|Bid||0.00 x 1400|
|Ask||0.00 x 900|
|Day's Range||187.32 - 190.76|
|52 Week Range||123.02 - 218.62|
|Beta (3Y Monthly)||1.33|
|PE Ratio (TTM)||27.85|
|Earnings Date||Jul 23, 2019 - Jul 29, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||222.30|
Facebook CEO Mark Zuckerberg defended his company's decision to leave up a video altered to make House Speaker Pelosi appear inebriated.
(Bloomberg Opinion) -- If you’re in the business of selling passenger aircraft, design flaws that might cause your planes to crash ought to be non-existent.That’s why the discovery of a second critical safety risk on Boeing Co.’s 737 Max is so alarming. Tests by the U.S. Federal Aviation Administration found that flight computers could cause the plane to dive in a way that pilots struggled to correct in simulator tests, people familiar with the finding told Alan Levin and Julie Johnsson of Bloomberg News on Wednesday. The problem wasn’t connected to the Maneuvering Characteristics Augmentation System, or MCAS, that’s been linked to 737 Max crashes in Indonesia and Ethiopia, but could produce similar effects, one of the people said.(1)Lightning shouldn’t strike in the same place twice. Developing new aircraft is a decade-scale project, with certification by aviation regulators alone typically taking five years. By the time a plane is ready to be delivered to customers, it should have passed through such a stringent battery of tests that only once-in-a-lifetime events can cause problems.It’s bad enough that the 737 Max made it onto the market with one system that could cause uncontrolled flights to plunge into the ground. To discover a second casts a worrying light on the company’s entire safety culture.How could Boeing have allowed further problems in such critical systems to lie undisclosed?Since the 737 Max grounding, many people, including this columnist, have exhorted the company to follow the crisis-management approach taken by Johnson & Johnson in the wake of the 1982 Tylenol scandal: Put safety first and maximize transparency to convince the public that the company has nothing to hide.And yet, as my colleague Brooke Sutherland has argued, there’s precious little evidence that Boeing has done enough in terms of improving transparency, communication and oversight to get it out of the doghouse.The problem is that Boeing is a different sort of company than Johnson & Johnson. Consumers were easily able to choose another brand of painkillers if they didn’t trust Tylenol, so winning back their trust was an existential issue. The same doesn’t apply in the case of commercial aircraft, which are sold in a duopolistic market where any airline wanting to get a good price from Airbus SE has to keep Boeing in play as a potential supplier.In theory, passengers who refuse to fly on the 737 Max and find out at the departure gate that their aircraft has been switched from an A320neo could tear up their tickets and exercise consumer choice in the same way as a shopper buying headache pills. In practice, we’re all stuck with whatever is served up to us.Investors seem to know this. Boeing’s share price, amid the grounding of its key product and a simmering trade war over one of its biggest markets, is doing just fine. Blended forward 12-month price-earnings ratios put it on a higher valuation than Facebook Inc., Alphabet Inc., and Apple Inc. At the Paris airshow this month, the company managed to score a haul of around $34 billion in new orders – less than the $44 billion tally for Airbus, to be sure, but grounded on a $24 billion commitment from IAG SA for the 737 Max itself.Chief Executive Officer Dennis Muilenburg this week promised to inspire a “relentless pursuit of safety” at Boeing. “We want to create an environment where everyone feels comfortable bringing problems to the surface,” he told the Aspen Ideas Festival on Wednesday. “We don’t want to create an environment where problems stay hidden.”This latest revelation suggests that’s still not happening – and far from suffering, Boeing is doing just fine. (1) Slow processing by a cockpit chip meant that the workarounds pilots use to recover from problems with the MCAS were taking too long to kick in, according to a separate report by Aviation Week. Boeing acknowledged the issue and said it’s working on a software fix.To contact the author of this story: David Fickling at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The first batch of a sprawling field of Democratic presidential candidates took to the debate stage for the first time. Here are some highlights for investors.
The video, a type of realistic alteration known as a "deepfake," was slowed to make Pelosi's speech seem slurred and edited to make it appear that she repeatedly stumbled over her words. After the video surfaced last month, it was widely shared on Facebook, Twitter and Alphabet Inc's YouTube.
