|Day's Range||34.35 - 34.75|
Reports are stating that newly released documents are showing that Facebook apparently learned about the Cambridge Analytica scandal as early as September of 2015. Yahoo Finance’s On The Move panel discusses.
Christoffer O. Hernæs Contributor Christoffer O. Hernæs is chief digital officer of Sbanken, Norway's first digital-only bank and leading challenger bank. "On the Internet, nobody knows you’re a dog," was stated in the legendary New York Times cartoon that captured the spirit of privacy and anonymity in the early days of the internet. With the rise of online banking, social media, e-commerce and peer-to-peer services, a verified digital identity is a crucial ingredient in making any digital platform succeed.
Tyler and Cameron Winklevoss argue that the retail sector remains one step ahead of financial institutions (and other top headlines) on all-things cryptocurrency.
Shopify stock has been a huge winner in 2019. Shopify earnings are booming and the company plans to compete more with Amazon. But is SHOP stock a buy now?
The company that is often criticized for generating revenue by invading user privacy is implementing new tools to protect just that — user privacy. Facebook (FB) is allowing users in Ireland, Spain and South Korea to better control the social network’s ability to track them outside the Facebook platform by launching the “Off-Facebook Activity” tool. The tool will allow users to disconnect Facebook’s tracking of users on non-Facebook sites. The move comes as Facebook looks to raise user confidence and regain trust, after a host of privacy scandals hit the company. While some are concerned about what less access over user data would mean for Facebook’s business, 5-star Suntrust analyst Youssef Squali is maintaining his Buy rating and $236 price target on the stock. Though Facebook may be in the good graces of some for the move, Squali points out that the data is disconnected but not deleted. This could be a good thing for the company — while the headline reads positive, the fine print tells investors that the business itself should not take a hit, as the company is still able to use past data to tailor ads to users. On this loophole, however, Squali says the company “appears to fall somewhat short” of CEO Mark Zuckerberg’s pledge of allowing users to “flush their history whenever they want.” Notwithstanding the fine print, Squali “believe[s] the impact of the new tools will be relatively limited” as the three countries represent only a fraction of Facebook revenue, while “a global release will take some time to happen.”But perhaps most importantly is the way in which this tool will be implemented — manually. Instead of Facebook automatically enabling the tool for its entire user base, users must manually go through the process of turning it on. So even when this is released globally, Squali believes “requiring users to go through settings options to make changes to their privacy likely increases friction enough to discourage and limit mass adoption of the new tool.” As a result, the analyst thinks, “any impact would be gradual and take place over several quarters, at the earliest.” Facebook is playing a balancing act with privacy. On the one hand, the company must regain user trust, which means limited access to data. On the other hand, investors expect the company to use data to generate revenue. The Off-Facebook Activity tool seems to accomplish both: While the headlines make it seem that Facebook is doing good, the fine print shows the company will still generate money off users, even if they decide to opt-out of tracking. All in all, the social network giant continues to be one of Wall Street's favorite stocks, even amid privacy challenges and increased scrutiny. TipRanks analysis of 36 analysts shows a consensus Strong Buy, with 33 of analysts rating the stock a Buy and only three suggesting Hold. The average price target among these analysts stands at $234.40, which represents about 31% upside from current levels. (See FB's price targets and analyst ratings on TipRanks)
