115.33 0.00 (0.00%)
After hours: 5:03PM EDT
|Bid||115.26 x 800|
|Ask||115.24 x 800|
|Day's Range||114.26 - 117.97|
|52 Week Range||103.29 - 161.38|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 28, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||164.18|
Apple is reportedly asking suppliers to increase production of the iPhone 11 by 8 million units, according to the Nikkei Asian Review. Yahoo Finance's Dan Roberts joins Akiko Fujita on The Ticker to discuss.
The US Securities and Exchange Commission has held exploratory discussions on alternatives to initial public offerings for companies that want to raise capital and list on the public markets. Silicon Valley investors and advisers are pushing for more companies to follow Slack and Spotify’s lead and choose a direct listing, in which pre-existing shares are released to public investors without offering any new equity.
Benzinga is highlighting nominees for the fifth annual Benzinga Global Fintech Awards ahead of the event Nov. 19 in New York City. One nominee is the Better.com, a mortgage lending fintech. Background ...
Worried that you missed out on critical personal finance education growing up? Don't worry, Matt McCall has you covered. In this episode of his "MoneyLine" podcast, he sits down with InvestorPlace producer Dave Maxwell -- a self-professed average young man -- to discuss the basics.Many young people, Maxwell included, feel intimidated when it comes to saving for retirement. McCall doesn't blame them, but that doesn't mean he's giving young folks a free pass. Instead, he talks with Maxwell to learn just why retirement is so scary -- and often unapproachable.The two agree that it's often hard to visualize long-term goals, which makes it even harder to save for them. If you can't imagine exactly how much money you'll need when you're 65, how will you feel inspired to cut down on your subscriptions from Netflix (NASDAQ:NFLX) or Apple (NASDAQ:AAPL)? But if you want to save $1 million for retirement (the often-cited amount to aim for), there's no time like the present.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Super Boring Stocks to Buy With Super Safe Returns Still having a hard time visualizing the future? In that case, here's some of McCall's quick math. If three working adults each save $120,000 for retirement, but they start at ages 25, 35 and 45, respectively, their retirement savings accounts will look much different at age 65. In his example, the man who started saving at 25 ended up with over $1.4 million by the time he was ready to retire. On the other hand, the man who waited until 45 only had $300,000. McCall's Podcast on Saving for RetirementOK, so you already know that you need to start saving young. What if the real problem is that you have a limited amount of disposable income? McCall totally relates. In this episode of "MoneyLine" he discusses how he, too, is struck by the finer things in life. And who doesn't love stopping by Starbucks (NASDAQ:SBUX) in the morning for a quick latte?Well, split-second spending decisions can make a difference. To start, McCall recommends saving an extra $100 every week. For many young workers, this may mean cutting back on happy hour drinks, morning coffee or online shopping. But it can also mean paying closer attention to your monthly budget.For example, McCall said he -- along with many other Americans -- made the decision to cut the cord with cable. However, his cost-cutting exercise resulted in over $100 a month in new subscription services from Netflix and Apple, and he's still planning on jumping on Disney's (NYSE:DIS) Disney+ bandwagon. When saving for retirement, it's critical that young adults pay attention to their monthly expenses, whether that be eating out, video streaming services or Spotify's (NYSE:SPOT) Premium plan. Cutting back on everyday costs can go a long way in helping save more for the future.Oh, and if you have an employer-matched 401k plan like Maxwell and McCall, you better be maxing it out. For 2019, you can contribute $19,000 to your 401k -- and that will really add up as you approach your golden years.Listen in to this episode of "MoneyLine" for more information on saving for retirement (but most importantly, without fear).Matthew McCall left Wall Street to actually help investors -- by getting them into the world's biggest, most revolutionary trends BEFORE anyone else. The power of being "first" gave Matt's readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA) and +1,044% in Tesla (TSLA), just to name a few. Click here to see what Matt has up his sleeve now. Matt does not directly own the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Super Boring Stocks to Buy With Super Safe Returns * 10 Winning Stocks to Buy and Stick With for the Long Haul * Don't Give Up on These 4 Cannabis Stocks The post Don't Stress About Saving for Retirement -- Just Start Young appeared first on InvestorPlace.
