|Bid||54.30 x 10100|
|Ask||54.40 x 10500|
|Day's Range||53.20 - 54.60|
|52 Week Range||52.40 - 74.75|
|Beta (3Y Monthly)||0.89|
|PE Ratio (TTM)||5.03|
|Forward Dividend & Yield||3.52 (6.60%)|
|1y Target Est||N/A|
(Bloomberg) -- BlackBerry Ltd. shares fell the most in a year after reporting sales from its software and services unit slowed and a recent acquisition contributed less of a boost than some analysts expected.Revenue in the fiscal first quarter was $247 million, the Waterloo, Ontario-based company said Wednesday, up 16% from a year earlier. BlackBerry reorganized its reporting units, combining the business technology solutions group with the enterprise software and services unit. Now grouped under the Internet-of-Things division, it reported revenue of $136 million, which was down from $147 million in the fourth quarter.Steven Li, an analyst at Raymond James, said any shortfall would have likely come from enterprise software, since the business technology solutions revenue stream is “typically stable and growing.” Part of the weakness also could have come from a reorganization of the sales division, according to Todd Coupland, an analyst at CIBC.After BlackBerry’s $1.4 billion acquisition of cybersecurity firm Cylance, which closed in February, some analysts were expecting to see stronger revenue contributions in the first full quarter in which the purchase is on the books. Revenue from Cylance was $32 million in the three months ended May 31. “People were hoping Cylance would beat expectations more than it did,” Coupland said in an interview. There are also concerns about Crowdstrike Holdings Inc., a competitor in cybersecurity, which is growing at a higher rate than Cylance, he said.Key InsightsAdjusted earnings per share of 1 cent beat analysts’ average estimate of breakeven in the quarter, as BlackBerry absorbed the Cylance acquisition.Shares fell as much as 10% to $7.47. It was the biggest decline for BlackBerry since last June. The stock had gained 17 percent through the close on Tuesday.Under Chief Executive Officer John Chen, the company has been positioning itself as a leader in cybersecurity. Cylance will enable BlackBerry to add artificial intelligence capabilities to its existing software products. The purchase was BlackBerry’s largest acquisition in seven years.BlackBerry is now focused on its connected and autonomous vehicle technology business, QNX, to drive growth. "The next thing that we have is to put the Cylance AI on to QNX," Chen said on an earnings call.Know MoreEarlier this week, the Waterloo, Ontario-based company said its security and connectivity software was now installed in 150 million vehicles, up 25% from a year earlier. BlackBerry’s QNX technology is used by carmakers such as Honda Motor Co., Ford Motor Co., and BMW AG in driver assistance and hands-free systems, among other things.BlackBerry reaffirmed it expects annual adjusted revenue growth of 23%-27% in fiscal 2020.Read the statement here.(Updates with share trading this year. A previous version of this story corrected the day that company reported in second paragraph.)To contact the reporter on this story: Simran Jagdev in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Molly Schuetz at email@example.com;David Scanlan at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- BMW AG isn’t showing much enthusiasm to get on board with a German government push to establish battery cell production in Europe, slowing a plan to create an industry that keeps pace with Asian rivals and get on the front foot on elusive climate goals.“I don’t believe it makes sense for every carmaker to make their own cells,” BMW’s Chief Financial Officer Nicolas Peter told reporters on the sidelines of an event in Munich Tuesday. The company is happy to join a consortium or work with existing producers, but doesn’t see the need to go beyond that, he said.Chancellor Angela Merkel held a three-hour meeting with the chief executive officers of BMW, Volkswagen AG and Daimler AG Monday in Berlin to redouble efforts to boost electric car adoption. The discussion ended without concrete results, adding to a sense of slow motion on the switch to cleaner vehicles.While BMW is balking, Volkswagen in May selected Northvolt AB as its partner to start production of battery cells in Germany with an investment of almost 1 billion euros ($1.1 billion). BMW owns a stake in Northvolt alongside VW, which it plans to raise in the near future, while staying below Volkswagen.A plan by Germany and France to establish an “Airbus” of battery-cell production in Europe is struggling on concerns existing Asian producers are better positioned to lower the costs of the key electric-car product.Not EnoughFollowing the meeting, Transport Minister Andreas Scheuer criticized the nation’s biggest industry for not building enough electric cars.“I have a bit of a problem with the fact that the interesting products will only appear in the next few years,” Scheuer said. “Where can consumers right now look in car shops at different products and experience electric mobility first hand?”Merkel’s government is under pressure from young voters who say it’s not doing enough to meet climate goals. It’s seeking to redouble efforts to modernize the car industry and build out a charging network for 7 million to 10 million electric cars by 2030. Germany currently has about 17,000 public chargers.Talks will resume to prepare plans to expand the electric car infrastructure. A decision is due in the fall at another meeting with carmakers and the government in Berlin. To contact the reporters on this story: Birgit Jennen in Berlin at email@example.com;Oliver Sachgau in Munich at firstname.lastname@example.org;Arne Delfs in Goslar at email@example.comTo contact the editors responsible for this story: Ben Sills at firstname.lastname@example.org, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Dealing with the responsibility and jealousy from inheriting wealth is a misunderstood burden, according to Susanne Klatten and Stefan Quandt, the billionaire siblings who together own almost half of BMW AG.