Facebook CEO Mark Zuckerberg says the company is evaluating how it should handle “deepfake” videos created with artificial intelligence and high-tech tools to yield false but realistic clips.
Big surprise: CEO Mark Zuckerberg thinks not. In an interview on Wednesday at the Aspen Ideas Festival, Zuckerberg told an audience that he welcomes regulation on several fronts but that breaking up Facebook isn't the answer to many of the complaints surrounding the tech giant's influence on society. Facebook shares closed 0.62% lower on Wednesday at $187.66.
(Bloomberg Opinion) -- Among Facebook Inc.’s justifications for introducing a new digital currency, Libra, the company has offered one pious rationale: to connect the 1.7 billion adults who lack bank accounts to the global financial system. That’s certainly one way for the “unbanked” to enjoy the convenience of digital money. Or they could just use a DeathAdder Elite.The DeathAdder is, of course, a high-performance gaming mouse made by Razer Inc. The Singapore-based gaming company recently entered a partnership with Visa Inc. that will allow players to go to a convenience store and buy prepaid credits to load onto their mobile phones, which they can then use to buy goods not just within Razer games but in the real world, at tens of millions of merchants who accept Visa.The credits effectively do what Facebook claims Libra will – provide electronic money to those without bank accounts or credit cards. And, though the Razer-Visa partnership is new, this prepaid model is relatively mature compared to Libra and other digital currencies. Facebook may well find that those it’s supposedly trying to help don’t need its help after all.The idea of allowing consumers to top-up their mobile phones with prepaid credits originated in Kenya more than a decade ago. During the mid-2000s, executives at Safaricom Plc., the country's largest telecom company, noticed that Kenyans were bypassing the traditional banking system, which was expensive and difficult to join, and traveling long distances to deliver cash to family members. So they developed M-Pesa, a system whereby Safaricom customers could buy mobile-money credits from agents who already sold Safaricom airtime. Those credits could be transferred via SMS text message and withdrawn as cash from another agent.When it launched in 2007, M-Pesa served 1.2 million customers. Today, 74% of Kenyans have mobile-money accounts; in 2018, they moved the equivalent of nearly half the country's GDP through their phones. And the trend has spread well beyond Kenya. In sub-Saharan Africa, roughly 60% of the population now uses such services; nearly 3 out of 4 Somalis over the age of 16 do so at least once a month. Similar services have sprung up in Asia and elsewhere. As of 2018, there were more than 866 million mobile-money accounts in 90 countries, and transactions totaled $1.3 billion daily.The uses for such products have multiplied as the number of customers has. Mobile money has contributed to the financing of microenterprises and small businesses. Interoperability between services facilitates remittances and trade across borders. M-Pesa, for example, has partnered with PayPal Inc. to allow seamless transfers between the two companies' respective wallets.Mobile money is also enabling e-commerce: Alibaba Group Holding Ltd. recently opened up its AliExpress international platform to M-Pesa payments. In Southeast Asia, the region's two leading ridesharing companies - Go-Jek Indonesia PT and GrabTaxi Holdings Pte. - have been actively building themselves into mobile-payment systems. Already, users of both services can transfer credits to other users, or use them to shop or dine in physical establishments and, of course, pay for rides and food delivery.Mobile money can also be tailored to appeal to specific demographics within a region. For example, in Southeast Asia, the world's fastest-growing videogame market, a lack of credit cards and bank accounts limits the ability of companies to sell in-game products. Razer's solution was to acquire an online micropayment system so that users could buy credits from vendors such as convenience stores. Then the company created an e-wallet - Razer Pay – for players to spend or transfer credits, or cash them out. The deal with Visa, which will issue physical and virtual prepaid cards, allows Razer Pay to be used at 54 million merchants globally.Libra has advantages in the battle for the unbanked, starting with its perceived security in emerging markets where fraud has damaged the reputation of mobile money. More important, Facebook is already a crucial tool for small businesses and entrepreneurs in the developing world. A 2018 survey of consumers in Egypt, Kenya and Nigeria revealed that Facebook's groups were the second-most popular e-commerce site, preferred by 32% of respondents. By integrating Libra with Facebook Messenger and WhatsApp, Facebook is positioning itself to become the first and easiest payment option for consumers in emerging markets.At the same time, for many consumers, Libra doesn't offer anything that mobile-money services