(Bloomberg) -- The young woman in Monica Mazzei’s San Francisco law office was adamant: She wanted a prenuptial agreement.Never mind that the client had barely anything to her name. What she had was a bunch of startup ideas. She and her fiancé, who already had his own small tech company, signed a prenup with clear terms, Mazzei said: “The spouse who has an idea [and] starts a business ‘owns’ that business. It’s their baby.”A few years later, Mazzei, a partner at Sideman Bancroft, was traveling through the San Francisco airport when she saw her former client on a magazine cover. Her startup had struck gold. Her husband’s business had fizzled.In Silicon Valley, where penniless programmers fervently believe their ideas are worth billions, getting rich can take priority over getting married. California law assumes that any wealth created during a marriage is community property, which should be split equally in a divorce. That’s alarming not just for young entrepreneurs but also their investors.Divorce HavocFortunately, a well-written prenup is a safeguard against post-divorce havoc, which is why more and more young couples are insisting on the agreements, according to more than half-a-dozen lawyers in the Bay Area and elsewhere. Long popular with older wealthy couples who re-marry, prenups are also being demanded by entrepreneurs who want to keep future windfalls to themselves.“I am seeing more and more young people want to enter into prenuptial agreements who do not currently have a lot of money now but plan to have a lot of money someday,” said Manhattan-based divorce attorney Jacqueline Newman.In a 2016 survey by the American Academy of Matrimonial Lawyers, 3 in 5 divorce attorneys said more clients were seeking prenups in the past three years. About half said they’d seen a spike in the number of millennials requesting the agreements.“People’s concepts and notions of fairness when it comes to privately held businesses are changing,” said Mazzei, adding she’s seen “a tremendous increase” in prenups in the past eight years. “They feel that even if they’re married, this is their passion. The agreement should be reflective of that.”‘It’s Complicated’Today’s startup founders have plenty of prenup-writing forebears to emulate. Google co-founder Sergey Brin and Anne Wojcicki, who helped found personal genomics company 23andMe, had a prenup when they married in 2007. After they divorced with little fanfare in 2015, his stake in Google remained unchanged.“It’s complicated -- that’s all I can say,” Wojcicki told Bloomberg TV about the split.Oracle Corp.’s Larry Ellison has been married and divorced multiple times, but none affected his stake in the software company. Ellison is the seventh-richest person in the world with a net worth of $59.8 billion, according to the Bloomberg Billionaires Index.Still, a prenup hardly guarantees a smooth divorce. Judges can and do throw out the agreements, especially if they’re drafted poorly. “If you don’t put in the right language, a lot of prenups don’t do the job,” said Lowell Sucherman, a divorce attorney at Sucherman Insalaco in San Francisco.In 2017, One Kings Lane co-founder Alison Gelb Pincus, wife of Zynga Inc. founder Mark Pincus, challenged their premarital agreement in court while the couple was getting a divorce, according to a court filing. It’s unclear whether she prevailed as final terms of the divorce aren’t public.While venture capital firms don’t explicitly require prenups, they do demand legal language protecting their investments in the event a divorce court hands a chunk of a founder’s shares to an ex-spouse. So do other co-founders.Founders’ Control“Founders have wanted to ensure that someone else can’t suddenly come in and obtain some sort of founders’ control,” said Par-Jorgen Parson, a partner at venture capital firm Northzone, who has served on the board of Spotify Technology SA. “It’s just as often driven by the founders as by external investors. You don’t want to rock the balance of power.”Venture capital firms often demand that founders’ husbands and wives sign “spousal consent” forms. Such agreements determine who gets to vote for board members, and how and when shares can be sold. In the event of a divorce settlement (or death or disability), a founders’ spouse might end up with company shares. But, the agreements ensure that an ex can’t exercise much, if any, control over the company post-divorce.