square feet of office space across 30 floors and three buildings in New York City's Hudson Yards, according to a statement by the luxury and commercial real estate development on Thursday.
Investors are concerned about Salesforce.com, inc.'s (NYSE: CRM)stagnant margins, M&A dilution and decelerating organic ...
Alphabet, Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) subsidiary Google announced a new partnership with Citigroup Inc (NYSE: C) to launch a new ...
Disney+ and other players could disrupt around 10% of Netflix's subscriber base, according to one analyst.
The Dow index ended barely negative, after posting a closing high on Wednesday, while the Nasdaq also ended fractionally lower. Cisco shares tumbled 7.3% after the network gear maker forecast second-quarter revenue and profit below expectations as increasing global economic uncertainties kept clients away from spending more on its routers and switches. Cisco's share decline weighed the most on the major indexes and helped drag the technology sector down 0.1%.
(Bloomberg Opinion) -- Startups and tech companies such as Uber, Airbnb, Gojek, Bird and Compass operate in many cities and often multiple countries, and they typically have a repeatable playbook for each time they arrive in a new place.What Gojek, the food delivery and rides startup in Southeast Asia, learns about optimal pay for couriers in Jakarta can translate, at least in part, to Ho Chi Minh City. Airbnb’s experience in navigating local bureaucracies has been honed from its experience in hundreds of cities around the world.That’s not necessarily true for the people, industries and policy makers with whom these companies work. The Gojek courier in Ho Chi Minh City doesn’t necessarily know how to avoid the pitfalls his counterparts in Jakarta already encountered. A city planner in New York may not have the luxury of learning from a counterpart in Paris what taxes or guardrails were effective for Airbnb rentals in that city.The companies are armed with centralized knowledge and act consistently based on those experiences. On the other side, there is often highly fragmented knowledge and action by the contract drivers, homeowners, mom-and-pop restaurants, local real estate agents, trucking companies and governments that deal with startups trying to shake up how the real world functions.This imbalance is what I think about when I read articles like this one about hotel operators, delivery couriers and others who feel they got the short end of the stick from startups backed by SoftBank Group Corp. or its Vision Fund. Bloomberg News has also covered the continuing city-by-city or state-by-state efforts to tax or put limits on on-demand companies such as Airbnb and Uber. (Disclosure: A family member works for a labor organization that has advocated for legislation of short-term home rentals, such as those provided by Airbnb.)There are exceptions. Chain restaurants that deal with delivery startups have the advantage of identifying patterns in their dealings with the tech disruptors, as do multi-city adversaries such as hotel industry trade groups. U.S. cities that were caught off guard by on-demand ride services a few years ago learned to move more quickly when scooter-rental companies came to town. It helped that cities could force companies to comply by impounding scooters, said Brooks Rainwater, director of the Center for City Solutions at the National League of Cities.Coordinated knowledge and action isn’t easy, though. In recently published research on regulating ride-hail services, the New York University Rudin Center for Transportation found that local policy makers were so overwhelmed that it was difficult for cities to learn best practices from one another. Rainwater said that some cities were coordinating a few years ago on effective policies for on-demand ride companies. Then the companies and some lawmakers pushed to take action out of city planners’ hands in favor of statewide rules. Meera Joshi, an NYU visiting scholar and one of the authors of the Rudin Center’s report, said some cities are coordinating directly or have been inspired by others. Mexico City is taking steps that may lead to sliding, per-kilometer fees for on-demand rides similar to those of Sao Paulo, which imposed the surcharges to mitigate traffic congestion. New York and Chicago, she said, gained confidence from talking to each other about compelling ride companies to provide data that can help cities with transportation planning and other goals. The superior knowledge and power of sprawling companies isn’t unique to on-demand startups, of course. When General Motors builds a factory, Walmart opens a distribution center and Amazon pushes for a local tax break, the lawmakers, workers and business partners with whom they’re dealing probably don’t have the same experience as a company that has gone through this process many times before.The scale of the startups, however, is on a whole other level. Uber had 3.9 million contract drivers and couriers working on its system at the end of 2018, and it operates in more than 700 cities. There are more than 100,000 cities with Airbnb listings and more than 7 million listings globally. There are not 100,000 cities with a Walmart.The bigger the startups get, the more the parties they deal with will become fragmented. That is a lot of people potentially learning from scratch how to work a system the companies have mastered.A version of this column originally appeared in Bloomberg’s Fully Charged technology newsletter. You can sign up here.To contact the author of this story: Shira Ovide at sovide@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shira Ovide is a Bloomberg Opinion columnist covering technology. She previously was a reporter for the Wall Street Journal.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Walmart Inc (NYSE: WMT) reported third-quarter results with notable momentum and strength in the e-commerce business.'Blowout ...
Facebook Inc signed a lease for over 1.5 million square feet of office space across 30 floors and three buildings in New York City's Hudson Yards, according to a statement by the luxury and commercial real estate development on Thursday.
Symbols mentioned in this story: IWB, FB, GOOG, GOOGL Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand..
(Bloomberg) -- Google said it would make changes to its advertising technology to better protect people’s privacy following scrutiny by European Union watchdogs.Starting in February, Google will no longer divulge information to participants in its ad auction about the type of content on a website or page where an ad could appear, the Alphabet Inc. company said in a blog post Thursday.This type of targeting is a major reason why Google was able to absorb the bulk of online ads bought and sold with machines, so-called programmatic advertising. Google doesn’t share its sales from web display ads, but frequently cites programmatic as a key driver of revenue growth.“This change will help avoid the risk that any participant in our auctions is able to associate individual ad identifiers with Google’s contextual content categories,” Chetna Bindra, senior product manager, user trust and privacy at Google, said in the post.Google includes contextual content categories in the bid requests it sends to buyers participating in an auction, indicating whether the website is about news or weather, for instance.That information has helped advertisers avoid displaying ads alongside content they don’t deem suitable for their brands. Google in recent years almost lost major clients after some of their ads ran before extremist videos on its YouTube site.But Google has faced criticism for how it processes data for personalized online advertising.Ireland’s data protection regulator in May opened a probe into how the search giant processes user data in advertising transactions. The watchdog is trying to determine whether Google’s practices are in line with EU strict privacy laws, which mandate transparency and the minimization of data collection.Some feel this is only a small step by Google to increase privacy.“Google will still broadcast ‘bid requests’ that detail what you are watching, reading, or listening to to countless companies,” said Johnny Ryan, chief policy officer at Brave Software Inc., which makes an ad-blocking browser. “These big requests will include information about where you are, and enough data to link things about over time.”Brave has previously filed a legal complaint with European data protection authorities over Google’s ad auction technology.Google said in the blog post Thursday that it already has measures in place to protect user privacy, for instance, by requiring publishers to get consent from individuals for targeted adverts. It said it decided to take the extra step announced Thursday following engagement with data protection authorities.\--With assistance from Mark Bergen.To contact the reporters on this story: Natalia Drozdiak in Brussels at ndrozdiak1@bloomberg.net;Stephanie Bodoni in Trier at sbodoni@bloomberg.netTo contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
China plans to increase its use of blockchain technology significantly, which has spurred a surge in the price of Bitcoin.
The social-media company dropped almost 17% in early trading on Thursday due to weaker-than-expected advertising and marketing revenue as competition intensified.
Symbols mentioned in this story: IGV, ORCL, INTU, NOW Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand..
LOS ANGELES, CA / ACCESSWIRE / November 14, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Twitter, Inc. ("Twitter" or "the Company") (NYSE:TWTR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company's securities between August 6, 2019 and October 23, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before December 30, 2019.
Facebook, Inc. (NASDAQ: FB) dabbled in fintech with Messenger payments, Instagram checkout and the Libra cryptocurrency, but it’s ...
* Indexes: Dow flat, S&P up 0.07%, Nasdaq off 0.07% (For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)
Walmart has plenty in its favor, including fast growth in e-commerce sales.
* Commercial vehicles may be more suited for assisted driving tech (Adds details)
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Shares of Apple and Microsoft are on a tear this year, but the Mac maker may be the better bet for investors as we close out 2019.
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In early trading on Thursday, shares of MercadoLibre topped the list of the day's best performing components of the Nasdaq 100 index, trading up 3.3%. Year to date, MercadoLibre registers a 81.3% gain.
Spotify is better at adding users, engaging them, and retaining them than Apple or Amazon.
Technology giants are showing a heightened interest in the financial-services industry as they see Chinese tech companies succeeding in payments, an area that could be lucrative for data collection.
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In early trading on Thursday, shares of Tyson Foods topped the list of the day's best performing components of the S&P 500 index, trading up 4.3%. Year to date, Tyson Foods registers a 73.7% gain.
About 44% of global GDP comes from emerging markets — but you might have little exposure to those rapidly growing economies.
As promised a few months ago, Expedia Group began this week to send hotel listings lower in the sort order on its Expedia.com and Hotels.com pages when properties add resort fees to base room rates. Speaking at a lodging breakout session on stage at the Expedia Explore '19 conference in Las Vegas Wednesday, Cyril Ranque, […]
The major stock indexes were modestly lower amid mixed earnings from Cisco Systems and Walmart. Apple was downgraded to sell.
During the morning session on Thursday, 84 stocks hit new 52-week highs.Areas of Interest:The largest company by market cap ...
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Viacom Inc, the owner of MTV, Nickelodeon and Comedy Central cable networks, beat analysts' estimates for quarterly profit on Thursday as domestic advertising revenue grew.
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FinancialContent
This software company is targeting growth.
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Yahoo! Finance
Cisco Systems gapped lower today, breaking nearby support to make a new low for the move down. We looked at CSCO back in the middle of August and concluded that "It looks like CSCO could continue to act as a bearish drag on the Dow Jones Industrial Average.
(Bloomberg Opinion) -- For a company that is so good at so many things, Amazon is remarkably bad at politics.Exhibit A is the latest debacle in its hometown of Seattle, where the company’s push to seat a more politically moderate city council backfired. Campaign cash aimed at producing a less tax-happy council triggered the opposite result and turned a socialist headed for defeat into a martyr.Amazon has never been known for subtlety. The $1.45 million it spread around in political contributions to City Council candidates not only set a record, but also changed the trajectory of the election. Polls showed that voters who were poised to replace some leftist council members changed course. After Amazon’s donations became public, they elected five of seven candidates opposed by a business coalition. One of them was Councilmember Kshama Sawant of the Socialist Alternative party, who declared her come-from-behind re-election victory in front of a giant red sign that declared, “Tax Amazon.” Which the newly Amazon-unfriendly council almost certainly will do.Amazon employs 54,000 people in Seattle and owns or occupies 47 buildings there. That’s made the city seem like the biggest company town in the U.S., and has probably blinded Amazon’s leaders to the angst and tumult they’ve unleashed in a place that’s become both more prosperous and less livable.Sawant, who managed less than 40% of the vote in the August primary, went so far as to call Jeff Bezos, Amazon’s founder and chief executive, “our enemy,” and described her victory as a win for working people against the world’s richest man.“Amazon overplayed their hand,” said Egan Orion, the candidate who lost to Sawant. “I wasn’t able to make my closing arguments. There was so much noise.”Once Amazon donated in such a big way, the race became nationalized. Senators Elizabeth Warren and Bernie Sanders, the presidential candidates vying for the hearts of the Democratic Party’s left flank, chimed in via Twitter to trash the Amazon contributions.Here’s what Warren had to say:Here’s Sanders:Another winner, Tammy Morales, favors a bevy of local tax options to raise money for homeless services, housing and other needs. Her list includes revisiting an employee head tax similar to one Amazon successfully fought in 2018, plus a local estate tax and a tax on high salaries dubbed an “excess compensation tax.”Amazon has been trying to fine-tune its relationship with Seattle for years, and concern about relations with the City Council was among the reasons it announced in 2017 that it was looking for a second headquarters location — another endeavor that showcased the company’s limited political skills.That contest blew up in New York City when politicians and others protested the size of an Amazon enticement package — up to $3 billion in tax breaks and other incentives.In Seattle, Amazon had mostly maintained a quiet political presence until May 2018, when the City Council passed the Amazon Tax on larger companies, a head tax of $275 per employee.Amazon promptly announced that it would stop construction on one of its new buildings if the tax were imposed.The council then hastily repealed it when polls showed it could harm the council at the next election — the contest that ended so disastrously for the company this month.Starbucks, also headquartered in Seattle, took a different approach, donating a much smaller sum to the business campaign. A Starbucks executive also sent a letter to employees urging a vote for unspecified “change” and invited the public to have a cup of coffee. This was a subtle, defter move, in part because it was hard to tell exactly what the company was saying.At this juncture, perhaps after apologizing or remaining quiet a while, Amazon has a few choices. It could face probable new taxes gamely or think along the lines of Apple, which recently announced a $2.5 billion plan to ease the housing shortages and affordability crisis in California. Or take a page from Microsoft, the tech giant across Lake Washington from Amazon, which last winter offered a well received $500 million investment in affordable housing and homelessness relief across the region.To be fair, Amazon has invested in a homeless shelter in Seattle for families, Mary’s Place, which will eventually occupy eight floors in one of the new Amazon buildings. Mary’s Place does great work. But that answer to the enormous problem of homelessness and housing affordability now seems a trifle. The overall contribution to challenges facing the city is too small to those who believe Amazon needs to step up and invest in ways commensurate with its size and impact.To contact the author of this story: Joni Balter at jcbalter@gmail.comTo contact the editor responsible for this story: Jonathan Landman at jlandman4@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joni Balter is a longtime Seattle columnist and writer who contributes to local NPR and PBS affiliates.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Facebook (FB) launches Facebook Pay that is likely to stir-up competition in the digital payments space.
It's a rare Achilles heel for the tech giant, and no one is talking about it.
UpgradesBMO Capital upgraded the stock for AGCO Corp (NYSE: AGCO) from Market Perform to Outperform. In the third quarter, AGCO ...
Impeachment hearings into President Donald Trump started on Capitol Hill this week.
It looks like the consumer is still king, at least judging from Walmart Inc’s (NYSE: WMT) better than expected earnings and strong ...
The new fund from Palo Alto-based Norwest is a third larger than its previous one that was raised about 18 months ago. It is the firm's fifth of $1 billion or more in the past 10 years.
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FinancialContent
Can this software star continue to deliver for investors?
Most of the time when executives in transportation and logistics cite "machine learning," it's little more than a buzzword that evokes vague notions of technology continually improving itself. In a presentation at FreightWaves LIVE Chicago, Rusnak explained exactly how machine learning works, the problems in time-critical logistics it is best suited to solve, how Airspace has implemented it, and the results the forwarder has achieved. Rusnak said machine learning is "programming backwards," that instead of a large code base of complicated if-then logic, machine learning algorithms are dumb and generalized.
Are you looking for a tip on the next hot investment? Goldman Sachs has an interesting idea… Move toward US companies with high exposure to international sales. Goldman points out that such companies are on an upswing in 2H19, and that a basket of such stocks has been outperforming both the firm’s other portfolios and the broader S&P 500. For comparison, the firm notes that its ‘international sales exposure’ basket is up 29% this year, compared to the S&P gain of 23%.Stephanie Cohen, Goldman Sachs’ chief strategy officer, in an interview last week talked down fears that the US-China trade tensions are unwinding long-established economic cooperation between the two countries. She said, after a visit to Chinese tech companies in Shenzen, “It’s not that we’re decoupling. If you sit on the ground and you’re talking to companies, people are continuing to talk about ways that they can do business together.”Goldman Sachs has a decades-long record pursuing investment and business openings in China. The firm has partnerships with Chinese banks, and has taken the time to learn the facts on the ground. And now they see opportunity in the US companies that are most exposed to the international scene, where China is working hard to throw its weight around.Looking into Goldman’s basket of stocks with international exposure, we’ve chosen three that TipRanks’ database reveals have shown recent strong gains, a healthy upside potential, and recent Buy ratings from 5-star analysts.KLA Corporation (KLAC)This company services the semiconductor chip industry, providing essential process control and management systems for manufacturers of silicon wafers and integrated circuits, along with quality control and precision metrology. As the industry shifts to new, higher performance chips, and to 5G networks, the need to maintain quality tolerances becomes more important, and KLA, with operations across the US, Europe, and the Asia/Pacific regions is well-positioned to benefit. KLA shares have brought in a disproportionate 97% year-to-date return to the Goldman’s international exposure basket.Looking at the numbers, KLA’s revenue growth over the last few years confirms the company’s importance to the industry. It brought in $2.98 billion in 2016, and has seen that number grow to $4.6 billion in fiscal 2019. In its fiscal Q1 2020 report, the company showed that revenue is still growing, with quarterly sales gaining 12% year-over-year to $1.41 billion.KLA has been active in the past several years making relevant acquisitions. The most recent, metrology tool-maker Capres A/S, was purchased in March of this year for an undisclosed amount. Last year, in a deal worth $3.4 billion, KLA acquired Orbotech, a major producer of circuit boards and flat-panel displays. The deal was completed in February of this year, after clearing regulatory hurdles in China.Writing from JPMorgan, top analyst Harlan Sur sees KLAC shares in a boom period. He writes, “We believe semiconductor capital spending is in the midst of a technology-driven cycle for 7nm/5nm Foundry/Logic, sub-20nm DRAM, and high layer count 3D NAND. As device manufacturing complexities increase, the need to analyze defects and metrology issues at critical points in the IC manufacturing processes increases significantly… [KLA] has diversified end-market exposure through the acquisition of Orbotech." Sur gives KLAC a $200 price target, implying an upside of 13%. (To watch Sur's track record, click here)KLA stock has a resounding “yes” on Wall Street. TipRanks analytics show that out of 12 analysts, 10 are bullish, while 2 remain sidelined. The average price target of $191 shows a potential upside of about 8%. (See KLA stock analysis on TipRanks)Microchip Technology (MCHP)With a market cap of $22.3 billion, Microchip is the sixth largest semiconductor manufacturer in the US. The company produces chips for the microcontroller and microprocessor industry, power management applications, memory solutions, and wireless connection devices. In the 2019 fiscal year, ending this past March, Microchip brought in $5.35 billion in total revenues. Last year, the company acquired competitor Microsemi in a deal with $10 billion.The US-China trade war has hurt Microchip, depressing sales through much of this year. Until this past September, the stock showed high volatility. Even with that, the MCHP is up 30% year-to-date, a solid performance based on the quality and necessity of its products. The company’s first and second quarter fiscal 2020 reports have also helped to allay investor fears. Microchip earnings beat or met expectations in both quarters, while revenues were up year-over-year.Even with the two good quarters, Microchip’s sales are down year-over-year, and the company has revised its full-year guidance downward. In a way, this may be a case of lowering expectations to set up a positive financial report – BMO's top analyst Ambrish Srivastava points out.“Unlike the better guidance/commentary we got for December from companies last week, Microchip's guidance is for lower revenues than expectations, and calling for yet another double-digit y-y decline in sales,” Srivastava noted. In his bottom line, however, Srivastava says, “We like Microchip's operating model. We like the valuation, we like the two rounds of estimate cuts we have already seen. We see the company as among the higher rungs of diversified businesses we would like to recommend in our coverage.” His $110 price target implies a 16% upside for the stock. (To watch Srivastava's track record, click here)Hans Mosesmann, 5-star analyst from Rosenblatt Securities, also sees management’s performance as key to MCHP’s share price prospects. He writes, “MCHP's environment remains uncertain, as the trade war and broad-based macroeconomic weakness hinder visibility. Management continues to execute well, however, and has managed the down-cycle with low channel inventory going forward... We continue to believe mid-to-longer term investors will have increasing confidence in management's ability to execute, as the company looks to exit this down-cycle gaining market share in secular MCU/analog markets and increase operating margins.” Mosesmann puts a $115 price target on the stock, for a 22% upside potential. (To watch Mosesmann's track record, click here)Wall Street’s analysts are sanguine about this stock’s ability to gain going forward. Microchip’s Strong Buy consensus rating is based on 12 Buys and 2 Holds. It doesn’t hurt that its $109.31 average price target puts the potential twelve-month rise at 16%. (See Microchip stock analysis on TipRanks) Alphabet (GOOGL)And now we move away from the semiconductor sector and into the internet. We all know Alphabet; the parent company of Google, with a market cap of $893 billion, is the world’s fourth-largest publicly traded company. With over $136 billion in annual revenue, and $30 billion in net income, there is no doubt that Alphabet will hold its position near the top.GOOGL shares are up 24% year-to-date, just slightly outperforming the S&P 500, after an earnings miss in the Q3 report. While revenues were up, at $40.5 billion, the EPS of $10.12 missed the forecast by 18.5%. The earnings slip came as the company increased capital expenditures from $5.28 billion one year ago to $6.73 billion in the current report. The company is increasing spending on its cloud sales force, and has just made a $2.1 billion offer to acquire smartwatch company Fitbit. The acquisition, if approved, will put Google in a direct position to compete against Apple in the smartwatch and wearable niche.Fitbit will make an interesting addition to Alphabet’s ‘other revenue’ category, which includes both cloud systems and hardware. This category saw quarterly revenue of $6.43 billion, beating the forecast of $6.32 and coming in 38.5% above the year-ago quarter.So GOOGL has a firm foundation in its core search engine business, strong ad revenue, and rising revenues in its other endeavors. It’s a solid picture, and explains why the stock makes up 2.26% of Goldman’s ‘international exposure’ basket. Google’s global reach and profitability are undisputed.5-star JMP analyst Ronald Josey is enthusiastic about the Fitbit acquisition, putting a $1,450 price target on GOOGL and writing, “We believe Fitbit is a natural fit with Google’s current hardware brands that include its Pixel phones, Nest connected home products, and Google home smart speakers under its Made By Google brand, along with its Android OS… we believe Google is investing in developing the hardware and touchpoints that will enable its ambient computing strategy…” Josey’s price target suggests an upside for 12% for GOOGL shares. (To watch Josey's track record, click here)5-star analyst Stephen Ju, of Credit Suisse, focused more on Alphabet’s free cash flow position in his comments, saying, “Google in our view is a controlled outcome, with management looking to drive consistent revenue and FCF growth through the amassing and creation of a portfolio of assets even as the law of large numbers begin to result in deceleration for some of the largest businesses… overall revenue growth has once again settled into a managed ~20%+ range… Google has resumed free cash flow growth this year after two years of investments.” Ju puts a $1,700 price target on the stock, showing confidence in a bullish 31% upside. (To watch Ju's track record, click here)GOOGL’s Strong Buy consensus rating is based on 25 Buys set in the past three months, against just 4 Holds. Analysts are confident that the company can meet the challenges inherent in the ever-changing digital world. Shares sell for an eye-popping $1,296, but the average price target, $1,455, truly gets into nosebleed territory. The stock has an average upside of 12%. (See Alphabet stock analysis on TipRanks)
InvestorsObserver issues critical PriceWatch Alerts for AAPL, BABA, DIS, FB, and TSLA.
The Mac maker continues to push upmarket with Pro devices.
Trump's own 2020 election stakes mean there's a good chance of a phase-one China trade deal, but there's growing reason to worry that it won't happen.
Apple Inc on Thursday launched an app that will let users of its devices to enroll in three health studies, allowing them to share health-related data for medical research.
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FinancialContent
Will Netflix remain the king of all streaming, or will Disney topple the upstart?
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FinancialContent
Following on the heels of Great Britain, Germany produced some slightly reassuring data this morning showing 0.1% growth in their economy thus narrowly avoiding an official recession.
* Futures off: 0.20%, S&P 0.23%, Nasdaq 0.28% (Adds comments, updates market action)
U.S. stock index futures slipped slightly on Thursday, a day after the S&P 500 and the Dow closed at record highs, as weak Chinese economic data and a dour forecast from Cisco rekindled fears of a global slowdown.
Shares of Apple Inc. are down 0.7% in premarket trading Thursday after Maxim Group analyst Nehal Chokshi downgraded the stock to sell from hold. He expects that the company's March-quarter revenue will come in 14% below consensus estimates and that fiscal 2020 revenue will end up 6% below consensus figures. "We expect operating profit to decline year over year due to our below consensus iPhone view, despite ongoing growth in services and wearables," he wrote. Chokshi also projects a deceleration in Apple's wearables, home, and accessories category in fiscal 2021 due to what could be tougher competition from a combined Alphabet Inc. and Fitbit Inc. . He set a $190 price target on the shares, which have gained 68% so far this year to reach a recent $264.47. The Dow Jones Industrial Average is up 19% so far in 2019.
Salesforce names Microsoft Azure as its public cloud provider for Salesforce Marketing Cloud to help customers scale and grow; new integration between Salesforce Sales and Service Clouds with Microsoft Teams will boost productivity
New authorization allows Department of Defense community to benefit from complete and integrated suite of applications for finance, HR, supply chain and customer experience
(Bloomberg) -- Microsoft Corp. and Salesforce.com Inc. are connecting more of their software and Salesforce will use Microsoft’s Azure cloud for part of its business, a thaw in a relationship that grew chilly several years ago when both companies pursued the same acquisition. The agreement, to connect some of Salesforce’s software with Microsoft’s Teams corporate chat and use Azure for Salesforce’s Marketing Cloud, expands an existing strategic relationship forged in the early days of Microsoft Chief Executive Officer Satya Nadella’s tenure. But the relationship grew strained in 2016 after Microsoft beat Salesforce to acquire LinkedIn and Salesforce complained to European regulators about the deal. The two companies have not announced any partnerships since. Microsoft and Salesforce compete for customers who want cloud-based software programs for customer management. Nadella, who once ran that business for Microsoft, has invested more effort into bolstering his company’s products in that area. The LinkedIn purchase was a key part of that plan, and Salesforce co-CEO Marc Benioff was said to have been angered at Microsoft’s actions. Still the two companies, among the biggest makers of cloud-based corporate applications, have many areas in which they can cooperate and Microsoft wants to lure large technology company customers to Azure, which trails cloud-computing market leader Amazon.com Inc. As part of the deal, Salesforce will connect its Sales Cloud and Service Cloud with Microsoft’s Teams, the companies said Thursday in a statement. Teams is trying to gain customers from rival Slack Technologies Inc. Salesforce had previously run Marketing Cloud on its internal systems, but uses other cloud providers for different parts of its business. The San Francisco-based company has leveraged infrastructure cloud deals as a way to sweeten partnerships. In 2017, as part of a tie-up with Alphabet Inc. to connect Google Analytics to Salesforce programs, Salesforce said it would host some of its core services on Google Cloud Platform as it expands globally—calling Google a “preferred public cloud provider.” The following year, Salesforce dubbed International Business Machines Corp. a "preferred cloud services provider" as part of an alliance to use IBM’s artificial intelligence with Salesforce software. It also does business with Amazon Web Services.Microsoft and Salesforce's deepening partnership in some areas comes amid greater competition between the companies elsewhere. Salesforce said in June it would pay more than $15 billion to buy Tableau Software Inc., a maker of analytics programs. Tableau and Microsoft compete in the market for business intelligence software. To contact the authors of this story: Dina Bass in Seattle at dbass2@bloomberg.netNico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editor responsible for this story: Andrew Pollack at apollack1@bloomberg.net, Alistair BarrJillian WardFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The travel specialist shifts strategies following a frustrating third quarter.
Ride-share provider Via said on Thursday it had partnered with the Port Authority of New York and New Jersey to provide flat-rate shared trips from New York City's LaGuardia Airport, which is plagued by congestion and limited access to public transit.
Amazon.com is lowering the fee it charges customers in Germany for delivering fresh groceries and allowing its Prime subscribers to pay per order instead of committing to monthly membership, the U.S. company said on Thursday.
By Bruce NgEver since Bitcoin was created, the perennial question, asked by skeptics and advocates alike, could be condensed into ...
They are also buying one that is getting sold off by Carl Icahn.
Apple® today announced that customers in the US can enroll in three landmark health studies — the Apple Women’s Health Study, the Apple Heart and Movement Study, and the Apple Hearing Study. Conducted in partnership with leading academic and research institutions, these multi-year longitudinal studies are available in the new Research app, which can be downloaded today from the App Store®. Now participants can contribute to potentially groundbreaking medical discoveries with iPhone® and Apple Watch®, and help create the next generation of innovative health products.1
(Bloomberg) -- Travis Kalanick sold 6.1 million shares of Uber Technologies Inc. just days after disposing of a fifth of his stake, bringing the total offloaded to $711 million this month.The 43-year-old entrepreneur sold $164 million of his holdings in the ride-hailing company this week, according to a regulatory filing Wednesday. Last week he disposed of stock worth about $547 million.The sale underlines Kalanick’s focus on other investments, including CloudKitchens, which he funded with $300 million. A $400 million injection from Saudi Arabia’s Public Investment Fund valued the food startup at $5 billion, the Wall Street Journal reported last week.His remaining 4.2% stake in Uber is valued at $1.9 billion, or less than two-thirds of his $3.4 billion fortune, according to the Bloomberg Billionaires Index. When he was Uber’s chief executive officer, Kalanick said he retained all his shares in the company. That changed after his ousting in 2017. He sold stock in private transactions and had a 6% stake at the time of its May initial public offering.Kalanick has moved quickly to offload Uber shares since the IPO. This month’s trades came after a 180-day lockup period restricting insider and early investor sales expired last week.Uber shares fell 3.9% on Nov. 6 when its lockup expired. Beyond Meat Inc. has done even worse, falling 22% since its lockup ended. Shares in Avantor Inc., Fastly Inc. and Luckin Coffee Inc. all rose Wednesday when their restrictions were lifted.To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Mo'Nique is unhappy with the offer she received from the streaming service for her comedy special, compared with what other comics have received.
Bank of America raised Ping Identity Holding Corp (NYSE: PING) price target from $21 to $24. Ping Identity shares closed at $16.51 ...
A new report claims the e-commerce giant's third-party marketplace is turning into Alibaba’s Taobao.
Viacom Inc, the owner of MTV, Nickelodeon and Comedy Central cable networks, beat analysts' estimates for quarterly profit on Thursday, helped by a continued rise in domestic advertising revenue.
Walmart went high, Cisco low on the Dow Jones today, as stock futures held to narrow losses ahead of a second day of testimony from Fed Chief Powell.
GoPro needs a bailout, and Apple may be the perfect buyer.
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FinancialContent
Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares Expanded Tech-Software Sector ETF (IGV), we found that the implied analyst target price for the ETF based upon its underlying holdings is $245.76 per unit.
U.S. stock index futures slipped slightly on Thursday, a day after the S&P 500 and the Dow closed at record highs, as weak Chinese economic data and a dour forecast from Cisco rekindled fears of a global slowdown.
Pope Francis said on Thursday that technology company executives and investors must be held accountable if they put profit before the protection of children, including from easy access to pornography on the web.
Mark Esper, the US defence secretary, said the Pentagon was willing to alter its military exercises on the Korean peninsula to help convince North Korean dictator Kim Jong Un to abandon his nuclear weapons. Speaking to reporters as he flew to South Korea, Mr Esper said the US would “adjust our exercise posture either more or less depending on what diplomacy may require”. “We have to open to all those things and empower and enable our diplomats to sit down with the North Koreans,” he added.
GainersOpera, Inc. (NASDAQ: OPRA) stock rose 13.8% to $11.05 during Thursday's pre-market session. The market value of their ...
MTV-owner Viacom Inc, which is in the process of reuniting with CBS Corp, beat analysts' estimates for quarterly profit on Thursday, helped by a rise in advertising revenue.
Norwest Venture Partners, a former investor in Uber and Spotify, said on Thursday it closed its largest fund to date at $2 billion, bringing its total capital under management to $9.5 billion.
U.S. stock-index futures point to a softer start for Wall Street on Thursday, drifting lower a day after the Dow Jones Industrial Average and S&P 500 eked out record closes.
GainersPing Identity Holding Corp. (NYSE: PING) shares rose 17.5% to $19.39 in pre-market trading after the company reported ...
Walmart earnings topped Q3 views. Sales just missed, but e-commerce sales surged 41%. The Dow Jones giant raised EPS guidance. Walmart stock rose.
The ride-sharing company disputes the state's claim that it should classify its drivers as employees, not independent contractors.
The House of Mouse simply can't commit to an all-out assault on the streaming video market, aiming instead for a small slice of the entertainment industry's grand future.
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FinancialContent
Challenges remain, but the market is undervaluing the potential of the mobile tech company's patents and products.
American Outdoor Brands to Split With Smith & Wesson American Outdoor Brands (NASDAQ:AOBC) will be separating its gun business, run by Smith & Wesson, from its other outdoor products and accessories business, citing a change in the political climate. The split will be completed by the second half of 2020, just before any Democratic challenger […]The post Market Morning: Smith & Wesson To Split Off, Impeachment, Trade Chatter, Facebook Lowers Grades appeared first on Market Exclusive.
Pre-open moversU.S. stock futures traded lower in early pre-market trade. Data on initial jobless claims for the latest week and the ...
In our call of the day, MarketWatch speaks to Citigroup’s chief U.S. equity strategist, Tobias Levkovich, who lays out his big concerns for stock markets in 2020.
Chromebooks might be cheap, but they don't help students succeed, according to Schiller.