don’t. More local alternatives also have the advantage of familiarity; many consumers will naturally prefer payment options that are already widely used by friends, family and local businesses, and that have well-established local agent networks. Meanwhile, governments already struggling to manage mobile-money services are likely going to favor those local champions rather than a transnational global behemoth. Facebook may find that doing good is harder than it looks.To contact the author of this story: Adam Minter at email@example.comTo contact the editor responsible for this story: Nisid Hajari at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Adam Minter is a Bloomberg Opinion columnist. He is the author of “Junkyard Planet: Travels in the Billion-Dollar Trash Trade” and the forthcoming "Secondhand: Travels in the New Global Garage Sale."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Facebook Inc. CEO Mark Zuckerberg says breaking up big tech won't solve key issues over data privacy and antitrust concerns, but regulation could. At the Aspen Ideas Festival on Wednesday, Zuckerberg repeated calls for regulation of social media and policing online content. He said a good start would be the Honest Ads Act, co-written by presidential candidate Sen. Amy Klobuchar, D-Minn., which would oversee election advertising. Laws on political ads, he acknowledged, are "very out of date." He also defended Facebook's acquisitions of WhatsApp and Instagram, insisting they did not stifle innovation.
What is Bitcoin mining, and how does it work? While the price of the cryptocurrency remains well below highs, interest in Bitcoin mining is still high.
Disappointed with their company’s handling of gay harassment on YouTube, a group of 100 Google employees today lobbied the organizers of San Francisco Pride to kick their employer out of the parade.
(Bloomberg) -- The Winklevoss twins have seen their wealth more than double since January, thanks to the frenzied rally of Bitcoin, which surged as much as 22% Wednesday.Tyler and Cameron Winklevoss’s combined net worth -- consisting mainly of Bitcoin and crypto assets -- climbed to $1.45 billion, the highest since March of 2018, according to the Bloomberg Billionaires Index. Their combined fortune was $654 million at the beginning of the year.Bitcoin surpassed $13,000 Wednesday for the first time since January of last year after Facebook Inc. announced last week it planned to issue its own cryptocurrency in conjunction with partners including Uber Technologies Inc. and Visa Inc. Bitcoin has more than tripled since December, prompting many investors to ignore the 74% drop last year that followed the 1,400% surge in 2017.Read more: Facebook Wants Its Cryptocurrency to Rival the Greenback“The confidence is certainly returning,” Qiao Wang, director of product at crypto data startup Messari, said in an email. “The difference between now and the last time Bitcoin reached $13,000 is that the market is currently far more rational."The 37-year-old twins, known for their portrayal in the 2010 movie “The Social Network,” were among early investors in Bitcoin. In March, when it was trading below $4,000, they said that better oversight and compliance will help Bitcoin’s price recover.While the 2017 bull run was driven predominantly by hype and retail investment, there’s no obvious reason for the current rally, which is more “tame and rational,” said Larry Cermak, director of research at the Block.“There’s no evidence that it’s coming from one country,” Cermak said, referring to the theory that Iran is driving the surge. “If I were to make an educated guess, the rally was started by larger investors and sustained by some retail investors.”The price surge also may be a reaction to broader macroeconomic events, such as the devaluation of the yuan, which could be incentivizing Chinese buyers to acquire the currency to protect their wealth, Wang said. The Federal Reserve’s plan to pursue expansionary monetary policies may also be a factor, he said.“Bitcoin is digital gold and a hedge against inflationary economic crises,” Wang said. “If investors believe in this thesis, they should slowly accumulate Bitcoin and hold it for years to come. They should not go all-in or trade frequently.”Read more: Bitcoin Surge Pushes Weekly Gain to 40%, and It’s Only WednesdayTo contact the reporter on this story: Jasmine Teng in New York at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, Steven Crabill, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bitcoin reached a 15-month high this week, swiftly moving past $13,000 and now pushing up against $14,000 for the first time since January 2018, according to data compiled by CoinMarketCap. The currency responded particularly well to Facebook's introduction of Libra, its cryptocurrency that targets the unbanked by striving to provide them with a fast and affordable way to execute transactions in the digital age. Libra won't compete directly with bitcoin, but it will bring Facebook's 2.5 billion users in direct contact with cryptocurrencies, which could create more demand for bitcoin.
