NEW YORK/HONG KONG (Reuters) - DouYu International Holdings Ltd , China's largest live-streaming platform, on Tuesday said it sold $775 million in stock at a $3.73 billion valuation after pricing its U.S. initial public offering (IPO) at the bottom of an indicative range. DouYu, which is backed by Chinese social media and gaming giant Tencent Holdings Ltd , sold American depositary shares (ADS) at $11.5 each, compared with a previously stated target of $11.50 to $14.00, the firm said in a statement. The IPO was also a test of U.S. investor demand for Chinese stocks after Anheuser Busch InBev NV called off the Hong Kong listing of its Asia-Pacific brewing business due to weak orders from U.S. "long only" fund managers.
The bitcoin price rise has hit another roadblock. Bitcoin broke through the $13,000 barrier yesterday, for the second time in 16 days. This gave hope to traders who felt things were heading towards the highs of the 2017 bull run.
Natural-gas prices declined for the second straight day on signs that producers will continue to push output to new highs, while forecasts that the current heat wave will dissipate threatened demand.
Despite a host of macro uncertainties and consensus estimates projecting negative year-over-year (YOY) earnings growth for the S&P 500 Index (SPX) in 2Q and 3Q 2019, the 3 largest ETFs that track the index enjoyed a combined net inflow of $6.2 billion during the week ending July 12, 2019, Bloomberg reports. This indicates that a significant number of investors are still “all-in on equities,” according to Steven DeSanctis, a U.S. equities strategist at Jefferies, as quoted by Bloomberg. The three ETFs in question are the SPDR S&P 500 ETF (SPY), the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO).
The Business Journal first reported on Hill's lawsuit in an April investigation into Nike's ongoing efforts to address problems with its workplace culture. Hill filed the lawsuit in August 2017, before Nike's workplace problems burst into public view after reports in 2018 in the Wall Street Journal, New York Times, Oregonian and Portland Business Journal about what some described as a "boys' club culture" at the sportswear giant. Nike has repeatedly said since last year that it has zero tolerance for discrimination.
Burberry Group (OTCMKTS:BURBY) is having an impressive day thanks to Riccardo Tisci, propelling shares forward more than 10%. The luxury fashion house — based out of the United Kingdom — garnered serious traction Tuesday as comparable store sales gained 4% during its latest three-month quarter that lasted through June. This figure is double the amount analysts projected, a successful surge that can be partially attributed to Tisci's new collections.
Goldman Sachs is making a bullish bet on Snapchat, a popular app loved by many millennial social media devotees. Analyst Heath Terry and his team at Goldman upgraded Snapchat's parent company Snap (SNAP) to Buy from Neutral citing better-than-expected user growth and engagement trends. Goldman also boosted its 12-month price target for the stock to $18 from $13 per share.
Almost overnight, a $693 million loan Clover Technologies took to the market five years ago lost about a third of its value. The startling nosedive stung even sophisticated investors, people who deal in the arcane business of trading corporate loans. Bloomberg's Lisa Lee has more on "Bloomberg Markets."
What are some stocks that you can buy or at least get ready to buy, like PepsiCo , if you are of the opinion that the world really is slowing and the Fed can't change the equation? The first is Estee Lauder Companies . Here is a company that is run by one of the best executives I have ever met, Fabrizio Freda, late of Procter & Gamble , who has taken this prestigious brand and made it the most-loved makeup company around the world.
Editor's note: This story comes from our online sister publication, Minne Inno, which focuses on the Twin Cities startup scene. Want more stories about tech and innovation in the Minneapolis-St. Paul area? Subscribe to the Beat by Minne Inno, a free daily email newsletter that breaks down everything you need to know about what's new in business the Twin Cities. Techstars Farm to Fork, an accelerator for innovative agricultural startups, announced Monday the crop of 11 startups that will participate in its annual program.
Bank of America analyst Ross Gilardi acknowledges slower economic growth is a concern, but he doesn't see a global recession on the horizon. Gilardi's ratings action continues a string of conflicting messages from Wall Street regarding shares of the iconic American pioneer of the steel plow. Last week, Deere stock (ticker: DE) was downgraded at (UBS) because of weakening near-term demand.
Shareholders have approved a plan making Flex Pharma, the neurobiology-focused biotech started five years ago by a Nobel Prize winner and one of the founders of Alnylam Pharmaceuticals Inc., into a shell company for a privately held Houston cancer drug developer. Flex Pharma (Nasdaq: FLKS) was co-founded in 2014 by Nobel Prize Winner Rod MacKinnon and serial entrepreneur Christoph Westphal. The company began looking for a merger partner after its “tolerability concerns” arose during a mid-stage clinical trial of its lead drug for neurological diseases like amyotrophic lateral sclerosis, or ALS. The company laid off most of its employees following the drug failure, and had four staff members as of March 31. The merger agreement announced in January gives Houston biotech Salarius Pharmaceuticals the ability to launch on the stock market.