(Bloomberg) -- Apple Inc. is considering bundling its paid internet services, including News+, Apple TV+ and Apple Music, as soon as 2020, in a bid to gain more subscribers, according to people familiar with the matter.The latest sign of this strategy is a provision that Apple included in deals with publishers that lets the iPhone maker bundle the News+ subscription service with other paid digital offerings, the people said. They asked not to be identified discussing private deals.Apple News+, which debuted in March, sells access to dozens of publications for $10 a month. It’s often called the “Netflix of News.” Apple keeps about half of the monthly subscription price, while magazines and newspapers pocket the other half.If Apple sold Apple News+ as part of a bundle with Apple TV+ and Apple Music, publishers would get less money because the cost of the news service would likely be reduced, the people said.As the smartphone market stagnates, Apple is seeking growth by selling online subscriptions to news, music, video and other content. This month, it launched Apple TV+ for $4.99 a month with shows from stars including Jennifer Aniston and Jason Momoa.Bundling these offerings could attract more subscribers, as Amazon.com Inc.’s Prime service has done. Apple is already experimenting with this kind of approach. It recently began offering a free Apple TV+ subscription to students who are Apple Music subscribers. Still, the company’s plans may change, given how complex deals like these can be.Some media executives say the amount they’ve received from Apple News+ so far has been less than expected. One publisher typically gets under $20,000 a month, less revenue than it saw from Texture, a previous iteration of the service that Apple acquired last year, one person said.Apple News+ offers dozens of magazines, like the New Yorker, GQ and People, as well as major newspapers such as The Wall Street Journal and the Los Angeles Times. Bloomberg Businessweek, owned by Bloomberg LP, also participates.It remains unclear whether publishers are seeing less revenue than they expected because Apple News+ has few subscribers, or because their content isn’t being widely read. Publishers share the remaining 50% of the revenue based on how much time Apple News+ subscribers spend reading their articles. Apple has not revealed subscriber numbers for Apple News+. The company recently expanded the service to Australia and the U.K.Advertisers have been less interested in Apple News+ because Apple’s restrictive data policy makes it difficult for marketers to target specific readers, one of the people said. Some publishers also would like Apple to share data about subscribers, like email addresses, which they could use to sell other offerings.As part of the contracts, media companies have the right to pull their magazines or newspapers from Apple News+ after a year if they’re unhappy with the service, one person said.The media industry was initially wary of Apple News+ before it launched, fearing their readers might cancel existing subscriptions and get their articles at a cheaper price from Apple. For that reason, some did not make all their articles or magazines available. Others, including the New York Times and the Washington Post, didn’t sign up.Still, some news executives are pleased with how Apple News+ has gone so far.“The financial results to date are consistent with our expectations,” Norm Pearlstine, the executive editor of the Los Angeles Times, said in a statement. “We are optimistic that they will continue to grow in the months and years ahead.”To contact the reporters on this story: Gerry Smith in New York at gsmith233@bloomberg.net;Mark Gurman in San Francisco at mgurman1@bloomberg.netTo contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- I’ve always thought someone should write a book titled “All I Really Need to Know About Stock Investing I Learned in the First Year of B-School” or something like it. The gist would be that investors should look for companies that:Make money or have a realistic chance of making money soon. Have sensible policies that align the interests of management and shareholders. Sell for a reasonable price.Granted, that could just as easily be scribbled on a cocktail napkin, but the point of the book wouldn’t be to catalog the nuances of equity investing — investors already have Benjamin Graham and David Dodd’s terrific tome “Security Analysis” for that — but to have a handy reminder on the bookshelf of how to get the crucial parts right.        I’d like to think such a book would have saved Masayoshi Son, the chief executive officer of SoftBank Group Corp., some heartache. SoftBank reported a staggering $6.5 billion quarterly loss last week, resulting from Son’s sour investments in WeWork, Uber Technologies Inc. and other once-highflying startups. In comments accompanying SoftBank’s results, Son acknowledged that, “There was a problem with my own judgment, that’s something I have to reflect on.”One problem, according to Son, is he overlooked that startups need solid governance and a path to profits. The book would have covered that, and neither WeWork nor Uber would have credibly checked those boxes. And don’t forget about price. It’s not easy to make money when paying a fortune for companies, as Son routinely does, no matter how good their governance or path to profits.None of that mattered in recent years because investors eagerly paid ever-higher prices for startups. The frenzy has no doubt contributed to Son’s confidence, on display again last week, that he has a knack for venture investing. It’s true that SoftBank’s stock outpaced the Cambridge Associates U.S. Venture Capital Index by 3.1 percentage points a year through March, including dividends, since SoftBank embarked on its recent spree of acquisitions in 2010, and by 2.7 percentage points a year since it launched the Vision Fund in 2017, which houses its stakes in WeWork, Uber and roughly 70 other startups.If SoftBank got a boost from Son’s venture bets, it’s almost certainly not alone. Consider that the net internal rate of return of the bottom quartile of the Venture Capital Index was negative every year from 1997 to 2006, with an average IRR of negative 4.8% during the period. The following decade was just the opposite. The bottom quartile posted a positive IRR every year from 2007 to 2016, with an average of 6.5%. In other words, venture investors have been paid for just showing up in recent years.Investors’ loose standards have also spilled into public markets, as I recently pointed out. Glamour stocks, or companies with big expectations and pricey shares, but little or no profit, outpaced shares of the cheapest and most profitable companies by 12.5 percentage points a year over the last five years through September, according to numbers compiled by Dartmouth professor Ken French.  The appeal is obvious. Investors love to think they can spot the next big thing, never mind profits, governance or price. Amazon.com Inc. is cited frequently as an example. It generated little or no profit during its first two decades. It’s been tightly controlled by founder Jeff Bezos, a king in all but name. Its price-to-earnings ratio has averaged — wait for it — 227 times since 2002, based on monthly observations. And yet a $10,000 investment in the company when it went public in 1997 would now be worth roughly $11.8 million.But Amazon is the vast exception, of course. As University of Chicago professor Eugene Fama told my Bloomberg Opinion colleague Barry Ritholtz in an interview last week, if you have 100,000 people picking stocks, “one of them will look extraordinary purely on a chance basis.” The same can be said for stocks themselves.There are signs investors are ready to give the dice a rest. Son’s newfound appreciation for profits appears to be more widely shared. Goldman Sachs Group Inc. CEO David Solomon told Bloomberg TV recently that, “there’s got to be a clear and articulated path to profitability” and that he thinks “there’s a little more market discipline coming into play.”Seeing red tends to sober up investors. Glamour stocks are down 9.1% over the last year through September, even as the S&P 500 has returned 4.3%. And that bottom quartile of venture funds posted a negative IRR of 9.2% in 2017, the most recent year for which numbers are available.At some point, the growth-at-all-cost fad will end, if it hasn’t already. But it never disappears, which is why everyone could use a reminder that profits, governance and price never go out of style.To contact the author of this story: Nir Kaissar at nkaissar1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nir Kaissar is a Bloomberg Opinion columnist covering the markets. He is the founder of Unison Advisors, an asset management firm. He has worked as a lawyer at Sullivan & Cromwell and a consultant at Ernst & Young. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- The small industrial kitchen located under a concrete maze of freeways in Oakland, California, doesn’t look like much. The former Uber Technologies Inc. employees who occupy the space picked it because it’s cheap (by Bay Area standards) and conveniently located for drivers to pick up food for nearby customers ordering from delivery apps like Uber Eats.Their startup, Virtual Kitchen Co., is one of many entrants in a crowded field of companies renting kitchen space to restaurants desperate to satisfy demand from hungry homebodies. But it’s particularly noteworthy that the founders came from Uber. Travis Kalanick, Uber’s co-founder and former chief executive officer, runs a competing business and Uber itself piloted a cloud kitchen, creating tensions between Uber's former and current CEOs last year.Virtual Kitchen plans to announce a $15 million investment Thursday from venture capital firms, including Andreessen Horowitz, Base10 Partners and others. Stephen Chau, the head of product at Uber Eats, previously invested with money from Sequoia Capital. Uber, which is discontinuing its own experiment in renting kitchen space, isn’t an investor but says the company isn’t bothered by the potential for additional competition. “Anything that supercharges the selection for customers is great for all of us,” said Janelle Sallenave, head of Uber Eats for the U.S. and Canada.Virtual Kitchen intends to differentiate itself from Kalanick’s CloudKitchens and many similar companies by targeting local restaurant chains and smaller spaces. In its home region of the San Francisco Bay, Virtual Kitchen has signed on Poki Time, Big Chef Tom’s Belly Burgers and the Indian chain Dosa. Anjan Mitra, the owner of Dosa, said renting space in the startup’s kitchens to service online delivery customers makes “financial sense” for the business.Ken Chong and Matt Sawchuk ditched Uber to start Virtual Kitchen last year with Andro Radonich, a professional chef. At Uber, Chong led several Uber marketplace product teams, and Sawchuk oversaw Uber Eats. The duo said they were inspired to spin up their own startup after seeing the strain food delivery apps were placing on restaurants. Ade Ajao, a founder of VC firm Base10 and a Virtual Kitchen board member, said the proliferation of similar businesses in Asia and Latin America during recent years has proven the model can work in the U.S.The risk for startups is that Kalanick can easily outspend the competition. He’s worth $3.4 billion, according to the Bloomberg Billionaires Index, and has the backing of a Saudi Arabian sovereign wealth fund, which put in $400 million this year. A spokeswoman for Kalanick declined to comment. Uber experimented with leasing space in Paris last year, stocking it with commercial-grade kitchen equipment. An Uber spokeswoman said the company isn't planning to continue the pilot, because it's capital intensive. Uber posted disappointing results again last quarter and the stock took a hit despite promises from management that it would turn an adjusted profit by the fourth quarter of 2021. Virtual Kitchen relies on a hub-and-spoke model, operating a central commissary where workers from the startup or one of its customer restaurants prepare ingredients about a day before they’re used in meals. Drivers for Virtual Kitchen then ferry those chopped and cooked items to a smaller micro-kitchen, which is usually about 1,000 square feet. That’s where the final 10% of the meal prep, like heating and assembly, takes place before bagging it for delivery.Customers won’t necessarily know when their order comes from a Virtual Kitchen location, as opposed to an actual restaurant. The company isn’t limited to Uber Eats. It says drivers for every major food delivery service in the U.S. come to its spaces. Virtual Kitchen is operating a handful of locations in the Bay Area now and expects to open a dozen more during the next six months. “We want to get this right and learn as quickly as possibly,” said Chong, the CEO. “Our ambitions are national, if not global.”To contact the author of this story: Lizette Chapman in San Francisco at lchapman19@bloomberg.netTo contact the editor responsible for this story: Mark Milian at mmilian@bloomberg.net, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Co-working space startup WeWork made a net loss of $1.25 billion in the third quarter in 2019, the company told its investors on Wednesday, according to the Wall Street Journal.
The social networking giant also gave details about its content moderation efforts on Instagram for the first time.
You may have heard that number cited recently as the value of an asteroid called 16 Psyche . If humans ever manage to mine the asteroid, a flood of space-gold would completely crater the terrestrial market. All that extra supply would cause today’s gold price to plummet.
(Bloomberg) -- Caroline Spiegel isn’t afraid to talk about sex.The 22 year-old entrepreneur and younger sister of Snap Inc. founder Evan Spiegel, has founded a startup called Quinn, a website for audio erotica.Spiegel hopes Quinn, which is launching officially on Thursday, will become the go-to place for what she calls “the internet’s best-kept secret.” Quinn packages erotic stories and “guided masturbations” behind an interface as polished and minimalistic as any other startup geared toward Millennials, a stark difference from the pop-ups and animated ads often associated with sites like PornHub. In fact, there are no pictures or videos at all.“Audio porn really gets at the sort of non-obvious intangible parts of sex that visual porn just doesn’t get at it in the same way,” Spiegel said.Quinn is the latest addition to a growing adult podcast market. In the last five years, venture capital funds have plowed $1.6 billion into audio-tech companies, according to PitchBook, a category that includes hardware and software for the music and podcast industry. According to PricewaterhouseCoopers and the Interactive Advertising Bureau, the podcasting industry is expected to generate $679 million in revenue this year.And while the numbers don’t break out adult content from general podcasts, it’s clear that the money-generating power and timeless popularity of romance novels has combined with the success of audio startups like Gimlet Media and Anchor to help spur interest in audio erotica.One of the early leaders is Dipsea, an app-based platform for short-form erotic audio stories that has raised $5.5 million from Bedrock and Thrive Capital. A subscription service, Dipsea costs $5.99 a month and now ranks in the top 100 grossing entertainment apps, according to researcher App Annie. Other competitors include Bawdy Storytelling, a podcast featuring long form stories and Literotica, a site mostly known for its written stories, but which also hosts audio content.During her junior year at Stanford University, Spiegel took time off to deal with an eating disorder. As she recovered and rediscovered her sexuality, she said she had a realization that fantasy and arousal  “is easier for some people,” men specifically. So she set out to create a product for women and after doing some research settled on audio erotica.The genre isn’t necessarily new. But while there is clearly demand, it has struggled to find the right distribution method. Free audio erotica of varying quality is available on Reddit, and Tumblr once had a robust library before the social media site banned pornographic content late last year.Spiegel saw an opening. Quinn aims to host content, written and uploaded by voice-actors or writers, on a curated, social media-style platform. The site offers users three ways of participating: telling their stories, listening to others’ stories or reading erotic tales. Spiegel said she wants Quinn to not be too tightly curated or have “one voice,” so that everyone can find content that appeals to them. “We want to be a bazillion voices.”To moderate the submissions, Quinn will have “really accurate tagging” so that listeners know what to expect from a story. The site does have a few strict rules, including that stories don’t involve minors or non-consensual acts, and it removes posts that don’t comply. The startup is still considering how it will make money, “because people are not prepared to pay for porn,” Spiegel said. Creators that post content to Quinn can make money by receiving tips from users.In designing the site, Spiegel was conscious of how women are marketed to. “I feel like I'm always kind of being yelled at by products to Be Better! Prettier! Skinnier! More Athletic!” she said. One of the first tenets of marketing is to make a product aspirational, Spiegel said. “But Quinn is kind of like, no thanks to that,” she said. “We’re just trying to make you feel better about who you are already.”Comedian and Quinn-user Remy Kassimir says video porn never appealed to her, since instead of erotic emotions, she’d feel a “nervous overdrive,” comparing herself to the cookie-cutter body types of many women in the videos. Audio erotica presents an alternative for people, especially women, to more comfortably explore their sexuality, she said.Spiegel and her team also discovered, as the site went through beta testing, that almost half of the users were men. This surprise was counter to their initial theory that women were more drawn to audio erotica and men were more visual.On a Monday morning a few weeks before Quinn’s official launch, Spiegel gathered the five-member team for a meeting at the company’s Brooklyn, New York, office. They congregated with laptops around a large wooden dining room table, with a bowl of Quinn-branded condoms as a centerpiece. The sunny loft space, with an industrial style kitchen and open floor plan, looks like any other startup office. But details, like a neon sign reading “XXX DVD Video” hanging on the exposed brick wall, and a faded Playboy from 1972 on the counter, wink at Quinn’s mission.Spiegel declined to name investors in Quinn or say how much the startup has raised though she told Tech Crunch earlier this year that the site had brought in less than $1 million in outside capital.Pitching a sex-tech product presents unique challenges, especially for female founders. “Obviously men are uncomfortable” during a graphic pitch with precise language, Spiegel said. “But they do take my meetings.”Spiegel said audio erotica is popular because it evokes a sense of mystery and sensuality that video doesn’t.“Everyone’s like, ‘Oh VR porn is the future and the more graphic, the more in-your-face kind of porn the better,’” Spiegel said. “Quinn is kind of a contrarian take. Human desire is more complicated and people want content they can really relate to, truly connect with.”To contact the author of this story: Kiley Roache in New York at kroache@bloomberg.netTo contact the editor responsible for this story: Molly Schuetz at mschuetz9@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
It’s easy to keep yourself safe and your loved ones in the loop by using a password manager.
Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Expedia...
Some of the stocks that may grab investor focus today are:Wall Street expects Walmart Inc. (NYSE: WMT) to report quarterly ...
The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
Highlights Reported revenue declined by 2.8% in Q3 and organic revenue declined by 2.4% YTD. This decline was mainly driven by terminal sales, legacy drag from landline voice.
Highlights Reported revenue declined by 2.8% in Q3 and organic revenue declined by 2.4% YTD. This decline was mainly driven by terminal sales, legacy drag from landline voice.
A Relative Strength Rating upgrade for Atlassian shows improving technical performance. Will it continue?
Adobe Systems shows rising price performance, earning an upgrade to its IBD Relative Strength Rating
Retail investors who rely on publicly traded stocks are increasingly missing out on lucrative and secretive private markets.
Facebook Pay is rolling out on Messenger and Facebook in the U.S. first, with plans to expand to Instagram and WhatsApp eventually.
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This quarter was OK, but the competition has been doing a lot better than OK for years.
(Bloomberg Opinion) -- “Technological sovereignty” is one of the European Union’s buzzwords of the moment, conjuring up an image of a safe and secure space for zettabytes of home-grown data, free from interference or capture by the U.S. and China.Both France’s Emmanuel Macron and Germany’s Angela Merkel have used the phrase to kick-start all sorts of initiatives, from artificial intelligence programs to state-backed cloud computing. The new European Commission president Ursula Von der Leyen has etched the concept into her political guidelines.It’s a noble goal, if only because it acknowledges Europe is anything but technologically sovereign right now. The internet behemoths are in America and China — Alphabet Inc., Facebook Inc., Amazon.com Inc., Alibaba Group Holding Ltd — and an estimated 92% of the Western world’s data is stored in the U.S., according to the CEPS think tank. China accounts for more than one-third of global patent applications for 5G mobile technology. Amazon boasts that 80% of blue-chip German companies on the DAX exchange use its cloud services business AWS. The trigger to do something about it is the race for supremacy between Beijing and Washington, which is spilling over into the tech sector and undercutting the EU’s ability to protect its turf. President Donald Trump’s ban on Huawei Technologies Co. and his attempts to bully allies into doing the same was a wake-up call, however valid his security concerns. The U.S. “Cloud Act,” which forces American businesses to hand over data if ordered regardless of where it’s stored, was another. Both China and the U.S. see the EU as an easy mark in the global tech tussle. And they’re right. Europe’s problem is that recapturing sovereignty is neither easy nor cheap. Take cloud computing, one area where France and Germany are eyeing the building of “sovereign” domestic infrastructure for use by national and European companies. This is a $220 billion global market dominated by U.S. suppliers with market values of close to $1 trillion, which invests tens of billions of dollars every year on infrastructure. Their power isn’t just technological: When Microsoft Corp. spends $7.5 billion on an acquisition such as GitHub, a forum for open-source coding, it’s bringing valuable developers into its own orbit. Likewise, Amazon’s AWS has the scale, cheap pricing and perks that lock in customers.France and Germany won’t win a head-on battle in this field. Paris is still smarting from a failed attempt years ago at building a sovereign cloud for the princely sum of 150 million euros ($165 million). Germany has Gaia-X, which looks like a common space for the sharing of data by the leading lights of the DAX , from SAP SE to Siemens  AG. It’s hard to see how such initiatives will lead to true digital sovereignty, though; not just because of a lack of serious investment, but because it’s hard to avoid using U.S. cloud tech.Still, it wouldn’t be a bad thing if this trend led to France and Germany collaborating more — laying the groundwork for more ambitious spending — and to Brussels doing what it does best: setting the rules of engagement for tech companies everywhere. Digital commissioner Margrethe Vestager is already demanding tougher enforcement of data protection laws and taking a consistently muscular approach to antitrust violations by the Silicon Valley and Seattle giants. It’s not sovereignty, but it’s a start.To contact the author of this story: Lionel Laurent at llaurent2@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Wall Street is obsessed with the game of inversion-watching right now. This sparked jitters, given that yield curve inversions preceded “seven of the last seven recessions”, with a lag of “8-60 months”, according to a recent Bank of America Merrill Lynch client note. Wall Street lore holds that inverted curves often uninvert right before the downturn hits.
Much as the convulsions over Brexit have paralysed Westminster politics and poisoned the national discourse, they are cause for confusion and sorrow among friends and allies. Let’s get Brexit done, the prime minister booms. The one certain thing about the election is that, whatever the outcome, it will not settle Brexit.
U.S. Senator Elizabeth Warren questioned Goldman Sachs's response to allegations of bias in how the bank evaluates applicants for Apple Inc's credit card, suggesting it should pull down the algorithm if it cannot be explained, Bloomberg reported on Wednesday.
For us, when we came across the billboard in Williamsburg, Brooklyn, our reaction swung from confusion to knowing cynicism (a rather discordant combo, we acknowledge). Having looked into the matter, we discovered that this is actually an advert paid for by Twitter itself.
CSCO earnings call for the period ending October 26, 2019.
The Conservatives promise to take the UK out of the world’s deepest free trade area, though nobody knows quite how and when. As the Institute for Fiscal Studies notes, “over the last 11 years, productivity — as measured by output per hour worked — has grown by just 2.9 per cent. That is about as much as it grew on average every 15 months in the preceding 40 years.” As a consequence of this dire productivity performance, average real wages were no higher in April 2019 than they had been 11 years earlier. To put this in context, a study from the Resolution Trust states that “the past decade has been the worst for earnings growth since the Napoleonic Wars”.
Roku stock has already recovered from its post-Q3 earnings release selloff after bullish streaming TV investors snatched up a perceived buying opportunity. But the streaming TV stock might have even more room to run...
As the landscape of luxury retailing changes through M&A, can KATE thrive in TPR with the Coach model?
Uber launched a set of new safety features in Britain on Thursday as it battles to retain its taxi operating license in the face of concerns about passenger safety. The measures include a discrimination button enabling drivers and riders to report abuse, enhanced safety training for drivers and a direct connection to the emergency services. In September, Uber received only a two-month operating license in London, its most important European market, failing to secure a maximum five-year term in a battle with the regulator Transport for London (TfL) which has previously stripped the app of its right to take rides.
Uber launched a set of new safety features in Britain on Thursday as it battles to retain its taxi operating licence in the face of concerns about passenger safety.
13 Nov, 2019
The House of Mouse proves it's a streaming contender on day one of new service's launch.
Cisco Systems Inc. sparked fears of a tech-spending slowdown with its last forecast. With its latest projections, it may have confirmed them.
Lawmakers pressed top U.S. antitrust enforcers on their probes of tech giants Alphabet's Google, Facebook, Amazon and Apple on Wednesday, with the chair of a House subcommittee expressing frustration over the companies' continued acquisitions.
Television fans welcomed a new queen on Wednesday as Olivia Colman and other stars of royal drama "The Crown" turned out for the world premiere of the Netflix show's third season.
The U.S. Senate Commerce Committee will hold a Nov. 20 hearing on the testing and deployment of self-driving vehicles that will include top U.S. safety officials, as Congress has struggled to pass legislation on autonomous vehicles. The hearing will come one day after the National Transportation Safety Board (NTSB) meets to determine the probable cause of a March 2018 Uber Technologies Inc self-driving vehicle crash that killed a pedestrian in Arizona. Documents made public by the NTSB last week show Uber's system had significant flaws and was not programmed to detect a jaywalking pedestrian.
The U.S. Senate Commerce Committee will hold a Nov. 20 hearing on the testing and deployment of self-driving vehicles that will include top U.S. safety officials, as Congress has struggled to pass legislation on autonomous vehicles.
Netflix for $12.99, Disney+ for $70 a year, Hulu with no ads for $11.99, and add on HBO for $14.99… wait, how much is this all costing? Welcome to the next phase of the streaming wars.
Stock futures moved as President Trump said a China trade deal is moving "rapidly" while Cisco fell on weak guidance. Disney was active after soaring Wednesday. Walmart earnings are due.
Fast-growing Salesforce consulting company Zennify has received growth investment funding from the Salesforce Ventures Trailblazer Investment Fund.
In markets like these, we look for opportunities where we have a statistical edge. Apple is a stock that has been bid up for various reasons and now presents us with an opportunity.
Chicago's mayor on Wednesday rejected an alternative proposal by Uber Technologies Inc and Lyft Inc to tax ride-hailing services, accusing Uber of trying to resist any type of regulation by stirring up racial tensions.
Merchants who sell their products on Amazon.com, Inc.'s website (NASDAQ: AMZN) but manage the fulfillment and delivery of those ...
Viacom has not announced plans for one all-encompassing streaming service like Disney, WarnerMedia and NBCUniversal have. Instead, it has several.
The U.S. Senate Commerce Committee will hold a Nov. 20 hearing on the testing and deployment of self-driving vehicles that will include top U.S. safety officials as Congress has struggled to pass legislation on autonomous vehicles.
Threekit, a Chicago startup that helps brands make 3D product configurations on their websites, has landed $20 million in fresh funding from some well-known investors.
It is the 10th record close of 2019, according to Dow Jones Market Data. Walt Disney stock’s jump fueled the Dow’s gains. The Mouse House said it added 10 million subscribers for its streaming service on day 1.
As ride-sharing company and recent initial public offering (IPO) Uber Technologies Inc.(NYSE: UBER) approached the lifting of its ...
Apple Inc's Heart study, the largest yet to explore the role of wearable devices in identifying potential heart problems, found the device could accurately detect atrial fibrillation, the most common type of irregular heartbeat, U.S. researchers reported on Wednesday.
Peloton Interactive Inc is exploring apps for Amazon.com Inc's Fire TV and Apple Inc's Watch, Bloomberg reported on Wednesday, citing people familiar with the matter.
With this funding round, the San Mateo-based CRM cloud company plans to aggressively hire and take sharper aim at its behemoth rival.
Top tickers for end of day: TEVA, KHC, AAPL, GE, DIS.
In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, PepsiCo Inc (PEP) has taken over the #30 spot from Oracle Corp (ORCL), according to The Online Investor. Click here to find out the top S&P 500 components ordered by average analyst rating » Market capitalization is an important data point for investors to keep an eye on, for various reasons..
Adjusted earnings came in at 84 cents per share, beating estimates by 3 cents. Sales came in at $13.2 billion, beating estimates by $120 million.
GainersPing Identity Holding Corp (NYSE: PING) shares are up 9% after reporting a third-quarter earnings beat. Earnings came in ...
In the latest look at stocks ordered by largest market capitalization, Russell 3000 component Cinemark Holdings Inc (CNK) was identified as having a larger market cap than the smaller end of the S&P 500, for example Tripadvisor Inc (TRIP), according to The Online Investor. Click here to find out the top S&P 500 components ordered by average analyst rating » Market capitalization is an important data point for investors to keep an eye on, for various reasons..
Peloton Interactive Inc is exploring apps for Amazon.com Inc's Fire TV and Apple Inc's Watch, Bloomberg reported on Wednesday, citing people familiar with the matter.
* Indexes: Dow up 0.33%, S&P up 0.07%, Nasdaq down 0.05% (Updates to close of U.S. markets)
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Today, Amazon Web Services (AWS), an Amazon.com company (NASDAQ: AMZN), announced AWS Data Exchange, a new service that makes it easy for millions of AWS customers to securely find, subscribe to, and use third-party data in the cloud. Qualified data providers include category-leading brands such as Reuters, who curate data from over 2.2 million unique news stories per year in multiple languages; Change Healthcare, who process and anonymize more than 14 billion healthcare transactions and $1 trillion in claims annually; Dun & Bradstreet, who maintain a database of more than 330 million global business records; and Foursquare, whose location data is derived from 220 million unique consumers and includes more than 60 million global commercial venues. For qualified data providers, AWS Data Exchange makes it easy to reach the millions of AWS customers migrating to the cloud by removing the need to build and maintain infrastructure for data storage, delivery, billing, and entitling.
Freshworks, a company that makes a variety of business software tools from CRM to help desk software, announced a $150 million Series H investment today from Sequoia Capital, CapitalG (formerly Google Capital) and Accel on a hefty $3.5 billion valuation. The late-stage startup has raised almost $400 million, according to Crunchbase data. The company has […]
Cisco Systems Inc. may have topped analyst expectations for the most recently completed quarter late Wednesday, but the networking giant’s weak outlook weighed on shares after hours.
Cisco Systems reported earnings and revenue for the first quarter of fiscal 2020 that topped estimates, while company guidance fell short of  Wall Street targets. Cisco stock fell on the news.
Alphabet Inc's Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc and a small credit union at Stanford University.
For the first time in its biannual transparency report, Facebook included data for Instagram.
Walt Disney Co shares soared to a record high after the entertainment firm said its new streaming service, Disney+, had been met with "extraordinary consumer demand," reaching 10 million sign-ups in its first day.
Today we found 3 cloud stocks utilizing our Zacks Stock Screener that tech investors might want to consider buying with the stock market at new highs in November...
Walt Disney Co. stock rallies more than 7% on Wednesday and notches its biggest one-day gain in nearly seven months after news its newly launched Disney+ had attracted millions of subscribers in one day.
Chicago's mayor on Wednesday rejected an alternative proposal by Uber Technologies Inc to tax ride-hailing services, accusing the company of trying to resist any type of regulation by stirring up racial tensions.
Cisco today reported first quarter results for the period ended October 26, 2019. Cisco reported first quarter revenue of $13.2 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.9 billion or $0.68 per share, and non-GAAP net income of $3.6 billion or $0.84 per share.
Here is an in-depth look at the increasingly popular digital payment app Venmo. It's changing the way people exchange money.
Dividend stocks can be an excellent source of reliable returns during unpredictable periods in the market. A dividend is only as good as ...
Walt Disney Co (NYSE: DIS) said Wednesday more than 10 million customers have already signed up for its new Disney+ streaming service ...
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in McDonald's Corp (MCD), where a total volume of 24,488 contracts has been traded thus far today, a contract volume which is representative of approximately 2.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 41.6% of MCD's average daily trading volume over the past month, of 5.9 million shares..
The two big rounds were a $400 million round for a Chinese Tesla competitor whose U.S. operations are in Mountain View and a $100 million round for San Francisco-based food delivery unicorn DoorDash.
* Indexes: Dow up 0.19%, S&P down 0.04%, Nasdaq down 0.2% (Updates to late afternoon)
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It’s not easy to beat every quarter, or almost every quarter, for years. Just a couple dozen companies manage to do it every quarter.
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The sports apparel leader is pulling its products from the e-commerce megasite.
Disney's streaming service is a smash hit so far, and an analyst sees Apple stock going higher.
Shares of Walt Disney moved higher after the company at midday announced that its Disney+ streaming service reached 10M sign-ups since yesterday's launch.
The “OK, boomer” retort has infuriated a lot of people — including boomers.
Skyworks Solutions Inc (NASDAQ: SWKS) reported better-than-expected fiscal fourth-quarter earnings and revenues, but the stock is ...
Even as cash stockpiles continue to dwindle at corporations, a select few tech firms have hoarded a chunk of these reserves
(Bloomberg) -- U.S. antitrust enforcers should stop Google’s proposed acquisition of Fitbit Inc. because the deal will further consolidate the search giant’s control over consumer data, a coalition of privacy and consumer advocates said.The $2.1 billion takeover would allow Google to entrench its monopoly power in the digital marketplace, the groups said Wednesday in a letter to the Federal Trade Commission.“Through its vast portfolio of internet services, Google knows more about us than any other company, and it should not be allowed to add yet another way to track our every move,” they said.Alphabet Inc.’s Google is a leader in digital data, and Fitbit would give it a new stream of valuable health and activity data from Fitbit’s more than 28 million users. The purchase will mean Apple Inc. and Google control more than half of the global smartwatch market. Apple had 46% of this growing sector at the end of the second quarter, while Fitbit had 10%, according to research firm Strategy Analytics.A Google spokesman didn’t immediately respond to an email seeking comment about the letter to the FTC, which was signed by Open Markets Institute, the Center for Digital Democracy, Consumer Federation of America, and the Electronic Privacy Information Center, among others.A spokeswoman for the FTC didn’t immediately respond to a phone call and an email seeking comment.The deal is likely to face a stringent antitrust review. Google and other big internet companies are already under scrutiny at both the FTC and the Justice Department. A group of state attorneys general is also investigating whether Google’s business practices harm competition. Both Republicans and Democrats also have been strongly critical of practices by big technology and internet companies.Google is separately under scrutiny by the U.S. Department of Health and Human Services over its access to personal health data as part of a project to build a new internal search tool for the Ascension hospital network.\--With assistance from Ben Brody.To contact the reporter on this story: David McLaughlin in Washington at dmclaughlin9@bloomberg.netTo contact the editors responsible for this story: Sara Forden at sforden@bloomberg.net, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Alphabet Inc's Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app in partnership with Citigroup Inc and a small credit union at Stanford University.
Facebook Inc removed 3.2 billion fake accounts between April and September this year, along with millions of posts depicting child abuse and suicide, according to its latest content moderation report released on Wednesday.
Children of the 1990swill be happy to hear Nickelodeon is teaming up with Netflix Inc (NASDAQ: NFLX) to reboot the cartoon and ...
Facebook Inc removed 3.2 billion fake accounts between April and September this year, along with millions of posts depicting child abuse and suicide, according to its latest content moderation report released on Wednesday.
* Indexes up: Dow 0.26%, S&P 0.16%, Nasdaq 0.11% (Updates to early afternoon)
Walt Disney Co on Wednesday said its new streaming service, Disney+, reached 10 million sign-ups since launching the previous day from "extraordinary consumer demand," sending shares up 3.5%.
Its technical problems may be a sign of success, and the Mouse House has an ace up its sleeve.
BMO and REX Shares via MicroSectors today launched the MicroSectors FANG+ Exchange Traded Note (FNGS), the first and only FANG+ linked ETN. The NYSE® FANG+™ Index includes 10 highly liquid stocks that represent industry leaders across today’s tech and internet/media companies, including Facebook,...
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Emerson Electric Co. (EMR), where a total of 40,432 contracts have traded so far, representing approximately 4.0 million underlying shares..
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Amazon. om Inc (AMZN), where a total of 98,781 contracts have traded so far, representing approximately 9.9 million underlying shares.
The fate of your portfolio is written in the stars. Or at least it can be, if Daniel Greenberg and the professional pranksters behind the “Bull and Moon” investing app have their way.
Top tickers for midday: AAPL, AMD, TSLA, GE, BABA, FB, BAC, DIS, AMZN, AMRN, JD, ROKU, MSFT, I, ET, LK, UBER, SDC, NFLX, CSCO.
Facebook Inc released its fourth report on enforcement against content that violates its policies on Wednesday, adding data on photo-sharing app Instagram and content depicting suicide or self-harm for the first time.
The State Department worker appears to have embellished her educational achievements — and even faked a Time cover
Disney outpaced Wall Street forecasts, which had called for more than eight million subscribers by year end. Disney stock topped a buy point.
SmarTrend identified an Uptrend for Salesforce.Com (NYSE:CRM) on October 29th, 2019 at $155.28. In approximately 2 weeks, Salesforce.Com has returned 5.36% as of today's recent price of $163.60.In the...
Walt Disney Co on Wednesday said its new streaming service, Disney+, has reached 10 million sign-ups since launching on Nov. 12, sending shares up 3.5% to $143.53 on the New York Stock Exchange.
SNB printing money out of thin air and buying a handful of stocks that push the broader equity market to new highs, has created an illusion that President Trump's "trade optimism" could lead to a global economic recovery.
Facebook Inc said on Wednesday it had removed about 2.5 million posts in the third quarter that depicted or encouraged suicide or self-injury.
Guru believes easy monetary policy, lower taxes will push market into record territory Continue reading...
According to French bank Societe Generale, stock buybacks for S&P 500 companies may reach $570 billion in 2019.
From the Dyson Airwrap to Air Jordan 1s, new data shows the top selling items across fashion, home, electronics, entertainment and more
The e-commerce leader reports another quarter of falling sales at its brick-and-mortar locations.
The weight-loss brand will struggle to compete with accessible, affordable, and even free alternatives.
Markets were little changed on Wednesday morning.
President Donald Trump's re-election campaign is ramping up a Facebook ad blitz against efforts to impeach him, buying more ads on the topic in recent weeks than all the Democratic White House candidates combined.
Even though Apple stock is trading at record highs, it still has room to run higher, says an analyst who initiated coverage of Apple with a buy rating. Apple stock rose on the news.
A beauty products icon, a social networking giant, and pay TV relic are trouncing the S&P 500 this year. You probably didn't see any of them coming.
16:00
FinancialContent
The market appears to have lost patience with Twitter. Recently the company reported its third quarter results that failed to meet market expectations and sent the stock plummeting 19% in the after-hours trading session.
Expedia Group on a quest to provide stress-free, frictionless travel powered by AI and ML
SoftBank's Z Holdings Corp is in talks to merge with messaging app operator Line Corp, two sources said on Wednesday, the investment company's latest bet on a struggling tech firm.
Symbols mentioned in this story: FDN, NFLX, EBAY, EXPE Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand..
15:38
FinancialContent
Assessing quarterly shake-ups across the board, and a carefully considered look at Facebook's uncertain future.
Nike Inc (NYSE: NKE) will no longer sell products directly on Amazon.com, Inc. (NASDAQ: AMZN).“As part of Nike’s focus ...
15:25
FinancialContent
In early trading on Wednesday, shares of Expedia Group topped the list of the day's best performing components of the Nasdaq 100 index, trading up 1.4%. Year to date, Expedia Group has lost about 13.9% of its value.