(Bloomberg Opinion) -- It’s kinda, sorta funny, I suppose, that Patrick Byrne resigned Thursday as chief executive of Overstock.com Inc. a week after issuing a bizarre press release bragging about his romantic entanglement with a Russian spy while also being involved with the “deep state” and the “Men in Black.” Just as it’s kinda, sorta funny that President Donald Trump canceled a state visit to Denmark because its prime minister told him she wouldn’t discuss his “absurd” idea of selling Greenland to the U.S.Except that Byrne (like Trump) has been prone to saying and doing unhinged things since at least the mid-2000s. What’s more, as Bloomberg Opinion’s Barry Ritholtz pointed out Thursday on Twitter, “He was a terrible CEO of a not very good company.”I began paying attention to Byrne in 2005, six years after he took over an online retailer and renamed it Overstock. That year, he held the looniest conference call I’ve ever heard. He claimed that there was a vast conspiracy to drive down Overstock’s shares orchestrated by someone he called the “Sith Lord.” He wouldn’t name the Sith Lord, but described him as “one of the master criminals of the 1980s.” He titled the conspiracy “the Miscreants Ball.”(1)At the same time — and this is what caught my attention — Overstock filed a lawsuit against Gradient Analytics, a research firm, and Rocker Partners, a hedge fund run by David Rocker and Marc Cohodes — yes, the very same Marc Cohodes who was the subject of my columns this week about MiMedx Group Inc. — that specialized in short-selling. Byrne claimed in the lawsuit (as I wrote at the time) “that they were acting in concert to hurt the company and manipulate its stock price.”It wasn’t long before Byrne was including certain financial journalists in the conspiracy. When a television interviewer asked him if he was accusing Herb Greenberg,(2) the great former MarketWatch reporter, of “helping others front-run” the company’s stock, he replied, “That’s correct.” His “thesis” was that Greenberg was taking orders from Rocker.That wasn’t the worst of it. Byrne became convinced that an illegal practice called “naked short-selling”(3) was Wall Street’s dirty little secret, and he devoted himself to rooting it out and exposing it. (Barron’s once described naked short-selling, rather aptly, as “the grassy knoll of the equity markets, denounced by crackpots, devotees of penny stocks, and troubled companies eager to divert attention from their failings.”)Overstock’s director of communications, Judd Bagley, would “friend” Byrne’s critics on Facebook, then publish the names of their friends on a website, especially those friends who could serve as “evidence” of a conspiracy. (I’m one of the journalists this happened to.) Byrne started a conspiracy-minded website called Deep Capture, the purpose of which was to smear his critics, myself included.If the purpose of all this was to silence us, it worked. I wrote three columns about Byrne, and then moved on. So did most of the other journalists who had once covered him and Overstock. Rocker, the rare short-seller willing to talk to reporters on the record, stopped giving interviews. The journalist (and my friend and former co-author) Bethany McLean once told an interviewer that in effect, Byrne had won, because his tactics had caused his critics to stop writing about him.Since his Deep Capture days, Byrne has found a different means to distract people from Overstock’s lousy performance: In 2015, he announced the formation of a company that would issue a cryptocurrency called tZero. For a while, at least, it worked. Between July 2017 and January 2018, the Overstock share price went from around $20 to almost $87. But it couldn’t last. With the company’s free cash flow negative $168 million in 2018, and its net income negative $169 million,(4) the stock sank back down to earth, bottoming out at $9.40 a share in June.Yet when he finally stepped down, it wasn’t because the company was losing money, or because the tZero effort was faltering, or because, as usual, Byrne was too busy with his side ventures to focus on the company he was supposed to be running. It was because he wrote a bonkers press release.On Thursday evening, Byrne was interviewed by CNN’s Chris Cuomo. Byrne claimed that FBI agents — including James Comey! — had instructed him to “rekindle” his relationship with the Russian spy, Maria Butina. Later that evening, as Cuomo discussed the interview with another CNN host, Don Lemon, he defended Byrne. “He’s not some lunatic or something like that,” he said.Clearly, Cuomo should have had a seat on the Overstock board.(1) Byrne later told me that his Sith Lord conference call was “one of the 10 proudest moments of my life.”(2) Alas, Greenberg has since left financial journalism and now runs his own investment research firm, Pacific Square Research.(3) Don’t ask.(4) According to Bloomberg data.To contact the author of this story: Joe Nocera at email@example.comTo contact the editor responsible for this story: Stacey Shick at firstname.lastname@example.orgThis 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.