“We’re trying to make sure that people don’t become involuntary business partners with someone they don’t know, don’t like or who aren’t qualified,” said James Ficenec, a partner at Newmeyer & Dillion in Walnut Creek, California.Divorcing founders will often do anything to avoid handing over half of their shares in their startup.‘Keeping More’“Founders will try to negotiate keeping more of their shares,” said Michael Gorback, a partner at Hanson Bridgett. “You might balance it out some other way,” by paying exes in cash, a home or other investments.MacKenzie Bezos and Amazon.com Inc. founder Jeff Bezos divorced earlier this year, leaving her with a 4% stake and a net worth of $34.6 billion, according to the Bloomberg index. He kept 75% of the couple’s Amazon shares, and retains voting control of those she does hold.Amazon’s stock, of course, is publicly traded, which can make divorce negotiations easier.“One issue we come across very often is, ‘How do you value a startup?’” Mazzei said. Years before an initial public offering, a startup might have no profits or even revenue to speak of. A promising company could later go under -- or eventually be worth billions.Trust, CredibilityIn a divorce, “it can be quite difficult when you have a large asset that is illiquid,” said Lyssa Grimaldo, a wealth manager at San Francisco-based Wetherby Asset Management and a certified divorce financial analyst. Adding to the problem, she said: “One partner knows more about that asset than the other.”With enough billable hours, lawyers can usually sort out the legal ramifications of divorce. They’re less helpful in containing the chaos that a founder’s marital problems might create in the workplace or business relationships.“We have companies where the founder is the brand, and trust and credibility are core to the business,” said Ed Zimmerman, partner and chair of the tech group at Lowenstein Sandler in New York. “If you are investing in a company because you think the founder is amazing,” it can be alarming to learn that he or she is facing the distraction of an acrimonious divorce or custody battle, he said.If a divorce isn’t disclosed to key investors, they can lose trust in a founder who they thought they knew well. Then there’s sometimes other nasty fallout, of the sort that companies are increasingly sensitive to in the metoo era.“It would be great if we lived in a world where people who had marital problems didn’t manifest those problems by hitting on or dating people who worked at their company,” Zimmerman said. “Those kinds of things tend to be more problematic than who gets the shares.”(Updates with adviser’s comment in 23rd paragraph.)To contact the reporters on this story: Ben Steverman in New York at firstname.lastname@example.org;Anders Melin 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.
At Insider Monkey we track the activity of some of the best-performing hedge funds like Appaloosa Management, Baupost, and Tiger Global because we determined that some of the stocks that they are collectively bullish on can help us generate returns above the broader indices. Out of thousands of stocks that hedge funds invest in, small-caps […]
Shares of Apple (AAPL) hover just below their 52-week highs as Wall Street prepares for the busy part of the September quarter earnings season. So here's a somewhat early Apple Q4 2019 earnings preview, including iPhone sales, services growth, and more...
Is it time for investors buy streaming music giant Spotify stock on the dip even as Apple and Amazon boost their streaming offerings...
On CNBC's "Mad Money Lightning Round," Jim Cramer said he doesn't understand how New Relic Inc (NYSE: NEWR ) could have such a degradation. Leidos Holdings Inc (NYSE: LDOS ) is a winner and it ...
"This has been a house of pain that has no institutional support. I'm confused," replied Jim Cramer to one caller who asked about Spotify Technology during the Lightning Round of his Mad Money program Monday night.
In a sharp turnaround from earlier this year, stock performance for newly public companies is the worst it has been since at least 1995. This trend has led many companies to delay or reassess their IPO plans. Tech startups and other companies that went public in 2019 have seen their shares trade about 5% above their prices at the time of their IPOs while the S&P 500 has returned nearly 18% year-to-date (YTD) through Monday, per Dealogic, as cited by the Journal. That trailing IPO performance is a reversal from earlier in 2019, when IPO stocks were dramatic outperformers.