(Bloomberg) -- The first question Mike Merritt-Holmes gets asked when pitching his AI strategy is about his resume: which hedge fund did he work for? But Kvasir Technologies Ltd. doesn’t come from an established corner of finance. And neither does the man touting it.Merritt-Holmes founded the machine-learning fund with two fellow computer scientists who made their mark in the world of big data at analytics firm Teradata Corp. The trio subsequently harnessed their engineering acumen to power machine-learning stock investing in developed markets, financed by their personal savings.Before they crossed paths, only one had professional market experience. Emboldened by their trading successes, the team now expects to oversee around $135 million by December.Kvasir is among a cohort riding a wave of interest in artificial intelligence to uncover new investing riches -- empowering computer nerds and data wizards to take on seasoned money managers on Wall Street.“People are really keen to see fresh new thinking and fresh new teams that aren’t coming from a regurgitated reinvention of previous funds,” said chief operating officer Merritt-Holmes from his WeWork offices in London.Machine learning in finance is a broad term for techniques ranging from complex statistical analysis to parsing reams of text. It’s increasingly where the action is. Data provider Preqin Ltd. tracks 305 AI hedge funds overseeing a total of $17 billion, according to an Aug. 30 note.The technology has plenty of skeptics citing noisy security prices, with the underperformance of a Eurekahedge AI index in the last three years underscoring the challenge of using machines in practice.That’s not stopping the tech crowd. U.S.-based AI hedge fund FORA Capital, for example, is led by entrepreneur Stanislav Shalunov, who’s worked at BitTorrent and the firm behind the FireChat app. Software engineers have a prominent presence at Walnut Investments, an AI fund in Paris, which counts trading-technology expert Manoj Narang among its advisers, according to its website.Before Kvasir, Merritt-Holmes established a data startup that was eventually sold to Teradata Corp. Co-founder Mads Ingwar has a Ph.D. in machine learning, and CIO Martin Oberhuber is a former quant at high-frequency trading firm RGM Advisors.Kvasir started trading its main fund in August. Its clout has been enhanced after advising industry giant Brevan Howard Asset Management this year on an AI allocation. The hedge fund declined to comment.Billionaire Alan Howard has long harbored an interest in the technology and has previously invested in AI firms.No AutopilotKvasir’s founders call theirs an end-to-end approach, using automated programs to process data, construct portfolios and control risk. But they emphasize it’s not a robot spitting out trading signals on autopilot. “We usually always start out with an economic intuition and we design the framework of the signal,” said Oberhuber. “Then we let the machine-learning algo do its own thing.”The firm, currently a team of just five, is authorized by regulators through G10 Capital Ltd. which provides services to fledgling funds. Kvasir owes its moniker to an omniscient creature in Norse mythology who travels to spread knowledge -- but ends up killed.“Let’s hope that doesn’t happen,” said Merritt-Holmes.(Adds detail on performance for AI index in seventh paragraph)\--With assistance from Nishant Kumar.To contact the reporter on this story: Justina Lee in London at jlee1489@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Sid VermaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
After a hugely successful Singles' Day, the world's largest 24-hour shopping event, the future looks bright for Alibaba Group. But that's not the only reason to invest in the Chinese e-commerce giant.
Jay-Z and Iconix Brand Group Inc have settled a series of legal disputes arising from transactions between the rapper and the clothing licensing company dating back to 2007.
Today, there's an app for pretty much anything. Moreover, apps keep developing as the world gets more and more connected. ...
Freight markets have always been a magnet for entrepreneurs. Long gone are the days of the Vanderbilts and Carnegies, but there are ...
Walmart is snapping up grocery share but analysts think the retail giant will rethink its grocery delivery program now that Amazon has eliminated the fee for Prime members
Online retail giant Amazon.com, Inc. (NASDAQ: AMZN)has pushed traditional transportation and supply chain management companies to ...
Defensive driving skills will come in handy at Uber Technologies. Uber’s future depends in large part on the chief executive's reaction to rivals in car-hailing and food delivery.
All the better for ad targeting.
Fitbit (NYSE: FIT) today announced several new software updates, bringing advancements to its popular smartwatches and Fitbit Premium membership service1 so you can put your health and fitness goals front and center this holiday season and into the new year. The release of OS 4.1 for its smartwatches powers new sleep features and greater functionality right from your wrist. Fitbit Versa 2TM will boast an enriched always-on display mode,2 expanded capabilities for Amazon Alexa Built-in3 and a new advanced heart rate algorithm featuring the best tracking yet, all while giving you 6+ days of battery life4 to make the most of your days (and nights).
It's quite something when your name becomes synonymous with an entire movement in an industry. That is what has happened to Uber ...
Google wants to expand its reach to consumers by offering a checking account through a partnership with banking giant Citigroup Inc ...
Adobe (ADBE) could produce exceptional returns because of its solid growth attributes.
Alphabet Inc's Google will offer personal checking accounts from sometime next year in partnership with Citigroup Inc and a small credit union at Stanford University, a person familiar with Google's plans said on Wednesday.
Benzinga Pro's Stocks To Watch For WednesdayCisco Systems (CSCO)- Will report Q1 results after the close Wednesday. ...
John Kim, who took over the reins of Expedia Group's now-struggling vacation rental unit Vrbo in 2016, has been replaced in that leadership role by Jeff Hurst. In another move in Expedia Group's ongoing reorganization, which has been under way for months, Cyril Ranque, previously president of Lodging Partner Services, became president of the company's […]
As Salesforce.com sets up and RingCentral eyes a new all-time high, fellow enterprise software leader Paylocity approaches a new buy point.
Alphabet Inc's Google will offer personal checking accounts from sometime next year in partnership with Citigroup Inc and a small credit union at Stanford University, a source familiar with Google's plans said on Wednesday.
The company is expecting another strong performance in 2020.
The landscape may be changing in the fitness wearables category.
(Bloomberg) -- The biggest Silicon Valley companies have responded to complaints about unequal pay by disclosing the gaps between men and women doing similar work.But not Oracle Corp.The software giant’s board, led by founder Larry Ellison, 75, says it’s a waste of time and money because the company is already committed to equal pay for equal work.Heather Smith, the vice president of sustainable investing at Pax World Funds who’s pushing to make the figures public, isn’t buying it—and neither is a majority of Oracle’s outside investors.For a third consecutive year, Pax is calling on Oracle to produce a report identifying whether a gender pay gap exists and how to fix it. The petitions are part of a broader effort by Pax, fund manager Arjuna Capital and the $208 billion New York City Pension Funds to push many of the largest U.S. companies to make such disclosures. The proposal will be up for a vote at Oracle’s annual meeting on Nov. 19.“Oracle can and should be doing more to close the gender gap in its workforce,” said Smith, whose firm oversees $4.5 billion.It’s easy for companies to pay lip service to equal pay if they don’t actually have to show the progress they’re making. And in Oracle’s case, there’s at least some cause for concern. Both former employees and the U.S. government have sued the company, alleging it systematically underpaid women and people of color. Oracle has denied the allegations in both cases, which are pending.More and more companies are being pressured to confront compensation disparities. About a dozen publicly traded tech giants, including Apple Inc. and Microsoft Corp., have published gender pay data after requests from Pax and others.Last year, almost two-thirds of Oracle shareholders who aren’t senior executives or directors—including funds managed by BlackRock Inc. and State Street Corp.—supported Pax’s request that Oracle publish the figures, up from 56% a year earlier. They would have been approved with support from Ellison, who owns roughly a third of Oracle’s shares and has a net worth of $61.4 billion.The board members unanimously recommended that investors vote against the proposal again this year. Public pay disclosures would be costly and time-consuming and “would not lead to meaningful gains in support of workforce diversity and gender pay equity” at the company, they said in a Sept. 27 regulatory filing. Instead, the board said its existing efforts to promote women in tech, and the fact that four of its 14 directors are women, already puts Oracle at the forefront of gender equality issues, particularly at the top. Chief Executive Officer Safra Catz is also one of just a few women to lead an S&P 500 company.Oracle didn’t reply to an emailed request for comment.For Smith, the rationale behind measuring pay equity is simple. A growing body of research shows workforce diversity improves a firm’s financial performance, boosts innovation and tempers overconfident male CEOs. Pay differences are among the clearest signs of unfair treatment, which in turn hampers diversity in the workplace, according to Joelle Emerson, founder of Paradigm Strategy.“You cannot possibly fix a problem that you don’t measure,” said Emerson, whose firm helps companies conduct pay-equity reviews.Making those reviews public is important. A recent study showed the gender pay gap shrank at Danish companies that were required to publicly report such data after a law change in 2006. For firms exempt from the mandate, the disparities persisted.Salesforce.com Inc. has spent millions of dollars raising the salaries of female workers after internal reviews repeatedly found disparities.“I’ve had CEOs call me and say, ‘This is not true, this is not real,’” Salesforce founder Marc Benioff told CBS last year. “And I say to them, ‘This is true. Look at the numbers.’”In one of the two pending lawsuits challenging Oracle’s compensation practices, an analysis conducted on behalf of three female engineers showed the company paid some women about $13,000 less per year on average versus male counterparts. The plaintiffs are seeking to represent more than 4,000 similarly situated employees.In the other, the U.S. Department of Labor alleged that Oracle for years shortchanged women and minority workers by $400 million. In May, a judge rebuffed Oracle’s effort to block the department’s requests for employee wage data.In the U.K., government-mandated pay disclosures suggest that Oracle, like so many other big companies, still has more work to do when it comes to gender pay equality. Last year, the median hourly wage for women employed by Oracle in the country was 17% less than for men. The disparity for bonuses was a whopping 44%.Pax’s proposal would require Oracle to conduct an analysis of pay equity, which factors in things like job level, function and geography. While that entails some number crunching, Emerson said the cost would hardly be prohibitive for a company like Oracle, which booked $11 billion of profit last year.“Most companies might see it as more costly to not do this analysis and get sued for pay disparities,” she said.So far, Pax and its partners in the effort have persuaded about three dozen companies to publicly release their pay equity figures.Their petitions usually help to establish a dialogue with investor relations or human resources that can lead to a public disclosure, Smith said. As a result, many of the proposals didn’t require a shareholder vote.Some of the early wins have had a knock-on effect. When Citigroup Inc. disclosed its numbers in early 2018, for example, other Wall Street firms followed within weeks. Citi subsequently released even more data. Its peers have yet to follow.Oracle has been a different story. Pax’s letters and petitions have been largely ignored, Smith said. No matter what happens at next week’s meeting, she said the fight for pay disclosure is far from over.“All companies, regardless of sector or industry, should be addressing this issue,” Smith said. “We’re going to continue to press.”\--With assistance from Paige Smith.To contact the author of this story: Anders Melin in New York at amelin3@bloomberg.netTo contact the editor responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Peter EichenbaumMichael TsangRebecca GreenfieldFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Snap competitor TikTok is in the U.S. government's crosshairs, which could be a boon for the maker of Snapchat.
Large institutional investors, such as mutual funds, pension funds, insurance companies, hedge funds, endowments and other investment ...
12:29
Seeking Alpha
REXShares, the issuer of exchange traded products behind a nifty lineup of leveraged exchange traded notes is adding to that roster ...
With Disney entering the streaming space in such a big way, all the other players will have to respond.
But Republic lawyers are sharpening their lightsabers and preparing to attack.
12:05
FinancialContent
Cisco Systems (NASDAQ: CSCO) releases its next round of earnings this Wednesday, November 13. Get the latest predictions in ...
The project, code-named Cache, is expected to launch next year with accounts run by Citigroup and a credit union at Stanford University, a tiny lender in Google’s backyard.
At a time when customers have been non-stop complaining on Twitter about the Apple credit card, Google has decided that now is the time to make its big leap into the consumer finance business.
President Donald Trump's re-election campaign is ramping up a Facebook ad campaign against efforts to impeach him, buying more ads on the topic in recent weeks than all the Democratic White House candidates combined.
11:00
Seeking Alpha
To the annoyance of some shareholders, Expedia Group (NASDAQ:EXPE) shares are down a considerable 31% in the last...
A hedge fund ownerMark Mobius said that Democratic presidential candidate Elizabeth Warren’s “wealth tax” ...
A Relative Strength Rating upgrade for ServiceNow shows improving technical performance. Will it continue?
Facebook sees its Relative Strength Rating move into the 80-plus level.
Some of the UK’s most popular health websites are sharing people’s sensitive data — including medical symptoms, diagnoses, drug names and menstrual and fertility information — with dozens of companies around the world, ranging from ad-targeting giants such as Google, Amazon, Facebook and Oracle, to lesser-known data-brokers and adtech firms like Scorecard and OpenX. Using open-source tools to analyse 100 health websites, which include WebMD, Healthline, Babycentre and Bupa, an FT investigation found that 79 per cent of the sites dropped “cookies” — little bits of code that, when embedded in your browser, allow third-party companies to track individuals around the internet. Google’s advertising arm DoubleClick was by far the most common destination for data, showing up on 78 per cent of the sites tested, followed by Amazon, which was present in 48 per cent of cases, Facebook, Microsoft and adtech firm AppNexus.
02:19
Yahoo! Finance
of the trade war with China, saying US tariffs on Chinese goods would be “raised very substantially” if no truce was reached with officials in Beijing. The comments by the president, in a speech at the Economic Club of New York, highlight the trouble the US administration is having in its efforts to strike an interim deal with China that would bring a halt to the commercial conflict afflicting the world’s two largest economies. Mr Trump said a “significant phase one deal with China” remained “close” and “could happen soon”, as Beijing was “dying to make a deal”.
A federal regulator has opened an inquiry into Google and Ascension’s ‘Project Nightingale’ amassing the detailed health information of millions of patients.
12 Nov, 2019
23:30
Seeking Alpha
The Nasdaq muscled to new highs and took out a pair of distribution days. But Wednesday also marked a rare day of stalling on its daily chart.
Tuesday, stocks closed flat and straight in the middle of the weekly expected move with a flat - 50/50 advance-decline line.
Oracle (ORCL) closed the most recent trading day at $56.59, moving +0.27% from the previous trading session.
Adobe Systems (ADBE) closed at $291.72 in the latest trading session, marking a +0.5% move from the prior day.
Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)'s Google unit is actively storing and analyzing patient data with the major hospital ...
When strong growth does not impress investors Continue reading...
A deal between Google and one of the U.S.’s largest hospital networks is stoking privacy concerns.
Snap will reduce its exposure on the latest iteration of its video sunglasses, with a limited run aimed at influencers.
Investor Day to be webcast live on Salesforce's investor relations website
* Indexes: Dow flat, S&P up 0.16%, Nasdaq up 0.26% (Updates to close of U.S. markets)
Former HBO Chairman and Chief Executive Richard Plepler is in advanced talks to sign an exclusive production deal with Apple Inc.’s new TV+ streaming service, according to a person familiar with the matter.
Snap is mixing optical fashion with 3D and augmented reality with the release of their new Spectacles 3 glasses. Yahoo Finance's Dan Howley give his opinion as to whether or not the glasses are worth the price on "The Final Round."
Walt Disney Co's long-awaited debut in the streaming media wars on Tuesday was hit with technical glitches that the company said were caused by higher-than-expected demand as it takes on rival Netflix Inc .
The stock market mostly rose after President Trump said a U.S.-China trade deal is near and that stock prices would be 25% higher if not for the Fed.
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Energizer Holdings Inc (ENR), where a total of 4,110 contracts have traded so far, representing approximately 411,000 underlying shares. That amounts to about 48.9% of ENR's average daily trading volume over the past month of 841,170 shares..
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Adobe Inc (ADBE), where a total of 14,622 contracts have traded so far, representing approximately 1.5 million underlying shares. That amounts to about 49.7% of ADBE's average daily trading volume over the past month of 2.9 million shares..
An old investment saw goes like this: "Market tops are processes, bottoms are events." This means that in the stock market, it takes time for all the moving parts to top out and head lower. It's usually a gradual affair, unlike major bottom that are often marked with panic selling and sharp moves.The market can easily shrug off events that could hurt it, such as a wide miss on economic growth or unusually weak housing statistics. However, when major issues start to accumulate, before we realize it, we've hit a tipping point where there are too many changes for the bull market to handle.Let's be clear: We are not trying to pick a top or master market timing. But investors should take action when it becomes clear things have changed for the worse. And the sooner we recognize that change, the better.Here are five signs investors should look for to gauge the likelihood of a stock market top. They're not set in set in stone - what was effective at one peak might not be effective for the next. However, evaluating these major areas still can provide clues as to the market's health and intentions. SEE ALSO: The 15 Best Recession-Resistant Stocks to Buy
20:12
Yahoo! Finance
Read on for a preview of the stocks that have just been added to the Argus Focus List, available through Yahoo Finance Premium.
* Indexes: Dow down 0.06%, S&P up 0.08%, Nasdaq up 0.12% (Updates to late afternoon)
Despite being a solid investment over the past decade, Match Group is showing some warning signs that may be a worrying sight for investors.
The third-party food delivery business still has room for near-20% growth over the next few years, driven by a few big players, Morgan ...
Good day,Saudi Arabia's national oil company Aramco is looking to raise an initial public offering (IPO) at an expected ...
Amazon has been dominating cloud computing for years now, but some competitors are looking to topple the King of The Cloud.
Investor optimism is growing as the yield curve steepens, with capital rotating out of pricey bonds into riskier assets (which in turn encourages further optimism).
* Indexes up: Dow 0.13%, S&P 0.33%, Nasdaq 0.47% (Changes comment, updates to early afternoon)
Entertainment and media giant Walt Disney Co (NYSE: DIS) launched its highly anticipated streaming video product Tuesday, Disney+. ...
It has not been the kindest year for companies newly come to the public market. Here's a look at a few that struggled following a high valuation.
Software companies Adobe and Microsoft on Tuesday announced that they are expanding their cloud computing partnership deeper into customer experience management. Both stocks rose on the news.
On the launch day for Walt Disney Co.’s Disney+ streaming service, the company already appears to be plagued by technical difficulties. Users began reporting issues with the service on Twitter early Tuesday morning, with a plethora of users complaining of a technical error, while others reporting...
Walt Disney is the IBD Stock of the Day as the transformational Disney+ streaming service debuts, albeit amid some glitches.
Top tickers for midday: AAPL, FB, DIS, AMRN, AMD, MSFT, ROKU, TSLA, JD, M, BA, BABA, UBER, GE, CSCO, BYND, MU, NFLX, AMZN, BAC.
Women make up just 26% of people in computer and mathematical occupations, according to the BLS.
Customers are eating up the restaurant's menu offerings and expansion strategies.
Guru's largest sales of the 3rd quarter. Continue reading...
Twitter made a bold move by banning political ads, but what effect will this have on the company's future?
Tuesday morning, 113 companies set new 52-week lows.Facts of Interest:The largest company by market cap to set a new 52-week ...
The company says it’s working ‘quickly to resolve the current user issue.’
15:22
FinancialContent
In early trading on Tuesday, shares of Autodesk (ADSK) topped the list of the day's best performing components of the Nasdaq 100 index, trading up 3.0%. Year to date, Autodesk registers a 22.5% gain.
Here are 5 stocks added to the Zacks Rank 5 (Strong Sell) List today
(Bloomberg) -- Dell Technologies Inc. announced a goal to make half of its global workforce female by 2030, one of a raft of pledges meant to foster greater diversity and sustainability at the personal computer maker.The company also set a 2030 target for women to make up 40% of the employees worldwide who manage people. Women comprised 30.4% of Dell’s workforce as of February. And the company said it wants 25% of Dell’s U.S. workers to be African-American or Hispanic by 2030, an increase from almost 13% this year.Dell is among a number of technology companies that have mapped out grand pledges for a more diverse workforce. Facebook Inc. said in July that it wanted to double the number of women, black and Hispanic employees in the U.S. in the next five years -- so half of its U.S. workforce would be from underrepresented groups by 2024. Like several of its peers, including Oracle Corp. and Intel Corp., Dell has been accused by the U.S. Labor Department of paying women and ethnic minorities less than other employees in the same roles. Dell paid $7 million to settle such allegations in September.“We think there is a lot that is challenging the world right now and we are committed to being a significant contributor to solving these problems,” Christine Fraser, Dell’s chief responsibility officer, said in an interview. “We don’t think of it as something that’s nice to do. We think of it as a business imperative.”Dell will educate 95% of its 157,000 employees each year on topics such as unconscious bias, micro-aggressions and privilege, the Round Rock, Texas-based company said Tuesday in a statement.“It’s not just about putting the numbers out,” Brian Reaves, Dell’s chief diversity and inclusion officer, said. “The changes that are coming out behind these goals are in every part of our business.”Dell, which also makes servers, storage hardware and networking gear, said it would expand its sustainability efforts. By 2030, for every product a customer buys, the company said it will recycle or reuse an equivalent product. Dell will also make 100% of its packaging recyclable by the same deadline. More than half of the company’s product content will be made from recycled or renewable materials.“We see e-waste as one of the fastest-growing waste streams,” David Lear, Dell’s vice president of corporate sustainability, said in an interview. “We very intentionally design our products knowing we’ll get it back one day.”The company also said that 75% of the electricity at Dell facilities will come from renewable sources by 2030, and 100% by 2040. Currently, Dell’s headquarters north of Austin, Texas, are powered by renewable energy, Lear said.To contact the reporter on this story: Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Google launched “Project Nightingale” last year with Ascension, a large health care system, to collect data over 21 states and Washington D.C. Neither patients nor doctors were notified about the partnership. Yahoo Finance’s Brian Sozzi, Alexis Christoforous and Wedbush Securities Dan Ives discuss on The First Trade.
Roku Inc(NASDAQ: ROKU) has been given a vote of confidence a day ahead of its earnings many analysts were expecting impressive ...
Is the ability to time the markets more of a data-driven science or a 'gut - feeling' art?
DXC Technology's (DXC) fiscal second-quarter results reflect strength in digital business. However, weak traditional application services business is a headwind.
The vacation specialist is bowing to a tougher new reality on winning search-based customer traffic.
New research appears to validate what many parents and educators have long suspected.
Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares Morningstar Large-Cap Growth ETF (JKE), we found that the implied analyst target price for the ETF based upon its underlying holdings is $218.55 per unit.
13:02
FinancialContent
And investors are losing patience.
Google has reportedly been covertly collecting health data on tens of millions of users without their knowledge.
Global leader in CRM doubles down with an additional $50 million fund to empower cloud consulting firms and digital agencies to drive business transformation for customers around the world
Cloud native deployment option gives market leaders the agility to embrace 5G, IoT and future digital business models
Restaurant sees 50 percent decrease in customer wait times with Oracle MICROS
Salesforce (NYSE: CRM), the global leader in Customer Relationship Management (CRM), today announced that Chairman and co-CEO Marc Benioff will speak at the Tableau Conference 2019 in Las Vegas.
GainersKemet, Inc. (NYSE: KEM) stock rose 12.2% to $25.85 during Tuesday's pre-market session. The market cap seems to be at ...
Disney is in the process of reinventing itself around streaming. Disney (ticker: DIS) doesn’t expect Disney+ to turn a profit in the next five years—and that will be dragging on earnings. Honeywell (HON) makes products from airplane engines to electricity meters.
What to buy, what to skip, when to go and how to save even more money at the membership retailer.
Adobe Systems shows improving price performance, earning an upgrade to its IBD Relative Strength Rating
Atlassian shows improving price performance, earning an upgrade to its IBD Relative Strength Rating
SmarTrend identified an Uptrend for Alphabet Inc-C (:GOOG) on June 18th, 2019 at $1,107.69. In approximately 5 months, Alphabet Inc-C has returned 17.37% as of today's recent price of...
There are two psychological extremes in the stock market. First, when success is assumed; second, when failure is projected.
Ride-hailing company Uber Technologies Inc (NYSE: UBER) is facing calls for a boycott after its CEO called the murder of journalist ...
Alphabet Inc's Google has signed its biggest cloud computing customer in healthcare to date, in a deal giving it access to datasets that could help it tune potentially lucrative artificial intelligence (AI) tools.
01:38
Yahoo! Finance
(Bloomberg Opinion) -- China’s most ubiquitous company is hiding one of its most valuable assets. That needs to change.Tencent Holdings Ltd., best known for the WeChat messenger that almost everyone in the country uses, has a growing fintech business. But it’s getting overshadowed by the games and social media divisions. By spinning it off into a new company, with a move to a separate listing, management could unlock as much as $230 billion in value. That would make the entity China’s fourth-largest listed company and the world’s sixth-biggest financial services firm.Such a move could help Tencent retake some of the limelight that it’s about to share with Alibaba Group Holding Ltd. once that company lists in Hong Kong. Alibaba’s fintech unit, Ant Financial Services Group, already functions as a separate business with the e-commerce giant holding a 33% stake. At Tencent, fintech and business services accounted for 26% of revenue last quarter. The Shenzhen-based company is due to report third-quarter earnings late Wednesday.I estimate that revenue from Tencent’s fintech business grew in excess of 70% last year.(1)  The vast majority of that was payments. Yet Tencent also offers other products such as wealth management and has a 30% stake in WeBank, China’s first online-only bank, which was founded five years ago. Data on its fintech profits are hard to ascertain, yet information disclosed by Alibaba shows that Ant Financial was unprofitable last year, so Tencent could be in a similar boat. That’s not necessarily a bad thing. The two rivals are startups in the classic sense, using fast revenue growth driven by marketing and incentives to gain ground fast. A major reason why both have lost money in recent years is due to low take rates, the commissions received from processing payments, because they’ve offered discounts to consumers and merchants. A turnaround could be near, Sanford C Bernstein senior analyst David Dai wrote in a recent series on China’s fintech sector. He estimates that a maturing market will ease cut-throat competition and allow both companies to take a greater share of the money that sloshes through their payments platforms.As a result, Tencent’s payment business (TenPay) alone could be worth $137 billion, compared to $127 billion for Ant’s AliPay, the Bernstein team figures. HSBC Holdings Plc uses two methodologies(2) to come up with an estimated value of around $128 billion. Throw in the other products, and Bernstein calculates a base-case valuation for Tencent’s fintech unit of $160 billion, going as high as $230 billion. This indicates that 40% to 58% of Tencent’s current market cap is locked up in this hitherto hidden division. Bernstein has a base case of $210 billion for Ant, reaching as high as $320 billion.Payments spinoffs have proven to be lucrative in the past. EBay Inc. proved it with PayPal Holdings Inc. in 2015, with the latter posting a 177% normalized return since then, outpacing the 145% rise in the S&P Data Processing sub-index which includes Visa Inc. and Mastercard Inc. PayPal also trounced both eBay (35%) and the S&P 500 (49%). Square Inc., another payments provider, has been one of the hottest stocks of the past decade, returning more than 590% since its initial public offering in 2015.A more recent example comes from India, where Walmart Inc. is reported to be spinning off payments business PhonePe from local e-commerce company Flipkart Group, which it acquired last year. That transaction could turn a $20.8 billion startup into two unicorns with a combined value of more than $30 billion. Tencent doesn’t need to rush to list this fintech unit. Appetite for mega IPOs is likely to be satiated by Alibaba’s Hong Kong listing and that of Saudi Aramco over the next few months. And there’s a long runway of big startups ready for their moment in the sun. By merely making it a separate entity, management can signal intent and allow investors to start re-rating Tencent’s stock accordingly.An offering may not even be necessary, since Tencent is already sitting on more cash than it needs. Instead, the company could distribute shares in Tencent Fintech to existing shareholders, and then directly list the stock. That’s similar to the approach advocated by activist investor Dan Loeb for a Sony Corp. split.Tencent is sitting on a bright light in this fintech unit. Time to let it shine.(Updates to include reference to third-quarter earnings schedule in third paragraph.)(1) The "others" category includes fintech, cloud, film & TV. Tencent noted that fintech is the major component and gave a figure for cloudbut not content.(2) HSBC Approach 1: valuation per user. Approach 2: Using Tencent operating margins applied to its payments business, then comparing to peers.To contact the author of this story: Tim Culpan at tculpan1@bloomberg.netTo contact the editor responsible for this story: Patrick McDowell at pmcdowell10@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
11 Nov, 2019
Uber CEO Dara Khosrowshahi’s comments during an interview with Axios — and his subsequent apology — have done more than hand the company’s critics more ammunition in the renewed #boycottUber campaign. (Although, mission accomplished on that front.) They also expose a weakness that if left uncorrected threatens to bring back the toxic culture Khosrowshahi promised […]
In the latest trading session, Salesforce.com (CRM) closed at $161.82, marking a +0.44% move from the previous day.
Google is engaged in a secret project with one of the country’s largest health-care systems to collect and crunch the detailed personal health information of millions of Americans across 21 states, according to people familiar with the matter and internal documents.
Alphabet Inc's Google signed its biggest cloud computing customer in healthcare yet, according to an announcement on Monday, gaining with the deal datasets that could help it tune potentially lucrative artificial intelligence tools.
20:49
Seeking Alpha
Venezuela's foreign ministry temporarily lost access to its account with social media service Twitter Inc over the weekend, a spokeswoman said on Monday.
After a big price gain in recent years, Adobe stock could be ready for another leg higher thanks to bright growth prospects in the field of cloud computing.
Social media sites such as Twitter Inc (NYSE: TWTR) and Facebook (NASDAQ: FB) are in many waysan ideal platform to break news, ...
Social media platform Twitter on Monday unveiled its plan for handling deepfake videos and other manipulated media, and called for feedback from the public.
Deloitte’s Irfan Saif and Maureen Mohlenkamp By Oliver Estreich From CRM tools offered by Salesforce.com Inc to highly-complex products from IBM, artificial intelligence (AI) has become central to corporate strategy. While the use of AI is mixed across organizations and industries, early adopters are quickly realizing that building trustworthy AI programs – using related data […]
Alphabet Inc's Google is teaming up with a health-care company on a secret project to collect personal health-related information of millions of Americans across 21 states, the Wall Street Journal reported on Monday.
Venezuela's foreign ministry temporarily lost access to its account with social media service Twitter Inc over the weekend, a spokeswoman said on Monday.
Top tickers for midday: TSLA, AAPL, GE, BABA, SQ, AMD, BA, DIS, ROKU, MSFT, FB, UBER, BAC, AMZN, BYND, MU, NIO, CSCO, NVDA, NFLX.
Investor's largest sales of the 3rd quarter Continue reading...
SmarTrend identified an Uptrend for Fitbit Inc - A (NYSE:FIT) on September 12th, 2019 at $3.73. In approximately 2 months, Fitbit Inc - A has returned 89.80% as of...
Uber Technologies Inc (NYSE: UBER) is down another 13.3% in the past week as the stock endured heavy selling pressure surrounding its ...
Increased spending on cloud computing, artificial intelligence and cybersecurity is driving Corporate America to a digital transformation. The trend is boosting software stocks along the way.
Wozniak says his Apple Card limit is 10 times higher than his wife’s, despite their finances being identical.
The social media network is losing traction with advertisers while wrestling with technical issues in its ad-management systems.
Can the tech titan rectify all its previous missteps in the wearables market?
Nervousness about whether recent optimism was justified weighed on stocks on Veterans Day.
Uber's chief executive said on Monday the murder by Saudi Arabia, a major investor in his company, of journalist Jamal Khashoggi last year could not be excused and that he was wrong to have described the killing as a "serious mistake".
16:15
FinancialContent
During the quarter, eBay introduced new tools and features to enhance the customer experience and attract sellers to its platform. eBay also continued to enhance the new buyer experience.
The Zacks Analyst Blog Highlights: Alphabet, Apple, Fitbit and Facebook
2019 is almost coming to an end, and right now, the best time to travel just before the holidays, and if you want to make travel plans, you should consider the best places to visit in the U.S in November. November and generally the onset of the fall and winter seasons means that many places […]
Does the November share price for Expedia Group, Inc. (NASDAQ:EXPE) reflect what it's really worth? Today, we will...
Twitter said it would make it easier to report misleading information about the voting process in Britain's Dec. 12 election, less than a month after its global ban on political advertising comes into force.
UpgradesOppenheimer upgraded the stock for Alliance Data Systems Corp (NYSE: ADS) from Perform to Outperform. For the third ...
InvestorsObserver issues critical PriceWatch Alerts for ACB, AMD, GE, TEVA, and UBER.
Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the First Trust Dow Jones Internet Index Fund ETF (FDN), we found that the implied analyst target price for the ETF based upon its underlying holdings is $160.73 per unit.
14:18
FinancialContent
Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the Vanguard Mid-Cap Growth ETF (VOT), we found that the implied analyst target price for the ETF based upon its underlying holdings is $166.45 per unit.
But that still didn’t mean a rebound for this broken IPO. In fact, it meant the opposite.
Imperial Capital lowered the price target for Nautilus, Inc. (NYSE: NLS) from $4.5 to $2. Nautilus shares closed at $1.47 on ...
Pre-open moversU.S. stock futures traded lower in early pre-market trade. Futures for the Dow Jones Industrial Average dropped 105 ...
Fitbit (FIT) reports solid third-quarter revenues on the back of strength in smartwatches.
Big gains could be just a click of the buy button away.
One share, one vote has long been a pillar of corporate governance in the UK. A big part of London’s appeal has been in offering a “gold standard” when it comes to listings. about relaxing its position on the use of dual-class share structures will not go down well in governance circles.
09:51
FinancialContent
GainersClovis Oncology, Inc. (NASDAQ: CLVS) climbed 36.1% to close at $5.88 following Q3 results. The company reported ...
Report after report shows a struggling company that just doesn’t know what to do next.
“But our top-line growth is amazing" is not the convincing argument it was for investors just a few months ago.
10 Nov, 2019
Health care provider Kaiser Permanente said its chairman and CEO, Bernard Tyson, has died unexpectedly at the age of 60.
I had an interesting email exchange with a reader this week about switching costs that I think warrants a discussion. I’ve expanded and clarified my replies Continue reading...
Revenue accelerated, and the company made an acquisition too.
Occidental Petroleum, Expedia, Nokia and Diamondback Energy present buying opportunities Continue reading...
Dozens of people in India have been detained on suspicion of publishing inflammatory social media posts and setting off celebratory firecrackers after the Supreme Court ruled to give a disputed religious site to Hindus, police said on Sunday.
Dozens of people in India have been detained on suspicion of publishing inflammatory social media posts and setting off celebratory firecrackers after the Supreme Court ruled to give a disputed religious site to Hindus, police said on Sunday.
As streaming has turned the television industry on its head, one media mogul went against the trend this year. He revealed the advice from News Corp. Founder Rupert Murdoch by way of Oracle CEO Larry Ellison that led him to do it.
Growth was blistering, but investors were disappointed. Now might be the time to buy.
Dozens of people in India have been detained on suspicion of publishing inflammatory social media posts and setting off celebratory firecrackers after the Supreme Court ruled to give a disputed religious site to Hindus, police said on Sunday.
12:00
FinancialContent
They're leaders in their respective markets. And those markets are growing fast.
09 Nov, 2019
Benzinga has examined the prospects for many investor favorite stocks over the past week. Bullish calls included auto and ride-hailing ...
Meanwhile, Google faces numerous challenges in trying to break into the smartwatch market.
16:45
FinancialContent
Is the “Google of China” a better investment than the American original?
Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Twitter, Inc. (NYSE:TWTR) between August 6, 2019 and October 23, 2019 (the “Class Period”) of the important December 30, 2019 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Twitter investors under the federal securities laws.
