|Bid||186.77 x 800|
|Ask||186.84 x 1200|
|Day's Range||186.30 - 187.68|
|52 Week Range||123.02 - 208.66|
|Beta (3Y Monthly)||1.28|
|PE Ratio (TTM)||31.65|
|Earnings Date||Oct 28, 2019 - Nov 1, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||235.55|
ZURICH/LONDON Sept 16 (Reuters) - A new breed of asset-backed cryptocurrencies such as Facebook's Libra are untested and pose serious risks, the European Central Bank's Benoit Coeure said on Monday, pledging a tough regulatory approach. Coeure's comments came during an event at the Bank of International Settlements (BIS) in Basel, where the Group of Seven working group on so-called stablecoins met to discuss regulatory issues posed by the new digital currencies.
(Bloomberg) -- The We Co. roadshow is set to begin this week, perhaps as soon as today. Such corporate processionals through the ranks of blue-blooded Wall Street institutions are usually a triumph for buoyant, young companies. WeWork’s roadshow, on the other hand, will likely more closely resemble Cersei Lannister’s humiliating march to the Red Keep in Game of Thrones.Shame! WeWork’s valuation, $47 billion in a private funding round last January, could be set as low as $12 billion.Shame! Shame! Investors will no doubt be distrustful of any evidence of apparent self-dealing by the chief executive officer, Adam Neumann, such as buying properties and leasing them to the company. (WeWork took additional steps on Friday to change some of the unorthodox aspects of its governance structure and seek an independent board member.)As the nine-year-old office-sharing startup continues its stumble to the public markets, some prognosticators see this moment as something more significant: that a WeWork belly-flop portends the end of the unicorn era in Silicon Valley.The argument goes like this: SoftBank, the Japanese conglomerate and its $100 billion Vision Fund, has become an engine pushing the technology market to its limit. If it’s forced to retreat on its $10 billion commitment to WeWork, SoftBank will reconsider the nearly blind sanguinity that has perverted incentives for founders and distorted valuations in the industry over the last few years.In this seductive vision of a calamitous—and cleansing—WeWork initial public offering, modesty will once again return to Silicon Valley; humbled venture capitalists will stop bidding the valuations of unprofitable startups into the stratosphere; and the unicorns—those magical startups worth a $1 billion or more—will be put out to pasture, their legendary horns clipped like the tusks of poached African elephants.But that’s probably wishful thinking.The current cycle in tech started more than a decade ago, fueled by excitement over the iPhone, Facebook Inc. and the infusions of cash from a new generation of VCs like Andreessen Horowitz and Y Combinator. Business cycles tend to last seven to 10 years in Silicon Valley, and the resulting boom should have ended by now. But that was before the longest bull market in American history and a seemingly never-ending supply of venture capital from an array of new sources, including wealthy Chinese investors and Saudi Arabian oil money.It doesn’t appear to be stopping anytime soon. The stocks of Dropbox Inc., Lyft Inc., Slack Technologies Inc. and Uber Technologies Inc. are all under their IPO prices. And yet, many investors still believe.Uber lost $5.2 billion last quarter, dismissed more than 800 employees in the last two months and lost a policy battle with California lawmakers last week that could rock its business model. Somehow, Uber is still worth a cool $57 billion. Meanwhile, SoftBank says it’s going to raise another Vision Fund, with contributions from Apple Inc., Microsoft Corp. and Foxconn—this one even larger than the last.The belief underlying the persistent tech boom is that savvy entrepreneurs in vast markets with access to enough capital can engineer their way through even the most challenging issues. Witness CloudFlare Inc., the unprofitable internet infrastructure company that raised $525 million last week at a higher-than expected market value of $4.4 billion. Investors were able to overlook recent controversies over unsavory former CloudFlare clients, like the forum where a mass shooter hung out, and the stock popped on the first day of trading.What will it take to really put an end to the unicorn era? Perhaps an economic recession and an accompanying withdrawal of overseas capital from the Valley. Perhaps it will take a total collapse of a once-promising unicorn to change the risk tolerance of conservative investors like endowments, pensions and sovereign wealth funds.If the WeWork IPO flops, technologists will try to dismiss it as an outlier, the bad fortune of a real estate startup that was never truly a tech company. It will be viewed not as an indictment of current excess in Silicon Valley but as an exception to it. That’s not realistic, but then again, neither are unicorns.This article also ran in Bloomberg Technology’s Fully Charged newsletter. Sign up here.And here’s what you need to know in global technology newsSpeaking of SoftBank, some of its other companies would be hit hard by California’s new labor bill that would force gig economy companies to hire their workers.Lawmakers are seeking information from customers of the Big Tech companies. A House panel investigating potential antitrust violations has contacted customers of Amazon, Apple, Google and Facebook, according to documents reviewed by Bloomberg. They also asked the companies to hand over documents.Disney CEO Bob Iger left the board of Apple. The long-allied companies are now streaming rivals.Stanford University took money from Jeffrey Epstein, too. The school, located