|Bid||0.00 x 1200|
|Ask||0.00 x 1200|
|Day's Range||121.99 - 123.77|
|52 Week Range||91.11 - 123.77|
|Beta (3Y Monthly)||1.19|
|PE Ratio (TTM)||12.20|
|Forward Dividend & Yield||3.60 (2.99%)|
|1y Target Est||N/A|
Oct.18 -- JPMorgan CEO Jamie Dimon says Libra was a "neat idea" that will never happen. Dimon participates in a panel at an IFF conference in Washington.
(Bloomberg) -- SoftBank Group Corp. offered to take a majority stake in WeWork, one of two rescue packages that the board of the troubled company is weighing, according to people familiar with the matter.The deal from SoftBank is currently in the lead among some directors, according to a person familiar with the board’s thinking. A decision is likely to be made Monday night, though the process is fluid, said the person, who asked not to be identified discussing private deliberations.JPMorgan Chase & Co. is expected to present a separate financing package to the WeWork board, another person said. The bank has been pitching investors on a $5 billion junk-debt offering, but it has yet to outline the details.The deal from SoftBank would value WeWork’s parent company, We Co., at about $8 billion or less, people familiar with the discussions told Bloomberg last week. It’s a stunning fall from the $47 billion valuation WeWork secured from SoftBank in January. The company is expected to run out of money as soon as next month.Representatives from JPMorgan, SoftBank and WeWork declined to comment. CNBC reported some details of the SoftBank deal earlier Monday.As part of SoftBank’s plan, it would appoint one of its executives, Marcelo Claure, as chairman of WeWork’s board, one person familiar with the proposal said. Claure would replace Adam Neumann, the current chairman and co-founder who was ousted as CEO last month. SoftBank’s financing would also eliminate special stock rights for founders that give them outsized voting power. Neumann would be left with less than 10% of votes.SoftBank’s package would include an accelerated financing of $1.5 billion, which had been previously scheduled for April, said one person. The plan also includes an offer to buy as much as $3 billion of stock from existing shareholders, giving SoftBank a 60% to 80% stake, depending on how many shareholders agree to sell. The package also includes $5 billion in debt financing, which would include contributions from Mizuho Financial Group Inc. and others.The bailout situation underscores the rapid unraveling of the once-high-flying startup. This summer, WeWork appeared to be headed toward a rich initial public offering. The startup had amassed more than $10 billion in commitments from SoftBank. But public investors spurned the company, which lost $900 million in the first half of this year. As its estimated valuation cratered, WeWork pulled its IPO paperwork.A deal could give WeWork a reprieve as it scrambles to cut costs. The company has said it is looking to offload several of the companies it recently acquired, plans to shutter the elementary school located in its corporate headquarters in New York and even put its $60 million corporate jet up for sale.(Updates with founder stock changes in the sixth paragraph.)\--With assistance from Ellen Huet.To contact the reporters on this story: Sarah McBride in San Francisco at email@example.com;Michelle F. Davis in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WeWork’s board could meet as soon as Tuesday to consider financing options that includes a Softbank proposal to take majority control of WeWork, a source close to the situation says. The source confirmed a Wall Street Journal report that (9984) would provide $5 billion in new financing, adding that it would consist of a combination of senior secured notes, junior unsecured notes, and a letter of credit. The notes would be syndicated, with some of the capital coming from sources other than SoftBank.
WeWork, the start-up once set to become one of the year’s biggest and most eagerly anticipated initial public offerings, will be bailed out and taken over by SoftBank at a steep discount.
Unfortunately, many advocates of total market funds don’t realize they aren’t fundamentally different from S&P 500 funds. As you probably know, the S&P 500 is made up of 500 of the largest publicly traded companies in the United States. Sure, there are 500 stocks in the index, and that should provide quite a bit of diversification.
Investing.com - SoftBank will take control of WeWork in a deal that would cut the value of the work space company to about $8 billion and provide a much-needed cash injection, according to published reports citing people familiar with the matter.