Apple's lead in wearables is a threat to Android smartphone sales.
Online travel-agency stocks plunged Thursday after Expedia’s latest earnings report revealed a struggle to contend with changing search-engine dynamics as well as trouble with some of its brands.
15:15
FinancialContent
It's still the 800-pound gorilla in the room, but this gorilla is growing some gray hair.
By Justin Spittler Smart hunters prey on the weak. That may sound heartless, but lions instinctually know not to chase fast young gazelles. Instead, they run down the old limping gazelle in the back of the pack. Smart disruptors also target easy prey. Amazon (AMZN) first went after bookstores like...
Average investors have been shut out of getting in on early gains as excesses have gone unfettered.
02:30
FinancialContent
Looking back at a week that started hot and slowly cooled for stocks, and was bad for bonds. What does next week have in store?
A ruling by a U.S. judge granting bond on Friday to a former Twitter employee accused of spying for Saudi Arabia was stayed after U.S. prosecutors said they appealed the decision.
00:47
FinancialContent
Value players should look into cold industries. They won’t get so badly hit in a decline, and they might have some positive surprises.
08 Nov, 2019
Equities are off to a strong start in Q4 with Big Tech leading the way. The NYSE FANG+ index outpaced the Nasdaq 100, Tech Select index, and the S&P 500 handily by 4.1% to almost 7%.
A U.S. judge on Friday said a former Twitter employee could be released on bond, with travel restrictions, while he awaits trial on charges of spying for Saudi Arabia.
A U.S. judge on Friday said a former Twitter employee could be released on bond, with travel restrictions, while he awaits trial on U.S. charges of spying for Saudi Arabia.
The acquisition makes perfect sense.
Troubling financials and other factors sent these stocks lower.
TDC earnings call for the period ending September 30, 2019.
When the IPO lockup period ends for Fastly, Inc. on November 13th, the company's insiders and pre-IPO shareholders will have the opportunity to sell large blocks of currently-restricted shares, including 7.8 million Class B shares.
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Teradata Corp (TDC), where a total of 6,929 contracts have traded so far, representing approximately 692,900 underlying shares. That amounts to about 75.4% of TDC's average daily trading volume over the past month of 919,455 shares..
Even the best-performing new stock companies from the region have been hit by a reset that appears to be happening on Wall Street.
Salesforce (NYSE:CRM) stock continues to remain in place amid company growth and acquisitions. It began the year with a quick recovery from the fall 2018 bear market in tech stocks. However, after returning to levels near the 2018 highs, Salesforce stagnated. As a result, it has traded in a range for most of the year.Source: Bjorn Bakstad / Shutterstock.com However, valuations remain elevated even as profit growth hits a temporary slowdown. Moreover, other companies have entered the software-as-a-service business. CRM stock should return to double-digit growth in the near future. However, with the company maturing and choices for SaaS increasing, I see little incentive for investors to take the multiple, and by extension, the stock price to higher levels.At a forward price-to-earnings ratio of 56, CRM stock remains overvalued. However, unlike other value-rich stocks such as Twilio (NYSE:TWLO) or Shopify (NYSE:SHOP), it lacks one critical element of this type of equity -- movement. CRM stock trades at about the same level as it did in early February.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThis is not to say I have gone negative on CRM stock. Salesforce pioneered the SaaS industry as founder Marc Benioff left Oracle (NYSE:ORCL) and founded this company. As a result, the firm is a "force" not just in sales, but across the entire tech industry. Hence, its high valuations of the recent past are not hard to understand. CRM Faces Multiple CompressionHowever, at $140 billion, Salesforce has grown well beyond the startup phase. This has begun to evolve into a mature company. Over the long run, I also expect valuations to "mature." As I pointed out during the summer, CRM stock moved little despite buying Tableau and forming a partnership with Alibaba (NYSE:BABA).Increased competition has become an increasingly important factor in the company's valuation. Justifying a 100-plus P/E ratio is one thing when a company holds a virtual monopoly. However, consumers now have alternatives. Peers such as Oracle, Microsoft (NASDAQ:MSFT) and Adobe (NASDAQ:ADBE) have become competitive threats. All of these companies also trade at a lower multiple. * 7 Beverage Stocks to Stock Up On I would not expect this process to play out quickly. Thus, I agree with InvestorPlace's Thomas Niel when he recommends against shorting CRM stock. Profit growth may have fallen into the single digits. Still, when analysts predict that a profitable company will increase revenues by 27% in the current year and 24.1% the next, it typically makes for a weak short candidate. Regardless of where CRM stock moves, I expect Salesforce to continue to prosper as a company.Also, the CRM stock price has twice bounced back from the low $140 range. Despite my "overvaluation" assertion, it will need more than a high P/E ratio to inspire a massive downward catalyst. Unless we see an overall bear market that compares to the one in the fall of 2018, I do not expect a significant selloff in Salesforce stock.However, those who ride out the maturing process will see CRM stock either stagnate or decline as the process of multiple compression plays out. Investors need to ask themselves if they want to stick around for this. My Concluding Thoughts on CRM StockDespite the bright future for Salesforce as a company, falling multiples and increased competition could hold CRM stock over the near term. Despite a temporary slowdown in profit growth, CRM's forward P/E ratio remains over 50. This has occurred in an environment of rising competition and slow maturation.To be sure, CRM stock remains a long-term winner. I think once valuations fall, Salesforce stock will again become a buy. However, until the P/E ratio compares well to its main peers, I see CRM remaining in its current range for the foreseeable future.As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks to Sell Before They Roll Over * 5 Beaten-Up Stocks to Buy That Could Be Saved By An Acquisition * 4 Startup Stocks Getting Smashed The post Salesforce Stock Remains on a Path to Continued Stagnation appeared first on InvestorPlace.
The cumulative 2019 earnings power of these 30 stocks was revised UP by +.90% in the past 60 days.
By Harrison Baum, CEO & Founder Daily High Club.Daily High Club’s massive social media footprint started with nothing more ...
Facebook Inc. (NASDAQ: FB) and Alphabet Inc.'s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google are considering changing policies on political ...
GainersTrueCar Inc (NASDAQ: TRUE) shares climbed 41.4% to $5.16 after the company reported better-than-expected Q3 sales results. ...
The data analytics expert posted disappointing third-quarter results then kicked out a CEO who had been on the job for less than a year.
Shares of e-commerce marketplace eBay (NASDAQ:EBAY) started off 2019 with a bang, as revenue and margin trends at the company materially improved behind new growth initiatives and disciplined cost control. Through the end of July, eBay stock was up about 45% year-to-date.Source: ShutterStockStudio / Shutterstock.com Then, the bad news started to roll in.First, global trade tensions escalated in August 2019, and that created unease across the entire global economy and stock market. Second, eBay's CEO Devin Wenig stepped down in September. Third, in October, eBay reported mixed numbers which showed that both the revenue growth and margin expansion narratives were slowing for a variety of a reasons.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe convergence of these three headwinds over the past three months has put an end to the red-hot 2019 eBay stock rally. From their late July highs, shares have since shed about 15%.Is it time to buy the dip? I think so.In the big picture, nothing about the past three months materially changes the long-term growth fundamentals for eBay stock. Earlier this year, those fundamentals implied that eBay stock was fairly valued around $40 by the end of 2019. The same is true today. Thus, with eBay stock plunging toward $35, this dip looks more like an opportunity to buy at a discount than anything else. Don't Overreact to Near-Term PainThe past three months have not been good for eBay. Growth is slowing and will remain weak for the foreseeable future. But, the big-picture fundamentals here remain solid. That's all the stock needs to be worth buying here. * 7 Beverage Stocks to Stock Up On Third-quarter numbers reported in October confirmed that the eBay growth narrative is slowing. Specifically, the gross merchandise value growth rate dropped 2%, although it was up 5% in 2018 and flat in the second quarter. Organic revenue growth rates slipped to 3%, from 6% in 2018 and 4% last quarter. The culprit behind the slowdown? The implementation of new internet sales taxes across a variety of states, which has disproportionately disadvantaged small sellers and forced those small sellers to raise prices. Most of eBay's merchants are small sellers, so average transaction prices across the ecosystem have gone up, which has resulted in less buying across the whole platform.That's not a great dynamic.But, it's a near-term phenomena. Internet sales taxes are being enacted in most large states. Right now, because the taxes are new, they are causing noticeable price hikes. These price hikes will weigh on growth rates over the next few quarters.But, as these taxes become old news, the prices hikes will phase out, and market prices will normalize. As they do, this headwind will disappear, buying action will pick up on eBay and revenue growth rates will move higher. At the same time, management remains committed to cost-cutting and this sustained commitment to cost-cutting implies that margins will continue to expand over the next few years. The Fundamentals Remain SolidThus, we return to this idea that the big-picture, long-term fundamentals have not changed for eBay.Those fundamentals are quite simple. EBay is the internet's version of a global garage sale and it employs this garage sale model better than anybody else. Some consumers don't like the garage sale model. For those consumers, there's Amazon (NASDAQ:AMZN), Wayfair (NYSE:W) and Etsy (NASDAQ:ETSY). But, some consumers do love the garage sale model. For them, there's eBay.To be sure, the market of consumers who prefer the online garage sale model is clearly limited. That's why eBay is growing at a much slower rate than those other platforms. But, eBay is still growing its buyer base, and this sustained growth implies staying power in the secular growth e-commerce market.Staying power in the e-commerce market implies growth going forward.Given historical trends, broader retail and e-commerce sales growth rates, and eBay's competitive positioning, I think eBay most reasonably projects as a low single-digit revenue grower over the next few years. The expense base should continue to drop behind marketing optimization, more focused investments and more effective procurement. Margins will consequently move higher with steady pace. Buybacks will stick around.This combination ultimately implies that eBay can drive earnings per share towards $4 by fiscal 2025. Based on a market average 16 forward multiple, that equates to a fiscal 2024 price target for EBAY stock of $64. Discounted back by 9% per year (one point below 10% to account for the yield), that implies a fiscal 2019 price target of over $40. Bottom Line on EBAY StockIt's been a rough three months for eBay stock. But, while recent developments do imply limited growth over the next few quarters, they do not change the big-picture fundamentals here. Those big-picture fundamentals imply that eBay stock is worth about $40 today. Thus, for long-term investors, the recent pullback is nothing more than a buying opportunity.As of this writing, Luke Lango was long EBAY and ETSY. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks to Sell Before They Roll Over * 5 Beaten-Up Stocks to Buy That Could Be Saved By An Acquisition * 4 Startup Stocks Getting Smashed The post The Recent Pullback in eBay Stock May Provide an Opportunity appeared first on InvestorPlace.
17:13
Yahoo! Finance
36Kr Holdings became the latest company to take over the public markets amid volatility in the U.S. IPO market. Yahoo Finance’s Julie Hyman, Brian Cheung, and Scott Gamm is joined by 36Kr Founder and Co-Chairman Cheng-Cheng Liu on On The Move.
Coverage of earnings reports dominated today's PreMarket Prep Show.Finding Resistance In Disney After Q4BeatAfter the ...
The business analytics software company has been shifting its business to a subscription model from a perpetual license model—and that has led to some bumpy quarters.
Patience is a virtue, except on Venmo.
16:46
FinancialContent
Grubhub falls out of favor, Apple retakes the biggest public company throne, Fitbit ties up with Google, and we're just getting started.
On Friday morning, 148 companies hit new 52-week lows.Points of Interest:Occidental Petroleum (NYSE: OXY) was the biggest ...
16:38
FinancialContent
The real growth story is in wearables and services, not hardware like iPhones.
Today we're going to take a look at the well-established Atlassian Corporation Plc (NASDAQ:TEAM). The company's stock...
While Congress has Big Tech in its crosshairs, that doesn’t mean any of the bills targeting Silicon Valley actually will become law soon, according Capital Alpha analysts, who suggest there are just too many measures coming at once.
To learn more about the next wave of consumer startup investment outside Silicon Valley, I’m speaking to leading B2C-focused investors in various hubs about the trends they’re excited about right now.  Recently, I shared the responses from several London-based investors; today, we spoke to eight of New York’s top consumer VCs: Rebecca Kaden, Partner at […]
While Google reported another strong quarter for its ad business, Expedia and TripAdvisor both posted Q3 earnings misses that were partly blamed on Google Search changes.
Teradata Corp shares are trading on heavy volume today, having risen -18.0% to $24.29. Today's volume of 3.0 million shares tops the average 30-day volume of 748,000 shares. ...
Teradata's (TDC) third-quarter 2019 results reflect weak performance of the perpetual software license and hardware and consulting businesses.
This week: early retirement locations, Tesla and the dinosaurs and a Social Security decision.
The red ink will soon be Google's problem.
Stocks of online travel and reservation sites took a dive on Thursday, but Booking Holdings avoided the worst of the pain. (BKNG) stock (ticker: BNKG) was up 4.9% to $1,940.10 in premarket trading on Friday—after reporting its results late on Thursday. The stock had fallen 8% during regular trading hours.
14:33
Yahoo! Finance
Companies In The News Are: GDDY, INSG, NVRO, TRIP
And it's not just a good third-quarter report -- but yes, the steak-focused chain did serve one of those up.
When looking for the best artificial intelligence stocks to buy, investors should expand their search to unexpected fields. Salesforce.com and Trade Desk are among AI stocks on IBD's radar.
UBS boosted the price target for Booking Holdings Inc (NASDAQ: BKNG) from $1,960 to $2,000. Booking shares closed at $1,849.93 on ...
For those who want to gamble on social media firm Snap (NYSE:SNAP), I can appreciate where they're coming from. Since the start of January, the SNAP stock price has jumped nearly 162%. That easily trumps the year-to-date performances of rivals Facebook (NASDAQ:FB) and Twitter (NYSE:TWTR). Still, I'd consider pocketing some profits if you're in the black.Source: bangoland / Shutterstock.com As impressive as the lift in Snapchat stock is, the bullish case is clearly delineated as a first-half, second-half story. Essentially, shares are almost dead-even since the beginning of July. Thus, all of the positives up to this point are sitting in the rear-view mirror.Further, the stock price has been unable to break out of a defined bearish trend channel that started in late July. And since the beginning of August, shares are down double digits.InvestorPlace - Stock Market News, Stock Advice & Trading TipsOf course, technical sentiment can shift on a dime. That was the case earlier this year when it appeared that Snapchat stock was headed toward a permanent exit. Still, that volatility cuts both ways. Additionally, SNAP has failed to demonstrate longer-term credibility. * 7 Stocks to Sell Before They Roll Over I'm skeptical that it can. A major attraction point for Snapchat stock is that the underlying company resonates strongly with youth. However, as our own Chris Markoch pointed out, Snapchat's user base is starting to skew older. Markoch then asks:Will they stop using the platform? If they continue to use the platform, how will the platform have to evolve to capture disposable dollars in a similar way that filters do today?And even if these users stop using the platform, when it comes to technology the question is always, what's next?I'll answer the last question from an investment standpoint: likely a selloff. Cruel Environment Impacting the SNAP Stock PriceI don't golf, but my friends who do always tell me that the sport is the cruelest. At one moment, you can be on top of the world. In the next, you're shanking your shots.In some ways, social media is the internet's equivalent of golf. On paper, Snapchat stock has the right stuff. They captured youth engagement, which is the most ideal demographic. Although young people are fickle, they're the most culturally relevant. Plus, they grow up to be self-sustaining consumers.Armed with such assets, you'd expect SNAP stock to move consistently higher. But one of the reasons why shares are so volatile is that user gains in social media are difficult, if not impossible to come by after passing a certain threshold.According to the Pew Research Center, social media use among adults started to peak in the middle of this decade. Specifically, very few platforms have demonstrated gains in adult usage. Instagram is a rare exception, although it too has seen a waning growth rate.Usage-wise, the king of all social media, Facebook, has been flat since 2016. If headwinds are stymieing the biggest players, confidence can't be too high for SNAP stock.Another cruel factor working against Snapchat stock is daily usage stats. At first glance, mentioning this point is confusing: among SNAP's user base, 61% work the platform daily. That's a high figure, which indicates that young Americans love Snapchat.But to Markoch's inquiry, what happens when they grow older? Because the one thing that young people have a lot of is personal time. However, when they enter the real world - career, buying a home, starting a family - that free time evaporates quickly.Thus, SNAP's daily usage is a deceptively bearish indicator. Narrow Focus Hurts Snapchat StockFinally, one of the biggest pressure points for the SNAP stock price is the social media firm's narrow focus. Outside of goofing off with friends and acquaintances, there's not much going on for Snapchat.The most vital component of Facebook is its scalable relevance. At each stage in life, Facebook offers something of value. For instance, college graduates can use Facebook to network with others at a time when their own professional credentials are limited.On the other hand, people in the mid-career demographic could use the platform to advertise a new business venture. Or, the politically motivated could get on FB to spark a meaningful grassroots campaign. And of course, older folks can use Facebook to find long-lost friends.Snapchat? I guess you can use it to send rainbow puke filters to your buddies. The thing is, almost everyone grows out of their juvenile phase. That Snapchat doesn't offer utility beyond anyone older than a teenager is perhaps the biggest risk to SNAP stock.As of this writing, Josh Enomoto did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks to Sell Before They Roll Over * 5 Beaten-Up Stocks to Buy That Could Be Saved By An Acquisition * 4 Startup Stocks Getting Smashed The post As the Snapchat User Base Ages, Irrelevancy Will Hound SNAP Stock appeared first on InvestorPlace.
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FinancialContent
Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the First Trust NASDAQ-100 Ex-Technology Sector Index Fund ETF (QQXT), we found that the implied analyst target price for the ETF based upon its underlying holdings is $61.97 per unit.
GainersFastly, Inc. (NYSE: FSLY) stock increased by 20.0% to $22.85 during Friday's pre-market session. The market cap seems ...
GainersTrueCar Inc (NASDAQ: TRUE) shares rose 23.3% to $4.50 in pre-market trading after the company reported ...
Is eBay Inc. (NASDAQ:EBAY) a good dividend stock? How can we tell? Dividend paying companies with growing earnings can...
Everyone knows about Facebook. Here are some other hot social media stocks to consider for your portfolio.
The tech giant's wearables segment is growing rapidly and leaving competitors behind.
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GainersRAPT Therapeutics, Inc. (NASDAQ: RAPT) shares climbed 48.5% to close at $22.27 on Thursday. Invacare Corporation (NYSE: ...
(Bloomberg) -- Google’s moves to cram the top of its search results with more and more advertising is hammering the online travel industry, one of the company’s biggest customers.Expedia Group Inc. fell the most in 14 years on Thursday and TripAdvisor Inc. dropped the most in two years after the companies reported dismal third-quarter results and laid the blame on Google. Booking Holdings Inc.’s shares dropped 8%, too, wiping out a combined market value of more than $13 billion from the three online travel agents.Google dominates the online search market, with at least three quarters of the market. People use the search engine to research trips, so for at least a decade online travel agents have refined their websites with trustworthy content and easy booking tools to show up high in Google results.This search engine optimization, or SEO, worked well until about five years ago. Around that time, Google began placing more ads on the top of search results, pushing down the free listings. The internet giant also built new travel search tools, which were mostly paid listings, too. This means online travel agents now must pay billions of dollars each year to Google to ensure they show up high in search results and get clicks from travel planners.The online travel industry has been concerned about Google’s changes since at least 2016. But the full impact was felt this week.“Google has got more aggressive,” TripAdvisor Chief Executive Officer Stephen Kaufer said during a conference call with analysts late Wednesday. “We’re not predicting that it’s going to turn around.”Free traffic is “shrinking all the time,” Expedia Chief Executive Officer Mark Okerstrom said the same day. “Google does continue to push for more revenue per visitor. And I think it’s just the reality of where the world is.”The industry has been trying other marketing channels, such as social media and more TV advertising. But Google’s search engine is so pervasive that online travel agents have to keep buying ads from the company to keep traffic coming to their sites.D.A. Davidson analysts wrote that Expedia is exploring alternatives to mitigate its “reliance on search/Google,” but they see “no alternatives that will be able to efficiently ‘move the needle’ from a volume perspective anytime soon.”Carnage in the online travel industry comes as antitrust scrutiny of Google is ramping up in the U.S. State, federal and congressional probes are all underway to determine whether the company violates competition law. One area of concern is vertical search, where Google uses its main search engine to promote its own industry-specific products over those of other companies. Travel is one example where this is happening, along with local search, contractor marketplaces like Angie’s List and shopping-comparison services.Google has been a rising risk for the travel industry for a while, but executives have been generally hesitant to blame it for poor results. The search giant is one of the most important sources of traffic and business for online travel agencies, so they have tried to maintain a good relationship. But this quarter, Google’s impact was so painful that industry executives and Wall Street analysts couldn’t avoid it.“We see these Google changes as a potential headwind to OTA profitability,” Morgan Stanley analyst Brian Nowak said in a note to clients. This trend isn’t going away, and people who want to invest in the online travel sector should do it through Google stock, he added.Booking Holdings, the largest online travel agent, was peppered with questions about Google during a conference call with analysts on Thursday.Glenn Fogel, Booking’s chief executive officer, said the company’s future success will rely on reaching people without Google getting in the way.“What we know is most important is for us to get customers to come to us directly,” he said. Building brand strength and retaining customers better means the company “will not be as dependent on other sources of traffic,” he added.\--With assistance from Ryan Vlastelica, Olivia Carville and Ian King.To contact the reporters on this story: Gerrit De Vynck in New York at gdevynck@bloomberg.net;Kiley Roache in New York at kroache@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
TripAdvisor (TRIP) reports unimpressive third-quarter results due to weaker-than-expected revenues from the Hotels, Media & Platform segment.
A day after a brutal beatdown by investors of the online travel sector, Booking Holdings, Expedia and TripAdvisor are on the rise Friday.
(Bloomberg) -- If Google is feeling pressure from the government scrutiny bearing down, the company isn’t showing it. Last Friday the search giant announced it was paying $2.1 billion to buy Fitbit, the struggling maker of fitness gadgets. The deal was Google’s second multi-billion dollar acquisition in the last several months, flying in the face of repeated critiques from public officials that large tech companies are stifling competition by buying startups. “By attempting this deal at this moment, Alphabet Inc.’s Google is signaling that it will continue to flex and expand its power in spite of this immense scrutiny,” David Cicilline, the Democratic congressman leading Congress’s investigation into antitrust issues in tech, said in a statement.People close to Google say the decision to move forward with the Fitbit acquisition bears the fingerprints of one of its key leaders: Kent Walker, Google’s chief legal officer. Company lawyers don’t inspire the same public fascination as young tech founders. But Walker has quietly become one of the most influential people within Google over the last four years. By extension, that makes him one of Silicon Valley’s most important players as the industry enters a moment of unprecedented political peril. Unlike Facebook Inc., which has spent much of the last year trying to explain its policies to a skeptical public, Google has kept its head down and conducted its business as usual. In September, when attorneys general from 48 states announced an antitrust investigation into the company, Walker’s department didn’t bother to send an email to staff explaining the situation. “You take it seriously, but don’t overreact,” said Matt Tanielian of the Franklin Square Group, a lobbying firm. “That's a sign of someone like Kent being in charge.” Walker's supporters see his leadership style as a welcome sign of corporate maturity. Other people see a company that hasn’t adjusted its approach to changing circumstances. For the first time in its history, Google has no shortage of political enemies, yet it seems unwilling to engage them, according to Gigi Sohn, a fellow at the Georgetown Law Institute for Technology Law & Policy. “They’re so used to winning that they don’t necessarily push forward with maximum effort,” she said. “There’s a lack of recognition that they’re not in another time. It’s not 10 years ago. It’s not five years ago. It’s not even two years ago.”  Sohn, who has known Walker for years, refers to him as “a lawyer’s lawyer,” a common compliment for those who have worked with him. But Google, whose founders have receded from public view and whose CEO, Sundar Pichai, is unusually reserved for a Silicon Valley CEO, is lacking a charismatic champion at the top. It has a good attorney, when what it might really need is a good politician.   Walker, 58, spent his childhood on a series of military bases, before attending Harvard University and Stanford Law School. He spent his early career as a federal prosecutor, and did stints at eBay Inc., Netscape Communications Corp., and AOL before joining Google in 2006. At first, Google’s small legal department was consumed with legal challenges over copyright and privacy. But several years into Walker’s tenure, the company began facing its first challenges with antitrust investigations. Walker’s background is not in antitrust law, and he didn’t oversee Google’s 2013 settlement with U.S. regulators over competition. But he has had ample opportunity to learn the subject. “Kent, frankly, really grew with the company,” said Shirley Tilghman, who served on Google's board from 2005 to 2018. Walker, who declined an interview request, has become a prominent figure within Silicon Valley’s insular circle of top lawyers. His protégés have gone on to lead the legal departments at Twitter Inc., Pinterest Inc., Dropbox Inc. and other Silicon Valley firms; many went into the Obama Administration. He’ also a typical Google executive in many ways. Several friends and former colleagues described him as an eager polymath, an obsessive, hands-on, manager—and a huge science fiction fan. Walker has a reputation of coming to conversations armed with data to back up his arguments, his friends said, and considers the word "thoughtful" to be the highest compliment. “He’s intellectually ambidextrous,” said Adam Kovacevich, who spent 12 years at Google's policy division. “He has always cautioned everyone to take Google’s critics seriously.” Walker’s purview expanded when Google created Alphabet to be its parent company in 2015. When it did so, the company’s co-founders and its longtime legal chief, David Drummond, stepped back from Google’s daily operations. Google’s head of policy, Rachel Whetstone, left for Uber the same year, and Walker took over her policy portfolio. Last summer, he became Google’s chief legal officer and head of global affairs, taking control of oversight of corporate policy, cyber-security and philanthropy. Now, nearly every contentious issue at Google eventually bubbles up to Walker—antitrust controversies in Europe, debates over digital data privacy and artificial intelligence ethics, what to do about China, confrontation with Google’s workforce over sexual harassment and contract workers. Walker also plays a key role in managing relationships with governments, a task normally associated with chief executives.  Not every company entrusts its top lawyer with so much power. “For Google, it’s a huge, huge portfolio,” said Doug Melamed, the former general counsel at Intel Corp. “The fact that he has it is testament to the respect he commands with the board and other executives. There are signs of strain, however. Attrition among the legal and policy staff has been bad enough that one former Google official referred to Walker as “the only one left.” To run global affairs, Walker hired Caroline Atkinson, a former Obama official based in Washington, D.C., but she lasted less than two years. Walker spent another year searching for a replacement before hiring Karan Bhatia, a former Bush administration official, last June. This spring, Walker confided to his friend Melamed, the former tech lawyer, that he felt “spread a little thin.”  Walker has also become a target in recent years for current and former employees who think Google has sacrificed its idealistic culture in favor of conventional commercialism. Former employees describe how the company’s legal and policy departments once engaged in robust debates over sensitive topics, but say the back-and-forth faded as Walker consolidated power. Meredith Whittaker, a former Google researcher who has become a prominent critic of the company, argued that this is particularly important because of the impact Google’s policies have outside the company. “He's put there to protect the company from liability, which also means protecting Google from being accountable to its workers and to the public,” she said. “In that way, he's doing all of us—those affected by Google's services and the workers there—a great disservice.”  Trust between Google’s management and its restive workforce has deteriorated since the revelation that the company was working on Project Maven, a Pentagon program to use computer vision software to analyze drone imagery. Google said last year it would stop working on the project, setting off a round of recriminations in Washington.  According to his critics, Walker has shown an inclination to stymie the kind of activism that led Google to back out of Maven. An all-staff memo from Walker, sent earlier this year, reminded employees that accessing certain “need to know” documents was a fireable offense, which some employees interpreted as an attempt to stifle activism. A Google representative said at the time this did not represent a new policy. In August, the company sent out new “community guidelines” to staff warning them not to spend time debating “non-work topics.” Several current employees complained that what they saw as Walker’s desire to tamp down political expressions was an attempt to mollify conservative critics who accuse Google of liberal bias.  Walker’s obscurity may be undercutting his influence outside the company. Eric Schmidt, the company’s former chief executive officer and executive chairman, largely served as Google’s public face during his tenure. Schmidt left in 2017, and Sundar Pichai, his successor, cuts a lower profile. Walker now takes many of the high-level meetings that Schmidt did, but he does so without the cachet of being a chief executive. When Walker planned to testify last summer at a Congressional hearing on Russian election interference, the Senate demanded Google send Pichai instead. Google simply didn't show, and committee staff pointedly set out an empty chair where Pichai would have sat.A Democratic staffer in Congress, who asked to not to be identified discussing private matters, said Walker has been much more reluctant to communicate with lawmakers than his counterparts at other tech giants. “Say what you want about Facebook, at least they’re apologetic,” said Sohn. At Google, she continued, “they haven’t admitted to any error. That might be a mistake.” \--With assistance from Ben Brody and Alistair Barr.To contact the author of this story: Mark Bergen in San Francisco at mbergen10@bloomberg.netTo contact the editor responsible for this story: Joshua Brustein at jbrustein@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- In a letter sent to federal lawmakers, an online merchant has accused Amazon.com Inc. of forcing him and other sellers to use the company’s expensive logistics services, which in turn forces them to raise prices for consumers. The 62-page document, reviewed by Bloomberg, lays out an antitrust case that emphasizes harm to consumers—the traditional basis for such cases in the U.S.  Until now, antitrust experts have suggested that Amazon was not vulnerable to such an argument and that regulators would need to find another way to restrain the company’s growing market power. The complaint, based on an analysis of thousands of Amazon transactions over several years involving more than 100 products, turns all of that thinking on its head. It accuses Amazon of “tying” its marketplace and logistics services together, an antitrust violation in which a company uses dominance in one market to give itself an advantage in another market where it’s less established. The letter refers to previous Supreme Court rulings on tying, including one against Kodak in 1992 that said the photocopier manufacturer violated antitrust laws by forcing customers who bought its machines to also use its parts and repair services.“When it comes to Amazon’s dealings with third-party merchants, some of the conduct actually does lend itself to antitrust scrutiny,” said Hal Singer, an antitrust expert and Georgetown University adjunct professor retained by the merchant to work on the analysis. “If you can connect the conduct to some measureable harm, in this case increased prices, that gets you into the antitrust ballpark.”Amazon, in an emailed statement, disputed many of the merchants’ allegations, saying its logistics prices are competitive and its sellers aren’t penalized for using other delivery options. “Amazon has invested tens of billions of dollars in developing a world-class fulfillment network and we offer that network to sellers at highly competitive fees when compared to other options available to sellers. In fact, our research shows other comparable options available to sellers are approximately 50-80% more expensive”  than Amazon services, the company said.The accusations are potentially a significant development in various government inquiries into Amazon’s business practices. The House Judiciary Committee’s antitrust panel hosted a hearing in July during which chairman David Cicilline, a Rhode Island Democrat, grilled an Amazon attorney about its practices. As  part of that investigation, the committee sent surveys to customers of big tech platforms, asking about the state of competition in digital markets and the adequacy of existing enforcement.The merchant, who received that survey, says he can’t pursue an antitrust case himself because he agreed to binding arbitration when he began selling products on Amazon. But he hopes the Federal Trade Commission, which is already interviewing merchants, will investigate or that a logistics company will file suit, alleging it is losing business due to Amazon's practices. The merchant, who said he has paid Amazon tens of millions of dollars in fees in recent years, requested anonymity out of fear of losing business.A spokesman for the House Judiciary’s antitrust committee declined to comment.The merchant’s letter says Amazon raised logistics fees by 20% over the past four years until they cost as much as 35% more than competing services. The merchant claims Amazon pushed him to continue using its logistics or risk being suspended from selling on its platform or seeing his products marginalized on the site. He says using Amazon’s service forced him to boost prices by as much as 12% on more than 100 products he’s been selling on Amazon for years. The allegations directly challenge Amazon’s own testimony that search algorithms determining which products are most prominently displayed are designed to best serve customers, not favor Amazon. The merchant alleges he could offer the same products on Amazon at lower prices and with faster, more reliable delivery if he could handle logistics himself without being penalized for late deliveries. Merchants using Amazon’s logistics services  don’t face penalties for delivery mishaps, which is why many choose to use it even when better options are available, the letter states.Amazon operates an online marketplace, essentially a digital mall where merchants can sell products. Its website attracts 210 million unique visitors each month in the U.S., mostly shoppers looking for products, making it extremely valuable for anyone looking to sell things online. More than half of all goods sold on Amazon come from independent merchants who pay Amazon a commission on each sale. Amazon controls more than 70% of all online marketplace sales in the U.S., more than triple its closest online marketplace competitor EBay Inc., according to Digital Commerce 360.How regulators define Amazon’s market is a key step in any antitrust investigation. Amazon maintains it should be considered in the broadest possible terms, a retailer that attracts about 4 percent of spending in the U.S. The allegations propose narrowly defining Amazon as the dominant online marketplace with few competitors, which makes its merchant customers more susceptible to its demands.The letter alleges Amazon uses its marketplace to push its logistics services called Fulfillment by Amazon. Merchants ship their products to Amazon warehouses around the country and pay the online giant fees for storage, packing and delivery. Amazon has been expanding its logistics operations to handle everything from storing products to shipping them to customers’ homes. Its online store where U.S. shoppers will spend $221 billion this year, according to EMarketer Inc., gives it a big platform from which to build its logistics business. If Amazon can use its marketplace might to build up its logistics business, it wins an advantage over rival services offered by UPS, FedEx and smaller logistics providers.Amazon, in its emailed statement, said “Fulfillment by Amazon is a service that our sellers love—they tell us FBA saves them time, money and the hassle of packing and shipping boxes so they can instead focus on growing their business, creating new products, and even spending more time with their families. They tell us they choose FBA because it gives them peace of mind knowing that shipping logistics and customer service are taken care of 24/7, year-round.”The merchant’s complaint is by no means a sure thing. Tying services and products together alone isn’t illegal. For more than a century, disputes involving railroads, hospitals and big technology companies like Microsoft have asked the courts to determine when tying should be deemed anticompetitive, and it’s a subject frequently debated by legal scholars. The merchant’s complaint points to a 1984 Supreme Court ruling that laid out standards for illegal tying, later used in the Kodak case, which the merchant’s letter says pertains to Amazon.