T Jun 2020 23.000 put

OPR - OPR Delayed Price. Currency in USD
0.0700
0.0000 (0.00%)
As of 9:42AM EST. Market open.
Stock chart is not supported by your current browser
Previous Close0.0700
Open0.0700
Bid0.0500
Ask0.1000
Strike23.00
Expire Date2020-06-19
Day's Range0.0900 - 0.0900
Contract RangeN/A
Volume5
Open Interest5.99k
  • Senate eyes anti-robocall bill after House passes TRACED Act
    Yahoo Finance Video

    Senate eyes anti-robocall bill after House passes TRACED Act

    Robocalls are on the rise, as data reveals that Americans received 5.6 billion robocalls last month. USTelecom – The Broadband Association CEO and President Jonathan Spalter joins Yahoo Finance's Zack Guzman and Heidi Chung, along with Payne Capital Management President Ryan Payne to discuss how lawmakers are cracking down on robocalls.

  • Plex debuts free TV and movie streaming service
    Yahoo Finance Video

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  • The best movies and TV shows about business we watched in 2019
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  • Streaming is not a 'zero-sum game,' says WarnerMedia CEO
    American City Business Journals

    Streaming is not a 'zero-sum game,' says WarnerMedia CEO

    When HBO Max rolls out in May, will Netflix subscribers who've already added Disney+ to their streaming lineup be willing to add another service? AT&T Inc. (NYSE: T) President and COO John Stankey thinks so. The telco giant's WarnerMedia, of which Stankey also serves as CEO, is joining the streaming wars next year with 10,000 hours of content from across the company's portfolio including Warner Bros., New Line, DC Entertainment, CNN, TNT, TBS, truTV, CW, Turner Classic Movies, Cartoon Network, Adult Swim, Crunchyroll, Rooster Teeth and Looney Tunes.

  • Benzinga

    Cramer: Elliott Management's AT&T Stake Is A Reason To Buy Telecom Stock

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  • Warner Bros. responds to Cox, AJC attorney seeking 'Richard Jewell' disclaimer
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    Golden Globe Nomination for Apple Show Stirs Up Competition

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  • TELUS Unveils Call Validation Technology to Combat Robocalls
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    TELUS Unveils Call Validation Technology to Combat Robocalls

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  • Streaming TV Wars: Netflix Dominates Golden Globes Nominations
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  • AT&T to raise prices on its DirecTV, U-Verse as ‘programming costs continue to increase’
    American City Business Journals

    AT&T to raise prices on its DirecTV, U-Verse as ‘programming costs continue to increase’

    AT&T (NYSE: T) is readying price increases in more of its television lineup. The Dallas telecommunications and media company is set to raise costs in 2020 for consumers on some packages for DirecTV, which is delivered over satellites, and U-Verse, its traditional competitor for cable companies that run over wires, according to its websites. The price increases come after AT&T boosted the price of its more modern streaming packages that target digitally minded customers who “cut the cord.” In October, the company said AT&T TV Now will see a $15 increase for its “plus” package – then $50 monthly – and customers on other plans got a $10 increase.

  • Stocks To Buy: Is It Time To Buy Or Sell These Large-Cap Stocks?
    Investor's Business Daily

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  • Is T-Mobile Stock A Buy Right Now? Here's What Earnings, Chart Say
    Investor's Business Daily

    Is T-Mobile Stock A Buy Right Now? Here's What Earnings, Chart Say

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  • Barrons.com

    The T-Mobile and Sprint Merger Goes to Court in Last Remaining Hurdle

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  • Reuters

    UPDATE 4-Sprint tells of business struggles in first day of T-Mobile merger trial

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  • Powerful Proof Anyone Can Invest for an Early Retirement - December 09, 2019
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    Powerful Proof Anyone Can Invest for an Early Retirement - December 09, 2019

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  • TV Industry Suffers Steepest Drop in Ad Sales Since Recession
    Bloomberg