Bitcoin prices and related stocks ran up Wednesday, continuing a strong rebound. But the digital currency is now flashing signs of a possible climax run.
A growing number of large U.S. companies are expressing concerns over falling profit margins and that could spell trouble for stock-market valuations.
(Bloomberg) -- President Donald Trump complained again about supposed bias against conservatives at social media companies and said the U.S. government should sue Google and Facebook Inc. for unspecified wrongdoing.Trump complained in an interview with Fox Business Network on Wednesday that social media companies are run by Democrats and that Twitter has somehow made it difficult for people to follow his @realDonaldTrump account, from which he tweets prolifically.“What they did to me on Twitter is incredible,” Trump said in the interview with Fox’s Maria Bartiromo. “You know I have millions and millions of followers but I will tell you they make it very hard for people to join me at Twitter and then make it very much harder for me to get out the message.”Twitter said that followers of high-profile accounts may have been deleted as part of an effort to remove fake, abusive and malicious accounts.For More: Trump Accuses Twitter of Political Bias in Culling His FollowersThe White House said Wednesday it’s planning a Social Media Summit July 11 to “bring together digital leaders for a robust conversation on the opportunities and challenges of today’s online environment.”Trump also complained about the European Union targeting U.S. technology companies in the interview. EU Competition Commissioner Margrethe Vestager has fined Google billions of dollars for antitrust violations and has opened an early-stage probe into Amazon.com Inc.‘s potential use of data on smaller rivals’ sales.“I won’t mention her name but she’s actually considered to take Jean Claude’s place because Jean Claude at some point is retiring,” said Trump, referring to the possibility that Vestager could succeed European Commission President Jean-Claude Junker. “She hates the United States, perhaps worse than any person I’ve ever met. What she -- what she does to our country -- she’s suing all our companies.”For More: Faltering German Hands Vestager Chance to Claim Europe’s Top Job“You know, look, we should be suing Google and Facebook and all that, which perhaps we will, okay,” Trump said, without saying what he thinks the U.S. should sue the companies for. “They’re suing everybody, they make it very -- almost impossible to do two-way business.”Alphabet Inc.‘s Google, Facebook and Twitter Inc. shares dipped on the news before recovering. Google was down 1.2%, Facebook fell less than 1% while Twitter gained 1.4% to Wednesday afternoon in New York.Representatives for Google and Facebook didn’t comment.Social media companies have sought to more aggressively police their sites for what they consider hate speech and fraudulent accounts, but say they have no policies targeting conservatives.Trump’s threat comes after Project Veritas, a conservative organization known for deceptively edited hidden-camera videos, released footage this week allegedly depicting a Google employee saying the company wants to prevent Trump’s re-election.In a blog post, the woman from the video said the notion Google is trying to sway the election “is absolute, unadulterated nonsense.”She said she was explaining that her former team at the company “is working to help prevent the types of online foreign interference that happened in 2016.”House HearingAll three companies were scheduled to testify before a House committee Wednesday on efforts to combat terrorist content and misinformation.Representative Mike Rogers, the top Republican on the House Homeland Security Committee holding the hearing said he had “serious questions” about Google’s ability to be fair given the Project Veritas video.“This report, and others like it, are a stark reminder of why the founders created the First Amendment,” Rogers said in his opening statement. “We are in trouble” if the views in the video represented Google company policy.Google’s global director of information policy testified Wednesday that no single employee could skew search results based on her political beliefs.“We are in the trust business,” the executive, Derek Slater, told Rogers. “We have a long-term incentive to get that right.”Big technology companies are coming under heightened scrutiny in Washington from the government and Congress. Trump’s Justice Department and the Federal Trade Commission have taken the first steps toward investigating four big platforms for antitrust violations by splitting jurisdiction over them. The Justice Department has taken responsibility for Google and Apple Inc., while the FTC will oversee Facebook and Amazon.The House Judiciary antitrust subcommittee, led by Rhode Island Democrat David Cicilline, has launched a broad investigation into the nation’s biggest technology companies starting with a focus on how companies like Google and Facebook have impacted the news industry.For more: House Panel Kicks Off Antitrust Probe With Focus on News MediaSeparately, state attorneys general, including Nebraska’s Doug Peterson and Louisiana’s Jeff Landry -- both Republicans -- are advancing a broad inquiry into whether the biggest U.S. technology platforms are violating antitrust and consumer protection statutes.