“Many believe that we are permanently sitting around on a yacht in the Mediterranean,” Klatten told Manager Magazin in a rare interview with her younger brother published Thursday. “The role as a guardian of wealth also has personal sides that aren’t so nice.”Klatten -- whose father Herbert Quandt helped rescue BMW in the late 1950s -- is Germany’s second-richest person with a fortune valued at $18.6 billion, according to the Bloomberg Billionaires Index. She has also built up holdings in chemicals company Altana AG and carbon producer SGL Carbon SE.Quandt, who owns stakes in logistics company Logwin and homeopathic medicine company Heel, has a net worth of $15.5 billion. Both he and his sister have seats on BMW’s supervisory board.“For both of us, it’s certainly not the money that drives us,” said Quandt. “Above all, it is the responsibility of securing jobs in Germany.”The two heirs say they’re comfortable with their roles, but initially struggled with taking on high-level positions at young ages. Quandt, who was 30 when he was given his first board seat, said he might have wanted to work a few years as a “simple” product manager somewhere or study architecture.“My starting point was never: So, now I come and show everyone how it’s done,” said Quandt, who questions the rationale of inheritance tax. “Instead, it was a constant questioning, associated with self-doubt.”Klatten, who gained notoriety in 1978 when police foiled a plot to kidnap her and her mother Johanna, said that wealth redistribution doesn’t work and that a fair society allows people to pursue opportunities according to their abilities.“Our potential stems from the role of being an heir and developing that,” she said. “We work hard on that every day.”To contact the reporter on this story: Chris Reiter in Berlin at email@example.comTo contact the editors responsible for this story: Chad Thomas at firstname.lastname@example.org, Iain Rogers, Tara PatelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Automakers won control over a choice swath of wireless spectrum 20 years ago on the promise of delivering safety innovations to vehicles.Now, after failing to deliver widespread breakthroughs, they’re at risk of losing those frequencies to Comcast Corp. and other cable companies that say they can use them to offer robust Wi-Fi links to subscribers.The years-long struggle between the industries is nearing an inflection point, with Federal Communications Commission Chairman Ajit Pai signaling he may consider new uses for the airwaves. Pai could announce as early as Tuesday that he’ll schedule a vote to re-examine the allocation at the commission’s meeting next month.“The spectrum, for 22 years, has not reached its highest valued use, and that’s part of the reason why I think it’s important to have an open conversation,” Pai said at a Senate hearing last week. “I’m not saying what the answer should be, I’m simply saying let’s ask the questions that would enable us to have an informed conversation.”That conversation has already kicked off a flurry of activity by stakeholders. A team at Ford Motor Co. gave Pai a ride in a specially outfitted F-150 pickup truck earlier this month. The idea was to demonstrate the technology that could, for example, warn of a scooter’s approach or judge when it’s safe to enter an intersection.“Grateful to Ford for showing us a glimpse of the future,” Pai said in a tweet after his parking-lot spin. “It’s important to have an open conversation about the future of this band” of airwaves.Ford and other carmakers including BMW AG and Toyota Motor Corp., don’t want to lose the rights they gained in 1999 from the FCC for a system designed to link cars, roadside beacons and traffic lights into a seamless wireless communication web to avoid collisions and heed speed limits.Yet after nearly two decades, deployments have been few. An Obama administration proposal to mandate the technology in new cars has been left to languish under the deregulatory agenda pursued by President Donald Trump. General Motors Co. introduced the first factory-equipped model, a Cadillac sedan, just two years ago. And in April, Toyota scrapped plans to equip its cars with the systems starting in 2021.Now even automakers are moving away the original system, and see greater promise in a newer method based on cellular radios -- the system in the F-150 that Ford showed off for the FCC’s Pai. Ford plans to begin equipping all of its U.S. vehicles with the systems starting in 2022.That is an issue for carmakers as the 1999 allocation of airwaves by the FCC locked them into the system envisioned then. They need new rules to use a cellular system, which is backed by several companies including Ford, Audi AG and gear maker Qualcomm Inc.Ford, in a statement, said it is “critical” for the FCC to allow the newer, cellular-based method to use the airwaves because it will become the dominant technology to connect vehicles, infrastructure and pedestrians.Cable providers have pounced, characterizing the currently mandated system as fostering “two decades of stagnation.”They’ve called for ending carmakers’ exclusive rights to the frequencies at 5.9 GHz and allocating all or most of the band to the Wi-Fi systems that carry web traffic for most cable customers.Some consumer groups agree. They include the Consumer Federation of America, the American Library Association, Public Knowledge and the Open Technology Institute at New America.