Four people briefed on the plan told the Financial Times they expected WeWork’s board to meet on Tuesday to review the proposal, which would leave Mr Neumann with less than 10 per cent of the shares and voting rights at the company he once dominated. Marcelo Claure, SoftBank’s chief operating officer, would become chairman. Mr Neumann supports the SoftBank proposal, which would pay him about $200m, separate from any shares he may tender to the Japanese technology and telecoms group, two of these people said.
Monday’s market moves came after MPs voted in the first Saturday sitting since 1982 to approve a measure that stripped Mr Johnson of a “meaningful vote” on the Brexit deal the prime minister had negotiated with Brussels last week. Analysts and investors said the vote injected some uncertainty into the political situation in Westminster, with Mr Johnson now having to attempt to push through his legislation on either Monday or Tuesday. “While developments over the weekend certainly puncture some of the prime minister’s political momentum, we think they also reveal that the PM can command a stable cross-party majority in favour of his Brexit deal,” said Sven Jari Stehn, head of Europe economics at Goldman Sachs.
New regulations allow the launch of actively-managed ETFs that disclose their holdings quarterly, like mutual funds, rather than daily.
(Bloomberg Opinion) -- WeWork’s valuation keeps sliding. SoftBank Group Corp., its largest outside investor, is now targeting $8 billion through a rescue package it’s putting together, according to Bloomberg News. But Masayoshi Son ought to be careful. While the deal may set a floor under WeWork, it could also diminish his standing along with SoftBank and its $100 billion Vision Fund.Mere months ago, WeWork was seeking an IPO at a $47 billion valuation, now withdrawn amid whispers that the real value should be closer to $15 billion. SoftBank’s new plan goes even further and represents an 83% haircut that means serious pain for The We Co., founder Adam Neumann, and other shareholders including venture-capital investors and employees.If SoftBank pulls it off, the move would cement Son’s reputation as a feared dealmaker, one that earned him the nickname Big Stack Bully. That’s because SoftBank would be a huge beneficiary of such a massive down round while everyone else could be clear losers.The Vision Fund(1) paid top dollar when it built its stake of around 29% in the office rental startup. By buying more shares, at an $8 billion valuation, Son might get to increase his stake while lowering the average price at which he paid. That would boost any possible upside from a future IPO, even if it were to happen at a substantial discount to $47 billion.While talks are fluid and terms could change, as Bloomberg noted, a likely result of such a rescue package is that existing shareholders might lose on all counts: Their stakes get diluted and the value of their investment gets slashed, yet they’re stuck with a much higher average price of acquisition. Shareholders who didn’t pay cash for their stakes, such as employees, wouldn’t suffer that third consequence, though they’re no less disadvantaged since they’ve effectively bartered cash salary for shares.What would be more troubling than SoftBank making this offer is WeWork’s board actually accepting it.Currently, they’re weighing up two options: the SoftBank equity deal and a debt package being put together by JPMorgan Chase & Co. Many board members will also be equity holders — representing investors such as VCs — so anything that cuts their stake or valuation wouldn’t be welcome. Debt, on the other hand, transfers risk to bondholders.Given WeWork’s current financial situation, though, debt investors have been growing increasingly skeptical of the company. Its 2025 U.S. dollar bonds plunged over the past month, with the JPMorgan-led financing package reported to include debt with yields as wide as 15%. Taking the SoftBank package would likely indicate that JPMorgan couldn’t put together an attractive enough deal for its consortium of about 100 investors to stomach.It could be a pyrrhic victory for Son, though. I recently argued that his reputation is more important than his stake in WeWork. The Vision Fund should be able to write down that investment to zero and still churn out attractive returns. But there are signs that the halo surrounding Son and SoftBank is starting to fade.Japan’s Finance Ministry plans to close a tax-avoidance loophole that SoftBank used to its advantage, Nikkei reported Sunday. The company paid no tax in Japan last year thanks to a series of complex paper transactions that booked losses by shifting assets within the group, according to the newspaper. In other words, a good portion of SoftBank’s returns last year came not from savvy investing but merely from exploiting tax laws.That sort of thing feeds into an increasing distrust by regulators and the general public for tech companies and their billionaire bosses who dodge taxes, no matter how legally. SoftBank and Son need trust to raise a second $107 billion Vision Fund, get regulatory approval for the merger of its U.S. telco Sprint Corp., and have continued access to the best deals in the startup world. Forcing a haircut of this scale on WeWork at its weakest moment, and at the expense of other stakeholders, won’t help build that kind of confidence.(1) The stake is held by theSoftBank Vision Fund and affiliatesTo contact the author of this story: Tim Culpan at firstname.lastname@example.orgTo contact the editor responsible for this story: Patrick McDowell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.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/opinion©2019 Bloomberg L.P.
