3,131.00 +27.00 (0.87%)
Before hours: 4:54AM EDT
Commodity Channel Index
|Bid||3,128.11 x 900|
|Ask||3,139.99 x 800|
|Day's Range||3,068.39 - 3,344.29|
|52 Week Range||1,626.03 - 3,344.29|
|Beta (5Y Monthly)||1.32|
|PE Ratio (TTM)||148.26|
|Earnings Date||Jul 23, 2020 - Jul 27, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||2,852.48|
(Bloomberg Opinion) -- For a long time, U.S.-based internet giants entertained the idea of finally accessing the world’s biggest market and tapping into a base of more than 1.3 billion potential consumers. Now, just as the door to China appears firmly shut, the next giant market is opening up.Alphabet Inc. CEO Sundar Pichai is ready to realize India’s potential with the one way executives know best: a big fat check. The American search-engine giant said its Google unit plans to spend $10 billion over the next seven years on operations, infrastructure and investments as a “reflection of our confidence in the future of India and its digital economy.”American corporate leaders from Apple Inc.’s Tim Cook and Amazon.com Inc.’s Jeff Bezos to Facebook Inc.’s Mark Zuckerberg have all known that India could be the next big thing. Pichai, himself Indian-born, hasn’t sat idly by, either.Their entry has been slowed by lack of broad-based demand for services offered only in English, a national market fragmented by whimsical local taxation, and an inadequate road and warehousing network that would facilitate quick e-commerce logistics.Favorable Chinese treatment, and protectionism, allowed Alibaba Group Holding Ltd. and Tencent Holdings Ltd. to develop super-apps that deliver a smorgasbord of offerings from instant messaging to news and deliveries to financial services. No U.S. giant offers anywhere near the breadth and depth of services as their Chinese counterparts.Indian oil billionaire Mukesh Ambani has designs on doing in his home country just what the Americans couldn’t do in theirs. Four years ago, he upended the telecommunications sector with a new entrant that offered free voice calls and really cheap data. Suddenly, hundreds of millions more Indian consumers had a mobile phone in their hands and a reliable, affordable internet connection. Ambani followed that up by getting Facebook to buy a 10% percent stake in Jio Platforms Ltd. — Ambani’s holding company for telcos, media and other digital assets — for $5.7 billion. With Facebook now owning a stake in Jio, it makes sense for Google to look for its own telco dance partner, be it Bharti Airtel Ltd. or Vodafone Idea Ltd. — the only two meaningful competitors to Jio’s wireless service that are still left in the fray.Google’s big move is well-timed. The nation’s largely state-owned banking system was in bad shape even before Covid-19. After the inevitable pandemic-linked losses, institutions will be grateful to limp again and digital commerce will present a new growth avenue. When Indian consumers need loans, they’ll be giving consent to lenders to digitally piece together their credit history by pulling scraps from everywhere. Suppliers of goods and services will also want to tap cheaper working capital by sharing a real-time snapshot of their cash flows.Indian banks are at a disadvantage in the coming shakeup. Information collection, analysis and distribution is exactly what the U.S. internet companies do best. Jio with Facebook, Google (with or without a chosen partner), and even Amazon.com could have deeper insights into consumer and supplier habits than the traditional financiers. A Jio or Google-backed finance app could dish out a loan faster than a banker could pull out a ballpoint pen. That would leave the state-owned lenders offering little more than their vast balance sheets for credit creation.Not only is India finally getting the fast mobile coverage it sorely needs, its payments infrastructure is also ready. Pichai has built a payments service specifically for India, using the local platform that allows any two parties, holding accounts at different banks, to send and receive money instantly without knowing anything more than each others’ virtual IDs. The revamped network is so modern and innovation-friendly that Google has asked the U.S. to consider emulating it.Jio has garnered much of the recent attention, helped by a splashy fundraising spectacle that adds up to half of the investment in global telecom deals this year. But Google’s payment app as well as WalMart’s PhonePe have been quietly scaling up. Now, when Indian consumers want deliveries, entertainment, or a loan there’s a good chance they’ll be searching Google. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.