“The essential characteristic of an invalid tying arrangement lies in the seller’s exploitation of its control over the tying product to force the buyer into the purchase of a tied product that the buyer either did not want at all, or might have preferred to purchase elsewhere on different terms,” the 1984 Supreme Court ruling states.The letter alleges that Amazon uses “carrots and sticks” to coerce merchants to buy its logistics services. Amazon’s control of the marketplace lets it determine which products are most visible on the site. Those using Fulfillment by Amazon are more likely to have their items appear prominently in search results to win sales. Merchants can sell products on Amazon and handle logistics themselves, but many opt to use Fulfillment by Amazon to increase their visibility on the site, a key factor in selling products.Amazon denied its search results favored items it delivers, but said products offered by merchants using its logistics services tend to be more prominent in results. It said that’s not because the search algorithm is biased toward Amazon, but because Amazon logistics “generally provides a better and more reliable experience for our customers than fulfillment through other means,” Amazon general counsel David Zapolsky said in a July letter to the House antitrust panel.The merchant’s letter disputes Amazon’s testimony. Of more than 120,000 Amazon orders handled by Fulfillment by Amazon from Aug. 25 to Oct. 25, fewer than 25% arrived within two days; more than half arrived in about three days and more than 15% arrived in four days, according to the merchant’s analysis. Despite the slow delivery times, Amazon’s logistics fees were 35% higher than other rapid shipping options offered by UPS and the U.S. Postal Service, according to the merchant.The sticks Amazon uses to coerce merchants to use its logistics services are strict penalties, including getting kicked off the platform, for merchants who handle their own logistics. Merchants using Amazon logistics services aren’t penalized when customer orders arrive late, even though they frequently do, since that’s Amazon’s responsibility. Those who handle their own logistics face stiff penalties for even minor delivery mishaps, including being suspended from selling on the platform, according to the merchant.Merchants decide to use Amazon’s logistics, even when more affordable options are available, because it protects them from being kicked off the platform when deliveries are late.“The most intimidating stick in Amazon’s arsenal is the ability to suspend or threaten to suspend sellers,” that don’t use Amazon logistics, the complaint states.\--With assistance from Ben Brody.To contact the author of this story: Spencer Soper in Seattle at ssoper@bloomberg.netTo contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- When Ajay Royan started Mithril Capital in 2012 at the age of 32, he’d never worked at a venture firm or managed a team. Hailing from a modest background in India, his sharp mind distinguished him in and out of school, but he lacked the funds to invest in technology startups. What Royan did have was a curiously strong relationship with the fabulously wealthy and powerful investor Peter Thiel.Royan had worked at Thiel’s hedge fund Clarium Capital—infamous for a spectacular collapse that vaporized more than $6 billion in value between 2008 and 2012. Unlike most of Thiel’s employees who fled Clarium as it cratered, Royan stuck around. He wasn’t awarded a huge salary for his loyalty, but he earned something infinitely more valuable: Thiel’s trust and financial backing to build and manage a venture firm.Thiel put up $100 million to start Mithril. His name and reputation helped attract dozens of prominent investors who followed his lead, pouring hundreds of millions of dollars into the new fund. Then, for the most part, Thiel left Royan and his team to their own devices. While Thiel busied himself with other pursuits—backing a lawsuit against gossip site Gawker, advising the Trump administration on technology matters, dreaming of floating cities and radical life extension—his protege came under fire for allegedly mismanaging Mithril and driving off most of the firm’s top managers. The drama centers on an epic falling-out between Royan and his former general counsel, Crystal McKellar, who left Mithril earlier this year. In a lawsuit filed in October, Royan accuses McKellar of instigating a “whisper campaign” claiming that he committed financial fraud connected to how Mithril collects and spends management fees. A second lawsuit filed about two weeks later by Mithril accuses McKellar of breaching confidentiality and other agreements and seeks a declaration that she was fired for cause as a result of those actions.On Thursday, McKellar returned fire with her own lawsuit, in which she reiterates allegations of financial fraud and says Thiel considered shutting down Mithril before being persuaded to give Royan a chance to get the firm back on track. In the complaint she quotes Thiel as saying: “I can’t believe how greedy Ajay is. Ajay has broken Mithril.” In a statement, a spokesman for Mithril said that the allegations in McKellar’s suit were false, “as evidence in Mithril’s lawsuit against her demonstrates.” He added: “Mithril is confident they will be proven as such in court.”Last month, in an interview overseen by two crisis-management consultants, Royan denied doing anything wrong. “The core of this entire allegation is that there’s some financial issues at the firm,” he said during the almost three-hour conversation. “There are freaking zero issues.” Royan’s reputation—and by extension Thiel’s—was losing luster even before the lawsuits. In recent months, McKellar's concerns coincided with complaints from some investors that Royan is an overly timid deal-maker who has invested just a quarter of Mithril’s newest fund. Former employees and others in Thiel’s extended network have criticized Royan for keeping their names on the website after they left—giving the appearance that the team was larger than it actually was. Several former and existing Mithril employees also said they find it unseemly that Royan put his father and sister on the payroll.So far most investors are keeping the faith. Two major backers reaffirmed their support for Royan and his investing strategy, according to letters written by them and reviewed by Bloomberg. One praised his “patience to not chase inflated pricing” and “world-wide view of investment opportunities.” With the addition of McKellar's suit, which describes Mithril as operating on the power of Thiel’s name but largely ignored by the man himself, that faith will be further tested. Thiel didn’t respond to a request for comment. In the interview, Royan described his patron as “blown away. Like shocked” about allegations of fraud and mismanagement. He added: “I’m not happy, he’s not happy.”Founded in 2012, Mithril is named after the super-strong armor worn by characters in “The Lord of the Rings.” (Thiel, an unabashed Tolkien fan, also mined the trilogy for the name of his data software company, which he tagged Palantir after the books’ magical communication orbs.) Even before Mithril opened its doors, there were problems. Investors at Founders Fund, the venture firm Thiel started several years earlier, were unhappy that Mithril would operate just a few steps from their office on San Francisco’s leafy Presidio campus, according to people with knowledge of the situation. Mithril could have provided a natural complement to early-stage Founders Fund deals by bankrolling some of their more mature startups. But instead of cooperating, Thiel’s two firms competed from the start.In an episode that has not previously been reported, Mithril and Founders Fund clashed over the right to invest in Airbnb Inc. According to two people with direct knowledge of the situation, Mithril locked the deal down as one of its first, crowing about its early stake in the vacation rental startup to newly committed investors. The move rankled many at Founders Fund who felt that because Thiel was already an Airbnb backer they had the first right to invest. After heated exchanges between the two firms, Founders Fund prevailed, leading a $200 million round at a $2.3 billion valuation. Airbnb is now worth $31 billion.“We had egg on our face,” said a former Mithril employee who, fearing retribution for speaking publicly, asked not to be identified. To help smooth frustrations between his warring fiefdoms, according to the same people, Thiel helped arrange a Mithril investment in Palantir. Thiel had already steered Founders Fund to invest in the company, which has secured billions in government and private-sector contracts, but has never turned an annual profit in 15 years. Said the former employee about letting Mithril take a stake in Palantir: “It was like, ‘Hey look at this other shiny thing.’”The initial drama notwithstanding, Mithril’s first fund was fairly typical, with nearly a dozen employees who had all worked with or known Thiel previously finding and funding startups for the firm. Johnson & Johnson acquired one of those earlier this year, snapping up surgical robotics company Auris Health Inc. for $3.4 billion in a deal that delivered Mithril an exit of roughly $510 million. If Auris hits additional milestones, Mithril’s haul will be $870 million, more than returning the entire $540 million fund on that one deal.But back in 2015, when investors were asked to commit to a second larger Mithril fund of $740 million, they didn’t know Auris would be the largest acquisition of a venture-backed medical device company in history. They were mostly betting on Thiel’s reputation.Silicon Valley doesn’t have oligarchs, but Thiel, 52, comes mighty close. He helped build PayPal and when EBay Inc. bought it in 2002 and parlayed the payout into venture investing—writing a now-famous first check to Facebook Inc. That set him on the path to becoming a billionaire. Now, with his Facebook board seat, consigliere status within the Trump administration and expansive network of powerful friends including Elon Musk and Reid Hoffman, Thiel is an influential and, for many, coveted investing partner.His association with Mithril was good enough for the Getty family, Singapore’s Temasek Holdings Pte and dozens of others who joined Thiel to invest a combined $540 million in the fledgling firm’s first fund. Though Thiel is featured prominently on the firm’s website, he has never played a role in daily operations or management.In fact, Thiel has no fiduciary responsibility to Mithril and is free to engage in investing activities that compete with the firm, according to documents reviewed by Bloomberg. “Peter has no control, responsibility or oversight with respect to the manager’s or general partner’s financial reporting and controls, or their disclosure and investor reporting,” states a memorandum between Mithril and investors.Instead, Royan ran the shop and quickly became known for making unconventional choices. The most unorthodox, perhaps, is how he structured Mithril’s management fees. Venture firms typically charge 2% of a fund’s capital to pay for salaries and other operating expenses while investments mature. Fees typically begin tapering off after five years or so as partners harvest profits from their startups. Mithril was structured that way too, but with a twist.A separate management company operated by Royan collected the fees. In financial statements shared with the limited partners in 2017 and 2018, the firm said it was waiving 25% of the fees. In fact, that isn’t exactly what happened. The investors actually paid the full $11.7 million in 2017 and $11.9 million in 2018. But $3 million of that each year was renamed a special “contribution,” which Royan then used to make a personal investment back into the fund. Directors at venture funds are often required to commit their own capital alongside fund investors to strengthen alignment, and this is how Mithril structured that commitment.Royan characterized the fees as standard and said no investors have complained. He said former general counsel McKellar crafted and approved the fee structure; in the first lawsuit he accuses her of weaponizing the fees in an attempt to sully Mithril’s reputation at a time when she has started her own venture firm. “The core of this entire thing is a subterfuge about how we’re actually set up, which has been transparent from day zero,” Royan said. Mithril’s second lawsuit against McKellar, filed in mid-October, requests a monetary award for damages as well as a declaration Mithril terminated her for cause. She deleted more than 98% of all text messages on her company-issued phone before returning it, according to vendor analysis using carrier records included in the suit. McKellar, who played Becky Slater in the “Wonder Years” television show and met Royan at Yale University, denied the claims made in the two Mithril lawsuits, characterizing them as retaliatory. In her own suit, McKellar paints herself as a whistleblower who was wrongly terminated. In the suit she says she tried to correct problems at the firm, and when she realized she would be unsuccessful, she contacted the Federal Bureau of Investigation and the Securities and Exchange Commission to protect investors. (The SEC and FBI declined to comment.) She describes a phone call with Thiel, during which she says he told her he wanted to be more involved at Mithril, but Royan had kept him out of the loop. She subsequently met Thiel at his Los Angeles home, according to the complaint, and discussed the fees, investor relations and Royan’s management style.They agreed to meet again at the house the following day with Royan. During that meeting, McKellar alleges, Royan mischaracterized what was going on at Mithril, and she was forced to contradict him. Thiel threatened to shutter Mithril but Royan appeared “chastened” and promised to implement various fixes. Thiel then relented. In the complaint, McKellar says she tried to implement the fixes but was ultimately thwarted by Royan and officially left Mithril in February, although she continued as an adviser through the summer. Several former employees told Bloomberg that Royan’s flawed leadership helped set the stage for the recent troubles. They say he was rarely at the San Francisco office and when he was there did little to foster esprit de corps. He held himself apart—and  some say above—others, communicating infrequently and creating what one ex-employee described as a caste system. “It was like he was Brahmin and we were untouchables,” said this person, who after realizing he would get little mentoring from Royan and virtually no contact with Thiel, decided to leave.He has had plenty of company. Not one of nine team members featured on Mithril’s site in July 2014 are still with the firm. Other more recent hires have also departed. The steady stream of departures is unusual for the venture industry, where it can take several years for investments to pay off, and employees typically stick around to see them through. The talent drain was a touchy subject for Thiel, according to people familiar with his thinking. Like other Mithril investors, he expected Royan to use the management fees to build a sharp investing team adept at finding and evaluating deals.When told departed colleagues faulted his management style, Royan expressed surprise. “If there are issues you’re hearing, I haven’t heard them,” he said. He explained there is no mechanism for employees to voice concerns because he doesn’t believe formal processes unearth substantive issues. Royan also dismissed concerns about the high rate of turnover, arguing that Mithril resembles a private-equity firm in that it relies more on financial models than superstar deal-hunters. Former employees said low salaries were another irritant. According to two of them, the pay was below market rate and the share of profits was designed to be 1.2% rather than the promised 2%. Mithril’s management company, which is majority owned and operated by Royan, gets that 2% and employees are paid after Royan’s management firm takes its cut, the two former employees said. One of them said the arrangement was especially upsetting because he only learned about it two years after starting work at Mithril, over drinks with others in Thiel’s network. In a statement, the firm said: “Mithril pays competitive compensation tied to an individual’s qualifications and role, with significant upside when the fund outperforms.”Either by accident or design, Mithril maintained the appearance of having a fully staffed operation. Apache Web server co-developer and open-source advocate Brian Behlendorf was a major selling point to investors while Royan was raising Mithril’s second fund. Less than a month after the fund closed, Behlendorf quit. Still, he remained a prominent fixture on the firm’s website for more than a year. Behlendorf declined to comment. JD Vance, who wrote the bestselling memoir “Hillbilly Elegy,” joined Mithril in September 2016. He quit about a year later to join Steve Case’s Rise of the Rest Fund but remained on the site as a managing director for another six months. He has since removed any mention of Mithril from his LinkedIn profile. Vance, whose photo on the site was misidentified for much of his tenure as another employee named Sam Ecker, also declined to comment.Royan said there was never any intent to deceive anyone and that Mithril has “possibly the least updated website in the world. We have to call an external person and have them update it.” Royan took down Mithril’s team page last month to protect identities of team members from what he described as harassment from a reporter. One person was never listed on the site, despite being retained as a consultant: Royan’s father. Asked about the arrangement, Royan said it’s one of several such advisory roles he finances from his portion of the management fees. “I need counsel and I have multiple people I get counsel from,” he said. “These are not people that are on my team or my professional staff. One of these advisers happens to be my dad and that’s fine. End of discussion.” He added: “He’s the man who taught me everything.”  Through a Mithril spokesman, Royan’s father declined to comment.Mithril also employs Ajay’s sister Anuja Royan as a managing director with a focus on operations and finance. She joined the firm in 2015 after a decade of experience building financial models at private equity groups Counsel Corp. and Hilco Consumer Capital and handling audit and assurance at Ernst & Young. Her name did appear on the website. Through a Mithril spokesman, Anuja also declined to comment.In January, Royan decamped from San Francisco and opened a new Mithril headquarters in Austin. Explaining the move, he said he chose the Texas tech hub because it’s centrally located, cheaper and embraces more diverse thinking than the east or west coasts. (His comments echoed Thiel’s own disparagement and abandonment of Silicon Valley.) While the larger venture and tech community took the move in stride, most Mithril team members didn’t want to relocate. So far, just a few have made the move with Royan. In December, investors will gather at Mithril’s first annual meeting in four years—an event requested by Cambridge Associates, a global investment firm that advises other investors about which venture firms to back. During the meeting Mihtril will update the group on performance and future plans as it gets closer to raising a third fund.With the new location—and almost a dozen new hires—Royan seems to be hoping he can start fresh and put the recent unpleasantness behind him. In a letter reviewed by Bloomberg, a major investor in both Mithril funds and member of the firm’s LP committee said after reviewing the firm’s financials, visiting the Austin office and evaluating allegations of misconduct and employee departures, her firm found no cause for concern. “You have our unequivocal support,” she wrote.  With the claims in McKellar’s lawsuit challenging Royan’s integrity, he’s redoubling efforts to polish his and Mithril’s image in an industry where reputation is everything because results can take a decade. Said Royan: “It’s a trust business.”To contact the author of this story: Lizette Chapman in San Francisco at lchapman19@bloomberg.netTo contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In the worst day of its long life on the stock market, Expedia Group traded down by double-digit percentages Thursday.
We've heard the doubts for several years: Are online travel agencies' glory days, when revenue was growing 25 or 30 percent and room nights booked were jumping at similar clips, long-gone history? In contrast to Expedia Group and TripAdvisor, which posted weak third quarters and saw their market caps sliced up on Thursday, Booking Holdings […]
07 Nov, 2019
Investors searching for candidates to buy or add to their watchlist should keep close tabs on the IBD 50, which is composed of top growth stocks.
Teradata (TDC) delivered earnings and revenue surprises of -20.00% and -5.49%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Earlier this week, Good Company Brands announced the launch of its first suite of products: Good Company Tea.Good Company Brands is ...
Travel company Expedia took a big hit after reporting earnings that missed expectations. Yahoo Finance's Scott Gamm breaks it down.
Online travel company Booking Holdings reported quarterly earnings that showed a slight miss on revenue but beat on earnings. The Booking earnings report came after the market close.
Teradata Inc. shares dropped in the extended session Thursday after the cloud-based data analytics company's outlook and earnings fell short of Wall Street views and the company said its chief executive had stepped down on Tuesday. Teradata shares dropped 17% after hours, following a 2.9% rise in the regular session to close at $31.12. Teradata said it now expects adjusted earnings of 13 cents to 18 cents a share for the fourth quarter, and 95 cents to $1 for the year. Analysts surveyed by FactSet had forecast 58 cents a share for fourth quarter and $1.49 a share for the year. The company reported third-quarter net income of $10 million, 9 cents a share, compared with $18 million, or 15 cents a share, in the year-ago period. Adjusted earnings were 32 cents a share. Revenue declined to $459 million from $526 million in the year-ago quarter. Analysts had forecast earnings of 40 cents on revenue of $485 million. Teradata also announced that president and CEO Oliver Ratzesberger resigned on Tuesday and that Chairman Victor Lund was now serving as interim president and CEO.
TRIP earnings call for the period ending September 30, 2019.
* Indexes jump: Dow 0.7%, S&P 0.3%, Nasdaq 0.3% (Updates to close)
Find out what bad news kept these stocks out of a record-setting rally.
On CNBC's "Fast Money Halftime Report," Jim Lebenthal said he would stay away from Tripadvisor Inc (NASDAQ: TRIP) and ...
Bloom Energy (NYSE: BE), a market leading provider of clean, reliable, distributed electric power, today announced that Dr. Michael J. Boskin, the Tully M. Friedman Professor of Economics and Wohlford Family Senior Fellow at Stanford University’s Hoover Institution, and Jeffrey Immelt, former Chairman and CEO of GE (NYSE: GE) and current Venture Partner of New Enterprise Associates, will join the company’s Board of Directors, effective November 12, 2019. At that time, the Board will expand from eight to 10 directors.
Teradata Reports Third Quarter 2019 Financial Results
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FinancialContent
Teradata announced that Victor Lund has been appointed Interim President and Chief Executive Officer, effective immediately.
Teradata today announced the election of Kim Nelson to its board of directors, effective November 5, 2019.
On CNBC's "Fast Money Halftime Report," Michael Farr said he likes FedEx Corporation (NYSE: FDX).Bryn Talkington wants ...
Wedgewood Partners, a St. Louis, Missouri-based investment firm, released its 2019 Q3 investor letter – you can download a copy here. Wedgewood Partners managed a 0.39% return for the quarter. Meanwhile, the benchmark Russell 1000 Growth Index and the S&P 500 Index gained 1.49% and 1.87%, respectively. Wedgewood offered a bearish take on social media giant, Facebook Inc (NASDAQ:FB), in its latest letter to investors: "Facebook […]
Many investors are missing the boat. They're settling for overhyped IPOs, when they could make money investing in pre-IPO stocks that lasts for generations. Stocks with a lot of hype behind them, like Snap Inc. (NYSE: SNAP) or Uber Technologies Inc. (NYSE: UBER), are also being pursued by institutional investors and large hedge funds. Often, those big fish have the opportunity to buy before retail investors can even get in. Read more here... Tags: startup investingTo get full access to all Money Morning content, click here About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors. Disclaimer: © 2019 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201.The post How to Make Money Investing in Pre-IPO Stocks appeared first on Money Morning - We Make Investing Profitable.
In an unintended duet, the CEOs of TripAdvisor and Expedia Group separately talked this week about how Google's increasing practice of directing search traffic towards its own travel businesses has adversely impacted their companies in the third quarter. For its part, Expedia Group intends to push direct booking — it mentioned fledgling Instagram and Facebook […]
France's government is seeking to give the authorities the power to trawl social media for signs of tax avoidance and fraud, according to a provision of the budget 2020 draft law that is being debated in parliament.
Just over a month ago, eBay (NASDAQ:EBAY) was thrust into yet another major transition. CEO Devin Wenig announced Sept. 25 that he was stepping down amid differences with the board. As this transition unfolds, the company will look to sell more assets, leaving it with its core online auctions and e-commerce business.Source: BigTunaOnline / Shutterstock.com However, after years of losing ground to other players, many wonder if the company can save itself.Still, with the online auctions industry growing at a respectable rate, EBAY stock should generate some degree of growth despite changing conditions.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Losing GroundEBAY stock was a darling of the 1990's tech boom. It built an iconic brand based around its online auctions. Founder Pierre Omidyar became a billionaire the day the company launched its IPO, and the stock was among the most revered equities during that decade. * 7 Stocks to Sell Before They Roll Over However, its performance after the boom has brought little reason to celebrate. Its core auctions and e-commerce business has taken an obvious backseat to Amazon (NASDAQ:AMZN). Moreover, resellers have not responded well to the fee structure eBay imposes, leaving little incentive to choose it over the online retail giant. According to Inc.com, eBay's share of the e-commerce and online auctions market stands at just 0.8%.Also, due to the spinoff of the aforementioned ventures, it has not become a conglomerate like today's Amazon. The company acquired PayPal (NASDAQ:PYPL) in 2002 only to spin it out in 2015. StubHub is met with the same fate as the company seeks a buyer.Moreover, gross merchandising volume for eBay fell almost 5%, the worst performance in several quarters. Interim CEO Scott Schenkel blamed this on the recently implemented internet sales tax. This requires the company to collect sales taxes on behalf of some out-of-state sellers. This adds cost to doing business on eBay. However, it adds costs to everyone else too. Hence, it should become less relevant as the e-commerce industry adapts. Global Online Auctions GrowthDespite these signs of continued struggle, eBay stock bulls have one key sign for hope. Orbis Research predicts that the global online auction market will grow at a compound annual growth rate of 7.2%. This bodes well for eBay stock as its name recognition remains high.Moreover, profit forecasts for eBay stock reflect this growth. After average earnings declines over the last five years, analysts expect profits to increase by 19.4% this year. Though they forecast only 5.8% earnings growth in fiscal 2020, Wall Street believes profit growth will return to the double-digits on average.Also, investors can buy this growth cheaply. At the current EBAY stock price of around $35 per share, the forward price-to-earnings ratio stands at just 12.1. With average annual profit growth reaching the double digits, I cannot argue against a mild bull case for eBay stock.No, I do not see the kind of outsized multiples that have benefitted Amazon. Nor should investors expect its dot-com valuation or notoriety to come back. However, it enjoys high name recognition in a niche that still drives respectable CAGR growth. At current levels, I see a trade short term and modest gains over a longer time horizon. My Final Thoughts on eBay StockDespite struggles in the e-commerce industry, eBay stock should continue a pattern of modest growth. Without question, the company has lost much of its prestige it gained in the dot-com boom. It has also struggled to expand its offerings through acquisition. This leaves it primarily an auction and e-commerce business, where it has declined relative to competitors in recent years.However, analysts expect the online auctions business to grow at a 7% rate. They also predict average earnings increases in the low double-digits. This and a low P/E ratio should make eBay stock a profitable trade. Longer term, investors probably will not own the highest-growth name in e-commerce, but they will see growth nonetheless.As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks to Sell Before They Roll Over * 5 Beaten-Up Stocks to Buy That Could Be Saved By An Acquisition * 4 Startup Stocks Getting Smashed The post There Is Still Opportunity in eBay Stock appeared first on InvestorPlace.
The latest U.S.-China trade war news that could see the world's two largest economies roll back tariffs. Q3 earnings results from the likes of Qualcomm and Square. And why Yeti is a Zacks Rank 1 (Strong Buy) stock...
Third-quarter results were woeful, and the company announced a couple of surprising moves.
More than one metric in the online travel agent specialist's quarterly update was disappointing.
Online travel agency stocks plunged Thursday after Expedia’ latest earnings report revealed a struggle to contend with changing internet search-engine dynamics as well as trouble with some of its brands.
* Qualcomm among top boosts to S&P 500, Nasdaq on strong forecast
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Costco Wholesale Corp (COST), where a total of 42,856 contracts have traded so far, representing approximately 4.3 million underlying shares. That amounts to about 252.6% of COST's average daily trading volume over the past month of 1.7 million shares..
Earnings come out tonight, and investors are nervous.
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Seeking Alpha
GainersInvacare Corporation (NYSE: IVC) shares climbed 33.6% to $10.54 after the company reported upbeat Q3 ...
On Thursday morning, 109 companies achieved new lows for the year.Interesting Points:MPLX (NYSE: MPLX) was the largest, in ...
The Dow Jones Industrial Average and other key indexes rallied to new record highs in the stock market today, boosted by bullish China trade news.
Renaissance’s Jim Simons crushes both the S&P 500 index and successful investors like Warren Buffett and George Soros.
Which tech giant is winning the battle for enterprise marketing software sales?
* Qualcomm among top boosts to S&P 500, Nasdaq on upbeat forecast
While we’re still waiting for self-driving cars, Garmin (ticker: GRMN) recently introduced the next best thing: self-landing plane technology. “If any Silicon Valley company had come up with a self-landing plane, I think it would have been on the front pages of all the business sections.
Increased spending on cloud computing, artificial intelligence and cybersecurity is driving Corporate America to a digital transformation, and is boosting software stocks along the way.
Perion Network's (PERI) third-quarter 2019 results reflect robust performance of Search and other segments despite weakness in advertising division.
Roku Inc.’s massive 2019 rally took a hit Thursday as the company failed to live up to what analysts said were high expectations.
The Zacks Analyst Blog Highlights: Berkshire Hathaway, Adobe Systems, BHP, BlackRock and Aktiengesellschaft
The acquisition of companies for their data is concerning in general for regulators, Europe's antitrust chief Margrethe Vestager said on Thursday, a week after Google bought fitness trackers company Fitbit.
Symbols mentioned in this story: TQQQ, CSCO, CMCSA, ADBE Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand..
With near-term expectations high, a disappointing Q4 sales outlook is overshadowing Roku's strong account and usage growth figures.
On CNBC's "Fast Money Final Trade," Tim Seymour advised viewers to buy American Airlines Group Inc (NASDAQ: AAL). He likes ...
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FinancialContent
In early trading on Thursday, shares of Baidu topped the list of the day's best performing components of the Nasdaq 100 index, trading up 9.6%. Year to date, Baidu has lost about 25.8% of its value.
* Indexes up: Dow 0.74%, S&P 0.56%, Nasdaq 0.68% (Updates to open)
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FinancialContent
In early trading on Thursday, shares of Ralph Lauren topped the list of the day's best performing components of the S&P 500 index, trading up 12.7%. Year to date, Ralph Lauren registers a 9.9% gain.
HP (HPQ) saw a big move last session, as its shares jumped more than 6% on the day, amid huge volumes.
UpgradesFor Aircastle Ltd (NYSE: AYR), Goldman Sachs upgraded the stock from Sell to Neutral. In the third quarter, Aircastle ...
* Futures up: Dow 0.55%, S&P 500 0.37%, Nasdaq 0.44% (Adds comment, updates market action)
Salesforce [NYSE: CRM], the global leader in CRM, today announced Forrester Research has positioned Salesforce as a leader in its report, The Forrester Wave™: Enterprise Marketing Software Suites, Q3 2019. Salesforce Marketing Cloud received the highest possible scores in the criteria of artificial intelligence, customer experience capabilities, consumer privacy, product vision, partner ecosystem and services and support.
Insider trading has a negative connotation for many Americans due to the idea that company management can buy or sell shares of stock ...
Companies that went public this year and did well in terms of price performance did so on the back of solid financials, positive cash flows and growing revenues.
The social media company's CEO talks making the site more shoppable, expanding use cases, international growth, and more.
Since 2017, it has acquired three marketing software companies and is looking to get a piece of Salesforce.com's financial pie.
Its third-quarter report wasn’t particularly bad, but Wall Street wanted more.
Trip.com Group says getting digital advertising revenues from its new TripAdvisor China joint venture is secondary to the need of providing global and more comprehensive content to its changing customers. Going forward, however, Trip.com Group can be expected to maximize this stream of income. “It does have a lot of great potential,” said the group’s CEO […]
Sector ETF report for PSJ
B Hotel Brasília personalizes guest services and reporting with Oracle Hospitality solutions
TripAdvisor shares sank 20% Thursday after the vacation booking company reported third-quarter earnings that missed Wall Street expectations. "We reiterate that the companies themselves have provided very little data to corroborate these estimates.
U.S. stock index futures jumped on Thursday as signs of a U.S.-China trade truce and a fresh batch of earnings reports looked set to restart a rally that has led Wall Street to record highs.
A decline in this key metric spells trouble for the e-commerce giant.
Pre-open moversU.S. stock futures traded higher in early pre-market trade. Data on initial jobless claims for the latest week will ...
Some of the stocks that may grab investor focus today are:Wall Street expects AmerisourceBergen Corporation (NYSE: ABC) to report ...
The decimation of WeWork's valuation since the start of the year provides investors with valuable lessons on what constitutes value.
Expedia and TripAdvisor cited weak online search and advertising trends when they widely missed third-quarter earnings forecasts on Tuesday evening. Expedia, whose portfolio includes Hotels.com and Trivago, said it spent more on advertising as links to its sites fell in the rankings of search results. TripAdvisor cautioned that its outlook for 2019 has been damped after recording softness in its business of auctioning off advertising to hotels.
(Bloomberg) -- Adobe Inc. debuted its most important mobile application ever this week when it finally released Photoshop for Apple Inc.’s iPad. But with key capabilities missing, many within the company’s vast fan base have panned the application, prompting the app’s overseer to publicly defend his product.Scott Belsky, chief product officer of Adobe’s Creative Cloud division, tweeted about the “painful” early reviews for a product his team has worked on for years. Right now in Apple’s App Store, Photoshop for iPad has a user review rating of 2.3 out of 5 stars. Belsky tweeted a screenshot of the metric, saying it made sense that a re-imagination of a popular 30-year-old product would displease many. Bloomberg News reported last month that the beta version of the touchscreen Photoshop app upset testers who missed many of the popular functions they’d grown accustomed to over the years.“If you try to make everybody happy w/ a v1, you’ll either never ship or make nobody happy,” Belsky tweeted. “Such feats require customer feedback to truly exceed expectations. You must ship and get fellow passionate travelers on board. But for a team with the right vision and commitment, being doubted and critiqued is motivating and informing.” Belsky also responded to users who tweeted about not enjoying Photoshop on Apple’s tablet, recommending they try Adobe’s drawing app, Fresco. While it’s hard, it’s important to build products “with customers” rather than “hidden in the lab,” he added.Read more: Adobe Pitches Illustrator, Photoshop for IPad Amid Slowing SalesAdobe has embarked on the arduous task of bringing its most successful software franchises to mobile devices to maintain its stature as the world’s largest maker of creative software. The San Jose, California-based company said this week it will bring Illustrator to the iPad in 2020.While the apps cater to creative professionals seeking the ability to work on the go, Adobe also is trying to expand the appeal of its photo-editing and illustration software to hobbyists. The strategy may boost revenue growth for the Creative Cloud unit. Adobe projected in September that sales growth for its smaller marketing software unit would slow down in the current period, raising pressure on the main creative business.\--With assistance from Mark Gurman.To contact the reporter on this story: Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Edwin Chan, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The 1bn 16-24 year olds currently filtering out into the adult world have grown up during a period of immense cultural, demographic, political and technological change. In the US, the NextGen — those aged under 25 — is the most diverse generation ever. Almost half of the NextGen in the US are non-white, up from 39 per cent of millennials, 30 per cent of Gen X and 18 per cent of baby boomers.
EXPE earnings call for the period ending September 30, 2019.
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Yahoo! Finance
Alphabet’s decision to pay $2.1bn for Fitbit looks even more peculiar in the wake of the fitness tracker company’s third-quarter results. Fitbit might have once led the pack on health tech but that was a long time ago. At least the stakes in this deal are relatively low for Alphabet.
At a time when headwinds from Google's business practices, lower hotel rooms rates, and a shift toward higher-cost marketing channels are negatively impacting Expedia Group's financial results, the online travel agency finds itself caught up in — and preoccupied with — an internal reorganization. "With many people focused on that effort, it did likely impact […]
06 Nov, 2019
(Bloomberg) -- TikTok, the music-video-sharing mobile app owned by China’s ByteDance Inc., unveiled new tools to let third-party developers integrate their content onto its platform, seeking to deepen ties in the U.S. even as it faces growing scrutiny from lawmakers over data security.The new features will let TikTok users edit videos in other apps, such as Adobe Inc.’s Premiere Rush, and publish them directly on TikTok, helping users create new original content. In addition to Adobe, TikTok is also teaming up with augmented-reality company Fuse.it, photo- and video-editing program PicsArt, image-animating app Plotaverse and other outside app developers. TikTok, known for light-hearted, buzzy short videos, is one of the few Chinese internet companies to catch on in the U.S. Integration with third-party services can help apps expand into new audiences, and it’s a strategy that was used aggressively by social media companies like Facebook Inc. and Twitter Inc. in their earlier years. But such integrations have also posed a threat to user privacy, primarily because users who agree to post from one app to another often share much more information than they realize.This kind of data sharing is at the root of almost all of Facebook’s privacy issues that have surfaced over the past two years. Facebook had many information-sharing relationships with third-party developers, and some of them, like the researcher who sold user data to Cambridge Analytica, took advantage of the partnership to collect massive amounts of data from Facebook users without their knowledge. Facebook has since tried to clean up those partnerships, and announced in September that it had severed ties with tens of thousands of third-party apps that were using its software. TikTok has been downloaded more than 110 million times in the U.S., and has been growing more popular among U.S. teens at a time when tensions have escalated between the U.S. and China over trade and technology. TikTok’s burgeoning popularity has made it a fresh rival to Facebook and Instagram, and has also drawn the attention of U.S. senators who see it as a potential threat.Last week, the U.S. government opened a national security review of TikTok, according to a person familiar with the investigation. Beijing-based ByteDance bought Musical.ly two years ago for almost $1 billion to merge it with TikTok. The deal was seen as a way for the Chinese company to expand abroad and capitalize on an increasing appetite for short video. The Committee on Foreign Investment in the U.S., also known as CFIUS, which reviews deals by foreign acquirers for potential national security risks, has begun to review the purchase amid increasing concern about TikTok’s expanding influence.The companies included in TikTok’s new program are likely to get a boost from the integration. For a small developer like Plotaverse, a partnership with TikTok could have a sizable impact on visibility and growth.(Removes an earlier misstatement from Plotaverse in the last paragraph of the Nov. 4 story saying TikTok would help it access the Chinese market. Plotaverse later retracted that statement.)\--With assistance from Kurt Wagner.To contact the author of this story: Candy Cheng in San Francisco at ccheng86@bloomberg.netTo contact the editor responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Fitbit (FIT) delivered earnings and revenue surprises of 0.00% and 0.25%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Seven top stocks near buy points reported earnings after the close. Roku, Carvana and Expedia sold off. Dexcom, Fiserv, Qualcomm and Elf Beauty jumped to or above buy points.
Oracle (ORCL) closed at $55.70 in the latest trading session, marking a +0.05% move from the prior day.
(SONO) looks well positioned to see its stock appreciate either due to improved investor perception or an acquisition, according to D.A. Davidson analyst Tom Forte. “We see Sonos as a natural acquisition target for Apple, given the similarities in: 1) product quality, 2) design acumen, and 3) premium brands,” Forte wrote.
Adobe Systems (ADBE) closed the most recent trading day at $287.40, moving -0.65% from the previous trading session.
Shares of Uber Technologies (UBER) are falling, hitting a new record low after its IPO lock-up period expired on Wednesday.
