|Bid||44.61 x 1300|
|Ask||44.62 x 1800|
|Day's Range||43.95 - 45.50|
|52 Week Range||36.08 - 45.75|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||2,482.78|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||54.44|
Facebook’s ambitious cryptocurrency project ‘Calibra’ comes as the social media behemoth continues to face scrutiny about data privacy.
While the S&P; 500 is trading sideways and cautiously waiting for the Fed's statement, Uber (UBER) is racing ahead on June 19. The company briefly crossed its IPO price of $45.
While Uber, Beyond Meat and Chewy garner headlines, Rattler Midstream's 213% EPS growth and 333% sales gains makes it one of the top IPO stocks to watch.
Stock markets already are oriented toward long-term growth — see Amazon, Lyft and Uber. And a system of “long-term voting rights” is bad for investors, says this former SEC chief economist.
Slack Technologies Inc. is looking for a better direct-listing fate than Spotify Technology SA. The music-streaming service reminded tech unicorns late last year that companies don’t have to issue new shares or raise money through a traditional offering if they wish to go public, and now Slack is following in its footsteps. The business-chat company has filed direct-listing paperwork.
(Bloomberg) -- Walmart Inc. came to dominate retailing through its mastery of logistics—the complicated choreography of getting goods from farm or factory to the consumer. But even the world’s biggest store doesn’t make money selling its wares online in the U.S., largely due to runaway shipping costs. So Walmart is turning to robots.On a drizzly morning earlier this month, Walmart’s U.S. chief Greg Foran led reporters to a curbside package pickup kiosk outside its supercenter in Rogers, Arkansas. Idling there were three Ford delivery vans outfitted with self-driving technology developed by a Gatik, a Silicon Valley startup charged with a trial run aimed at cutting Walmart’s middle-mile shipping costs in half. Going driverless in pursuit of profit is a “no-brainer,” Foran said.As the buzz about human-carting robo-taxis starts to short-circuit, an unheralded segment of the driverless future is taking shape and showing promise: goods-moving robo-vans. Rather than serving up hot pizza pies or deploying headless robots to carry groceries to the doorstep, robo-vans travel on fixed routes from warehouse to warehouse or to a smaller pickup point, transporting packages to get them closer, but not all the way, to consumers.This may be the least glamorous part of the driverless delivery business, but the market for these monotonous “middle miles” could reach $1 trillion and may provide the fastest path to prosperity, analysts say.“This area has the least number of obstacles and the most certain return on invested capital in the near term,” said Mike Ramsey, an analyst with consultant Gartner Inc. “If you’re looking to start a business where you can actually generate revenue, this has fewer barriers than the taxi market.”Driving the demand is the boom in online shopping that has helped cause a severe shortage of truck drivers that tops 60,000 unfilled long-haul positions, according the American Trucking Associations. That has sent costs soaring for a job that is among the most dangerous due to the risk of wrecks and long periods spent on the road.Related: `Smokey and the Bandit' Charm Fades as Trucking Hiring Lags“This middle mile is the most expensive part of the whole supply chain; it’s a huge pain point,” said Gautam Narang, CEO of Gatik, which is attempting to automate Walmart’s “hub and spoke” warehouse system. “This fills a big gap in the market.”From a technological standpoint, business-to-business, or B2B, delivery is the straightforward counterpoint to the complexities of autonomous ride-hailing and driverless delivery directly to consumers, known as B2C or last-mile. Robo-vans like those being put to the test at Walmart follow fixed routes over and over, reducing the chance of mishaps and increasing their time in service generating revenue. Many of these routes are already established using human drivers today, so there’s little need to map new paths and create infrastructure to load and receive the goods.Related: Robot Rides Are Going to Deliver Pizza and Parcels Before PeopleFord Motor Co., testing many forms of driverless delivery, calls these repeatable routes “milk runs,” a throwback term to the days of household dairy delivery.“Anything on driverless delivery that is a milk run is a good application for autonomy,” said Sherif Marakby, chief executive officer of Ford’s autonomous vehicles unit. “B2C is a complex implementation for autonomy that will come with time, but B2B just makes it easier because you get volume and you can be more predictable.”The case for robots ferrying packages before people is becoming more compelling as robo-taxis struggle to gain traction. Consumers have grown wary of giving up the wheel, especially after a pedestrian was killed last year by an autonomous Uber Technologies Inc. test car. Waymo, Alphabet Inc.’s driverless unit, initiated limited automated ride-hailing in suburban Phoenix late last year with human “safety drivers” on board. General Motors Co. no longer says it will debut a similar service this year. Instead, CEO Mary Barra now says the rollout will be “gated by safety.”QuicktakeWhen the Driverless Cars Arrive, Will You Climb In?: QuickTakeDriverless delivery also has another big advantage over robo-taxis: no demanding human passengers. “People have more emotions than boxes,” Ford’s Marakby said.Meanwhile, driverless delivery is already hitting the road. Swedish startup Einride recently began low-speed robo-deliveries on public roads in its home country. It has signed up several Fortune 500 clients, like tire-maker Michelin, plus logistics service provider DB Schenker and German grocer Lidl.Looking like a Star Wars Imperial troop transport on wheels, Einride’s T-Pod trucks are 60% cheaper to build because they lack a passenger compartment. If they get into a jam, they can be remote controlled by humans from a command center. One human monitors the remote controls for 10 trucks. The T-Pods operate in self-driving mode 95% of the time, according to CEO and founder Robert Falck.Stuffed with payload and no human driver, a T-Pod can operate around the clock and cut shipping costs in half. That’s why Falck says his company is already profitable, though he declines to give specifics.