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/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Amazon.com Inc. told employees at a New York warehouse, where workers have sued and gone on strike over safety concerns, that they won’t be punished for insufficient productivity or extra time washing their hands.In a message Amazon sent recently to employees and posted in bathrooms at the Staten Island facility, the e-commerce giant said workers wouldn’t be disciplined for falling short of quotas based on how many tasks they complete each hour. Time spent on safety measures like handwashing also won’t be counted against them under Amazon’s “Time Off Task” policy, which limits the number of unproductive minutes allowed in their day.The company also said that the more lenient policy, instituted in response to the coronavirus pandemic, had been in place since mid-March.Amazon’s legal team shared the message on Monday with the judge handling a lawsuit, filed by warehouse employees and family members, that claims the company’s “oppressive and dangerous” policies have exacerbated Covid-19 risks. Jason Schwartz, an attorney representing Amazon, wrote that the company’s policies were already clear to workers, but that it reiterated the message “in an abundance of caution.”The plaintiffs disputed that Amazon had already told workers about this. In a declaration also filed Monday, employee Derrick Palmer said that prior to that morning’s email he hadn’t received any communication from the company about such a policy change.“I have continued to work as fast as I did before the outbreak of COVID-19, and I have continued to do things like rush back to my workstation following breaks or skip trips to the bathroom to wash my hands, in order to keep my rate up and to limit my TOT,” he wrote.Amazon has denied wrongdoing. Lisa Levandowski, a company spokesperson, declined to comment on pending litigation. The largest U.S. internet retailer has said that it’s made over 150 process updates to protect employees, and expects to spend more than $800 million on coronavirus safety measures including masks, hand sanitizer, thermal cameras, and additional handwashing stations.The company also provided the court a list of talking points which it said was given to managers earlier this year so they could inform employees of the more lenient Covid policy. The document specified that it was “for verbal use only.”“Amazon is trying to have it both ways -- to say that they had a policy protecting workers without those workers actually knowing about it,” David Seligman, the executive director of non-profit Towards Justice, said.Seligman, whose organization brought the lawsuit along with fellow advocacy groups Public Justice and Make the Road New York, said Monday’s message from Amazon was a “tremendous victory.” The lawsuit, which accuses Amazon of “purposeful miscommunication with workers” and “sloppy contact tracing” as well as a “culture of workplace fear,” remains ongoing.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Investors just got a not-so-friendly reminder that top stocks don't always go up. Here's what to do now. JPMorgan earnings are due.
Asian shares are showing a mixed picture on Tuesday after a volatile day in U.S. equity markets amid persistent concerns over the record number of new coronavirus cases worldwide and signs of an economic rebound. Australian S&P/ASX 200 futures lost 0.76% in early trading, Japan's Nikkei 225 futures added 0.22%, and Hong Kong's Hang Seng index futures rose 0.39%. After a strong start in the United States, equity markets sold off when California announced it was slowing the state’s reopening, shutting bars and banning indoor restaurant dining statewide in response to a surge in coronavirus cases.
The steep ascent of Big Tech, which is fueling a resurgent stock market despite a deepening pandemic, underscores the enduring power of the industry as consumption of it escalates in a work-from-home economy.
PepsiCo giant kicked off the week with solid earnings, and a major gambling market is set to reopen this week. It wasn't enough to keep stocks from turning down sharply at the end of the day as we head into earnings season.
The S&P 500 and Nasdaq ended lower on Monday, pulled down by Amazon, Microsoft and other recent big-name leaders of Wall Street's recent rally. The S&P 500 dipped after briefly touching its highest level since Feb. 25. Stocks that outperformed in recent months, including Amazon , Microsoft, Nvidia and Facebook , ended down more than 2% after gaining earlier in the day.
Amazon stock hit a new high Monday as a Wall Street analyst raised his price target, seeing robust growth ahead. But as markets reversed during late afternoon trading, so did Amazon stock.