President Trump's unauthorized use of Nickelback's "Photograph" is resulting in a spike in the song's downloads, according to Nielsen Music.
Maria Hedengren wants Readly to be the Spotify of magazines — and believes her company can emulate its Swedish compatriot by fending off a charge into its territory from Apple. For roughly the price of a Spotify music subscription, Readly users can flick through electronic versions of 4,500 titles, from Cosmopolitan and Hello to Time and Wired. + , a similar service from the US technology group that has signed up magazines such as Elle and Grazia along with newspapers including the Wall Street Journal, The Times and The Sunday Times.
The iPhone maker has recently approached the big music companies about bundling together Apple Music and Apple’s upcoming television service, but the two sides have not yet discussed a pricing formula, said people familiar with the negotiations. While some labels are open to the idea, people at one big record company said they had concerns, and that the industry was growing more wary about its relationship with Apple, which strong-armed labels a decade ago into selling individual songs for $0.99 on iTunes.
This weekend's Barron's cover story examines the race to zero trading commissions. Other featured articles discuss how to play a complicated merger and why Chinese stocks are lagging. Also, the prospects ...
An increase in tariffs and an inverted yield curve have led to several warning signs for a slowdown, or even a recession, in the economy. Amazon (NASDAQ:AMZN) has already proved able to survive the dot-com crash and the Great Recession. However, this is a completely different company from a decade ago. Can it still stand tall? Source: Jonathan Weiss / Shutterstock.com InvestorPlace - Stock Market News, Stock Advice & Trading TipsShort answer? Yes. The revenue base is more diversified which gives the company a better position in any future recession. This makes Amazon stock a good defensive bet in case of a short-term slowdown or recession.Amazon reported subscription revenue of $16.5 billion in the last 12 months. The Prime membership retention rate is also in the high 90's for customers using this subscription for over two years. A recession could cause a hit on the growth rate of Amazon. However, there are a number of reasons why Amazon should be able to sail through any macro-economic headwinds. Impact Of Recession On AWSTo gauge the impact of a recession on Amazon stock, we need to look at the possible performance of three major segments. * 7 Important IPO Stocks to Watch for the Long Run AMZN stock's ability to manage an economic slowdown depends on its AWS, subscription and advertising segments. Collectively, these three segments reported $16 billion in net sales in the latest quarter out of a total net sales of $63.4 billion.Source: Amazon FilingAmazon has built an enviable cash cow in AWS, with revenue of $8.4 billion in the recent quarter. The operating income in AWS stood at $2.1 billion in the latest quarter. In the trailing 12 months, AWS segment reported $30 billion in net sales. This segment can see a slowdown during a recession as major clients curtail their cloud investments. Amazon has been using the profits from this segment to build other higher growth segments like streaming content and faster delivery. Any slowdown in operating income growth in AWS would automatically limit the company's ability to invest in other segments. However, it is unlikely that AWS would lose its market share in a slowdown due to economies of scale and a leadership position in this segment. Will Amazon Stock's Subscription Revenues Decline?Amazon has also reported strong growth in subscription revenues. The Prime membership base now stands at over 100 million according to a CIRP report. The retention rate for customers with Prime membership over one-year-old is 93% while this number jumps to 98% for customers with membership older than 2 years. This shows the strong loyalty built by Amazon. In an economic slowdown, customers try to reduce their discretionary spending. Subscriptions will be the first items to be removed from a customers budget. However, Amazon's Prime has been built to increase the value proposition for customers. Its value will increase during a slowdown as customers can opt to use more services from Prime and forego other options.An ideal example is Prime Video. Customers can remove their cable bills and Netflix subscriptions