“The best outcome for consumers is to move vehicle safety signaling to a different set of frequencies and allow next generation Wi-Fi to use 5.9 GHz,” Michael Calabrese, director of the Wireless Future Project at the Open Technology Institute, said in an email.Pai controls the FCC’s agenda, and his impatience ushers in a moment of promise -- and peril.“We could maintain the status quo” but “I am quite skeptical that this is a good idea,” Pai said in a speech last month to a gathering that celebrated the Wi-Fi signals used for connections in hotel lobbies, coffee shops and homes.Pai said it would take a formal rulemaking to allow greater Wi-Fi use of the swath, or to let automakers exploit the band for the cellular safety system.Skepticism has arisen within the Trump administration. Transportation Secretary Elaine Chao telephoned Pai to urge the FCC not to use its June meeting to commence its consideration of the airwaves, according to one official briefed on the matter who spoke on condition of anonymity because the conversation wasn’t public.While Transportation Department officials haven’t advanced the previous administration’s proposed mandate, they want autos to hold onto the airwaves.“Preserving the spectrum for transportation safety, which can save lives, is probably more important than slightly faster Wi-Fi,” Derek Kan, the Transportation Department’s undersecretary for policy, said in an interview June 3.To contact the reporters on this story: Todd Shields in Washington at email@example.com;Ryan Beene in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jon Morgan at email@example.com, Elizabeth Wasserman, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In a letter to California Governor Gavin Newsom signed by 17 major automakers including General Motors Co, Toyota Motor Corp and Volkswagen AG, the companies urged a compromise "midway" between the Obama era standards that require annual decreases of about 5% in emissions and the Trump administration's proposal that would freeze vehicle emissions requirements at 2020 levels through 2026. The automakers are making a last-ditch appeal to try to revive talks in order to avoid years of uncertainty over what rules they will face.
BMW sees no reason to change its plans for Mexico in the wake of U.S. threats to slap duties on Mexican imports, a board member of the German carmaker said on Thursday, adding the company sells cars globally despite tariffs placed by most countries on imported vehicles. The automaker also foresees no immediate change to its investment plans for North America, said Oliver Zipse, BMW board member in charge of production. Zipse was in the central Mexican city of San Luis Potosi for the inauguration of a $1 billion BMW plant.
BMW will maintain its investment plans for the North American region despite threats by U.S. President Donald Trump to impose tariffs on Mexican exports to the United States, a board member of the German carmaker said on Thursday. BMW also sees no reason to change the firm's plans for Mexico at the moment, said Oliver Zipse, BMW board member in charge of production. Zipse was in the central Mexican city of San Luis Potosi for the inauguration of a new BMW plant.
BMW spent about $1 billion on the plant, set in the vast arid plains of San Luis Potosi in north-central Mexico. The timing comes just days after President Trump threatened to impose a 5% tariff on all goods imported from Mexico on June 10, unless that country takes unspecified steps to stop illegal migration from Central America.
A JLR spokesperson would not comment on specific details about the plans whenasked if Jaguar will stick with the architecture it created for its first all-electric vehicle, the I-Pace
Jaguar Land Rover, owned by India’s Tata Motors Ltd., will cooperate on BMW’s fifth generation of electric drive technology, the companies said in a statement on Wednesday. It forms the backbone of a BMW electric model offensive set to start next year with the introduction of an electric X3 sports utility vehicle.
Does the May share price for Bayerische Motoren Werke Aktiengesellschaft (FRA:BMW) reflect what it's really worth...
Developers of a multi-rotor hover craft billed as the first flying vehicle to be powered by hydrogen fuel cells unveiled a full-scale model on Wednesday in Southern California, in a show-and-tell that raised some eyebrows but never left the ground. A mockup of the futuristic aircraft, dubbed "Skai" by its inventors, was put on exhibit for investors, the news media and other invited guests outside the BMW Group's Designworks studio in Newbury Park, a suburb north of Los Angeles. Engineering and avionics for the drone-like vehicle were developed by Alaka'i Technologies, a privately held company based in Massachusetts but named for a tropical forest in Hawaii ranked as one of the wettest spots on Earth.
Audi is also mulling an end to the $170,000 R8 sports car as Volkswagen’s biggest profit generator focuses resources on the rollout of 20 fully-electric cars by 2025. Sales of electrified vehicles, which include hybrids, are set to account for 40% of deliveries by then, Audi said Thursday at its annual shareholders meeting in Neckarsulm, Germany. “We’re shedding old baggage,” Chief Financial Officer Alexander Seitz said.
The report looks at how this fleet will transform transportation as China’s 421,000 electric buses join those millions of personal EVs. As the expanding electric fleet drives electricity demand up, it will also erode demand for millions of barrels of oil. BloombergNEF tracks more than $100 billion in investment between just four automakers — Volkswagen AG, Hyundai Kia Automotive Group, Chongqing Changan Automobile Co Ltd. and Daimler AG — with VW alone planning more than $50 billion.
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