An enormous shift is coming in the stock market … I am not talking about a crisis or a bear market — though the market's December drop does play a role in it. The shift I'm talking about will bankrupt many investors who've made gobs of money during this historic bull market over the past 10 years … and make millionaires out of a totally different type of investor. Whether you are one of those millionaires will depend entirely on your understanding of history.
Speaker of the House Nancy Pelosi recently disclosed that her husband, Paul Pelosi, bought (CRM) stock options in June. Paul Pelosi, a businessman and investor, paid $150,002 to $350,000 in June for a total of 100 Salesforce (ticker: CRM) call options, according to a regulatory form Speaker Pelosi filed. Each option contract Paul Pelosi purchased gives him the right to buy shares of the cloud-computing company for $140 each, and that right expires June 19, 2020.
Shawn Matthews, Hondius Capital Management chief investment officer and former Cantor Fitzgerald chief executive officer, discusses the risk in credit markets and Federal Reserve monetary policy with Bloomberg's Vonnie Quinn on "Bloomberg Markets."
JNJ Earnings, Sales Top Expectations On an adjusted basis, drug sales increased 4.4% to $10.53 billion. That beat analysts' estimate for $10.32 billion, RBC Capital Markets analyst Brandon Henry said in his report to clients. "U.S. revenues decreased 2% while international (sales) increased 12.9%, continuing the trend seen throughout 2018 of faster outside-U.S. growth," he said.
Palm oil futures have been trading on Singapore's Asia Pacific Exchange for just three months, but they're already making their mark in a world long dominated by the benchmark contract in neighboring Malaysia. The Chinese-backed bourse started trading crude palm oil futures on April 18. The product is dollar-denominated and physically deliverable to ports in West and East Malaysia, as well as Belawan and Dumai ports in Indonesia.
The Chinese streaming company iQiyi (NASDAQ:IQ) has faced a number of challenges since going public nearly a year and a half ago. The company offers both free and paid streaming service. Although it's often compared to Netflix (NASDAQ:NFLX), iQiyi is a very different company.
Walmart (NYSE:WMT) CEO Doug McMillon has been in the top job at the world's largest retailer for five-and-a-half years. As the company's online business has grown, so too has the Walmart stock price. It's safe to say that McMillon's time as CEO has been a rewarding one for both long-time shareholders and himself: the head exec owns 1.74 million shares of WMT stock.
Recent research from Schwab Retirement Plan Services illustrates two things: First, 401(k) participants believe they need $1.7 million, on average, to retire. There may be multiple causes, but not knowing how much to save, when to save it, and how to make those savings grow with the most efficiency can go a long way toward creating retirement account shortfalls. As a result, most 401(k) participants (54%) tend to put additional retirement funds in a savings account instead of another investment account such as an IRA, brokerage account, or health savings account (despite its name, an HSA has numerous important advantages over ordinary savings accounts).
Analysts expressed surprise and disappointment this week that Broadcom Inc.'s attempted acquisition of cybersecurity company Symantec Corp. apparently fell through over a price difference of less than $1 per share. CFRA Research equity analyst Keith Snyder said he was hopeful the two would restart talks: “Everything to me points to that the two will come back to the table,” he told the Silicon Valley Business Journal on Tuesday, despite a number of “big egos in the room.” It's not uncommon for companies to go back and forth on the price of a merger, but Snyder said it was unusual for the details of the talks to be leaked to the media. San Jose-based Broadcom, a chipmaker that's making moves into other tech sectors, initially offered to pay $28.25 per share, CNBC reported Monday, but apparently discovered some issues that knocked its offer down to below $28.
My mom, Tobie, worked two jobs, seven days a week from the time my dad walked out on my 10th birthday until she was almost 70 years old. You cannot save your way to wealth. You must save to invest to create wealth.
With Wells Fargo (NYSE:WFC) scheduled to announced second-quarter results on Tuesday, it's worth remembering that when the bank surprised investors a stronger-than-expected first-quarter profit, WFC stock trended lower on a reduced profit outlook. It is also worth noting that Wells Fargo stock is at the same level as it was at the beginning of 2019. That compares with a 14% gain in the 25-bank-stock Invesco KBW Bank ETF (NASDAQ:KBWB), which shows WFC stock as its fourth-biggest holding at 7.88% weight.
The company already has one drug on the market (for primary biliary cirrhosis), and recently released positive results from the Phase 3 REGENERATE trial in NASH Fibrosis. Nash is a chronic condition in which the buildup of fat and inflammation in the liver may eventually lead to severe scarring called fibrosis. It is currently the second leading cause of liver transplant in the US- making it a very lucrative opportunity for drug companies.
It's strange to talk about recession as the stock market is hitting all-time highs and earnings season is heating up. But recession is here now for a number of large companies — like Western Digital and Nvidia stock — a reminder why long-term investors need diversification. There are 22 companies in the Standard & Poor's 500, also including Franklin Resources and Macy's, already feeling the pains of contraction.