to get their content requirement from Prime. Prime Video has been built as a good enough alternative. In an economic slowdown, Prime members could choose Amazon's streaming video service without other streaming services to limit their discretionary spending.Source: CIRPThe rapid growth of Echo devices has also helped in improving Amazon's moat in streaming services. Customers can get unlimited music streaming for as low as $3.99 if they use it on only Echo devices. This is 60% less than Apple's (NASDAQ:AAPL) and Spotify's (NYSE:SPOT) music services. During an economic slowdown, we should see more users gravitate towards the cheaper options provided by Amazon.Amazon has a lot of pricing flexibility in its retail platform. This can allow Amazon to sacrifice margins in order to retain customers and Prime subscribers during a recession. AMZN Stock's Highly Profitable AdvertisingAmazon has built a very successful advertising platform which generated close to $3 billion in the recent quarter. This is a high margin business that is dependent on the growth of Amazon's retail platform. However, during a recession, many online advertisers can limit their advertising budget. We saw this happen during the Great Recession in 2008-09, when Alphabet's (NASDAQ:GOOG, NASDAQ:GOOGL) Google saw a big decline in its revenue growth. For three consecutive quarters, Google reported single-digit growth in revenue as advertisers cut back on their online spending.Fig: Google's dip in revenue growth at the peak of the last recessionAmazon could face a similar decline, which will limit the revenue from this highly profitable segment. Diversification Is the Key For Amazon StockDespite these headwinds, Amazon stock is still a good bet going into a recession due to the diversification of the company's revenue base. The revenue growth rate of its online stores' segment has trailed other faster-growing segments like AWS and subscription. Fig: Slower sales growth from online stores segment. Source: Amazon FilingAn economic slowdown can also have an upside for Amazon as it will see greater consolidation is several business segments in which it operates. The best example is video streaming where a large number of companies are looking to increase their investments to gain subscribers. However, if the subscriber growth does not match the expectation of these companies, we should see a consolidation or at least a big decline in competition for subscribers.A slowdown can also open up new opportunities for acquisition. Amazon has a decent chunk of cash on hand. This will be useful to make purchases at great price within the physical retail segment.Consequently, Amazon has some key advantages which should help the company survive and even thrive during a mild economic slowdown. Investor TakeawayAmazon's three fastest segments contribute close to 50% of its revenue base. The growth in AWS, subscription, and advertising could suffer during an economic slowdown. But all these segments have a decent moat which should allow them to sustain themselves during a slowdown.Amazon also has a lot of price flexibility in its e-commerce platform which should allow the company to retain its membership base. This makes Amazon stock a good mix of growth and defensive bet.As of this writing, Rohit Chhatwal did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Important IPO Stocks to Watch for the Long Run * 7 High Volatility Stocks to Buy as the Market Rebounds * 7 Dow Jones Industrial Average Stocks to Sell The post Is Amazon Stock Recession-Proof? appeared first on InvestorPlace.
The U.S. House of Representatives Judiciary Committee reached out to the music streaming service with broad requests for information, according to one source, who added the request to the company was narrowed in follow up telephone calls. Spotify Technology SA filed an antitrust complaint against Apple in the European Union in March, but the contact with the committee marks its first known participation in congressional inquiries into the iPhone maker, whose Apple Music streaming service is Spotify's biggest rival. Spotify and other developers have alleged that Apple engages in anticompetitive behavior by imposing rules that hamper distribution via its App Store, the only way for third-party developers to reach more than 900 million iPhone users.
Spotify Technology S.A. will post its third quarter 2019 financial results and letter to shareholders on Monday, October 28, 2019 before market open.