Blank-check company Legacy Acquisition Corp. has agreed to purchase a global digital marketing company to be renamed Blue Impact Inc., clearing the way to grow organically and through M&A. Legacy, which raised $300 million almost two years ago, is led by former Procter & Gamble executive Edwin Rigaud but the new company will be […]
DICK'S Sporting (DKS) posts better-than-expected second-quarter fiscal 2019 results driven by solid same-store sales performance. Also, it raises its bottom-line view for fiscal 2019.
A vast majority of employees queried at Cisco Systems and several other big Silicon Valley tech employers say they've noticed cost-cutting at work.
At least 14 airline and airport staff in Hong Kong have been sacked and PwC, the professional services firm, has warned staff about how they publicly express political opinions, in the latest sign of the intense pressure facing companies in the city as it prepares for another weekend of protest. Hong Kong has been gripped by months of demonstrations sparked by an extradition bill that would have allowed criminal suspects to be sent to mainland China for the first time. The proposed law has been suspended but the protests have expanded, with demonstrators planning to block access to Hong Kong’s international airport on Saturday.
This week, we learned about ongoing efforts to end the political crisis in Venezuela. We think that tech companies could benefit if the talks are successful.
Other non-fiction titles go inside Kashmir and the Lyons tea empire. Meanwhile, in the world of fiction, Salman Rushdie’s Booker-longlisted novel takes us on a metafictional American road trip, and James Meek delivers a tale of plague and voyage set in the 14th century. A Don Quixote-inspired quest across America showcases Rushdie’s virtues and vices.
Internal documents show Facebook employees knew that Cambridge was potentially misusing user data earlier than previously thought. Facebook says there two separate incidents, however.
As Facebook’s Seattle office site lead, Vijaye Raji has helped the company grow from a small office near Pike Place Market to one of the region’s largest office occupiers with thousands of employees.
Goldman Sachs’ “Hedge Fund VIP List”—containing the 50 most popular stocks among hedge fund portfolios—has outperformed the broader market for the past 18 years. The Hedge Fund VIP basket has beaten the market by an average 50 bps in every quarter since 2001. The list is a tool that investors can use to “follow the smart money,” wrote Goldman’s analysts in their most recent Hedge Fund Trend Monitor report, which analyzes a group of 835 distinct hedge funds.
Facebook risks being unfriended by its digital currency partners, in the latest example of how regulatory pressures are intensifying for the social network. at least three backers of its Libra project are privately discussing how to distance themselves from the venture. Two of the founding backers told the FT they were concerned about the regulatory spotlight and were considering cutting ties. the 27 founders who plan to join Facebook on Libra are right to have qualms.
The 27 founders who plan to join Facebook in the creation of the digital currency Libra are right to have qualms. If Facebook and the rest of its partners want to set up a Swiss-based project, there is little to stop them. EU antitrust regulators are now asking questions about the ways in which Libra would use personal information.
digital currency has spooked some of the project's early backers, with at least three privately discussing how to distance themselves from the venture. The 28 members of the Libra Association, which include Visa, Mastercard, Uber, Spotify and the Facebook subsidiary Calibra, made a non-binding pledge to invest at least $10m in the project, which Facebook unveiled in June, with the aim of shaking up the global payments market. Two of the project’s founding backers told the FT they were concerned about the regulatory spotlight and were considering cutting ties.
More than four years after Seattle implemented an ordinance that raised the minimum wage for many local businesses to at least $15 per hour, the city continues to lead the national conversation. Seattle’s minimum wage ordinance went into effect in April 2015, and this year that law raised the minimum wage for employees of businesses with more than 500 employees to $16 per hour, while boosting minimum pay for employees of smaller businesses to $12 an hour, or $15 an hour if those employees don’t receive medical benefits or tips. Now the minimum wage momentum driven forward by Seattle and some of its top corporations appears to be surging nationally.
Alphabet Inc's Google announced on Thursday that its YouTube streaming video service disabled 210 channels appearing to engage in a coordinated influence operation around the Hong Kong protests, days after Twitter and Facebook said they dismantled a similar campaign originating in mainland China. "This discovery was consistent with recent observations and actions related to China announced by Facebook and Twitter," said Shane Huntley, one of Google's security leaders, in a blog post.