in the heart of Silicon Valley, received a $50,000 donation from a foundation backed by the late sex offender in 2004. Other donations to Harvard and MIT are prompting scrutiny of the schools and their faculties.A former Golden State Warrior is the U.S. face of Jumia, the Amazon.com of Africa.To contact the author of this story: Brad Stone in San Francisco at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Milian at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Now, its Cash app offers services like check depositing, peer-to-peer transfers and bank transfers —and reportedly, the company is looking into adding a stock trading service. Bloomberg reports that the company is already testing the feature with employees and has created a video for internal use. Bloomberg reports that the company is already testing the feature with employees and has created a video for internal use.Such a trading app, would put the company in direct competition with the startup Robinhood and other trading apps.
(Bloomberg) -- A House panel investigating big tech companies for potential antitrust violations is seeking information from customers of Amazon, Apple, Google and Facebook about the state of competition in digital markets and the adequacy of existing enforcement, according to documents reviewed by Bloomberg.It’s the latest development in the bipartisan congressional investigation being conducted by House antitrust subcommittee chair David Cicilline, a Democrat from Rhode Island.The eight-page survey doesn’t mention any companies by name, but it seeks information about the industries they dominate such as mobile apps and app stores, search engines, digital advertising, social media, messaging, online commerce and logistics as well as cloud computing.The survey asks respondents to identify the top five providers for the various digital services and how much it paid each of those providers since Jan. 1 2016. It also asks for any allegations of antitrust violations or business practices that hurt competition. The committee offered respondents the possibility of confidentiality if they desired.The panel has asked for responses to its survey by mid-October.Assessing AntitrustThe survey appears geared toward businesses that pay the big technology companies for services such as cloud computing, digital advertising and help selling mobile apps and products online. It doesn’t appear to focus on general retail consumers that buy products from Amazon or iPhones from Apple.It also shows how regulators are relying on customers and competitors of Big Tech to help them better understand digital markets and and how dominant players can stifle competition. The Federal Trade Commission has been quietly interviewing online merchants that sell goods on Amazon to better understand the business.The questionnaire shows the House panel trying to assess the grip big technology companies have in various markets, a first step in probing for antitrust violations. If the panel finds competition is so scant that the customers of big technology companies have no viable alternatives, it justifies further scrutiny of business practices as well as mergers and acquisitions.The questions also suggest the panel is open to examining how antitrust laws are applied in digital markets and if enforcement and laws need to be updated.A Google spokesman declined to comment. Apple didn’t immediately respond to requests for comment. Amazon and Facebook both declined to comment, but pointed to previous comments by executives in which both companies said they welcomed government scrutiny and maintain they exist in markets with healthy competition. Emails to representatives for the House committee weren’t immediately answered.The survey sent to customers follows the public disclosure of letters the House antitrust subcommittee sent to Google parent Alphabet Inc., Amazon.com Inc., Facebook Inc. and Apple Inc. Those letters, posted online, seek detailed information about acquisitions, business practices, executive communications, previous probes and lawsuits. The letters followed a July hearing in which lawmakers grilled tech executives.The House panel has been the most visible of various probes of technology companies. Representative Cicilline has been a vocal critic.Speaking at an antitrust conference in Washington, D.C. last week, he said, “you would be amazed” at the number of companies that have come forward with concerns about the potentially unfair way that big tech companies compete. Some have even expressed fear that the tech giants will respond with economic retaliation if the smaller companies’ concerns are made public, Cicilline said, without providing more detail.The House panel’s probe is part of a broader examination of the control companies such as Amazon, Google and Facebook have over the U.S. economy. The FTC is investigating Amazon and Facebook while the Justice Department is probing Google. Separately, 50 state attorneys general have announced an antitrust probe of Google.(Adds requested date for survey responses in fifth paragraph. An earlier version corrected the spelling of David Cicilline.)\--With assistance from Naomi Nix and Ben Brody.To contact the reporter on this story: Spencer Soper in Seattle at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Ian FisherFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Officials from 26 central banks, including the U.S. Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday, the FT said, citing officials. Libra's founders have also been invited to answer key questions about the currency's scope and design, FT said. Facebook did not immediately respond to Reuters' request for comment outside regular business hours.