Arianna Huffington’s Thrive Global is eyeing greater expansion into clinical operations with its latest acquisition of artificial intelligence platform Boundless Mind.
Brexit Purgatory Continues As the world turns, so the Brexit saga continues. Futures traders are now betting the odds of first contact with an alien species of hyperintelligent snails is more likely than this chapter ever being closed. (This is not to be taken literally.) SEE: AMP Signs Cannabis Distribution Agreement with CC Pharma What happened […]The post Market Weekend: Brexit Purgatory, Syria Troops to Iraq, J&J Arsenic, JPMorgan ‘Big Liquidity Thing’ appeared first on Market Exclusive.
JPMorgan Chase CEP Jamie Dimon said the money-market turmoil highlights risk of bigger crisis and the Fed should pay attention.
The week contained enough good news to drive just about any market higher, but instead ended with the Dow Jones Industrial Average lower for the fourth time in five weeks.
Facebook's Libra digital currency project is "a neat idea that will never happen," JPMorgan Chase Chief Executive Jamie Dimon said on Friday, adding to skepticism about the project that has faced criticism from policymakers and some regulators. Dimon, who made the comments at an event in Washington hosted by the Institute of International Finance, did not elaborate on why he believed Libra was a non-starter.
The Dow Jones erased weekly gains as Boeing and J&J; dived Friday. Netflix and software stocks sold off. Dow stocks JPMorgan and UnitedHealth rallied during the week on earnings.
JPMorgan Chase Bank has hired two highly experienced executives to lead its retail banking expansion in Kansas City.
Let's dive into three tech stocks that we found using our Zacks Stock Screener that growth investors might want to consider buying during Q3 2019 earnings season...
(Bloomberg) -- As WeWork prepares to cut potentially thousands of jobs this month, executives keep heading for the exits. The situation has turned into an exodus, with at least six C-level executives and the vice chairman leaving since last month.Adam Kimmel, WeWork’s chief creative officer, is the latest to submit his resignation, according to two people familiar with the matter who asked not to be identified discussing a personnel matter. Kimmel joined the company in 2017 after a long career as a fashion designer and took on projects such as designing the company’s San Francisco offices. WeWork parent We Co. didn’t immediately have a comment on the departure.WeWork attempted to go public last month, but the process quickly went awry after investors raised concerns about its business model and corporate governance. The chief executive officer stepped down; it pulled the initial public offering; and it’s now scrambling for cash to keep going. The company is weighing two potential bailout plans, including a $5 billion debt package led by JPMorgan Chase & Co. and an investment from SoftBank Group Corp. that could value We Co. at less than $8 billion, a dramatic fall from $47 billion in January.WeWork could cut about 2,000 jobs in the coming weeks, though the decisions haven’t been finalized. Meanwhile, the chaos has been heightened by the parade of executive departures, including CEO Adam Neumann and his wife and Chief Brand and Impact Officer Rebekah Neumann last month, followed by the chief product officer, the top spokesman and the head of marketing.To contact the authors of this story: Ellen Huet in San Francisco at firstname.lastname@example.orgGillian Tan in New York at email@example.comTo contact the editor responsible for this story: Mark Milian at firstname.lastname@example.org, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.