22:06
FinancialContent
Adjusted earnings came in at a loss of 10 cents per share, falling in line with consensus estimates. Sales came in at $347.2 million, beating estimates by $1.94 million.
S&P; 500 gains 0.07% and Dow Jones falls 0.01% Continue reading...
(Bloomberg) -- Fitbit Inc. reported revenue that beat analysts’ estimates in its first quarterly results since Google announced its planned acquisition of the wearable technology company.Third-quarter sales were $347 million, the San Francisco-based company said Wednesday in a statement. That was a decline of 12% from the period a year earlier, but ahead of analysts’ projections of $345.1 million. The shares slipped less than 1% in extended trading after closing at $7.03 earlier on Wednesday.Earlier this month, Fitbit agreed to be acquired by Alphabet Inc.’s Google in a deal that could help shore up the internet giant’s consumer-hardware business while also increasing antitrust scrutiny. The companies expect the $2.1 billion transaction to close sometime in 2020.“We continued to make good progress shifting our business toward the faster growing smartwatch category with the introduction of Versa 2, expanding Fitbit Health Solutions, and deepening our relationship with consumers,” James Park, chief executive officer of Fitbit, said in the statement.“The continued success of the Fitbit brand is built on the trust of our users, and our commitment to strong user privacy and security will not change,” he added. “I’m excited about the combination of Fitbit and Google and look forward to closing the transaction.”To contact the reporter on this story: Kiley Roache in New York at kroache@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Wearable device maker Fitbit Inc reported its first drop in revenue in five quarters on Wednesday as it faced intense competition from deeper-pocket companies such as Apple Inc and Samsung Electronics Co Ltd , underscoring challenges for buyer Alphabet Inc's Google.
Pinterest, Inc. (NYSE: PINS) today announced that Todd Morgenfeld, Chief Financial Officer, will participate at the RBC Capital Markets Technology, Media and Telecommunications Conference on November 19, 2019 at 1:10 pm ET (10:10 am PT).
IAC CEO Joey Levin said a board committee continues to review a proposal to distribute the internet company’s 80.8% stock in Match to shareholders.
TripAdvisor, Inc. (NASDAQ: TRIP) issued its third quarter 2019 earnings press release and management's prepared remarks, which are available now at http://ir.tripadvisor.com/events-and-presentations. These documents are also available on the SEC website at http://www.sec.gov. As announced previously, the company will host a conference call tomorrow, Thursday, November 7, 2019 at 8:30 a.m. Eastern Time (ET) to discuss the results. The live audiocast and replay will be available to the public at http://ir.tripadvisor.com/events-and-presentations. Replays of the conference call and the webcast will be accessible at http://ir.tripadvisor.com/events-and-presentations for at least twelve months following the conference call.
Trip.com Group Limited (Nasdaq: TCOM) ("Trip.com Group", formerly known as Ctrip.com International Ltd. (Nasdaq: CTRP)) and TripAdvisor, Inc. (Nasdaq: TRIP) ("TripAdvisor") today announced a strategic partnership to expand global cooperation, including a joint venture, global content agreements and a governance agreement.
Fitbit, Inc. (NYSE:FIT) today reported revenue of $347 million, GAAP net loss per share of $(0.20), non-GAAP net loss per share of $(0.10), GAAP net loss of $(52) million, non-GAAP net loss of $(27) million, cash used in operations of $(41) million and free cash flow of $(56) million for its third quarter of 2019.
Expedia Group, Inc. (NASDAQ: EXPE) posted its third quarter 2019 earnings release in the Investor Relations section of its corporate website at http://ir.expediagroup.com. The earnings release is also available on the Securities and Exchange Commission's website at http://www.sec.gov. As announced previously, the company will host a conference call today to discuss financial results at 1:30 PM Pacific Time / 4:30 PM Eastern Time.
Trip.com Group Limited (Nasdaq: TCOM) ("Trip.com Group", formerly known as Ctrip.com International Ltd. (Nasdaq: CTRP)) and TripAdvisor, Inc. (Nasdaq: TRIP) ("TripAdvisor") today announced a strategic partnership to expand global cooperation, including a joint venture, global content agreements and a governance agreement.
20:47
Seeking Alpha
Top Research Reports for Berkshire Hathaway, Adobe & BHP
18:29
Seeking Alpha
Premium music speaker maker Sonos could be the next consumer electronics stock in play after Google's acquisition of Fitbit, a Wall Street analyst says. Apple would be a logical suitor.
Analysts recommend a moderate sell for Novozymes and Teradata Continue reading...
Insider trading has a dirty reputation among the general public because it can be unfair and highly illegal if not done properly. ...
The stock is down over 15% after the company released its third quarter earnings results.
15:05
FinancialContent
Fitbit (NYSE: FIT) releases its next round of earnings Wednesday. Get the latest predictions in Benzinga's essential guide to the ...
On Wednesday, November 6, TripAdvisor (NASDAQ: TRIP) will release its latest earnings report. Benzinga's report can help you figure ...
The e-commerce veteran's earnings and revenue may have been better than expected, but that doesn't mean they were good.
14:57
FinancialContent
On Wednesday, November 6, Expedia Group (NASDAQ: EXPE) will release its latest earnings report. Benzinga's outlook for Expedia Group ...
The Zacks Analyst Blog Highlights: Facebook, PayPal, eBay and MasterCard
Is (ADBE) Outperforming Other Computer and Technology Stocks This Year?
CDW vs. NOW: Which Stock Is the Better Value Option?
The headline was head turning, but Google's path to wearables growth is narrow, short, and rife with stumbling blocks.
Survey shows desire to boost customer experience driving utilities' cloud adoption, although cybersecurity remains a top concern
The niche social network faces slowing growth in its most profitable market.
The deal comes as Fitbit's share price has been taking a beating in recent months
Some of the stocks that may grab investor focus today are:Wall Street expects CVS Health Corporation (NYSE: CVS) to report ...
Companies Reporting Before The BellCVS Health Corporation (NYSE: CVS) is projected to report quarterly earnings at $1.77 per ...
TDC will conduct a conference call for institutional investors and analysts on November 14, 2019 at 14.30 CET to present the Q3 2019 results. Lasse Pilgaard, Chief Financial Officer, will comment on the results and answer questions during the conference call.
Senegalese startup NIMA Codes — a digital mapping service for locations without formal addresses  —  has upgraded its app and plans to go live in 15 African countries in 2020. The pre-seed stage startup launched in 2018 around an API that uses mobile-phone numbers to catalog coordinates for unregistered homes and businesses in Senegal. NIMA […]
Volvo Cars said on Wednesday it will make the cobalt used in its batteries globally traceable using blockchain technology, following an agreement with its two battery suppliers, China's CATL and South Korea's LG Chem.
05 Nov, 2019
Today we highlighted 4 'cheap' stocks that are currently trading for under $10 per share that also sport a Zacks Rank 2 (Buy) or better that investors might want to consider buying right now...
Investors studying IPO bases are partly blinded because new issues don't have enough trading history to generate tools like the Relative Price Strength Rating or the Accumulation/Distribution Rating, as compiled in IBD's proprietary research tool, Stock Checkup. Important factors include seeing a shallow correction within the base during normal market conditions, a large increase in price and a close near session highs on the breakout day, and heavy volume on the breakout day and week. ServiceNow, the business software company, went public June 29, 2012, at 18 a share, and met with immediate success as the stock leaped to a close at 24.60 as nearly 11 million shares exchanged hands.
22:45
Yahoo! Finance
As the government continues to struggle with whether Facebook (FB) should be separated from all its parts, the company has taken another measure to ensure that it's virtually impossible.
Top tickers for end of day: INTC, KO, ACB, FIT, NIO, REAL.
The Trump administration on Tuesday issued licenses allowing some U.S. companies to pay taxes in Venezuela in spite of a broad U.S. sanctions regime, but also issued more sanctions on top officials in President Nicolas Maduro's government.
* Dow up 0.11%, S&P 500 down 0.12%, Nasdaq up 0.02% (Updates to market close)
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Party City Holdco Inc (PRTY), where a total volume of 8,939 contracts has been traded thus far today, a contract volume which is representative of approximately 893,900 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 58.7% of PRTY's average daily trading volume over the past month, of 1.5 million shares..
Adobe shares popped after the software company provided strong earnings guidance for 2020. Yahoo Finance's Akiko Fujita and Jared Blikre discuss.
U.S. stock indexes hit new highs amid U.S.-China trade war progress. Quarterly earnings results, including Uber. The episode then closes with a look at why The Boston Beer Company (SAM) is a Zacks Rank 1 (Strong Buy) stock...
* Dow up 0.28%, S&P 500 down 0.01%, Nasdaq up 0.14% (Updates to mid-afternoon, changes byline)
McDonald’s Corporation Former CEO Easterbrook Departed without “Cause” So Keeps Valuable Stock and Options By John Jannarone At first glance, it might appear that Stephen Easterbrook left his post as CEO of McDonald’s Corporation with peanuts. But a closer look reveals he may keep restricted stock and options worth over $60 million. On Sunday, the […]
Wall Street analysts applauded Adobe on Tuesday for its latest software for creative professionals, which it announced at its Adobe Max conference in Los Angeles. Adobe stock rose.
* Indexes: Dow up 0.20%, S&P flat, Nasdaq rises 0.14% (Changes comment, updates to early afternoon)
In a study of analyst recommendations at the major brokerages, for the underlying components of the S&P 500, Boston Scientific Corp. (BSX) has taken over the #8 spot from Salesforce.
Any one of these would be a great fit for Alphabet and deliver an influx of new products, talent and energy.
* Indexes: Dow up 0.11%, S&P down 0.09%, Nasdaq flat (Changes comment, updates market action)
The much-anticipated Photoshop for iPad, the Fresco drawing app for Windows and an AI-powered Photoshop camera app for smartphones are ...
Most investors have to wait until the end of a quarter to get feedback on how a company performed during the quarter. However, internet ...
* Dow up 0.08%, S&P down 0.12%, Nasdaq off 0.04% (Adds details on markets, companies, context)
The stock market was mixed early Tuesday despite growing optimism over a U.S.-China trade deal and positive news for individual stocks.
15:04
Yahoo! Finance
Investing.com - Adobe (NASDAQ:ADBE) rose by 5.03% to trade at $291.56 by 09:30 (14:30 GMT) on Tuesday on the NASDAQ exchange.
Adobe soared, while Xerox and Intel moved toward buy points on Tuesday as the Dow Jones today sighted in on another new high.
14:46
FinancialContent
Fitbit's been shopping around for a buyer, and the search is finally over for the beleaguered fitness tracker manufacturer.
The S&P 500 has led the charge higher, and the index is getting overbought here, and it needs to cool before making its next move higher. The RSI on the S&P 500 is now at 70.
* Futures up: Dow 0.31%, S&P 0.24%, Nasdaq 0.27% (Adds comment, updates market action)
Adobe soared, Xerox and Intel moved toward buy points on Tuesday as the Dow Jones today sighted in on another new high.
Customer honorees in the Americas region include Austin Commercial, Ameren, BlueCross BlueShield of South Carolina, DPR Construction and Facebook
Credit Suisse lowered the price target for Everbridge, Inc. (NASDAQ: EVBG) from $100 to $90. Everbridge shares closed at $67.40 on ...
GainersEverQuote, Inc. (NASDAQ: EVER) shares moved upwards by 31.5% to $28.63 during Tuesday's pre-market session. The market ...
GainersFlexShopper, Inc. (NASDAQ: FPAY) rose 36.4% to $2.40 in pre-market trading after the company reported ...
Pinterest delivered Q3 2019 earnings that left investors shocked. Why? It was not so much its poor results, but the mismatch between extremely high investor expectations with unimpressive growth prospects.
Futures: The stock market rally has hit highs amid big sector rotation. RingCentral, Everbridge and Adobe earnings news offer hope for software.
Women-owned businesses are up, but an increase in part-time entrepreneurship may be cause for concern.
Investors will be looking at these angles when the company reports.
04 Nov, 2019
Gainers:EverQuote Inc (NASDAQ: EVER) shares are up 23% after reporting a third-quarter earnings beat. Earnings came in at a penny ...
Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm headquartered at the Empire State Building in New York City, is investigating:
Current ratio is a popular way for investors to assess the health of a stock’s balance sheet. Current ratio is a measure of a ...
Welcome to the latest episode of the Full-Court Finance podcast from Zacks Investment Research where Associate Stock Strategist Ben Rains breaks down what's next for Facebook and Apple stock...
Results to be released on December 3, 2019, after market close
Adobe (Nasdaq:ADBE) today will host a financial analyst meeting with investors and financial analysts at its Adobe MAX conference, where Adobe’s executive team will unveil the company’s strategy to expand its leadership in the creative, digital documents and customer experience management categories to drive sustainable, long-term top and bottom line growth in 2020 and beyond. As part of its presentation, Adobe will provide data showing that its total addressable market is expected to reach approximately $128 billion by 2022.
U.S. government funding in artificial intelligence has fallen short and the country needs to invest in research, train an AI-ready workforce and apply the technology to national security missions, a government-commissioned panel led by Google's former CEO said in an interim report on Monday.
U.S. equities are rallying to fresh record highs on Monday thanks, yet again, to positive China trade headlines right before the open. The focus is shifting from whether a deal actually gets done -- as well as specifics around thorny issues like intellectual property protection -- to where President Donald Trump would like to get the deal signed. Iowa has been mentioned as a candidate.This, of course, is like pure sugar to the market bulls, whipping them into a mania. With the Federal Reserve's three recent interest rate cuts just starting to percolate into the economy, the removal of the drag from trade tensions could kick the economy back into gear. * 7 Retail Stocks to Avoid for the Holidays As a result, these four consumer-oriented technology stocks are rallying and look good for new money:InvestorPlace - Stock Market News, Stock Advice & Trading Tips Consumer Tech Stocks to Buy: Facebook (FB)Facebook (NASDAQ:FB) shares are emerging from a multimonth consolidation range to return to highs not seen since late July. A push back towards the prior high near $210 would be worth a 6% gain from here and potentially mark the end of a sideways range going back to the summer of 2018.The company is expected to next report results around Jan. 29 after the close. Analysts are looking for earnings of $2.47 per share on revenues of $20.1 billion. On Halloween, the company reported better-than-expected third quarter results thanks to ongoing success with Instagram. Snap (SNAP)Snapchat parent Snap (NYSE:SNAP) is enjoying a share price move back above its 50-day moving average, setting up a run to its prior high near $18.50 which would be worth a gain of nearly 20% from here. This traces out an epic head-and-shoulders reversal pattern that started in late 2017 and traces a possible price target of as high as $30, which would be a new post-IPO high. * These 7 Stocks to Buy Were Big Winners This Earnings Season The company is expected to next report around Feb. 4, with analysts looking for earnings of a penny per share on revenues of $560.9 million. HP (HPQ)HP (NYSE:HPQ) shares are also emerging back above their 50-day moving average, setting up a run at the 200-day average that was only briefly crossed back in July. Shares have been in a persistent downtrend pattern since late 2018, but with Black Friday approaching and the company attracting attention for its well-designed Envy computer models, a sustained rebound appears to be in order.The company is expected to next report results around Nov. 27 after the close. Analysts are looking for earnings of 58 cents per share on revenues of $15.3 billion. GoPro (GPRO)GoPro (NASDAQ:GPRO) shares are rallying back above their 50-day moving average, setting up a run at the 200-day average that proved intractable back in late September. Shares have gone nowhere fast after the last four years as the action camera marketplace died down. But new initiatives like 360-degree photography are generating fresh excitement. * These 7 Stocks to Buy Were Big Winners This Earnings Season The company will next report results on Nov. 7 after the close. Analysts are looking for a loss of 48 cents per share on revenues of $126.4 million.As of this writing, William Roth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * These 7 Stocks to Buy Were Big Winners This Earnings Season * 5 Cheap Stocks Welcoming Insider Buying * 7 Earnings Reports to Watch Next Week The post 4 Consumer Technology Stocks to Buy Now appeared first on InvestorPlace.
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Insperity Inc (NSP), where a total of 4,734 contracts have traded so far, representing approximately 473,400 underlying shares. That amounts to about 129.5% of NSP's average daily trading volume over the past month of 365,595 shares..
U.S. government funding in artificial intelligence has fallen short and the country needs to invest in research, train an AI-ready workforce and apply the technology to national security missions, an independent government-commissioned panel said in an interim report on Monday.
Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Apache Corp (APA), where a total volume of 37,881 contracts has been traded thus far today, a contract volume which is representative of approximately 3.8 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 60.7% of APA's average daily trading volume over the past month, of 6.2 million shares..
Top tickers for midday: AAPL, BABA, GE, FB, AMD, T, TSLA, BAC, UBER, MCD, MSFT, MU, AMZN, XOM, FIT, NIO, ROKU, JD, NVDA, NFLX.
At Adobe MAX, Adobe (Nasdaq:ADBE) today announced the Content Authenticity Initiative, along with The New York Times Company (NYSE:NYT) and Twitter (NYSE:TWTR), aimed at developing an industry standard for digital content attribution.
17:24
FinancialContent
The mania is a big smoke-and-mirror show. Valuation is often wildly out of step with the company’s actual worth, and profits are often years away.
The market’s hottest stocks this year have mostly been youngish companies with little, if any, profit history Continue reading...
UpgradesCraig-Hallum upgraded the stock for Axcelis Technologies Inc (NASDAQ: ACLS) from Hold to Buy. For the third quarter, ...
Self-absorbed, entitled, and attached to their mobile phones. These are some of the common perceptions of Gen Zs, the generation of people born between 1997 and 2012 that is now entering the workforce. But, according to recent research conducted by ServiceNow (NYSE: NOW), the company that makes work, work better for people, Gen Zs are defying some of these stereotypes in the workplace. ServiceNow findings bust several of these myths and show that Gen Zs recognize the promise of technology to improve work experiences, prefer face-to-face interactions with managers, and are not only eager to learn from other generations, but also believe they can help older generations be more open-minded.
Today at Adobe MAX, the world’s largest creativity conference, Adobe (Nasdaq: ADBE) announced the next generation of Creative Cloud—a release of faster and more powerful products spanning multiple surfaces. The company officially launched Adobe Photoshop on iPad and extended Adobe Fresco to Microsoft Surface, while also previewing the highly anticipated Adobe Illustrator on iPad and the all-new Photoshop Camera. Adobe continues to push the boundaries of creativity and innovation with the introduction of Adobe Aero, a new authoring tool for creating in augmented reality.
GainersIZEA Worldwide, Inc. (NASDAQ: IZEA) shares rose 13.4% to $0.34 during Monday's pre-market session. The market cap ...
12:12
FinancialContent
GainersCalifornia Resources Corporation (NYSE: CRC) shares jumped 50.1% to close at $8.39 on Friday after the company reported ...
(Bloomberg) -- With companies like Uber Technologies, Inc., Slack Technologies Inc., and Pinterest Inc. going public this year, the question has been: How many millionaires will Silicon Valley mint? What’s not being asked is how much of that new wealth will go to women. The answer, according to a new study released Monday, is: not much. Carta, an equity management platform, crunched data from over 300,000 employees at more than 10,000 companies, and found four out of five paper millionaires are men.The jobs that land the biggest equity packages tend to be held by men in C-suite roles, said Emily Kramer, Carta’s vice president of marketing. “As wealth goes up, the percentage of millionaires who are women go down because they are not CEOs, CFOs or founders,” she said. Chief marketing officers, the most common executive role held by women, have the lowest median equity award, 39% less than that of CFOs, which tend to get the most generous packages after CEOs. Among the world’s 500 richest people, there are just two female technology billionaires, according to the Bloomberg Billionaires Index. MacKenzie Bezos, a major shareholder of Amazon.com Inc., is worth $36 billion and Zhou Qunfei, the founder of Lens Technology, is worth $5.9 billion. Sheryl Sandberg, the chief operating office of Facebook, who is not in the top 500, has a net worth of $2.1 billion.Carta last year for the first time identified an “equity gap,” finding women in Silicon Valley held 47 cents for every dollar of equity men did. Carta this year found a slight improvement: Women hold 49 cents for every dollar in stock options men do, a 2% increase from last year. Women make up more than a third of all employees, but only hold 20% of equity wealth, the study finds. While most equity ends up being worth nothing, when a startup goes public or gets acquired, stock grants can result in a big payday, creating the next class of angel investors and entrepreneurs. And even with underwhelming valuations from tech companies this year, underrepresented employees are getting the “short end of the stick” and become “collateral damage,” said Henry Ward, the chief executive of Carta.The gender equity gap exists for a variety of interconnected reasons. Early employees often get better stock options than those who join later, and younger companies tend to have smaller proportions of women. There’s also a lack of representation on founding teams. Women only make up 13% of all founders in the data pulled by Carta, and female-founded teams only got 2.2 percent of venture funding last year. Women also say they don’t know what to ask for during already opaque salary negotiations. One woman who worked for a unicorn startup, who asked not to be identified to avoid alienating her former employer, said she didn’t know to ask for refresh grants after getting promoted several times. When the company went public, she ended up getting $20,000 (before taxes); she calculates she could’ve been a millionaire.As WeWork prepared to go public, Trista Kempa, who says she was the 17th employee, said she wasn’t offered options at all. “I was 23, naive, and didn’t know what equity or options were—I certainly didn’t know how much it could impact my financial future,” she tweeted. WeWork did not immediately respond to request for comment. Carta offers educational materials that teach women how to negotiate their liquidity preferences and ask for fair equity offer up front. “It’s not a matter of getting in the door,” said Carta’s Kramer, who is also head of Table Stakes, an initiative highlighting the gender gap in equity at venture-backed companies. “It’s about advising employees on how to avoid a WeWork situation.” To contact the author of this story: Candy Cheng in San Francisco at ccheng86@bloomberg.netTo contact the editor responsible for this story: Rebecca Greenfield at rgreenfield@bloomberg.net, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
When a stock or ETF closes near its upper starc band (starc+), it is considered to be a higher-risk buy and is in overbought territory.
Salesforce.com shows rising price performance, earning an upgrade to its IBD Relative Strength Rating
ServiceNow shows rising price performance, earning an upgrade to its IBD Relative Strength Rating
ServiceNow saw its IBD SmartSelect Composite Rating jump to 96 Monday, up from 92 the day before.
03 Nov, 2019
A wide swath of the U.S. travel and leisure industry is set to provide insight next week on the state of the economy, including trends in consumer spending, fallout from U.S.-China trade tensions and any damaging impact from the stronger U.S. dollar.
U.S. stocks gained about 1% on Friday, as the S&P 500 and Nasdaq Composite kicked off the month of November with record highs. Energy and Industrial names led the way higher this week, while the Real Estate and Utility sectors lagged.Ideal Economic SituationBulls were encouraged by an upbeat October employment report on Friday. The U.S. economy added 128,000 non-farm payrolls in the month, which exceeded expectations. In addition, results from the August and September were both revised higher.Just 48 hours earlier, the initial reading of third-quarter GDP growth came in ahead of the consensus analyst estimate. Also on Wednesday, the FOMC voted to cut interest rates for the third consecutive meeting.Earnings Parade Marches OnAlmost lost in the sea of “Goldilocks” economic data is that we just ended the busiest week of the third-quarter earnings season. Apple (AAPL) and General Electric (GE) were the big earnings-related winners this week.On the other hand, Internet names like Etsy (ETSY), Grubhub (GRUB), Pinterest (PINS) and Wayfair (W), all experienced sizable declines, after disappointing investors with their profit outlooks.Of the 356 S&P 500 companies that have reported so far, 76% have exceeded earnings expectations. This is well above the historical average, although aggregate profit remains on track to decline fractionally in the third quarter.Knowing what and when to buy can be challenging for any investor. However, the fact remains that attractive investments are out there, if you’re willing to dig a little deeper.One such real estate name with a solid dividend and strong earnings momentum is worth a closer look and is our Stock of the Week below…Stock of the Week: VICI Properties (VICI)The company operates as a real estate investment trust (REIT), with over 22 entertainment properties, casinos and hotels, including Caesar’s Palace.The stock gained nearly 4% this week, as management delivered a better-than-expected quarterly profit this past Wednesday.Looking ahead, these gains should keep on coming. Here’s why:VICI earned $0.35 a share in the third quarter, as revenue fell 4% from the previous year, to $222.5 million. Management noted the upside was driven by higher leasing revenue in the period and boosted full-year profit guidance by 4%.The higher guidance was also influenced by the $843 million cash acquisition of the JACK Cleveland Casino and Thistledown Racino the company announced earlier in the week.VICI will lease the property back to JACK Entertainment for an initial term of 15 years, at an annual rent of $65.9 million. The deal is expected to close in early 2020 and be immediately accretive to the company’s earnings.Following the acquisition news and guidance boost, Deutsche Bank analyst Carlo Santarelli boosted his price target of the stock on Friday, citing:“We continue to like VICI's aggressive style and its ability to leverage relationships and expand its tenant base. Further, VICI has done a very nice job accessing the capital markets at opportune times to solidify their capital structure and promote accretion. We think the growth pipeline remains a competitive advantage. As such, we remain favorably inclined and we reaffirm our Buy rating. Our price target goes to $28 from $27.”In addition to its growth potential, VICI also rewards investors with steady income. Management pays a quarterly dividend of $0.2975 a share (4.85% yield) that it boosted back in September. The next payout will likely be declared in December.In the meantime, the company carries a Smart Score of 10/10 on TipRanks. This new proprietary metric utilizes Big Data to rank stocks based on 8 key factors that have historically been a precursor of future outperformance.On top of the positive aspects mentioned already, Smart Score says that VICI has seen insider buying, in addition to positive sentiment from hedge funds and financial bloggers. (See VICI stock analysis on TipRanks)This is just 1 of the 20+ stocks selected for the Smart Investor portfolio. That’s where we share more detailed insights on our weekly stock picks. You may also want to learn more about how we use TipRanks indicators to find stocks that are primed to outperform. (To discover the Smart Investor portfolio click here)
02 Nov, 2019
While the departure of October means the quarter is only one-third complete, the quarterly earnings season has already entered the home stretch, and appears certain to lose yet again.
16:50
Seeking Alpha
Ademi & O'Reilly, LLP is investigating Fitbit (NYSE: FIT) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Fitbit to Google.
This weekend's Barron's cover story presents the results from the most recent Barron's China Roundtable. Other featured ...
It's been slowing recently, but there are explanations.
The social network's business is still going like gangbusters. Its reputation, on the other hand, could use some help.
Microsoft has a flaw, and tiny Smartsheet is taking advantage of it.
The company’s core business looks solid, but its stock looks frothy.
Focusing on small-cap value stocks with strong balance sheets and consistent free cash flow has paid off for the American Century Small Cap Value fund.
01 Nov, 2019
Top tickers for end of day: AAPL, S, FB, BABA, FIT.
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors Fitbit, Inc. ("FIT" or the "Company") (NYSE: FIT) in connection with the proposed acquisition of the Company by Alphabet, Inc.'s Google ("Google").  Under the terms of the acquisition agreement, FIT shareholders will receive $7.35 for each FIT share they own.
On a record day on Wall Street, Fitbit accepted a buyout offer from Google, and AbbVie beat expectations and raised its dividend.
Despite good news throughout much of the market, poor earnings hit these stocks hard.
The Dow Jones closed in on an all-time high Friday, jumping 301 points intraday, helped by a breakout for Caterpillar stock and a strong jobs report.
* Dow up 1.11%, S&P 500 up 0.97%, Nasdaq up 1.13% (Updates to market close)
U.S. stocks jumped Friday after the October jobs report came in well above consensus expectations. Treasury yields climbed and gold prices fell, as investors piled into risk assets.
20:02
FinancialContent
It's official: Google is acquiring Fitbit.
A better-than-expected jobs report thrust equities to new all-time highs once again, with the S&P 500 notching its fourth new high in five days. Let's take a look at a few top stock trades as the markets continue to roll higher. Top Stock Trades for Tomorrow No. 1: Alibaba (BABA)Alibaba (NYSE:BABA) is barely in positive territory following its earnings report, but the technical setup is not that appealing.InvestorPlace - Stock Market News, Stock Advice & Trading TipsShares tried to break out over the $180 level, but failed to hold onto its gains. The silver lining here? BABA stock is still above short-term uptrend support (purple line), as well as its cluster of major moving averages between $171 and $173.A move below uptrend support would negate the breakout, while a decline below its moving averages would be a sign of caution. Below $170 and uptrend support (blue line) is in play near $165. * 7 Earnings Reports to Watch Next Week Over $180 and the breakout is back on the table, with the first upside target being Friday's post-earnings high, followed by the September high of $184.13. Top Stock Trades for Tomorrow No. 2: Pinterest (PINS)For most of our pre-earnings setups, we don't need to revisit them a day later. For Pinterest (NYSE:PINS), though, the stock's major decline is forcing us to take a second look.Shares were down more than 25% at one point, just below the $19 IPO price. With Friday's sharp rebound though, bulls have a tradable low to measure against. On the upside, see if PINS can rally back to its prior post-IPO low near $23. Above that and it can fill the gap up toward $25.Below Friday's low and PINS is a no touch. Top Stock Trades for Tomorrow No. 3: AbbVie (ABBV)AbbVie (NYSE:ABBV) stock has been on fire, and Friday's post-earnings rally is only adding fuel to that fire. The stock is nearing overbought territory on a weekly basis, and has long since cleared prior downtrend resistance (blue line).Let's see if the 100-week moving average gives ABBV any issues, up at $83.50. Over it and the 52-week highs near $90 are on the table. If the 100-week moving average is resistance, see if ABBV finds support either at the 50-week or 200-week moving average.The stock was recently called a breakout buy for 2019. Top Stock Trades for Tomorrow No. 4: Chevron (CVX)Despite bouncing around on the day, Chevron (NYSE:CVX) is near flat after reporting earnings. This one has become a bit of a sloppy setup.The upside is clogged by a cluster of moving averages between $118 and $120. On the downside, the February gap between $112 and $113 has generally been support For CVX stock this year.Let's keep it simple.A dip into this zone can be bought, provided it holds as support. If it fails, a flush down to the $105 to $107 area could be in the cards. A break over $120 could send CVX up to $124-plus. Top Stock Trades for Tomorrow No. 5: U.S. Steel (X)Want to stick with the keep-it-simple approach? U.S. Steel (NYSE:X) is jumping on Friday, but running into an important level.If it moves over the $13 to $13.25 level and the 100-day moving average, X stock can continue higher. It puts the 78.6% retracement at $14.60 in play, as well as the declining 200-day moving average.If it falls below $13, lower prices may be in store. Top Stock Trades for Tomorrow No. 6: Funko (FNKO)It has been a while since we've talked about Funko (NASDAQ:FNKO). $17 and channel support both gave way on Friday, leading to a flood of selling. Shares are now near $15.Below the 23.6% retracement and near its session low, there's little confidence in Funko right now.Friday's move technically puts the $12 area in play, although it may take a while to flush down to that point. From here, see if FNKO can reclaim $15.15, the 23.6% retracement. Above it puts the underside of prior channel support in play. Below $15 and shares can remain under pressure.Funko is also a no-touch for me at this moment.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long PINS. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Buy-and-Hold Stocks to Play Investing's Biggest Trends * 7 Stocks to Buy in November * 5 Strong Buy Stocks Under $5 With Massive Upside Potential The post 6 Top Stock Trades for Monday: BABA, PINS, CVX appeared first on InvestorPlace.
Apple Inc asked the Trump administration to waive tariffs on Chinese-made Apple Watches, iPhone components and other consumer products, according to company filings with the U.S. Trade Representative's Office.
Investors who watch wearable technology stocks may be monitoring their own elevated heart rates.The announcement Friday that ...
It has been roughly six months since Beyond Meat made its initial public offering. Although the stock was sitting on nearly an 840% gain from its IPO price at its highs back in July, BYND has come back down to Earth.
* Dow up 0.92%, S&P 500 up 0.81%, Nasdaq up 0.88% (Updates to mid-afternoon, changes byline)
Top tickers for midday: AAPL, FIT, BABA, AMD, FB, X, TSLA, PINS, GE, AMZN, MSFT, PBR, NFLX, BAC, TWTR, ROKU, UBER, BYND, ABBV, SBUX.
Rowley Law PLLC is investigating potential securities law violations by Fitbit, Inc. (NYSE: FIT) and its board of directors concerning the proposed acquisition of the company by Google LLC. Stockholders will receive $7.35 for each share of Fitbit stock that they hold. The transaction is valued at approximately $2.1 billion and is expected to close in 2020.
In trading on Friday, entertainment shares were relative laggards, down on the day by about 0.4%. Helping drag down the group were shares of Pinterest, off about 18.2% and shares of Live Nation Entertainment down about 7.4% on the day.
GainersCalifornia Resources Corporation (NYSE: CRC) shares jumped 40.4% to $7.85 after the company reported better-than-expected ...
* Indexes up: Dow 0.95%, S&P 0.75%, Nasdaq 0.74% (Updates to early afternoon)
Midway through trading Friday, the Dow traded up 0.87% to 27282.39 while the NASDAQ rose 0.62% to 8344.07. The S&P also rose, ...
* Indexes up: Dow 0.93%, S&P 0.76%, Nasdaq 0.86% (Changes quote, adds details; Updates prices)
The search giant plans to merge Wear OS with Fitbit OS.
15:55
FinancialContent
Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100..
15:50
FinancialContent
It’s another daytime of lifetime highs in the world of equities. It seems that a “just right” jobs report was the gasoline the fire needed, so records are falling all over the place.
Image-sharing social media platform Pinterest Inc (NYSE: PINS) disappointed the Street with its third-quarter report, but at least three ...
Pinterest's (PINS) third-quarter 2019 results reflect user base expansion and strong ARPU growth but expenses surge.
15:09
FinancialContent
Shares drop after the company reports mixed third-quarter results. Here's what investors need to know.
14:47
Seeking Alpha
14:37
FinancialContent
The stampede of earnings is here, and we've got you covered on the biggest news.
Oracle Corp (NYSE:ORCL) shares have crossed bullishly above their 10-day moving average of $54.64 on a volume of 209K shares. Swing traders may find an opportunity for a long...
Following the market opening Friday, the Dow traded up 0.83% to 27269.60 while the NASDAQ rose 0.96% to 8371.82. The S&P also rose, ...
The major stock indexes were broadly higher after Friday's big jobs beat. Dow Jones stock Apple notched a record high.
UpgradesFor Amedisys Inc (NASDAQ: AMED), Baird upgraded the stock from Neutral to Outperform. For the third quarter, Amedisys had ...
Shares of Oracle Corp (NYSE:ORCL) have bullishly opened above the pivot of $54.53 today and have reached the first resistance level of $54.81. Analysts will be watching for a...
13:30
FinancialContent
Under Armour's not the only company with a sea change coming to the C-suite this winter.
* Futures up: Dow 0.43%, S&P 0.41%, Nasdaq 0.43% (Adds comments, updates market action)
SPDR Gold ETF (GLD) - Gold fell about $7 per ounce following a very strong jobs report. 128,000 jobs were added in the non-farm sector ...
GainersNeoPhotonics, Inc. (NYSE: NPTN) stock increased by 11.4% to $7.33 during Friday's pre-market session. The market cap ...