Facebook will be quizzed by global regulators on its planned Libra coin project amid concerns from EU governments over the threat the digital currency poses to financial stability. Representatives of ...
Google has agreed to make a one-time settlement of over $945 million euros to the French ministry. The ministry accused Google of evading taxes.
One of Facebook's third-party fact-checkers accused Britain's governing Conservative Party on Friday of misrepresenting a BBC News article in its ads on the social media platform. Full Fact, which is part of the third-party fact-checking program created by Facebook to fight misinformation on the platform, said it had been scrutinizing online advertising ahead of a possible snap election in the country. The charity said it had raised its concerns with Facebook.
(Bloomberg) -- The message to Adam Neumann was clear: You’re not Zuckerberg.Over the past month, as Neumann’s grandiose plans for We Co. started to fray, bankers began warning that he would have to loosen his iron grip on the company.The old era of Mark Zuckerburg was over, WeWork executives would soon learn. Back in 2012, Zuckerberg could take Facebook Inc. public and still retain extraordinary voting power. But that was then.And so it was that Neumann, the polarizing co-founder of WeWork, begrudgingly agreed this week to cede some of his powers. The question now: Will that be enough? Already, WeWork’s hoped-for valuation has plunged by more than half, or some $70 billion.By Friday morning, Neumann’s company had hastily filed an amended prospectus for an initial public offering -- one that will test not only WeWork and its guru-CEO but, in many ways, an entire generation of money-burning, grow-at-all-cost startups.In a matter of weeks, WeWork’s IPO has gone from one of the most hotly anticipated deals of the decade to perhaps one of the most dreaded. Despite growing skepticism over WeWork’s business prospects, Neumann has resisted corporate-governance changes that would be considered standard elsewhere.The chaos was apparent Thursday and Friday, as WeWork picked a stock exchange, emailed bankers and filed its new prospectus -- all in about 12 hours.Nasdaq ListingDefying skeptics -- among them, some of its own financial backers -- WeWork is plowing ahead with plans to go public on the Nasdaq stock market. Not even Nasdaq officials knew for certain that the company would chose the exchange until the last minute on Thursday, according to people familiar with the matter.Emails were flying into the night. The new prospectus hit just after 6 a.m. on Friday.Now, yet another deadline looms: September 27, the Friday before Rosh Hashanah, the Jewish New Year. Neumann is expected to observe the holiday and be out of communication for several days, people familiar with WeWork said. WeWork representatives did not respond to a request for comment.Neumann didn’t get where he is, atop one of the most talked-about startups of the decade, by sharing. But in a new prospectus WeWork disclosed that Neumann would wield less power via an unusual class of high-voting stock.Now, executives must persuade investors that their company -- which has raised $12 billion since its founding and never turned a nickel of profit -- is worth billions on the stock market. As of late Friday, it was unclear whether they would be able to start marketing the stock via a roadshow starting on Monday, as many had expected.$65 Billion Value?Unclear, too, is just what WeWork might fetch on the open market. Only months ago, some bankers whispered it might be worth as much as $65 billion. Now that figure has fallen to as little as $15 billion.Beyond a page or so of steps WeWork would take to tighten up its corporate governance practices, Friday’s amended prospectus was little changed from the initial one in August.The dedication, even the second time, is pure Neumann:TO THE ENERGY OF WE –GREATER THAN ANY ONE OF USBUT INSIDE EACH OF USAmong other things, the company will trim the voting advantage that gives Neumann sway over the board, and no member of his family will be allowed to sit on the board. WeWork will also announce a lead independent director by year’s end.The move leaves in place a rare three-class stock structure and Neumann still maintains a voting majority, so it’s unclear how much the changes will appease both investors and the banks in charge of managing WeWork’s