Tulsa, Oklahoma, is an oil-industry town with a 75-foot (23 m) statue called "The Golden Driller." Austin, Texas, is a progressive city in a conservative state with a thriving software industry and a "Keep Austin Weird" counterculture image. With a decision expected within a few weeks, the Austin-versus-Tulsa contest is heating up as Tesla and its chief executive, Elon Musk, stoke a bidding war over tax breaks and other concessions that would reduce the factory's cost.
U.S. stock indexes squandered a powerful, technology-led rally Monday, with gains collapsing as California signaled that it was re-imposing some restrictions on business reopenings as coronavirus cases rise in the Golden state. The Nasdaq Composite index swung from nearly a 2% gain early Monday to a decline of about 2.1% at about 10,390. Tech-related names like Tesla , whose shares were enjoying a 14% gain earlier in the session, closed off 3.1% on the session, after touching a record-setting market value of more than $320 billion. California Gov. Gavin Newsom ordered all dine-in restaurants, bars, movie theaters, museums across the state to close Monday. Meanwhile, the Dow Jones Industrial Average closed with a meager gain of 0.1% at around 26,086, but had hit a intraday peak at 26,639, while the S&P 500 index finished down 1% after hitting an intraday peak at 3,235.
Mizuho Securities analyst James Lee asserts that new contract activity for cloud computing has recovered to 85% of pre-Covid levels, and should accelerate into the second half.
Frenzied investors have driven the Nasdaq Composite Index to the top of a trend channel in place for nearly a decade. Is this the perfect storm leading to a Nasdaq crash, as some predict? The Nasdaq-100 chart, below, shows a different channel.
Our Roundtable experts identify stocks left behind in the rebound but poised to emerge even stronger after the crisis.
In this episode of Industry Focus: Tech, Dylan Lewis chats with Motley Fool contributor Brian Feroldi about the latest news from Wall Street. They discuss further consolidation happening in the meal-delivery space and how it will impact the companies, restaurants, and consumers.
Here are some of the biggest mid-day tech stock movers for Monday, July 13. Apple soared 3.57% to a record high of $379.39 per share. Wedbush analyst Dan Ives, a longtime Apple bull, raised his price target for shares by $25 to $450 per share -- a Wall Street high.
Twitter might be developing a subscription service -- but it could target advertisers and developers instead of its end users.
In this episode of Market Foolery, Chris Hill chats with Motley Fool analyst Brian Feroldi about some retail stocks making headlines today. They've got some rough reports and news about store closures and job cuts.
(Bloomberg) -- Amazon.com Inc. shares rallied on Monday, and the advance lifted the company’s market capitalization above Microsoft Corp. for the first time in more than a year.The stock rose as much as 4.5% in its fourth straight daily advance, giving the e-commerce and cloud-computing company a valuation of about $1.66 trillion, or about $30 billion more than Microsoft’s market capitalization. According to an analysis of Bloomberg data, Amazon last exceeded Microsoft in size in February 2019.Recent gains in Amazon have come amid a growing consensus that it will be a major winner from the pandemic, which has accelerated a shift to online retail and fueled demand for cloud-computing services. Earlier, Cowen raised its price target to the highest on the Street, citing the continued “demand surge” from the pandemic, “in particular as the U.S. faces staggered and sometimes halted re-openings.”Among U.S. stocks, Amazon’s rally means it is second only to Apple Inc. in size; the iPhone maker’s market cap leads at $1.73 trillion. A rally in mega-cap tech and internet stocks has also resulted in Google-parent Alphabet Inc. eclipsing $1 trillion in market cap recently.Globally, the list is topped by Saudi Aramco, Saudi Arabia’s national oil company, which currently has a market cap of about $1.78 trillion.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The coronavirus pandemic forced a huge amount of retail purchases to move online, and the three major players—Amazon.com, Walmart and Target—are all making strides.
Neil Begley, Moody’s Senior Analyst joins the On the Move panel to discuss what to expect from Netlix earnings this week.
Barry Bannister Stifel Head of Institutional Equity Strategy joins the On the Move panel to discuss how COVID-19 is impacting the market.