GainersCalifornia Resources Corporation (NYSE: CRC) shares rose 29% to $7.21 in pre-market trading after reporting strong Q3 ...
U.S. stock index futures gained on Friday as a surprise rise in China's manufacturing activity boosted sentiment, while investors awaited a crucial U.S. jobs report.
Some of the stocks that may grab investor focus today are:Wall Street expects Exxon Mobil Corporation (NYSE: XOM) to report ...
A wide swath of the U.S. travel and leisure industry is set to provide insight next week on the state of the economy, including trends in consumer spending, fallout from U.S.-China trade tensions and any damaging impact from the stronger U.S. dollar.
Earnings continue to take center stage on Friday, ably supported by the twists and turns of the U.S.-China trade war.
Stock-index futures signal a slightly higher start for Wall Street as investors awaited the October jobs report and an influential gauge of manufacturing activity.
Start the season with exclusive weekly sales events, featuring big discounts on Apple, Breville, Nintendo and more, starting today
Light revenue guidance was likely the chief goblin that frightened investors in the social media company.
PINS earnings call for the period ending September 30, 2019.
31 Oct, 2019
Pinterest Inc fell short of Wall Street estimates for quarterly revenue on lower-than-expected average revenue per user and its revised full-year sales forecast came marginally below expectations, sending its shares tumbling 19%.
Futures: Pinterest and Arista Networks dived late on guidance as Apple chipmaker Qorvo stock soared. Alibaba reports earnings early Friday.
Pinterest Inc fell short of Wall Street estimates for quarterly revenue on lower-than-expected average revenue per user and its revised full-year sales forecast came marginally below expectations, sending its shares tumbling 20%.
Third-quarter adjusted earnings came in at 1 cent, beating estimates by 5 cents. Sales came in at $279.7 million, missing estimates by $920,000.
Pinterest Inc on Thursday missed Wall Street estimates for third-quarter revenue as it earned lower-than-expected average revenue per user, and forecast full-year sales marginally below expectations.
Paylocity stock bucked the enterprise software industry's correction last summer by continuing to spin out stellar earnings reports. Can it keep it up?
Pinterest Inc on Thursday missed Wall Street estimates for third-quarter revenue, as it earned lower-than-expected average revenue per user.
Pinterest stock plunged Thursday in reaction to a third-quarter earnings report that missed on revenue but showed an unexpected profit. The Pinterest earnings report came after the close.
Salesforce is recognized as a Leader for the third year in a row based on completeness of vision and ability to execute
Top tickers for midday: AAPL, FB, AMD, BAC, TWTR, TSLA, MPC, GE, UBER, BABA, SBUX, MSFT, BYND, AMZN, ROKU, LYFT, SNAP, MU, NFLX, WDC.
Despite being a target for investigations, regulatory pressures and all the criticism, Facebook Inc (NASDAQ: FB) easily manages to beat ...
Symbols mentioned in this story: TQQQ, CMCSA, CSCO, ADBE Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand..
Symbols mentioned in this story: IGV, MSFT, ORCL, CRM Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand..
Teradata (TDC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
With the ever-increasing number of trading platforms and the growing allure of low-to-no-fee brokerages, new traders are confronted with ...
13:17
Seeking Alpha
Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares S&P 500 Growth ETF (IVW), we found that the implied analyst target price for the ETF based upon its underlying holdings is $201.58 per unit.
How do you keep a fast-growth company on track? Okta CEO Todd McKinnon's selfless style of finding star employees and giving them autonomy is paying off.
11:56
FinancialContent
These five stocks have little in common --- except for having good potential to deliver great returns over the long run.
Tap five stocks with increasing P/E ratios to try out an out-of-the-box approach.
30 Oct, 2019
The stock market ended with modest gains Wednesday, but closed near session highs, after the Federal Reserve cut interest rates again.
(Bloomberg) -- Bloomberg News is hosting the Sooner Than You Think conference in New York, exploring what’s next in technology, Wednesday at The Weylin in Williamsburg, Brooklyn. Speakers are discussing topics such as how companies can restore trust in the tech sector; how new frontiers like AI create new obligations for business and governments; the best ways to protect your data in the age of cybersecurity attacks; the antitrust probes of Big Tech and more.Watch LIVE. All times are local New York.Via Sees Big Money in Buses (5:45 p.m.)Daniel Ramot, chief executive officer of ride-sharing company Via Transportation, Inc., sees big money in buses.New York-based Via is often characterized as a smaller competitor to Uber Technologies Inc. and Lyft Inc. But Ramot sees those companies as disrupting the cab and limo market, while Via is focused on public transportation. In fact, 95% of Via rides are shared, he said. Via also sells software to public transportation systems to improve efficiency, with nearly 100 partners worldwide.Ramot puts the public mobility market -- which includes city buses, school buses, university shuttles and similar types of transportation -- at a half-trillion-dollar industry, which he sees as a big opportunity, larger than the taxi and ride-hailing space.And environmental concerns will boost demand for these options.“There’s always going to be private cars, people riding around by themselves,” he said. “But my hope is that increasingly we will look at people riding around by themselves in a car a little bit the way we might think about someone walking into a kindergarten and smoking.”Compass Says It’s Not Like WeWork (5:23 p.m.)The chief executive officer of SoftBank-backed real estate brokerage Compass said his company had already moved away from a strategy of rapid growth before WeWork’s scuttled initial public offering.Compass has raised $1.5 billion in venture capital, and like WeWork, it tapped SoftBank Group Corp.’s Vision Fund. Skeptics in the real estate industry say the brokerage lacks a disruptive technology or business model, and has relied on deep coffers of venture funding to buy growth.But Compass had stopped expanding into new geographic areas by the beginning of this year, CEO Robert Reffkin said. The company is already profitable in many markets and is under no pressure to go public, he added.Reffkin enumerated other advantages. He said the company’s strategy of treating real estate agents as its primary customers would help recruiting efforts in the event of a recession. And unlike video-streaming sites or car-hailing services, Compass hasn’t attracted imitators.“Seven years in, there hasn’t been one copycat,” he said.California Privacy Law Does More Harm Than Good, Industry Executives Say (4:00 p.m.)California’s data privacy law does more harm than good for consumer privacy, said Michael Beckerman, president and chief executive officer of the Internet Association, and Mignon Clyburn, former commissioner of the Federal Communications Commission.The first data privacy law in the country takes effect Jan. 1, 2020, but the representative from the industry group that represents big technology and the former federal official argued the California Consumer Privacy Act needs to be replaced with a federal law. They worry that other states will follow California’s lead and pass their own regulations, creating a possible patchwork of varying standards across the country.Companies will struggle to comply with multiple laws, Beckerman said.“They got so much wrong, and what they did do will make people less private,” he said. “It makes no sense that one state can set the rules, leaving the rest of the country to pivot.”Clyburn agreed, but said a federal law to pre-empt state regulations is unlikely until after the 2020 presidential election.Former DHS Adviser Says Trump Ukraine Server Allegation ‘Completely Debunked’ (3:30 p.m.)Tom Bossert, a former Homeland Security adviser to President Donald Trump, called the “conspiracy theory” that Trump has pursued, in which there is a Democratic National Committee server in Ukraine, has been “completely debunked.”Bossert said he expects more countries to get involved in attempting to influence the next U.S presidential election. “Buckle up, because it’s about to get started in a bigger and larger scale, in my view,” said Bossert, who now works as the chief strategy officer at Trinity Cyber. “The trend that we will see when we look back on this 2020 election is the entrance of China, Iran, North Korea, maybe 10 or 12 nation-state actors that are highly sophisticated.”Brittany Kaiser, co-founder of the Digital Asset Trade Association, said she’s not sure “that we’ve really learned enough about all of the problems from 2016. Facebook’s policy of allowing political campaigns to lie in campaign ads could allow them to conduct voter suppression, she said. “We don’t actually have oversight over what these campaigns are saying.”Yasmin Green, director of research and development at Jigsaw, warned that those looking to influence elections have become more skilled. “Defenses are better and the threat is more sophisticated,” Green said. “So looking to 2020 the question mark for me is, are we going to say domestic disinformation doesn’t really feel like on par with state sponsored, cross border election meddling.”Simon Ventures Head Says WeWork Shows ‘Inconsistent’ Valuations (3:30pm)WeWork, the work-sharing real-estate startup, created a “ highly dsyfunctional” capital structure as it moved toward an initial public offering, said Natalie Hwang, managing director and head of Simon Ventures, the venture capital arm of Simon Property Group, Inc., the largest shopping mall and retail center owner in the U.S. Simon Ventures passed on the opportunity to invest in WeWork a few years ago. “In the case of WeWork, the public markets ultimately disagreed with private company valuations and I would expect for companies to be valued at increasingly inconsistent fashion.”WeWork was valued at as much as $47 billion before its IPO collapsed and the company’s value fell to an estimated $8 billion in a bailout plan. Jason Illian, managing Director of Koch Disruptive Technologies, the venture and growth arm of Koch Industries, Inc. said WeWork won’t be the last example of a private company’s valuation being overhyped.Foursquare Chief Says GDPR Needs to Better Protect Location Data (2:30 p.m.)Europe’s General Data Protection Regulation doesn’t go far enough to protect consumers from abuse of their location data, Foursquare Labs Inc. Chief Executive Officer Jeff Glueck said.Glueck said regulators should enact laws to protect consumers’ location data, and make sure they consent to what they share. Glueck said his company supports the European privacy law, but it needs to go further, and the U.S. needs a national privacy law as well.“There is no rule today about how to use location data or what is informed consent,” he said. “Consumers should not be judged to have consented to anything because of a 200-page ‘Terms and Conditions.’”Glueck, in effect, is calling for regulation on his own company. Foursquare, which began as a social-media app letting a user broadcast their location to friends, now builds location-data systems for other companies including Uber Technologies Inc. and Airbnb Inc.Companies should be legally responsible to use consumer’s real-time location data in the user’s best interest, similar to an accountant’s fiduciary duty. Regulations should ensure “competition can continue but with a high ethical bar,” he said.Google Rival DuckDuckGo Makes ‘Ton of Money’ From Private Search Engine (1 p.m.)DuckDuckGo, a privacy-focused search engine provider, makes “a ton of money” without resorting to the personalized, targeted advertising that Google uses, according to Megan Gray, the company’s top lawyer and policy chief.There are many reasons for transferring personal information between companies, but with online search it doesn’t need to be that way, Gray said during a discussion about privacy-focused product design. After you search for a little black dress and then lipstick, companies don’t need to follow you around the web with similar ads, she added.“That’s only what you see. There’s a lot more behind the curtain in terms of how you are being categorized by the searches you have done,” Gray said.Gray and other speakers called for an enforceable “Do Not Track” law in the U.S. that would help people easily prevent technology and digital-advertising companies from collecting personal data and following users around the web.Smartphone settings could have a simple “don’t track me” setting, Gray explained. There are technical ways to do some of this already, but an enforcement mechanism is needed, she said.The idea that a Do Not Track law would destroy the online ad industry is “a bit of a bluff,” said Elizabeth Zalman, chief executive officer of strongDM, which makes software for securely managing databases and computer servers.Andrew Farah, CEO of startup Density, said everyone would have to activate such a Do Not Track setting for the digital ad business to be really damaged.The panel ended with a question about Silicon Valley and whether there are the right incentives in place for entrepreneurs to think about privacy and do the right thing when they’re starting companies.“Do you want me to get to raise my next round of funding?” Zalman said, prompting laughter from the crowd. Leaders of tech startups should treat data records as real humans and lock down that information, she added. “I don’t know if it’s necessarily baked into the venture capital route.”WeWork’s Failed IPO Was a Case of Corporate Greed, Former Snap Exec Khan Says (12:45p.m.)WeWork’s aborted initial public offering is a case of “corporate greed,” said Imran Khan, co-founder and chief executive officer of e-commerce company Verishop. Khan was previously involved in high-profile public offerings, as chief strategy officer at Snap Inc. and as a managing director at Credit Suisse Group AG, where he helped internet companies, including Chinese e-commerce giant Alibaba, list on the stock market.Khan said that whenever an investor gives someone money, they are giving trust, and the recipient has a responsibility to live by that trust.“At WeWork we saw the gross negligence of this trust,” Khan said. It was a degree of irresponsibility he hadn’t seen since 1999 or 2000, he added.We Co. was valued at $47 billion at its peak earlier this year, but that dropped to only about $8 billion as part of the aborted IPO and bail-out plan.Generally, Khan said that while the private market in many cases results in inflated valuations, he can see why investors like it. “You don’t have to worry about day to day volatility,” he said.“If you want to build a business for the long term, to be honest with you it’s difficult to do that in the public market these days,” Khan said. “I think it’s getting more and more challenging.”Earlier this year, Khan launched Verishop, which sells lifestyle products which sells a curated offering ranging from clothing to sustainable household items and non-toxic toys.Ohio AG Wonders if Current Antitrust Law is Sufficient For Big Tech (12:30 p.m.)Ohio Attorney General Dave Yost questioned whether existing antitrust law is sufficient to police Big Tech. “What is the right way to regulate or limit, or separate the power that is being gathered?” Yost said. “I’m not entirely sure that the antitrust jurisprudence we have is adequate.”Yost described three historic phases of power accumulation: First governments, which were split up into separate branches; then, old economic monopolies, which the federal government broke up; and now, large technology platforms. “Today there’s this third wave of power,” he said. “Power is always antithetical to individual freedom.”Yost said he is still trying to frame questions about how to restrain that power. He didn’t offer pointed solutions.Two groups of state attorneys general are investigating Facebook Inc. and Google for abuses of power. Those cases are in their early stages. The attorneys general haven’t publicly articulated a clear legal case against these tech giants and Yost did not offer one Wednesday.Instead, he asked whether the existing laws were sufficient to deal with the tech giants’ newfound power. “The piece that is proceeding under traditional antitrust principles is probably distinguished by fact patterns and business models of each case. The overall debate question that I’m posing is, is this really about the aggregation of power?” he said. “There’s been tremendous change driven by these big tech platforms -- there’s almost nothing that hasn’t been touched in our lives and impacted, in many, many ways for the better.”Yost indicated that he was taking a measured approach. “I’m not with the pitchfork and torch crowd, OK?. But we do need to think about the potential outcomes here, and are there things that we want guardrails from?”Kerry Washington Talks About Changing the Narrative in Hollywood (12:00 p.m.)Kerry Washington is best known as Olivia Pope, the star of the ABC drama “Scandal.” But now she is starring in a new film called “American Son” on Netflix, and is hoping its message starts a conversation. In the film, which debuts Friday, she looks for her missing son at a police precinct. It’s a timely show in light of several police killings of black Americans. “Whether you’re a man or woman, black or white, it makes you think,” she said. “People who wouldn’t normally watch this are watching this and learning something.”Washington shared the stage with Pilar Savone, who produced “Django Unchained” and heads development for Washington’s production company, Simpson Street. Savone said the film was originally a play. Now that it’s on Netflix, it can reach a much larger audience.“It’s such an important story for people to see and not everyone has access to Broadway,” Savone said.Both women said Hollywood is starting to think more about hiring women and minorities -- in front of the camera and behind it. When Simpson Street shoots a pilot, “we want to make sure our candidate pool is diverse,” Washington said.Washington has also invested in The Wing, a woman-focused co-working space. She described the startup as “a sisterhood” where women are “having a lot of conversations on a lot of levels.” She also gave out her phone number, saying it would help her fans connect with her on Community.com, a communications startup. Community, she said, “allows me to engage more with fans on one-to-one basis” and “have a real conversation.”Washington said she was going to knock on doors this weekend in Michigan and Virginia to encourage people to register to vote. Asked who she’s backing in the presidential race, she demurred. “My candidate is the American people,” she said.Shopify CEO Lutke Says He’s Helping Others Compete With Amazon (11:19 a.m.)Shopify Inc. Chief Executive Officer Tobi Lutke said the Canadian e-commerce company isn’t competing with Amazon.com Inc., but helping other people do so. “Amazon wants to be an empire,” he said. “At Shopify, we are arming the rebels.” Lutke said he didn’t think the economy would be healthy if there were five mega-corporations employing everyone, and that the world needs millions of businesses to employ millions of people.Shopify recently announced it had reached 1 million merchants using its platform around the world.The Ottawa-based company is spending $1 billion dollars to set up a network of fulfillment centers in the U.S. to help merchants using its platforms deliver products. The company processes millions of individual sales by hundreds of thousands of merchants each year, and could potentially pool shipments from different online stores together. “If you put a lot of lights together you end up with a sun,” said Lutke.“What will that do for margins? Well, it’s going to be expensive,” Lutke said of the 10-figure investment. He added that Shopify is “a growth investment.”Shopify is one of Canada’s best performing stocks, having gained about 130% this year as investors reward the company’s fast growing sales. But the company reported an unexpected quarterly loss earlier this week due to higher spending as it expands its customer network and building out the fulfillment centers.Two Sigma’s David Siegel Talks About the New Rules For Tech (10:40 a.m.)David Siegel, co-founder of the Two Sigma Investments hedge fund, said if giant tech companies began self-regulation as concerns over privacy mount it might prevent the government from enacting more severe controls.“The industry participants themselves understand what’s possible and what isn’t possible better than maybe a government agency would,” Siegel said. “If the industry could get together and work collaboratively to set rules of the road, then maybe we will all be happier.”Siegel, who has been outspoken about the benefits and dangers associated with artificial intelligence, said industries like finance and medicine had very little oversight in their early days, and that didn’t lead to good outcomes. He finds it hard to understand why tech leaders would think that their industry would work perfectly without regulations.“I think having regulation in finance is a good thing,” Siegel said. “So I’ve never seen regulation as being a particularly big deal.”Siegel pointed out the trade-offs that come with regulations. Some people want privacy, but if the control of personal data is absolute, that might lead to unintended consequences, like making it harder for authorities to solve criminal activity.“So we might be willing to have a great level of abuse in our society, maybe it would lead to more violence, maybe it will lead to more financial fraud but maybe you’re all ok with that trade-off because you value privacy so much,” he said. “Or maybe you’re not.”New York-based Two Sigma, a quantitative hedge fund firm that deploys machine learning in its strategies, had $60 billion in assets in August.One of Tech’s Biggest Critics Takes on The Role of Technology in Society (9:45 a.m.)Tristan Harris is a former Google employee who has turned into one of the highest-profile critics of Big Tech. His job at Alphabet Inc.’s Google was to make sure ethics were taken into account when new products were designed, but he left years ago to try and push that mission from the outside. Harris, who is the co-founder and executive director at the Center for Humane Technology, says human minds are no match for the sophisticated attention-grabbing algorithms built by Facebook Inc., YouTube and Twitter Inc. and that these companies’ entire business models need to change. “We’re all trapped inside this system,” Harris said.As long as the goal of these companies is to maximize our time spent on their platforms so they can sell more ads, misinformation, outrage and conspiracy theories will continue to proliferate, simply because they’re more engaging than the truth in many cases, he said.The recent trend of employees at these companies banding together to try and force changes from within is the fastest way to get these companies to alter their practices, he said. Recent examples of this from Google and Facebook give him hope.(Updates with comments from Compass CEO)\--With assistance from Gerrit De Vynck, Vincent Bielski, Eric Newcomer, Gerry Smith, Candy Cheng, Alistair Barr and Kartikay Mehrotra.To contact the reporters on this story: Patrick Clark in New York at pclark55@bloomberg.net;Kiley Roache in New York at kroache@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Molly Schuetz, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Guru’s largest buys of the last 2 quarters Continue reading...
The stock market fell for much of the morning but rallied after a quarter-point rate cut from the Fed and remarks by central bank chief Jerome Powell.
Shopify released its third quarter earnings report Wednesday. While it topped one million merchants, it posted a loss on earnings per share. Yahoo Finance's Adam Shapiro, Julie Hyman and Emily McCormick talk to Harley Finkelstein, Shopify Chief Operating Officer.
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For fresh investing ideas, we suggest taking a cue from Wall Street. Recommendations from the Street’s pros can provide a source of inspiration, as analysts often have in-depth knowledge of the industries they cover. That being said, not all analysts have the same track record, with some demonstrating a much stronger ability to generate returns with their ratings and price targets.Taking this into consideration, we turned to TipRanks’ top rated analyst, Canaccord's Richard Davis. According to TipRanks’ algorithm which calculates the average return of each rating as well as overall success rate, the tech sector analyst was the best performer out of 5,583 total analysts. With an 82% success rate and a 44% average return per rating, it’s clear that his calls demand attention.With this in mind, we wanted to take a closer look at the five-star analyst’s top picks in the software space. Not only does the upside potential of each exceed 20%, but all of the stocks have earned a ‘Strong Buy’ consensus based on all of the ratings published over the last three months. Let’s dive right in.ServiceNow (NOW)ServiceNow is a cloud computing company that wants to make it easier to get work done with its software solutions. Even though Davis expects a rough next quarter or two from NOW, the analyst believes that the tech stock still represents a compelling investment.His bullish thesis lies in part with the company’s commitment to achieve both near and long-term financial targets. Incoming CEO Bill McDermott stated that there hasn’t been a change in demand and activity as a result of macro conditions, and thus the company is still on track to meet its goals. Not to mention the public sector has been welcoming the cloud with open arms. In its most recent quarter, NOW signed thirteen contracts that have average contract value of more than $1 million with the U.S. federal government. This is up from the five deals it signed one year ago.While acknowledging the concerns surrounding employee attribution, the five-star analyst calls fears “overblown.” Out of NOW’s top 100 sales representatives, the company has only lost three. It should also be noted that company-wide employee retention rates rival that of other industry leaders.Based on all of the above factors, Davis tells investors to stay onboard. The analyst adds, “If you don’t own NOW, you should be happy because you just walked into the store and found your favorite item on an unexpected sale – we’d use what is likely to be an up and down stock price to build out a full position through year end”. Bearing this in mind, he kept his Buy rating while lowering the price target from $315 to $285. Even with this reduction, Davis sees 18% upside potential in store.In general, other Wall Street analysts take a bullish approach when it comes to NOW. 16 Buy ratings compared to 2 Holds assigned in the last three months give it a ‘Strong Buy’ analyst consensus. Additionally, its $300 average price target puts the upside potential at 21%. (See ServiceNow stock analysis on TipRanks)Smartsheet (SMAR)With Davis calling Smartsheet “one of the best positioned and executing firms that we follow," this software company is definitely on our radar.Smartsheet offers its customers a software platform for the workplace, with this solution allowing teams to work more effectively and improve overall outcomes. While the company provides solid products, the project management space is overcrowded with competitors. That being said, Davis highlights SMAR as a standout based on the fact that its software does exactly what it’s supposed to do.“Smartsheet makes the buying, pricing and expansion process comfortable. When you combine passionate customers with technical prowess and pleasant buying experience, you have the ingredients for a long runway of growth,” the analyst commented.Davis argues that the key to successfully navigating a competitive industry is to continue to innovate, get scale as well as meet the needs of current customers, all three of which the analyst says SMAR is doing. The company has kept customers excited by adding new features including conditional logic enhancements, cut and copy widgets, new ways to filter, multiple select drop down lists and several others. Based on the company’s 134% customer retention, its users are liking what they’re seeing.Like Davis, the rest of the Street has high hopes for SMAR. With 8 Buy ratings and 1 Hold received in the last three months, the message is clear: the software stock is a "Strong Buy." At an average price target of $50.44, the potential twelve month gain lands at 24%. (See Smartsheet stock analysis on TipRanks)Upland Software (UPLD)While it’s yet another player in the workplace software space, Davis thinks Upland stands to become a disruptrive player in the sector thanks to its recent acquisition.On October 6, UPLD announced that it was set to buy Altify for $84 million. Altify is a customer revenue optimization platform that is built natively on Salesforce. It was designed to improve sales execution by solving account management problems and by meeting sales process optimization needs. According to the analyst, Altify complements UPLD’s existing product offerings as well as provides a new customer base for the company to sell to.With this purchase representing UPLD’s fifth acquisition in just the last six months, the company could see major gains driven by these expansion efforts. However, all of this M&A activity does pose risk in terms of integration. Nonetheless, the five-star analyst cites the company’s strong management team and well-practiced method for executing integrations as mitigating some of these concerns.“If we assume that investors are willing to pay a mid-teens EBITDA multiple for Upland's combination of gradually improving organic growth, reliable and accretive M&A, and high margins, we continue to believe that the stock should push through $50 in the next year,” Davis explained.As the current share price is $38.04, Davis’ price target of $55 suggests shares could climb 45% higher over the next twelve months.With only bullish calls issued in the last three months, the word on the Street is that UPLD is a "Strong Buy." Adding to the good news, its $55 average price target indicates the highest upside potential on our list, 43.53% to be exact. (See Upland Software stock analysis on TipRanks)To find good ideas for tech stocks trading at fair value or better, visit TipRanks’ Best Stocks to Buy tool, a newly launched feature that unites all of TipRanks’ equity insights.
Adobe (Nasdaq:ADBE) today announced it will webcast a meeting with financial analysts and investors in attendance at Adobe MAX on Monday, Nov. 4, 2019. At the meeting, which is being held in Los Angeles, Adobe will review the company’s business momentum, opportunities and strategy.
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Top tickers for midday: AAPL, AMD, TSLA, BYND, FB, MSFT, GE, PFE, BAC, GM, AMZN, T, NVDA, ROKU, TWTR, GOOGL, BABA, SNAP, SHOP, INTC.
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ServiceNow recently announced its third quarter results that surpassed market expectations and sent the stock climbing 7% in the after-hours trading session.
Canada's Shopify Inc forecast a bigger operating loss for 2019 on Tuesday as the e-commerce company invests heavily to expand its international business and build new fulfillment centers in the United States.
For much of the 20th century, changes to the financial services industry could be measured in geologic time. This all changed with the ...
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ServiceNow today released its second sponsored study on cybersecurity vulnerability and patch management, conducted with the Ponemon Institute.
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(Bloomberg) -- Amit Sekhri took up trucking in the thick of the Great Recession, drawn in part by the freedom of driving the open roads. He was prepared for long hours and weeks away from home. But two of his biggest—and least expected—gripes were the constant phone calls and late payments. Like many truckers, Sekhri booked his jobs through freight brokers, a class of intermediaries who do most of their business by phone. And many have a bad habit of paying late. Then he discovered an app called Convoy. It lets him select nearby loads listed by shippers and get paid a day or two after completing a trip. It uses a phone’s GPS to estimate a driver’s arrival time for pickup and tracks where he is throughout the route. For these reasons, Convoy Inc. is often described as “Uber for trucking”—a moniker that took hold before the real Uber set up a competing business and was gripped by a corporate crisis.Sekhri, 30, now drives his own truck and serves as a dispatcher for four drivers who deliver orders through Convoy, traditional job boards and occasionally Uber Freight. He credits Convoy with solving some of his main grievances with the job. “It’s pretty easy. You like the price, you accept it, you assign it to a driver, and you can track them. I don’t have to call the driver and say, ‘Where you at?’” Sekhri says. Convoy also lists accurate pickup times, letting him squeeze in a shower or meal outside his truck. But Sekhri has a bigger problem: Job rates are declining fast. App reviews for Convoy are riddled with complaints from drivers about low prices. Sekhri and two other Convoy drivers who spoke to Bloomberg echoed those concerns. One of them shut down his business in March. Sekhri says he uses Convoy for 10% to 15% of his loads—only when prices meet his needs. “I’ve got four kids to support,” he says. “I’m still hanging in and hoping it will get better.”This isn’t unique to Convoy. Rates are falling across North America after two years of increases.  Spot demand, which excludes long-term freight contracts, plummeted 27% through Oct. 25, and most drivers aren’t expecting business to improve over the next six months, according to market research from Bloomberg and Truckstop.com. Those who bought flatbeds during the surge are now struggling to find work and make auto payments.For Convoy, the company risks drawing comparisons to Uber in less flattering ways: drivers grousing about getting squeezed and a business model that has yet to turn a profit. One possible remedy is a dramatic expansion of its bidding system that Convoy plans to announce Tuesday. It would create a sort of EBay for freight, where drivers can submit offers for a vast number of jobs listed by shippers. Convoy says this will allow drivers to find more work and reduce trips without a load, but the theory isn’t proven. It could just as easily drive down prices and exacerbate the pay problem.Dan Lewis, the chief executive officer, says he’s sympathetic to concerns from drivers, especially small trucking companies that are often hit the hardest. He says he can’t control the market, but Convoy can help make it more efficient for drivers. “They’re just thinking in their head, ‘Hey, I did this job last year, and I got $1,000. Now I’m getting paid $900. Why am I being paid less?’” Lewis says. “What we want to do is help them reduce their costs.” Lewis doesn’t exactly fit in at a truck stop. The 38-year-old is a graduate of Yale University and worked at Microsoft Corp., Google and Amazon.com Inc. Before starting Convoy in 2015, he hung out at service stations along Interstate 5 for research. He says he talked at length with drivers, learned the lingo and listened to what frustrates them. Lewis realized technology could solve some of the trucking business’s arcana.The industry didn’t get it initially, Lewis says. Technology doesn’t usually elicit happy thoughts for truck drivers, amid talk of autonomous vehicles displacing their jobs. “Tech doesn’t move freight,” Lewis would often hear. “People move freight.”But rich people got it, taken with the potential to remake a $141 billion market for the better. The company has raised about $275 million in venture capital from a roster of investors that reads like a guest list at Davos. Among them are Jeff Bezos, Bill Gates and Marc Benioff. Dara Khosrowshahi invested personally before becoming CEO of Uber Technologies Inc. (He has since sold his stake.)The trucking market was accelerating in tandem with Convoy and Uber Freight. By the end of last year, Convoy was generating about $300 million in revenue on an annualized basis, and Uber Freight was on track for $500 million, estimates Silpa Paul, an analyst at research firm Frost & Sullivan. The tech companies’ growth has come at the expense of smaller, traditional brokers, says Lee Klaskow, an analyst at Bloomberg Intelligence. “You have these old-school guys smoking a cigarette with a Rolodex and a phone,” he says, though some are finally waking up to the need to modernize.Travis Washington, a trucker based outside Atlanta, says he once called to arrange a job with J.B. Hunt Transport Services Inc. and was told to hang up and book through the company’s app. The broker gave him an extra $10 for doing so. But he still uses Convoy’s app daily, including a service called Convoy Go. It lets drivers bring only the cab of their truck and hook up to a trailer pre-filled with cargo at pickup. It can also save on fuel and other costs associated with a trailer. But Washington says Convoy’s prices for the return trip are typically too low, and so he loads the Convoy trailer with freight booked through a traditional broker. It’s not a great outcome for Convoy, but the company doesn’t discourage the practice, as long as the trailer is returned within a few days.This year, more drivers are having to find creative ways to cut costs. The startup that wants to be the new face of the trucking business has suddenly become for some drivers a symbol of a pricing crunch. Lewis recalls a difficult series of conversations in March at the Mid-America Trucking Show in Kentucky with drivers concerned about pricing. Lewis says Convoy is trying to show drivers how it can help, even when prices are low. It wasn’t enough to keep Ira Lawrence in business. He bought a truck in 2017 and signed up to drive for Convoy after taking a retirement package from the Canadian Navy. He and his wife in Oak Harbor, Washington, discovered that making a living wage was a lot harder than they expected, even during the boom. Weekly fuel costs were $2,400 to $3,000. Insurance was more than $1,600 a month. They managed to pay off the truck and trailer, but monthly maintenance costs exceeded $1,500. “The overall cost of owning a truck is through the roof,” Lawrence says. “We thought it would be this glorified life of: Get a load; stay there for a few days; and then get a load to somewhere else.”Four out of five jobs for Lawrence came through Convoy. The ability to get paid within 48 hours of completing a trip helped them stay afloat for a few years. He was forced to shut down his trucking business in March, when he was unable to cover insurance costs. These days, Lawrence gets paid to train other drivers. He warns them about the risks, he says. But he still recommends the Convoy app and frequently dons his Convoy T-shirt, sweater and trucker hat. There are three types of people Lewis needs to please with Convoy: drivers, who want to get paid more; shippers, who want to pay less; and investors, who want to get paid the most. No one is completely satisfied right now, but Convoy says technology can solve everybody’s needs by wringing inefficiencies out of the market.Part of the original mission was to eliminate long return drives without a load. An automated service the company introduced three months ago bundles multiple loads and is now available for the majority of trips in Atlanta and Los Angeles. The app has since added other data to improve transactions and waste less driver time, including grading shippers based on how quickly they load a shipment. Companies with slow loading docks pay a premium because fewer drivers want the job, Lewis says.As for someday turning a profit, Lewis says the business is “built to reach better-than-industry economics on each market we enter.” Working in Convoy’s favor, he says, is that freight brokerage has a long tradition of generating profits.The goal for Convoy, in other words, is to out-Uber the larger, more established trucking companies—as well as Uber itself. Last month, Uber said it would spend $2 billion to expand freight operations in Chicago.Convoy’s newly expanded auction system, called Direct to Shipper, is part of that strategy. In the past, Convoy showed drivers a limited number of jobs, only the ones the company thinks it could fulfill. With the new service, Convoy will list every single load and allow drivers to bid on each one. If it works as intended, drivers should be able to line up more jobs on routes they want and at rates they like, meaning less empty time and more money, says Ziad Ismail, the chief product officer at Convoy. It’s more EBay than Uber and could increase options for drivers by a factor of 10, he says.In a less optimistic scenario, pitting drivers against one another to offer the lowest rate could end up further depressing prices. Echoing a mantra in Silicon Valley, Ismail suggests truckers could make up for an earnings shortfall in volume. “Drivers are trying to fill up their schedule,” he says. “If we can 10X the number of shipments they have available to them, the likelihood they can find a shipment that is closer to them or has less waiting time increases exponentially.” For shippers, especially smaller ones, Convoy has saved them a lot of money, while giving them the sort of attention other companies can’t afford to provide. Waiakea Springs, a Hawaiian maker of bottled water, uses Convoy for three-quarters of its shipments, from 10% almost two years ago. Convoy assigned the company a dedicated account representative to find the best prices and ensure smooth service, something Uber Freight wouldn’t do for such a small customer, says Alexandra Alegria, the director of supply chain and logistics for Waiakea Springs. Convoy also agreed to help the water company achieve an environmental goal of switching to all-electric vehicles starting next year, by connecting them with green trucking companies.Waiakea Springs sends as many as 10 trucks a week from California to Pennsylvania and New Jersey, mainly to the convenience store chain Wawa. That used to cost as much as $8,000, but the price on Convoy usually tops out at $5,300, Alegria says. But a few times, low-ball offers attracted poor drivers, she says. Convoy solved the issue in a very low-tech way. She called her account rep, who lined up a trucking company with a large fleet that’s now dedicated to shipping all of Waiakea Springs’ orders. “The majority  of other brokers I’ve worked with send you to one of their giant call centers,” Alegria says. “We haven’t had anyone who has been as invested in our growth as Convoy has.”To contact the author of this story: Dina Bass in Seattle at dbass2@bloomberg.netTo contact the editor responsible for this story: Mark Milian at mmilian@bloomberg.net, Jillian WardFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Focus on companies with predictable growth, make big bets, and be patient.
ServiceNow saw an improvement in its IBD SmartSelect Composite Rating Tuesday, from 94 to 96.