    TV Industry Suffers Steepest Drop in Ad Sales Since Recession

    (Bloomberg) -- Global TV advertising sales fell almost 4% in 2019, the steepest drop since the depths of the economic recession in 2009, in the latest sign that advertisers are following viewers to the internet.Declines in TV viewership have suppressed the medium’s advertising dollars, according to research firm Magna Global, which released the data as part of report on the global ad business. Viewership fell sharply in Europe, compounding the trend in the U.S., China and Australia.Traditional television has hemorrhaged viewers in recent years, as people trade cable and satellite packages for online services Netflix and YouTube. Cord cutting has been especially pronounced in the U.S., the world’s largest media market, and should continue to accelerate as media giants Walt Disney Co. and AT&T Inc. introduce their own streaming services.Even with the retreat from TV, overall ad revenue climbed for the 10th year in a row. The industry was buoyed by digital sales, which rose 15%.The TV business had previously eked out gains in advertising sales by charging higher prices. And it’s still seen as a useful medium when marketers need to reach a large, live audience. Technology companies excel at allowing advertisers to target individuals who have searched for a sweater on Google, liked a movie’s page on Facebook or looked for detergent on Amazon.Yet declines in viewership now outpace the rise in TV ad pricing. So-called linear TV viewership has been declining by 10% in the U.S., Australia and China for a few years, according to Vincent Letang, the author of the report. European TV channels suffered drops of 7% to 8% among viewers age 18 to 49, worse than the 5% decline last year.Worldwide Decline“Almost everywhere now, we have linear viewing declining double digits, or high single digits,” Letang said in an interview. He blamed the proliferation of streaming services, which took hold in Europe a few years later than in the U.S., as well as the slowing economies in the region.U.S. TV ad sales will return to growth in 2020 thanks to the Summer Olympics and the presidential election, but that is a temporary boost.The TV industry isn’t the only one suffering. Technology companies Google and Facebook Inc. have siphoned advertising dollars away from print publications and radio in recent years. Online companies garnered more than half of global advertising sales in 2019 for the first time, accounting for $306 billion of the $595 billion spent globally.Radio advertising sales stabilized in 2019, while the out-of-home category -- namely, billboards -- was the only traditional media to actually grow. That’s due in part to technology companies, which use billboards to tout their services. Facebook, Apple, Amazon, Netflix and Google all rank among the 20 largest out-of-home advertisers.To contact the reporter on this story: Lucas Shaw in Los Angeles at lshaw31@bloomberg.netTo contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Game Creek Capital’s Picks Beating The Market in 2019
    Insider Monkey

    Game Creek Capital’s Picks Beating The Market in 2019

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  • 7 Strong Stocks to Buy That Won Q3 Earnings
    InvestorPlace