(Bloomberg) -- If you’re 30 minutes into a poker game and you don’t know who the patsy is, you are the patsy. That was the Warren Buffett-inspired message delivered to technology startups and their investors at a closed-door event late Tuesday to promote alternatives to initial public offerings.Wall Street banks, argued Bill Gurley of venture capital firm Benchmark, are the ones dealing the cards and making suckers out of everyone else, according to people who attended the event. The poker metaphor came up repeatedly over the course of the afternoon, which concluded with a dinner conversation between Gurley and Michael Lewis, author of “Liar’s Poker” and “The Big Short.”Silicon Valley investors and entrepreneurs met in the hundreds on Tuesday for the event at the Palace Hotel in San Francisco, described in a handout to attendees as an “industry-led symposium on the benefits of the direct listing approach.” Direct listings are a rarely used alternative to an IPO, in which a company makes its shares available for trading on a stock exchange without the formalities of a traditional public offering. That means a scaled-down roadshow, no fundraising and fewer fees for banks.“We’re not out to start a fistfight, we’re not out to vilify a particular bank,” Gurley said in an interview after the summit. He conceded that banks have to satisfy both their corporate clients in an IPO, as well as buy-side investors. “There’s that old saying, ‘Don’t hate the player, hate the game.’ It may be that the game has changed in a way that all of these players are self-optimizing.”The main target of ire was the first-day stock surge that often accompanies IPOs underwritten by banks. A video aired by Henry Blodget compared that to selling your house for $1 million and then seeing it resold soon after for double the price.Gurley posted a picture of a grand wedding, explaining that bankers and other advisers frame an IPO as a once-in-a-lifetime event. “It’s an important business transaction. If you get into a dreamy mode of thinking of it like a wedding, you lose the fiscal discipline you should be applying because it’s one of the most expensive transactions you’ll ever do,” he said.The venture capitalist estimated that more than $6 billion in wealth has been transferred from companies to IPO investors from recent stock-market debuts that jumped soon after the offering. “The buy side has been trained for free giveaways. They’re more entitled than a millennial,” he said. “It’s a very long-term issue that has negatively impacted our industry.”Gurley, who helped organize Tuesday’s convention, has spent much of the last year promoting direct listings. He was first to plant the idea with Stewart Butterfield, chief executive officer of Slack Technologies Inc., according to a person with knowledge of the interaction. In June, the corporate software company became the second major business to go that route in recent years, after Spotify Technology SA. Slack’s general counsel, David Schellhase, spoke at the summit, advising companies to hire an investor relations expert early and spend ample time with public investors, said a person who listened to the presentation.Some attendees were convinced and plan to consider alternatives. “I expect this to be a regular agenda item for board discussion for companies looking to go public,” said Sarah Cannon of Index Ventures, which backed Slack.Airbnb Inc. is on track to be the largest tech company to embrace this new path. The home-rental company, valued by private investors at $35 billion, has said it intends to go public next year and is leaning toward a direct stock listing.One downside of direct listings is that they don’t raise new funds for the companies involved. That’s unnecessary for some startups that have already raised hundreds of millions of dollars in private markets. But other companies need the new money to fund growth, pay off debt or cash out early investors.Two of the highest-profile companies in Benchmark’s portfolio, Uber Technologies Inc. and WeWork, chose traditional IPOs -- with dire results for some investors. Uber shares are down more than 30% from the May offering price, and WeWork pulled its plans recently. Then again, Spotify and Slack are also below their debut listing prices. That raises a question of whether IPOs are a scapegoat for a larger problem: Public equity investors just aren’t buying the rich valuations that several large tech startups got in private financing rounds.That idea was largely ignored at Tuesday’s confab, in favor of criticizing Wall Street. None of the three largest IPO advisers -- Goldman Sachs Group Inc., Morgan Stanley or JPMorgan Chase & Co. -- was featured in the speaker lineup. Goldman and Morgan Stanley also worked on the Slack and Spotify direct listings.“The takeaway is not only that a direct listing is something you can do, but something you should do,” said Manny Medina, CEO of software startup Outreach Inc., who attended the event. “You’re getting money that should be yours.”(Adds Gurley quote in seventh paragraph.)\--With assistance from Patrick Clark.To contact the reporters on this story: Sonali Basak in New York at email@example.com;Sarah McBride in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, ;Michael J. Moore at firstname.lastname@example.org, Alistair Barr, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
There's a lot of talk about direct listings and Airbnb may go that route next year instead of doing an IPO. But the pioneers of this way of going public haven't inspired confidence.