IPO.Valuation QuestionsQuestions remain about how investors will value the fast-growing, money-losing office leasing business that’s backed by SoftBank Group Corp. Both of the company’s lead financial advisers --JPMorgan Chase & Co. and Goldman Sachs Group Inc. -- have previously voiced concerns about proceeding with an IPO at a valuation around $15 billion, people briefed on the discussions have said.Looking to save the IPO and limit its downside, SoftBank is in discussions to buy about $750 million worth of additional stock in the offering, the people said.The board will have the ability to remove the CEO, and the updated prospectus has taken out a clause that previously said Neumann’s wife Rebekah -- who’s listed as a founder and chief brand and impact officer of WeWork -- will have a role choosing any new chief. Some criticized the changes as not going far enough.“This is an example of posturing,” Jeffrey Cunningham, who teaches management at Arizona State University and has served on several corporate boards, said of WeWork’s changes. The company appears to be facing pressure “to go public at a time that is inappropriate and with a governance record that is questionable.”Still, the moves drove WeWork bonds to be the biggest price gainers in high-yield bond trading for part of Friday. A Fitch Ratings analyst said the changes addressed many of the issues that the ratings company raised in downgrading WeWork’s credit grade last month.“A key component of WeWork’s model is the ability to restrain growth in the event of a downturn and these governance changes increase the likelihood that an independent board will have the power to enforce such a decision,” Kevin McNeil, a director at Fitch, said in an emailed statement.\--With assistance from Michelle F. Davis, Anders Melin, Tom Giles and Crystal Tse.To contact the reporter on this story: Gillian Tan in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, ;Michael J. Moore at firstname.lastname@example.org, David GillenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Shopify has been a huge winner in 2019. Earnings are booming and the company plans to compete more with Amazon. But with software stocks under pressure, is SHOP stock a buy now?
A double bottom base pattern only occasionally sketches a proportionate design. They are often distorted and difficult to recognize. Yet symmetry is key.
Lawmakers asked Google, Facebook, Amazon and Apple for a broad range of documents, another step in Congress's anti-trust investigation of the big tech companies.
This week has been rough for big tech companies. On Monday, 50 states and territories announced that they're launching an antitrust investigation into Google.
Today is Friday the 13th and InvestorPlace has put together a collection of images to share on social media.Source: Raiden Pictures / Shutterstock Not only is it Friday the 13th, but there's also a full moon tonight. It might just be the perfect time to plan for something spooky. Personally, I'm going to go watch IT Chapter Two tonight. You don't have to spend money to enjoy the day though. Maybe just take some time to check out the full moon instead.So why exactly do people get bothered on Friday the 13th? It all comes down to superstitions. Some believe that the date brings with it bad luck. There's no real way to prove that, but it doesn't keep some people from worry about the day any less.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Discount Retail Stocks to Buy for a Recession It's also interesting to note that we don't really know the origins of the superstitions surrounding Friday the 13th. It's possible that all of this started back in the Middle Ages, but the history surrounding the day is a bit murky. Either way, it's best not to let it be a bother.Check out the following gallery for a short collection of Friday the 13th images to share on Facebook (NASDAQ:FB), Instagram, Twitter (NYSE:TWTR) and other places online.Friday the 13th Images to Post on Social Media * 10 Battered Tech Stocks to Buy Now Friday the 13th Images to Post on Social Media * 10 Stocks to Sell in Market-Cursed September Friday the 13th Images to Post on Social Media * 7 Stocks to Buy In a Flat Market As of this writing, William White did not hold a position in any of the aforementioned securities.The post 3 Friday the 13th Images to Post on Social Media appeared first on InvestorPlace.