    7 Strong Stocks to Buy That Won Q3 Earnings

    We are now at the very end of the third-quarter earnings season, with roughly 98% of S&P 500 companies having reported their Q3 numbers so far.The results have been broadly positive. Sure, third-quarter earnings per share dropped more than 2% year-over-year. But, trade war pressures and slowing economic activity were supposed to cause an even steeper slowdown. Indeed, about three-fourths of S&P 500 companies reported Q3 profits that were above expectations.Meanwhile, revenues largely came in above expectations, too, and rose about 4% year-over-year. Management teams also sounded a cautiously optimistic tone that profit margins would improve going forward with easing trade tensions. Consequently, the outlook is for this earnings slowdown to end soon, and turn into big profit growth in 2020.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBecause of all these positive developments, stocks have surged higher this earnings season. Companies started reporting third-quarter numbers around early October. Since then, the S&P 500 has rallied 6% to all-time highs, marking one of its most impressive earnings season rallies in recent memory.Which stocks led this earnings season rally? More importantly, which of these winners can continue to grind higher in 2020?Let's answer those questions by taking a closer look at seven strong stocks to buy that won big this earnings season, and will keep winning big into 2020. Strong Stocks to Buy: Target (TGT)Source: jejim / Shutterstock.com One stock which had a particularly good third-quarter earnings season is U.S. general merchandise retailer Target (NYSE:TGT).In late November, Target reported impressive Q3 numbers which topped revenue, comparable sales, digital sales, margin and profit expectations. Management also hiked its full-year 2019 guide, while providing an above-consensus holiday quarter guide. In sum, the report affirmed that Target is not a "one hit wonder." Instead, this company is leveraging strategic growth initiatives to sustain big growth and margin improvements.All of this will persist into 2020 for a few reasons. First, the macroeconomic retail backdrop is improving. Trade tensions will ease. Consumer confidence will rebound. Spending trends will pick up, while tariff pressures will back off. Second, Target's e-commerce business is still relatively small, while omni-channel buildout is still in its early stages. In 2020, both of these verticals will sustain strong growth through geographic expansion. Third, Target's new smaller format stores are running at much higher gross margins than the larger format stores, and Target plans to open a bunch of these smaller format stores in 2020. Fourth, wage pressures should be offset by technology investments.Target will sustain big revenue growth and margin expansion in 2020. As it does, TGT stock will sustain its upward momentum, because shares remain reasonably valued at less than 20-times forward earnings. Splunk (SPLK)Source: Michael Vi / Shutterstock.com Shares of data analytics service provider Splunk (NASDAQ:SPLK) surged in the third quarter after the company reported strong numbers which broadly underscored that the company's new Data-to-Everything platform is in the first innings of a big growth ramp.Long story short, Splunk recently launched its Data-to-Everything platform. It is basically an all-in-one enterprise ecosystem where companies can turn data of all sorts into actionable insights. Splunk hopes that this new platform will become a must-have service in every office. Early demand trends support that dream. In the third quarter of 2019, strong early demand for the Data-to-Everything platform powered above-consensus revenue and profit growth.Considering the world we live in today -- one which is flooded with data and dominated by data-driven decision making -- it is highly likely that Splunk's Data-to-Everything platform continues to grow rapidly in 2020. Rapid growth from this platform will power a string of double-beat-and-raise earnings report in 2020.The sum of these strong earnings reports, coupled with broadly bullish investor sentiment thanks to easing U.S.-China trade tensions, should keep SPLK stock on a winning path. Best Buy (BBY)Source: BobNoah / Shutterstock.com Target wasn't the only retailer that reported strong third-quarter numbers at the end of November. Electronics retailer Best Buy (NYSE:BBY) did, too.Specifically, Best Buy's third-quarter revenues, comparable sales, margins and profits all came in above expectations. Management also raised its full-year guide and delivered an above-consensus fourth-quarter guide on both the revenue and margin fronts. Of importance, Best Buy appears to be sustaining strong revenue growth momentum thanks to ever-increasing demand in the consumer electronics space, while simultaneously keeping costs down and turning that strong growth into healthy profit margin expansion.This favorable dynamic should persist in 2020. Over the next twelve months, the consumer electronics space will boom thanks to a plethora of tailwinds. You have the big 5G push, and the launch of several new 5G smartphones, including a 5G iPhone. You also have the introduction of cloud gaming consoles like Stadia, and the release of a new generation of Xbox and PlayStation consoles. There's also a big streaming push unfolding with Disney (NYSE:DIS), AT&T (NYSE:T) and Comcast (NASDAQ:CMCSA) all entering the streaming wars. This push will naturally increase demand for streaming devices, which can be found at Best Buy.All in all, 2020 is shaping up to be a pretty good year for Best Buy. Healthy revenue growth and margin expansion should persist. As it does, BBY stock should keep climbing higher, especially since shares remain dirt cheap at just 13-times forward earnings. Facebook (FB)Source: TY Lim / Shutterstock.com Global internet giant Facebook (NASDAQ:FB) reported third-quarter numbers in late October that breezed past expectations and underscored that this stock can (and will) head way higher over the next 12 months.Third-quarter revenues and profits topped expectations. User growth trends remained healthy, with the user base sustaining 8%-9% year-over-year growth. Revenue growth trends also remain healthy, with revenues yet