(Updates with additional Trump quotes in seventh paragraph)\--With assistance from David McLaughlin.To contact the reporters on this story: Alyza Sebenius in Washington at email@example.com;Ben Brody in Washington, D.C. at firstname.lastname@example.orgTo contact the editors responsible for this story: Alex Wayne at email@example.com, ;Sara Forden at firstname.lastname@example.org, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Bitcoin’s furious run is starting to look more and more like it did at the height of crypto-mania two years ago.The virtual currency surged as much as 18% on Wednesday, topping $13,000 for the first time since January 2018, and bringing its gain since late Friday to almost 40%. The digital asset has climbed more than 200% since December, prompting many investors to ignore the 74% drop last year that followed the parabolic 1,400% surge in 2017.“While I understand the excitement for the community that a company like Facebook, backed by other big names, has launched its own coin, this just feels a lot like last time and we all know what happened then,” Craig Erlam, senior market analyst at Oanda Corp. in London wrote in a note. “Perhaps this time the drop off won’t be so bad as we are seeing more mainstream adoption but it may be naive to think that it can’t come crashing down again.”Its relative strength index, a gauge of momentum, is now within a hair’s breadth of the level when the cryptocurrency peaked around $19,500 in 2017.Accelerating gains have raised the stakes for traders as they try to gauge whether this month’s rally has more staying power than the bubble that ended with a $700 billion crypto wipeout in 2018. While bulls have cheered signs of growing interest in virtual currencies from major companies like Facebook Inc. and JPMorgan Chase & Co., skeptics say it’s unclear how those initiatives will ultimately benefit Bitcoin and its peers.A break above the $12,720 level “will allow for a complete retracement of the 2018 bear market,” according to John Kolovos, chief technical strategist at New York-based Macro Risk Advisors, though he noted in comments Tuesday that the rally was “turning more and more impulsive.”The last time Bitcoin rose above $12,000 was in December 2017. It rallied further, eventually reaching as high as $19,511 later in the month, but the surge was followed by a precipitous fall that saw it drop below $6,000 by February. All in all, in December 2017 and January 2018, Bitcoin spent about six weeks above $12,000.(Updates prices. An earlier version corrected attribution in the sixth paragraph.)\--With assistance from Michael Patterson and Cormac Mullen.To contact the reporter on this story: Joanna Ossinger in Singapore at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Adam Haigh, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
M&A deals are usually ignored, or sometimes even openly mocked, but it can lead to an earnings and revenue renaissance. Did you spot these?
The euro zone could have an instant payments system shared by all banks in the bloc by the end of 2020, finance industry officials said, as lenders face more competition from the likes of Facebook and other tech firms. Real-time payments have been possible in the 19-country currency bloc since 2017, but only about half of the euro zone's banks have joined the scheme that underpins these transactions and it is mostly used for domestic payments. The project could now accelerate as banks feel the heat of new competitors like Facebook, which last week unveiled plans for a cryptocurrency that would offer seamless payments to its users worldwide.
Last week, Facebook (FB) and other founding members of the Libra Association launched Libra. Libra will be governed by a handful of large organizations including Uber (UBER), Lyft (LYFT), Visa (V), and Mastercard (MA). By the planned launch in 2020, Facebook expects to have 100 members in the governing body.
Ancient relics, antiquities and treasures from the Middle East are being looted and trafficked on Facebook, according to a new report by the ATHAR Project. It found extremist groups and criminal organizations are selling pieces of history like mosaics, statues and historical architecture online. The project's co-directors, Amr Al-Azm and Katie Paul, joined CBSN to explain how they infiltrated the illicit black market and Facebook's role in the trafficking.