In terms of stock gains, it's been a good year for Facebook (NASDAQ:FB). FB stock has moved higher by 43%, and the rally has been backed by strong fundamental factors. I believe that the rally of FB stock can continue. In this column, I will discuss the key factor that is likely to ensure that the stock's positive momentum lasts a lot longer.Source: Ink Drop / Shutterstock.com I want to emphasize that I am expecting Facebook stock to rise over the long-term. Therefore, this column is primarily geared towards long-term investors. Those investors should buy FB stock on any weakness. FB's Average Revenue Per User Will Trend HigherFacebook's daily active user count has increased from 1.3 billion in the second quarter of 2017 to 1.6 billion in Q2 of 2019. FB has also benefited from a steady uptrend of monthly active users. With internet penetration still increasing in emerging markets, I expect the uptrend to continue.InvestorPlace - Stock Market News, Stock Advice & Trading TipsHowever, the catalyst for the company's upcoming revenue increases and for the long-term gains of FB stock will be its average revenue per user (ARPU). There are some interesting aspects of the company's monthly active users (MAU) and of its ARPU. * 7 Discount Retail Stocks to Buy for a Recession The United States and Canada contribute just 10.1% of its MAU. However, these two countries, which have an ARPU of $33.27, account for 48.8% of its total revenue. In Europe, its ARPU is $10.70. Its ARPU in Asia Pacific and the rest of the world is $3.04 and $2.13, respectively.Clearly, FB can tremendously increase its ARPU in Asia Pacific and the rest of the world. Due to increasing internet and smartphone adoption in emerging markets, more advertising spending in those areas will shift online. That will take the company's ARPU higher in the coming years. The Potential Impact on FB's RevenueFor Q2, FB reported total revenue of $16.9 billion, $12.2 billion of which came from the United States, Canada and Europe. Therefore, revenue from Asia Pacific and ROW was just $4.7 billion.However, the MAU from Asia Pacific and the rest of the world was 1.78 billion.If that MAU figure remains the same and the ARPU from those regions increases to $10, the total quarterly revenue from Asia Pacific and ROW will be $17.9 billion.Even if FB's total revenue from U.S., Canada and Europe remains unchanged, in that scenario Facebook's total quarterly revenue would jump to $30.0 billion, versus its current level of $16.9 billion. That is a conservative estimate, as I am assuming that the company's revenue from the U.S., Canada and Europe remains flat.Of course, this hypothetical scenario won't unfold overnight or even in the next few years. But in a number of regions, Facebook's ARPU is quite low, and that will gradually change.As its ARPU and MAU rise, Facebook is well-positioned to generate sustained revenue, earnings and cash-flow growth. Of course, those trends will provide positive catalysts for FB stock FB Might Pay Dividends SoonAs of Q2, Facebook had cash, cash equivalents, and marketable securities of $48.6 billion. In addition, FB generated $4.8 billion of free cash flow in Q2. This implies annual free cash flow of almost $20 billion.Given its high cash reserves, FB can start paying dividends within the next 12-18 months. When FB announces that it's going to start paying dividends, FB stock will rally.Facebook has actively been repurchasing FB stock, and that has created some shareholder value. However, dividends will certainly boost Facebook stock further and attract more investors, since the company's healthy cash flows should enable it to steadily raise its dividends. Final Thoughts on FB StockConsidering the steady growth of the company's monthly active users and its ability to boost its top line, FB looks poised to be a cash-flow machine over the long-term.Overall, FB stock is attractive. Investors should consider buying it at its current levels and on any correction driven by stock market pullbacks.As of this writing, Faisal Humayun did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Big IPO Stocks From 2019 to Watch * 7 Discount Retail Stocks to Buy for a Recession * 7 Stocks to Buy Benefiting From Millennial Money The post Facebook Stock Will Trend Higher as FB's Advertising Revenue Grows appeared first on InvestorPlace.