again rising in the 30% range. Expense growth moderated significantly. Operating margins, which have been getting wiped out by big data-security investments, dropped just one point year-over-year.Zooming out, Facebook's third-quarter numbers underscored that this company is past the Cambridge Analytica scandal, and that the company survived that scandal largely unscathed. User engagement, ad demand and revenue growth all remain robust. The only casualty? Profit margins. And those are already bouncing back.In 2020, everything will only get better for Facebook. Ad revenue growth will remain strong behind advertising real estate expansion on Messenger and WhatsApp, as well as heavier ad usage in Instagram and Facebook Stories. The e-commerce business will gain strong early momentum behind Facebook Pay and Instagram Shopping. Margins will improve as big data-security investments phase out, and big revenue growth drives positive operating leverage.Facebook will get back to 20%-plus revenue and profit growth in 2020. As it does, FB stock -- which trades at just 23-times forward earnings -- will run higher. Stage Stores (SSI)Source: Shutterstock The hottest and perhaps least well-known stock on this list is small department store operator Stage Stores (NYSE:SSI). But, investors shouldn't be intimated by the stock's 630% year-to-date gain (yes, you read that right). Nor should they be scared by the company's small size and relative obscurity.Instead, Stage Stores' third-quarter numbers confirm that investors should both embrace the recent red-hot rally in SSI stock and the fact that not many people know about the huge transformation playing out here.Long story short, Stage Stores has been getting killed by Amazon (NASDAQ:AMZN), Walmart (NYSE:WMT), Target and a plethora of others, because the company has lacked the resources to compete in the full-price channel with these deep-pocketed retail giants. Amid this slaughter, Stage Stores bought off-price retailer Gordmans in 2017. It was a footnote that didn't stop the bleeding. But, management started to notice that while their full-price Stage Stores locations were struggling, their off-price Gordmans locations were doing quite well.So, in 2019, management committed to turning Stage Stores into an off-price retail giant. That is, they are closing some underperforming Stage Stores locations, and converting the rest to off-price Gordmans locations, so that by the end of 2020, the entire store portfolio will be off-price.Early data from this transition is promising. In the third quarter, Stage Stores converted 17 department stores to Gordmans off-price. Not coincidentally, comparable sales rose a whopping 17%.This transition is still in its early days. By year end, Stage Stores projects to have 158 off-price locations. By the end of 2020, it will have 700. Thus, the bulk of the transition won't happen until 2020. That means the bulk of the financial benefits won't show up until 2020 or 2021. Considering SSI stock still trades at a rather lousy 0.1-times trailing sales multiple, that also means that the bulk of the SSI stock rally is still to come. PayPal (PYPL)Source: JHVEPhoto / Shutterstock.com Shares of global digital payments platform PayPal (NASDAQ:PYPL) soared this earnings season on strong third-quarter numbers which broadly underscored that this company's growth narrative remains as robust as ever.Specifically, in late October, PayPal reported yet another double-beat earnings report. But, that wasn't the impressive part. The impressive part was that PayPal sustained huge growth across all of its important metrics, despite the slowing economic backdrop. Total payment volume growth yet again exceeded 25%. Account growth again exceeded 15%. Engagement growth hit nearly 10%. Revenue growth was roughly 20%, and operating margins expanded … again.In other words, everything at PayPal is firing on all cylinders, despite slowing economic growth. In 2020, that slowing economic growth will turn into rebounding economic growth, as trade tensions ease and capital spending trends rebound. This rebound in economic activity will add more firepower to an already red-hot PayPal growth trajectory. So will further ramp in Venmo, which is quickly turning into a must-have consumer payments ecosystem.The result? PayPal's volumes, accounts, revenues, margins and profits will all sustain big growth in 2020. As they do, PYPL stock -- which remains undervalued relative to its growth prospects -- will run higher. Apple (AAPL)Source: View Apart / Shutterstock.com Consumer technology giant Apple (NASDAQ:AAPL) had a strong showing this earnings season, and that strong showing added credibility to the idea that the company could be in store for a big 2020.The story at Apple has been a simple one. For the past decade, the company has been hyper-focused on selling hardware products to consumers around the globe. That hardware business has been slowing because of market saturation issues. In order to combat that slowing growth, Apple has built out a series of subscription software businesses to more deeply monetize its huge install base.In other words, Apple has gone through eras of big hardware growth and eras of big software growth. But, the company has yet to experience an era of both big hardware and big software growth together.Until now. Apple's most recent earnings report showed that the software business remains hot, while revenue declines in the hardware business are moderating. That red-hot software business will get even hotter in 2020, as new services like Apple TV+ and Arcade gain mainstream traction. Meanwhile, the stabilizing hardware business will start growing again, sparked by big upgrade demand, lower-priced new iPhones and a 5G iPhone in late 2020.In the big picture, then, Apple is entering a golden era in 2020 wherein both its software and hardware businesses will grow together. This collaborative growth should continue to power AAPL stock to new highs.As of this writing, Luke Lango was long BBY, T, FB, SSI, WMT, PYPL and AAPL. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Hot Stocks for 2020's Big Trends * 7 Lumbering Large-Cap Stocks to Avoid * 5 ETFs for Oodles of Monthly Dividends The post 7 Strong Stocks to Buy That Won Q3 Earnings appeared first on InvestorPlace.