Atlassian shows improving price performance, earning an upgrade to its IBD Relative Strength Rating from 79 to 87.
Amazon.com, Inc. (NASDAQ: AMZN) is considering its legal options to protest the Pentagon's decision to grant a $10-billion cloud ...
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Alibaba stock is up 7% in the last month as the Chinese e-commerce firm prepares to release its September quarter earnings results on Friday, November 1. So is it time to buy BABA stock?
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On CNBC's "Fast Money Halftime Report," Liz Young said she likes the communication sector fixed income.Stephen Weiss ...
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Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Adobe Inc (ADBE), where a total of 15,090 contracts have traded so far, representing approximately 1.5 million underlying shares. That amounts to about 54.3% of ADBE's average daily trading volume over the past month of 2.8 million shares..
Microsoft Corp. shares tick higher Monday after the Department of Defense awards the tech giant a $10 billion cloud-services contract, thwarting rival Amazon.com Inc.
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Seeking Alpha
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ServiceNow shows improving price performance, earning an upgrade to its IBD Relative Strength Rating
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The software giant beat out Amazon in the hotly contested deal.
27 Oct, 2019
Microsoft Corp has won the U.S. Pentagon's $10 billion cloud-computing contract, the Defense Department said on Friday, beating out favorite Amazon.com Inc.
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Microsoft Corp. has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favorite Amazon.com Inc.
Microsoft Corp. has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favorite Amazon.com Inc.
Microsoft Corp. has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favorite Amazon.com Inc.
A tech stock, a restaurant stock, and an entertainment brand known around the world made this list.
25 Oct, 2019
Microsoft Corp. has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favorite Amazon.com Inc.
With its stunning win of a lucrative $10 billion Pentagon technology contract Friday, Microsoft Corp. not only beat Amazon.com Inc. but uprooted its larger rival as the federal government’s go-to cloud-computing vendor.
Microsoft Corp. has won the Pentagon's $10 billion cloud computing contract, the Defense Department said on Friday, beating out favorite Amazon.com Inc.
Microsoft Corp. has won the Pentagon's massive $10 billion cloud computing contract, the Defense Department said on Friday, selecting the company over competitors including Amazon.com Inc, which had been seen as the favorite.
For those searching top growth stocks in the giant software sector, cloud-based Paylocity offers bullish fundamental and technical elements.
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in PotlatchDeltic Corp (PCH), where a total volume of 2,004 contracts has been traded thus far today, a contract volume which is representative of approximately 200,400 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 74.7% of PCH's average daily trading volume over the past month, of 268,140 shares..
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Q1 2020 Atlassian Corporation PLC Earnings Call
The Dow Jones Industrial Average looks poised to end the week bullishly higher, even as these blue chip stocks show terrible action.
We're slipping again. Keep in mind, there's still the underpinning to the market that the Fed is going to save us next week with another rate cut on Wednesday.
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During its second-quarter conference call in July, Google said its cloud computing business is on an $8 billion revenue run rate, which means cloud sales have doubled in less than 18 months.
Symbols mentioned in this story: FDN, EBAY, TWTR, EXPE Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand..
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Twitter Inc's (NYSE: TWTR) stock has plunged after the company posted its worse-than-expected third quarter earnings. The company ...
InvestorsObserver issues critical PriceWatch Alerts for AMZN, CRM, FB, NVDA, and V.
Salesforce ecosystem is on track to become nearly six times larger than Salesforce itself by 2024, earning $5.80 for every dollar Salesforce makes
Snap’s CEO calls TikTok a “friend” -- but it’s clearly emerging as a long-term threat to Snapchat.
Snap Inc (NYSE: SNAP) reported Tuesday better-than-expected third-quarter earnings, revenue and user growth. Notwithstanding the ...
Joe Terranova said on CNBC's "Fast Money Halftime Report" he bought VanEck Vectors Gold Miners ETF (NYSE: GDX) the other ...
* Bright spot amid dismal European IPO season (Adds shares, detail on IPOs in Europe)
A Relative Strength Rating upgrade for Atlassian shows improving technical performance.
Swiss software management company SoftwareONE set the price of its initial public offering (IPO) on Friday at 18 Swiss francs per share, valuing the company at about 2.8 billion Swiss francs ($2.82 billion).
Tesla wasn't the only major stock that saw a nice rise on the day.
24 Oct, 2019
23:29
Seeking Alpha
23:22
Seeking Alpha
With modest revenue growth, share repurchases bolstering the bottom line, and tepid guidance for the holiday season, investors weren't impressed by eBay's latest quarter.
Absent big market-moving news, individual stocks were in investors' crosshairs.
20:18
FinancialContent
Investors weren't impressed by light forward guidance.
Pricing is the most important, least-discussed element of the software industry. In the past, founders could get away with giving pricing short shrift under the mantra, “the best product will ultimately win.” No more. In the age of AI-enabled software, pricing and product are linked; pricing fundamentally impacts usage, which directly informs product quality.  Therefore, […]
19:41
FinancialContent
Paypal Holdings Inc (NASDAQ: PYPL) reported third-quarter resultsWednesday thatbeat estimates and prompted multiple Street ...
eBay Inc (NASDAQ: EBAY) reported mixed third-quarter resultsWednesday, while the e-commerce site's fourth-quarter revenue ...
18:17
Seeking Alpha
17:25
Seeking Alpha
GainersDASAN Zhone Solutions Inc. (NASDAQ: DZSI) shares rose 39.6% to $10.47 in pre-market trading. Shares of Cellect ...
It's been a great year so far for Snap, with impressive results on Q3 earnings. But Q4 guidance has some concerned.
This feature is a quality revenue generator and growing quickly. Can it keep it up?
Seattle, WA -- (SBWIRE) -- 10/24/2019 -- Worldwide Market Reports presents CRM Software Market report for the forecast period 2019 - 2022. The report offers drivers, restraints, opportunities, and current trends prevalent in the CRM Software Industry. The CRM Software Market report highlights the in-depth information regarding major players operating in the market such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, and distributors and includes the current standing of the players in the market in terms of revenue and Y-o-Y growth.
U.S. stock index benchmarks on Thursday mostly rise toward all-time highs, in a session that will mark the busiest day of the third-quarter earnings cycle and one that sees European Central Bank chief bid adieu after his final policy meeting of an eight-year tenure
15:01
Seeking Alpha
On CNBC's "Mad Money Lightning Round," Jim Cramer said he would buy half of a position in EXACT Sciences Corporation ...
For the last year, short seller Andrew Left has been uncharacteristically bullish on Snap Inc (NYSE: SNAP). This week, he doubled down ...
eBay (EBAY) shares are trading 7.8% lower in pre-market today. In contrast, ServiceNow (NOW) stock has gained 7% in pre-market trading.
Those IPO disclosures appear to have been sufficient after all.
ServiceNow (NOW) benefits from expanding Global 2000 (G2K) customer base undergoing digital transformation.
Welcome to the busiest day of earnings season, a day when more than 40 S&P 500 companies—about 8% of the total—open ...
UpgradesCraig-Hallum upgraded the stock for Applied Materials Inc (NASDAQ: AMAT) from Hold to Buy. Applied Materials earned $0.74 ...
Twitter stock plunged Thursday after weak third-quarter results. Twitter earnings and revenue fell short, as did guidance. The company's average daily active users hit 145 million.
InvestorsObserver issues critical PriceWatch Alerts for AZN, BAC, NKE, PYPL, and SNAP.
According to report, customers like Oracle's general data security capabilities, technical support and capability to support many workloads
Shares of enterprise IT service provider ServiceNow were rising sharply Thursday after the company reported third-quarter results that were ahead of expectations, the same week it named Bill McDermott as CEO. "We delivered another strong quarter, continuing our focus on driving customer success and expanding our footprint across 75% of the Fortune 500," said current CEO John Donahoe. In an interview with Bloomberg, McDermott said he wants to build a global juggernaut with ServiceNow.
Top news and what to watch in the markets on Thursday, October 24, 2019.
The technical signs for the cloud automation company indicate sellers of its stock have been more aggressive in the last few weeks.
03:44
Yahoo! Finance
These companies have hot charts. They're trading near multi-year highs and they have great earnings track records.
Today's top analyst calls from around Wall Street include a Coca-Cola upgrade, and a Wallgreens and ServiceNow downgrade. Additionally, two firms upgraded Snap and two firms upgraded Biogen
EBAY earnings call for the period ending September 30, 2019.
We are still in an overall bull market and many stocks that smart money investors were piling into surged through October 17th. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 45% and 39% respectively. Hedge funds' top 3 stock picks returned 34.4% this year and beat the S&P […]
23 Oct, 2019
(Bloomberg) -- ServiceNow Inc. incoming Chief Executive Officer Bill McDermott promised to transform the growing software maker into a “global juggernaut” as he works to convince investors he’s the right man for the job.“I wanted at this stage in my career a company that was in the early stage of its growth pattern and help them go to the next phase, to truly become one of the most admired software brands in the world,” McDermott, who stepped down earlier this month as CEO of German software giant SAP SE, said Wednesday in an interview. “The company is on a roll. I’m going to fortify that and continue that. The experience of what I know and I’ve seen will be incredibly helpful to ServiceNow. This company will be a global juggernaut.”ServiceNow has long promised to organize tedious parts of office life, like setting up a help desk for IT operations and bringing on board new employees. The company has expanded into new markets, such as human resources, to maintain an annual sales growth rate of at least 35%, which it has achieved since going public in 2012. McDermott’s appointment Tuesday concerned some investors and analysts who highlighted that he hasn’t led “growth companies,” having worked at Xerox and spent about a decade as the first American CEO of Walldorf, Germany-based SAP.McDermott dismissed the criticism, saying ServiceNow is glad to have a “street fighter” like him in its corner.“If someone says Bill McDermott is best known for running large, global, powerhouse companies and they say ‘Is he the right person to lead ServiceNow because it’s not as large,’ I would say, I was completely unaware of ServiceNow’s intention to stay small,” he said. “I’m a leader. I lead organizations and establish visions. At the same time, I’m conforming to ServiceNow’s culture. I think that’s why I am the perfect person.”McDermott added that continuity is important and he sees himself as similar to John Donahoe, ServiceNow’s current CEO, who is stepping down in January to run Nike Inc. McDermott also said he wants all of ServiceNow’s current executives to remain in place when he takes the top job.McDermott said he has interviewed a pool of candidates in the search for ServiceNow’s next chief financial officer and was looking for a candidate who could fit the company’s culture and boost its operating margins and profit. “I think we have found such a person,” he said. The software maker may announce a pick before Thanksgiving in late November, he said.The Santa Clara, California-based company projected subscription revenue that topped Wall Street estimates Wednesday. Sales from subscriptions will be $897 million to $902 million in the current period, ServiceNow said in a statement. Analysts on average expected subscription revenue of $897.7 million, according to data compiled by Bloomberg. That would represent 35% growth compared with a year earlier.The company also reported adjusted profit of 99 cents per share in the period that ended Sept. 30, above analyst estimates of 89 cents.The stock climbed about 4% in extended trading after closing at $220.01 in New York Wednesday. The shares have gained 24% this year.McDermott said that he would stick to ServiceNow’s goal of reaching $10 billion in annual revenue by an unspecified time.“Very simply, I completely buy in, stand behind it, and I’m looking forward to achieving it,” McDermott said on a conference call with analysts.While McDermott is known for his penchant for large acquisitions, such as SAP’s almost $8 billion purchase of Qualtrics International Inc., he said in an interview ServiceNow still had a lot of room for organic growth, which is his preference.“There is no need at this time for large scale M&A maneuvers,” he said.(Updates with comments from earnings call in the 11th paragraph.)To contact the reporter on this story: Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The stock market ended with modest gains Wednesday even though a weak earnings report from Texas Instruments fueled selling in semiconductor stocks.
Longtime investors know the stock market is forward-looking. Here are the 16 S&P 500 stocks with the biggest revenue growth over the past five years.
21:09
Seeking Alpha
Joe Terranova said on CNBC's "Fast Money Halftime Report"he prefers Hess Corp. (NYSE: HES) and ONEOK, Inc. (NYSE: ...
PayPal Holdings Inc reported a better-than-expected quarterly profit on Wednesday as more people used its payment processing platform to make transactions and forecast full-year adjusted profit above Wall Street estimates.
EBay Inc forecast current-quarter revenue below Wall Street estimates on Wednesday, as it faces fierce competition from bigger rivals Amazon.com and Walmart Inc in the run-up to the crucial holiday shopping season.
On CNBC's "Fast Money Halftime Report," Stephanie Link said she bought more shares in Johnson & Johnson (NYSE: JNJ) ...
* Indexes up: Dow 0.17%, S&P 500 0.28%, Nasdaq 0.19% (Updates to market close, new throughout)
In the latest look at stocks ordered by largest market capitalization, Russell 3000 component Penumbra Inc (PEN) was identified as having a larger market cap than the smaller end of the S&P 500, for example Tripadvisor Inc (TRIP), according to The Online Investor. Click here to find out the top S&P 500 components ordered by average analyst rating » Market capitalization is an important data point for investors to keep an eye on, for various reasons..
20:27
Seeking Alpha
EBay tock dropped Wednesday after the e-commerce company reported third-quarter results that beat on earnings but missed on revenue. The eBay earnings report came after the market close.
EBay Inc on Wednesday forecast current-quarter revenue below estimates, as it faces intense competition from Amazon.com and Walmart Inc.
20:19
FinancialContent
PayPal Holdings Inc reported a 6% rise in third-quarter profit on Wednesday, as more people used its payment processing platform to make transactions.
- Revenue of $2.6 billion
ServiceNow reports third quarter 2019 financial results.
It’s not easy to beat every quarter, or nearly every quarter, for 5 years, yet these big technology companies are doing it while also facing enormous pressure to stay at the top of their game.
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in eBay Inc. (EBAY), where a total volume of 29,953 contracts has been traded thus far today, a contract volume which is representative of approximately 3.0 million underlying shares (given that every 1 contract represents 100 underlying shares)..
* Anthem, Boston Scientific, Thermo Fisher jump on upbeat profits
The footwear industry is undergoing a massive executive shakeup.It began Monday when Adidas AG (ADR) (OTC: ADDYY) CMO Eric Liedtke ...
With Wednesday being one of the busiest days of the third-quarter earnings season, there were many reports to cover on PreMarket Prep ...
The Snapchat social media app continues to lock in Gen Z users as it expands its Discover ecosystem.
About 40% of adult Americans drivers are leaning more to buying self-driving cars in the future as they look to snack, chat on their phone or catch up on email while the car drives itself, a survey by Adobe Analytics showed on Wednesday.
Bitcoin prices have quietly been in meltdown mode in recent trade and that trend has accelerated amid testimony on Wednesday from Facebook CEO Inc. Mark Zuckerberg as he attempts to make a case for digital-currency payment platform Libra.
Symbols mentioned in this story: IGV, ORCL, ADBE, CRM Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand..
Between skepticism about Facebook Inc.’s ability to safeguard against election fraud to outright skepticism over its cryptocurrency project Libra, the company’s embattled chief executive impassively fielded a torrent of contentious questions from members of the House Financial Services Committee on Wednesday.
Snap Inc said on Wednesday that the U.S Department of Justice and the Securities and Exchange Commission were no longer investigating whether the company misled investors at the time of its March 2017 initial public offering.
On CNBC's "Fast Money Final Trade," Steve Grasso said he still has a long position in Snap Inc (NYSE: SNAP). The stock ...
The social media company finally appears to be firing on all cylinders, but a competitive threat bears watching: TikTok.
Snap Inc (NYSE: SNAP) exceeded Street estimates for third-quarter revenue, daily active users (DAUs), average revenue per user (ARPU) ...
ServiceNow will likely make more acquisitions under new CEO Bill McDermott given his track record at software giant SAP, analysts say. ServiceNow stock fell on Wednesday amid a change in CEOs.
Snap Inc.’s latest earnings report provided fodder for both bulls and bears as the company beat overall user-growth expectations but fell short of some analysts’ loftier hopes.
JP Morgan lowered McDonald’s Corp (NYSE: MCD) price target from $230 to $215. McDonald’s shares closed at $209.85 on ...
The granddaddy of cloud services is still going strong.
12:52
Seeking Alpha
GainersNano Dimension ADR (NASDAQ: NNDM) shares rose 43.90% to $4.13 in pre-market trading after the company announced that it ...
GainersNano Dimension, Inc. (NASDAQ: NNDM) stock moved upwards by 51.7% to $4.40 during Wednesday's pre-market ...
Integration aids timeliness and quality in regulatory compliance, enhancing audit readiness
11:10
FinancialContent
ServiceNow (NYSE: NOW) announces its next round of earnings this Wednesday. Here is Benzinga's everything-that-matters guide for the ...
For nearly five months, the predominant story line in Big Tech has been its skirmishes with antitrust regulators and their escalating investigations. And for nearly five months, investors haven’t blinked.
11:00
FinancialContent
GTS, a leading market maker with offices in New York and London, announced today it will be opening an office in Tel Aviv in fall 2019. GTS joins the growing ranks of leading financial technology firms establishing a presence in Tel Aviv to attract world class tech talent.
Feature Allows Travelers to Seamlessly Click through to the Hotels' Own Booking Page from a Sponsored Listing on the TripAdvisor Platform
Bull of the Day: Elastic (ESTC)
Companies Reporting Before The BellCaterpillar Inc. (NYSE: CAT) is expected to report quarterly earnings at $2.89 per share on ...
SNAP earnings call for the period ending September 30, 2019.
01:49
FinancialContent
Interesting action after hours: TXN, NOW, SNAP.
22 Oct, 2019
U.S. Defense Secretary Mark Esper has removed himself from reviewing a disputed $10 billion cloud computing deal because of a possible conflict of interest, a move that could further delay the contract-award process.
When the music stopped Tuesday afternoon, the CEOs of three large public companies were sitting in new seats.
Nike Inc's long-time chief executive officer, Mark Parker, will step down next year and be replaced by board member and former eBay CEO John Donahoe, who will be tasked with strengthening the sportswear maker's online strategy.
Earnings came in at a loss of 4 cents per share, beating estimates by a penny. Sales came in at $446 million, beating estimates by $11.39 million.
Individual stocks and key industry groups on Tuesday showed volatile action. The Dow Jones fell less than the Nasdaq. Investor fear is still substantial.
Nike Inc's long-time chief executive officer, Mark Parker, will step down next year and be replaced by board member and former eBay CEO John Donahoe, who will be tasked with strengthening the sportswear maker's online strategy.
Stock futures: Nike CEO Mark Parker will exit, with ServiceNow CEO John Donahoe stepping in. Chipotle, Snap, Texas Instruments were big earnings movers.
ServiceNow stock plunged on the sudden exit of chief executive John Donahoe, who will become the CEO of Nike. Bill McDermott, who recently stepped down as SAP's CEO, will replace Donahoe
The sportswear industry is seeing a massive executive shakeup.The same day Under Armour Inc (NYSE: UAA) founder Kevin Plank ...
Nike CEO Mark Parker is to step down to make way for ServiceNow chief executive John Donahoe.
Nike Inc's long-time chief executive officer, Mark Parker, will step down next year and be replaced by John Donahoe, the CEO of cloud computing firm ServiceNow Inc, the footwear and apparel maker said on Tuesday.
Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100..
ServiceNow (NYSE: NOW) today announced that Bill McDermott will join ServiceNow by year-end 2019 as President and Chief Executive Officer and a member of the Board of Directors. McDermott will succeed John Donahoe, who is stepping down from ServiceNow to become President and Chief Executive Officer of Nike in January 2020. To ensure a smooth transition, Donahoe will remain ServiceNow’s CEO through the transition period and will retain his seat on the company’s Board of Directors for the remainder of his current term, ending in June 2020.
Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Xilinx, Inc. (XLNX), where a total volume of 16,006 contracts has been traded thus far today, a contract volume which is representative of approximately 1.6 million underlying shares (given that every 1 contract represents 100 underlying shares)..
Investors in Tripadvisor Inc (TRIP) saw new options become available this week, for the June 2020 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 241 days until expiration the newly available contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration..
Teradata extends its Vantage offerings in the cloud with the availability of Vantage Customer Experience (CX) and Vantage Analyst.
Teradata today announced new offerings to help companies use Teradata Vantage to simplify their analytic ecosystems.
14:09
Seeking Alpha
Daniel in New York City Regains Top Spot as U.S. Fine Dining Winner
21 Oct, 2019
In the latest look at stocks ordered by largest market capitalization, Russell 3000 component First Citizens BancShares Inc (FCNCA) was identified as having a larger market cap than the smaller end of the S&P 500, for example Tripadvisor Inc (TRIP), according to The Online Investor. Click here to find out the top S&P 500 components ordered by average analyst rating » Market capitalization is an important data point for investors to keep an eye on, for various reasons..
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in ServiceNow Inc (NOW), where a total volume of 26,243 contracts has been traded thus far today, a contract volume which is representative of approximately 2.6 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 139% of NOW's average daily trading volume over the past month, of 1.9 million shares..
Benzinga is highlighting nominees for the fifth annual Benzinga Global Fintech Awards ahead of the event Nov. 19 in New York ...
The global enterprise collaboration market size is projected to grow from $31 billion in 2019 to $48.1 billion by 2024 at a CAGR of 9.2%. Billion Dollar Unicorn Atlassian is a leading service provider in this market.
A Jefferies analyst says that valuation multiples for high-growth software names are “unsustainable.”
A new study by Teradata and research firm Vanson Bourne shines a light on the market forces impacting the world's largest companies.
S&P 500 futures are rising this morning, but the index still faces a tremendous amount of resistance around 3,003 on the SP500 futures.
Bob Stutz has had a storied career with enterprise software companies including stints at Siebel Systems, SAP, Microsoft and Salesforce. He announced on Facebook last week that he’s leaving his job as head of the Salesforce Marketing Cloud and heading back to SAP as president of customer experience. Constellation Research founder and principal analyst Ray […]
Partnership to Highlight Iconic Brand's More Personalized Experience and Deepen Connections With Travelers
09:37
FinancialContent
GainersGreenland Acquisition Corporation (NASDAQ: GLAC) shares climbed 48% to close at $10.33 on Friday. Greenland Acquisition ...
20 Oct, 2019
Which stocks are ready to take off in 2020? This is the question growth investors constantly have on their minds. However, finding these stocks that are primed for explosive growth is no simple task.That’s where TipRanks comes in. Using the platform’s Stock Screener tool, I got access to market data that let me zero in on 3 stocks with strong long-term growth narratives.I’m putting these names at the top of my buy list based on their upside potential from the current share price. We’re talking 20% or more here. Not to mention each boasts a “Strong Buy” consensus rating, which is generated from all ratings assigned by Wall Street analysts over the last three months. Here are the 3 monster growth stocks poised to soar in 2020: L3Harris Technologies (LHX)L3Harris is a technology, defense and information services provider that designs C6ISR systems and products, wireless equipment and tactical radios. The company, which is a product of the Harris Corporation and L3 Technologies merger this past June, looks poised to deliver gains in 2020 on top of the 47% year-to-date growth it has already achieved.LHX has the advantage over other defense companies in that the merger has led to several synergies. For example, the combination of antennas from L3 and combined processing from Harris for avionics applications and the integration of Harris’ payloads on L3’s airborne platforms is expected to lead to an increase in revenue generation.4-star Morgan Stanley analyst Rajeev Lalwani also sees possible wins from the company's tactical radios that include Manpack, its electronics for F-35 and its electronic warfare for F-16 and F-18. All of this lends the analyst to his conclusion that LHX has “positioned itself as one of the better margin narratives in the industry”.Lalwani rates LHX stock a "buy" along with $259 price target. If everything goes as planned, LHX will soar about 30% over the next 12 months. (To watch Lalwani's track record, click here)“Given above-average potential around sales growth, margin expansion, FCF generation, and capital returns, alongside a leadership team that has previously executed, we see no reason why the legacy HRS premium valuation should not be retained has previously executed, we see no reason why the legacy HRS premium valuation should not be retained,” Lalwani added.The rest of the Street takes a similar approach when it comes to LHX. The defense stock sports a ‘Strong Buy’ analyst consensus and $238 average price target, indicating 20% upside potential. (See L3Harris stock analysis on TipRanks) Facebook (FB)Facebook has been a tear this year — with shares soaring 42% — and analysts say the gains may not be done yet.Ahead of its upcoming Q3 earnings release, the Street is standing firmly in Facebook’s corner with both Barclays and Deutsche Bank recently publishing bullish calls.Based on each firm’s channel checks, demand for Facebook ads remains healthy. According to Deutsche Bank’s Lloyd Walmsley, data indicates that there wasn’t any ad spend deceleration from the second quarter and that same client spending improved for FB.Adding to the good news, Walmsley sees gains in store thanks to Instagram Checkout as well as the company’s focus on monetizing Instagram influencers. Instagram Checkout lets users easily buy products they discover on the social media platform. Its growing number of partners and the addition of new features like alerts is expected to contribute to impressive top-line results in 2020.Walmsley rates FB stock a Buy along with $230 price target, which implies about 23% upside from current levels. (To watch Walmsley's track record, click here)Similarly, Barclays’ Ross Sandler likes what he’s seeing. “We get the sense that Facebook is starting to come out of the privacy and regulatory fog it has been in the past two years, and get back to a stronger innovation cycle. Management likely paints a scenario of steady deceleration and heavy investment for 2020, but we think Facebook may be the only mega-cap to see margin expansion and rapidly accelerating EPS growth next year,” the analyst explained.As a result, the 5 star analyst reiterated his Buy rating and $240 price target. He is confident in FB’s ability to surge 29% over the next twelve months. (To watch Sandler’s track record, click here)Overall, Wall Street is clearly bullish on FB. With 7 Buy ratings received from top analysts in just the last 25 days, it’s no wonder the stock has a ‘Strong Buy’ analyst consensus. In general, analysts see 28% upside potential for FB based on its $237 average price target. (See Facebook stock analysis on TipRanks) Atlassian (TEAM)Despite some recent shakiness, Atlassian stock is up over 30% year-to-date, and several Wall Street analysts believe it remains one of the strongest names in the software space.According to 5-star SunTrust analyst Joel Fishbein, the force behind popular software products like JIRA and Service Desk presents investors with an exciting growth opportunity thanks to upcoming catalysts. Specifically, TEAM’s partnership with Okta (OKTA) could drive significant growth. The collaboration will see Okta's authentication technology integrated into Atlassian's cloud products, allowing IT admins to automate provisioning. The analyst notes that this partnership as well as the enhancement of its cloud products through its Code Barrel acquisition could result in annual contract value (ACV) expansion.Fishbein believes that these positive catalysts and its solid past performance make it a stand-out. On October 17, TEAM reported that during its fiscal first quarter, it saw revenue gain 36% year-over-year and added more than 7,000 new net customers.“Atlassian’s low touch sales and marketing, viral product adoption, focus on R&D and product innovation, and highly profitable model sets them apart in a crowded field,” the top analyst commented. This prompted him to rate the stock a Buy along with $162 price target, which implies about 40% upside potential. (To watch Fishbein’s track record, click here)The rest of the Street echoes the analyst’s sentiment. 8 Buy ratings and 2 Holds received in the last three months add up to a ‘Strong Buy’ analyst consensus. Additionally, its $153 average price target puts the upside potential at 31%. (See Atlassian stock analysis on TipRanks)
19 Oct, 2019
The collaboration-software maker delivered solid results, but investors were looking for more.
18 Oct, 2019
Oracle Corp's 62-year-old co-chief Mark Hurd died on Friday morning, the company said, an unexpected development that raises pressure on co-CEO Safra Catz to lead the business software maker's ongoing transition to cloud computing.
Find out why these stocks led the market lower.
Atlassian's results aren't good enough, and Johnson & Johnson takes a hit to its reputation.
Cloud security company Okta (NASDAQ:OKTA) had a tremendous couple of years. Since trading at just $22.60 in early 2017, it quickly became a crowd favorite, soaring as high as $141.85. Since then, OKTA has crashed 34% off those highs. However, the plunge in OKTA stock has created a long-term buying opportunity.Source: Sundry Photography / Shutterstock.com A part of this opportunity comes from the fact that the company has disrupted the cloud-based security market, using a unique identity-based approach to security.For example, its Identity Platform assists companies of all sizes with tracking how their employees access and use cloud-based applications from anywhere in the world. While that may not seem important, consider this: Up to 81% of all data breaches have been caused by weak and even reused passwords, according to Verizon's (NYSE:VZ) 2017 Data Breach Investigations Report.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThat can put an entire organization at risk, and that's where Okta comes into play. Okta Stock Is a Game-ChangerWith its cybersecurity tools, Okta tapped into a sweet spot of a market expected to grow 13% per year to $23.4 billion by 2025, according to Zion Market Research."The rising momentum of web-based applications and remote working has led the users to stay connected with organizational resources without putting security at risk. Moreover, organizations are hosting applications on the cloud, making it extremely important to manage their authentication and authorization for various applications and organizational data, thereby driving the identity and access management market," Zion notes. * 10 Stocks to Sell Before December's Meltdown Thanks to Okta's unique approach to protecting cloud security, it will benefit from that significantly. Its Identity Cloud Platform, for example allows people to securely access a network through a multi-factor authentication and sign-in security process. That alone can stop unauthorized visits. Then, once a user has been verified, they can access apps they've been granted access to, including cloud-based applications.The company also launched SecurityInsights, which provides companies with personalized security detection and solution capability. This allows users to report suspicious activity, helping companies take quick action against potential cyberattacks.Okta also partnered with software company Atlassian (NASDAQ:TEAM). Companies can now integrate Okta's authentication technology into Atlassian cloud products, giving users secure access in a safer online environment. Okta Fundamentals Are ImprovingGranted, OKTA stock did drop 34% from September. However, the pullback is temporary.For one, the company remains in net loss territory. As Demitrios Kalogeropoulos pointed out in his OKTA earnings breakdown for the Motley Fool, this net loss comes even after the company increased its cash burn to 1% of revenue from 6% of revenue year-over-year.With that, and a new private offering of $1 billion worth of convertible debt notes, nervous investors sent the stock lower.However, I'm not greatly concerned by that, and see further upside in the stock, especially with earnings. In fact, in recent months, "[t]he company reported sales of $141 million, representing 49% growth year over year."As Kalogeropoulos notes, that was also well above company predictions for $131 million in sales. Meanwhile, subscription revenue jumped 51% to $132.5 million. Okta also added about 450 customers, growing its total customer base to more than 7,000, which includes some of the world's largest companies.Going forward, Okta raised its outlook for the second straight quarter, "targeting fiscal-year sales of between $560 million and $563 million." That's up from expectations of "between $543 million and $548 million" from May 2019. It's also up from the $530 million to $535 million forecast set at the start of the year. The only issue is a stable profit. "Non-GAAP net losses are on track to land at between $0.44 and $0.42 per share this year, compared with $0.32 per share last year," Kalogeropoulos writes. * 7 Software Stocks to Buy for Growth The Bottom Line on Okta Inc StockWhile I'm not happy seeing losses push higher, I'm confident in the company's longer-term outlook with explosive earnings and forecasts. Given its exposure to a growing cybersecurity market, and big demand from global businesses, I'm also not concerned about its growth.Long-term, OKTA stock is a winner that hit a temporary rough patch. I don't believe it's anything to be concerned with. Instead, we should focus on the long-term growth story here. With sizable growth prospects, it's tough to argue for further downside.With patience, I expect Okta Inc stock to resume its powerful uptrend, especially since cybersecurity issues show no signs of cooling.As of this writing, Ian Cooper did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Reasons to Buy Canopy Growth Stock * 7 Restaurant Stocks to Leave on Your Plate * 4 Turnaround Plays to Buy Now The post The Correction Is a Solid Opportunity to Buy Okta Stock appeared first on InvestorPlace.
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Salesforce. om Inc (CRM), where a total of 45,211 contracts have traded so far, representing approximately 4.5 million underlying shares.
Technology stocks led losses Friday as indexes accelerated their declines at midday and Dow components Boeing and Johnson & Johnson sold off on bad news.
GainersGreenland Acquisition Corporation (NASDAQ: GLAC) shares jumped 47.7% to $10.31. Greenland Acquisition reported ...
(Bloomberg) -- Software companies fell on Friday, extending recent losses after results from Atlassian Corp. topped analyst forecasts yet failed to provide enough upside to assuage concerns over the group’s valuation.Atlassian shares dropped as much as 11% to their lowest level since May. The stock was on track for its third straight decline, as was Veeva Systems Inc., off 5.4%, and ServiceNow Inc., down 3.8%, which reports its own results next week. Coupa Software Inc. sank 8.4% in its fourth straight drop, a period over which it has shed more than 20% of its valuation. Twilio Inc. was down 4.5%. Alteryx Inc. was down 7.2% and Crowdstrike Holdings Inc. dropped 7.3%, heading for the eighth decline in the past nine sessions.A basket of high-multiple software stocks tracked by Goldman Sachs fell 5.7% in its fifth straight decline, hitting its lowest since March, while the Russell Midcap Technology Growth Index was down 2.2%.“When investors have lost conviction, it usually means the best strategy is to stay conservative until the coast is at least somewhat clear,” wrote Richard Davis, an analyst at Canaccord Genuity. “We are in that time in the cycle.”Davis has a buy rating on Atlassian, writing that it “fits the description of a safe harbor company.” However, he said the stock has a “high-ish valuation” and suggested that multiples could be hard to justify. “In this macro environment,” he wrote, “if anyone expected an over-sized guide up, they haven’t been paying attention.”Recent weakness in the sector included both Workday Inc. and Zoom Video Communications Inc. tumbling in the wake of their respective investor events, which underlined growth concerns.Atlassian’s results included a raised full-year revenue forecast, and Cowen wrote that this could ease broader concerns over the sector.This “was one of the more anticipated prints in software as a result of emerging macro concerns in the space and it being one of the first to report,” analyst J. Derrick Wood wrote. The “solid numbers & outlook, along with constructive commentary on stable demand conditions, should give investors greater comfort in the potential for stability in software spending.”To contact the reporter on this story: Ryan Vlastelica in New York at rvlastelica1@bloomberg.netTo contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Jim SilverFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In trading on Friday, shares of Atlassian Corp PLC (TEAM) crossed below their 200 day moving average of $120.49, changing hands as low as $111.57 per share. Atlassian Corp PLC shares are currently trading off about 8.1% on the day..
Project management and collaboration software provider Atlassian Corporation PLC (NASDAQ: TEAM) reported forecast-beating ...
Futures: The stock market rally has made impressive gains, but can the indexes hit all-time highs? Atlassian and Intuitive Surgical were key earnings movers late.
TEAM earnings call for the period ending September 30, 2019.
17 Oct, 2019
Futures: The stock market rally has made impressive gains, but can the indexes hit all-time highs? Atlassian and Intuitive Surgical were key earnings movers late.
First-quarter adjusted earnings came in at 28 cents per share, beating estimates by 4 cents.
The stock market ended modestly higher Thursday after an early rally faded. Top stock Tempur Sealy broke out above a potential buy point.
Atlassian Corporation PLC (TEAM) delivered earnings and revenue surprises of 16.67% and 3.40%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Atlassian earnings and revenue topped fiscal first-quarter consensus estimates on Thursday while company profit guidance edged by Wall Street targets. Atlassian stock fell on the news.