  • 5 Safety Stocks to Buy Without Trade War Exposure
    InvestorPlace

    5 Safety Stocks to Buy Without Trade War Exposure

    The stock market has had a great 2019. Year-to-date, the S&P 500 is up about 28%. If the index were to trade flat into the end of the year, then 2019 would go down as the best year for the stock market since 2013, and the third-best year of the 2000s.But the stock market has also had a volatile 2019. Year-to-date, the S&P 500 has experienced more than 10 pullbacks of 2% or greater. By itself, that's not shocking. But what is shocking is that pretty much all of those 2% pullbacks have had the same culprit: the U.S.-China trade war.So, while I think U.S.-China trade tensions will ease going forward and the markets will consequently power higher, I also recognize that the trade war isn't over. Flare-ups will happen throughout 2020. Each one of those flare ups will be followed by a harsh stock market correction.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Hot Stocks for 2020's Big Trends Given that, I don't blame you if you want sit out all the volatility and buy safety stocks in 2020 that don't have trade war exposure. If you're in that boat, this gallery is for you. I've hand picked a group of five safety stocks to buy for their strong internal fundamentals and lack of external trade war exposure. Safety Stocks to Buy: AT&T (T)Source: Jonathan Weiss / Shutterstock.com The core reason to be attracted to telecom giant AT&T (NYSE:T) in the midst of the U.S.-China trade war is that this company provides various wireless and wired communication services which consumers in the U.S. need (and will continue to pay up for), regardless of the global trade situation. Broadly, then, no matter how the trade war plays out, AT&T's revenue and profit trends should remain relatively stable, leading to a relatively stable AT&T stock price.Further, AT&T stock has two huge catalysts on the horizon which could propel shares higher in 2020. First, there's the big mainstream 5G push, which will lead to increased demand for AT&T's wireless services at more favorable price points, as well as an increase in the number of connected devices in AT&T's wireless network. Second, there's the big streaming push with HBO Max. If that service gains healthy momentum in the streaming world, then the company will have found a cure for its cord-cutting headwinds, and the stock will benefit from multiple expansion as secular cord-cutting fears disappear -- just see what happened with Disney (NYSE:DIS) stock and Disney+.Of course, any mention of T stock as a safety stock would be incomplete without mentioning that: 1) this stock is incredibly cheap at just 11-times forward earnings, and 2) the stock also has a huge dividend yield that is north of 5%. Facebook (FB)Source: Ink Drop / Shutterstock.com Perhaps shockingly, social media giant Facebook (NASDAQ:FB) makes this list of safety stocks to buy without trade war exposure because, at its core, this company does not have much trade exposure.Facebook doesn't operate in China, so there are no levers China can pull here to hurt Facebook. Further, FB's properties will remain highly engaging in all other countries that they do operate in, regardless of the trade situation. That's because Facebook provides entertainment and communication services which consumers deem as central to their day as brushing their teeth or combing their hair. So long as consumers remain engaged, advertisers will continue to pour money into the Facebook ecosystem to chase that engagement.Sure, there's the risk that escalating trade tensions depress capital spending plans. Advertising is part of those capital spending plans. In theory, if the trade war gets really bad, Facebook ad budgets could get hit. But that has yet to happen. It's unlikely to happen anytime soon, because cutting Facebook ad budgets is something no one wants to do unless things get really ugly. Things won't get really ugly in 2020. If anything, trade conditions will improve. * 7 Retail Stocks to Buy That Dominated Thanksgiving Shopping In the big picture, then, FB stock is actually well shielded from trade war volatility. At the same time, this is a 20%-plus revenue and profit growth company trading at less than 25-times forward earnings, an attractive combination which implies minimal valuation risk and huge upside potential. American Electric Power (AEP)Source: Casimiro PT / Shutterstock.com The three big reasons to like U.S. utility company American Electric Power (NYSE:AEP) so long as the U.S.-China trade war wages on are that this company: 1) has minimal trade exposure, 2) is characterized by unparalleled stability, and 3) has attractive safety stock characteristics.American Electric Power is a U.S. utility company which provides electricity and power services to U.S. consumers. They don't operate outside of the U.S. This 100% domestic focus shields the company from international trade war noise.At the same time, the electricity and power services which AEP provides are necessary, with unwavering demand. That is, regardless of how the U.S.-China trade situation plays out, U.S. consumers will forever need and pay up for electricity and power services. Demand isn't going anywhere anytime soon. Neither are AEP's revenues or profits. This financial stability creates tremendous support for AEP share price stability.Lastly, AEP stock trades at a reasonably 21-times forward earnings multiple, has a rock solid 3% dividend yield, and is supported by stable and sizable cash flows. These ideal safety stock characteristics imply that investor demand for AEP stock during turbulent times will remain strong. Walmart (WMT)Source: Sundry Photography / Shutterstock.com Investors may be shocked to see global retail giant Walmart (NYSE:WMT) on this list. After all, Walmart does operate in the retail world, and tariffs do have a direct negative impact across the entire retail world in the form of higher input prices.Walmart is no exception here. The higher tariffs go, the higher Walmart's input costs will go, and the more that will either: 1) weigh on Walmart's margins, or 2) push up Walmart's shelf prices. But if you zoom out, it's easy to see that Walmart is actually a winner here.One of two things will happen in 2020. Either U.S.-China trade tensions will meaningfully de-escalate, or they won't. If they do, Walmart will continue to fire on all cylinders through sustained omni-channel and e-commerce expansion. If they don't, tariffs will pressure the entire retail sector. But, consumers won't stop shopping. They will just become more price-sensitive. The more price-sensitive they become, the more likely they are to shop at off-price stores, and Walmart is king in the off-price category.This is exactly why WMT stock was a huge out-performer during the last economic downturn. Consumers don't stop shopping when times get tough. They just shop smarter. * 9 Tech Stocks You Wish You'd Bought During 2019 Big picture, then, it looks like WMT stock is a strong safety stock to buy, because it will outperform regardless of which way the trade war swings. McDonald's (MCD)Source: 8th.creator / Shutterstock.com Last, but not least, on this list of safety stocks to buy without trade war exposure is global fast-casual food giant McDonald's (NYSE:MCD).The bull thesis on MCD stock as a safety stock is pretty simple. Regardless of how the trade war progresses, consumers globally still need to eat. Consequently, they will still visit McDonald's stores. Further, if trade tensions do escalate, that will cause broad consumer concern, which will in turn force consumers to become more price-sensitive. The more price-sensitive they become, the more they will cut back on costs. One way to cut back on costs? Stop going to expensive restaurants, and start going to McDonald's.As such, much like Walmart, McDonald's is supported by this fact that consumers don't stop buying things when times get tough -- they just start buying cheaper things.Also of note, tariffs have not created much noise in McDonald's financials, nor will they anytime soon. The word tariff wasn't mentioned even once during the company's most recent earnings call. Nor was the U.S.-China trade war. This lack of financial noise will help keep MCD stock shielded from trade-war-induced market volatility in 2020.As of this writing, Luke Lango was long T, FB, and WMT. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Hot Stocks for 2020's Big Trends * 7 Lumbering Large-Cap Stocks to Avoid * 5 ETFs for Oodles of Monthly Dividends The post 5 Safety Stocks to Buy Without Trade War Exposure appeared first on InvestorPlace.

  • Roku Stock Simply Needs to Pull Back
    InvestorPlace

    Roku Stock Simply Needs to Pull Back

    For stocks like Roku (NASDAQ:ROKU), growth has beaten valuation almost every time in this market. Whether it's ROKU stock, or Shopify (NYSE:SHOP), or (for the most part) the likes of Amazon.com (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX), investors have proven that they will pay almost any price for solid growth.Source: JHVEPhoto / Shutterstock.com And so, for the most part, investors who have worried about valuation have missed out on big gains. In some cases, they've lost a lot of money trying to short growth stocks.In that context, it's too simplistic to argue that a stock is "overvalued" based on a single fundamental metric. That's been true for a name like AMZN, and it's true for ROKU as well.InvestorPlace - Stock Market News, Stock Advice & Trading TipsAfter all, it's not as if the market is unaware that Roku stock trades at roughly 16 times this year's revenue or that ROKU is unprofitable. In fact, it actually takes more due diligence to understand the bull thesis. That requires long-term modeling and a long-term focus.So I'm sympathetic to the bull case. ROKU has a real opportunity as new streaming services come online. It will be profitable at some point. Anyone who has bet against Roku stock so far has lost; ROKU stock price has nearly quintupled so far this year. * 7 Hot Stocks for 2020's Big Trends Even considering all that, however, I still think the shares are overvalued above $150, and they may be disastrously overvalued. The issue isn't necessarily that ROKU stock is expensive right now, but that the growth priced in by the current valuation may not materialize. The Case for Roku StockIn this market, a 16 revenue multiple doesn't seem that outrageous. Of course, that fact alone might concern investors who see tech, or even the market as a whole, as overvalued at the moment.But at least on a relative basis, ROKU's revenue multiple isn't necessarily out of line. SHOP stock is trading at 28 times this year's revenue, while Okta (NASDAQ:OKTA) has a price-revenue multiple of roughly 27, and Zoom Video Communications' (NASDAQ:ZM) multiple is closer to 40.And Roku's growth story can arguably match that of almost any other stock in the market. Its revenue should grow close to 50% this year, and analysts' average estimates suggest a 40%-plus increase in 2020. Both figures are roughly in line with that of SHOP, whose revenue multiple is substantially higher.From that perspective, the ROKU stock price isn't necessarily outrageous. In fact, it might even be cheap. The ROKU Stock Price is More Expensive Than It LooksBut there are two problems with those comparisons. The first is a point I've admittedly made in the past; not all of Roku's revenue is all that valuable. Its 2019 guidance suggests that roughly one-third of its revenue will come from Roku players. To be blunt, selling players is not a good business for ROKU.Over the past four quarters, gross profit for the player business has totaled only $20.7 million, or just 5.7% of the revenue from players. Over the same period, ROKU as a whole spent $214 million on R&D; a good chunk of that spending no doubt was used to enhance the players.And so it's clear that the player business loses a great deal of money. The player business is a loss leader for advertising and other sales, what Roku calls "platform revenue." So the player business and its revenue shouldn't be assigned much, if any, value. In fact, investors should assume that the player business will continue to lose money.Platform revenue is the important metric. And ROKU stock is valued at roughly 24 times that figure, based on its 2019 guidance. That's an enormous multiple which is more in-line with the market's most expensive stocks. And yet platform gross margins, which were 63% in the third quarter, are lower than those of several other high-growth software names (though, to be fair, they are higher than Shopify's gross margins.)That issue alone doesn't mean ROKU stock has to pull back; even valuing the stock based only on platform revenue, an investor still can make the case that a price above $150 is reasonable, if not likely. And it does seem like the stock has a path to at least fill the gap created on Monday, when the shares plunged after Morgan Stanley downgraded Roku stock.Still, ROKU is one of the most expensive stocks in the market. That alone suggests some very real risk. Are Competitors Coming?The second issue is that Roku has more, and more intense, competition than other stocks with similar valuations. Admittedly, Roku has achieved dominant market share against the likes of Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOG,NASDAQ:GOOGL), and Amazon.But its role as the primary gateway to streaming services is far from guaranteed. Comcast (NASDAQ:CMCSA) and other telecom companies can and will provide their own streaming boxes to existing internet customers. Amazon has partnered with TV manufacturers to install its Fire TV software; Roku has done the same, but a lack of new agreements with TV makers was one reason for Morgan Stanley's downgrade.So the argument that Roku is the primary play on new streaming services from Disney (NYSE:DIS), AT&T (NYSE:T), and Comcast itself seems too simplistic. Over time, the very need for a player is going to fade away as all screens come embedded with the necessary software. New delivery mechanisms may spring up. Roku isn't necessarily the next TiVo (NASDAQ:TIVO), but any hardware-based business is at risk of being disrupted.This is not to say that ROKU stock should be shorted or that its growth is going to come to a screeching halt in the next couple of years. Rather, Roku stock has one of the highest valuations in the market but has very real risks. That's the point that Morgan Stanley made this week -- and it's probably a good one. ROKU stock price suggests that the company's growth will last for years, and I'm simply not quite sure that will be the case.As of this writing, Vince Martin has no positions in any securities mentioned. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Hot Stocks for 2020's Big Trends * 7 Lumbering Large-Cap Stocks to Avoid * 5 ETFs for Oodles of Monthly Dividends The post Roku Stock Simply Needs to Pull Back appeared first on InvestorPlace.

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