“There are solid economics behind this and that’s also what the customer realizes,” Falck said. “If you break down the numbers, it’s the best business case out there.”TuSimple, a San Diego startup valued at $1.1 billion, leads a pack of tech outfits seeking to automate long-haul trucking. The company has a fleet of 50 robot Peterbilt and Navistar trucks that have been transporting commercial loads in Arizona for a year. And while it isn’t profitable yet, it expects to book revenue of more than $1 million a month in the second half of the year.“If you break down the numbers, it’s the best business case out there.”In the final two weeks of May, its self-driving big rigs—equipped with cameras that can see more than a half-mile down the road—completed 10 test runs for the U.S. Postal Service of an arduous 1,000-mile stretch from Phoenix to Dallas. Over Memorial Day weekend, the trucks faced howling crosswinds and “mud rain,” a blinding combination of dust, wind and rain. And yet the robo-rigs consistently beat human-driven trucks to the mail depot by as much as two hours. “We were approaching the edge of our operational design domain,” said Chuck Price, TuSimple’s chief product officer. “But we were able to demonstrate that we can do it much faster, with high consistency and high reliability. So bottom line, it’s more efficient.”By next year, TuSimple says it will pull the safety driver and engineer it currently has babysitting its rigs and go fully driverless—something no robo-taxi has committed to yet. By 2023 or 2024, the company plans to have “commercially ready” robo-rigs rolling out of a factory of a major truck maker.That kind of confidence is hard to come by these days among the purveyors of robo-taxis, still struggling to figure out how to navigate the pedestrians, cyclists and unpredictable traffic of chaotic urban environments. Increasingly, the call of the open road and the mundane middle miles between warehouses is proving to be the clearest path to the autonomous future. That’s why big players like Waymo and Tesla Inc.—still working on driverless people haulers—are also developing robo-rigs.“There’s absolutely a market for this sort of thing,” said Sam Abuelsamid, an analyst with Navigant Research. “People don’t really care much about what goes on behind the scenes to get them the products they want. But the value of all the goods being moved is far more than ride-hailing applications.”To contact the authors of this story: Keith Naughton in Southfield at email@example.comMatthew Boyle in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Anne Riley Moffat at email@example.com, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- SoftBank Group Corp. founder Masayoshi Son is trying harder than ever to convince investors of the potential for his many technology investments.At a general shareholders’ meeting in Tokyo on Wednesday, Son shared some predictions that were eye-popping even by the standards of the outspoken Japanese billionaire. The value of SoftBank’s investment portfolio could grow 33-fold to 200 trillion yen ($1.8 trillion) in 20 years, he said. That’s an annual growth rate of 19%. The numbers were so outlandish that Son had to add a caveat.“Let me be clear that this is not a business plan,” he said. “It’s a tall tale.”The gathering was SoftBank’s 39th shareholders meeting, with about 2,000 investors present. Son’s remarks drew laughs and even feigned outrage from directors. Fast Retailing Co. CEO Tadashi Yanai, who sits on SoftBank’s board and is Japan’s richest man, urged shareholders to look out for Son “or he will go out of control.”The billionaire’s projections include investments by the Vision Fund. But even bullish analysts have much more modest projections for that portfolio. Chris Lane of Sanford C. Bernstein recently estimated the net present value of the current and future funds at $50 billion to $85 billion.Son then reminded shareholders how 15 years ago at the very same auditorium he presented another seemingly improbable target -- SoftBank with 1 to 2 trillion yen in profit. At the time, the company booked over 100 billion yen in losses. Annual net income has exceeded 1 trillion yen for the past three years.Over that period of time, Son has expanded into wireless operations with the acquisition of Vodafone Group Plc’s Japan unit, acquired Sprint Corp. in the U.S. and launched the $100 billion Vision Fund to transform SoftBank into a technology investment juggernaut. Still, the company trades at a deep discount to the worth of its holdings. The total value of the conglomerate’s publicly traded shareholdings is around 21 trillion yen, while SoftBank’s market cap is roughly 10.7 trillion yen. By the company’s own estimation, there is a discount of about 50%.Son’s message to investors is that when it comes to technology, he is ahead of the curve. He was early to recognize the value of e-commerce and invest in Alibaba Group Holding Ltd. SoftBank was also first to introduce Apple Inc.’s iPhone in Japan. Now Son believes the world is on the verge of another technological shift, driven by artificial intelligence that will transform every industry. He argues that the company’s portfolio of unicorns from Uber Technologies Inc. to WeWork Cos. positions SoftBank to reap the most benefits from that disruption.“I wish I had the money to make tons of investments at the start of the internet revolution. I could see it coming,” Son said. “We started the Vision Fund at the very beginning of the AI revolution.”At least a few of the investors present took him at his word.“Son may talk big, but just look at what he has actually accomplished,” said Yasuhiro Suzuki, a SoftBank shareholder of about 20 years. “I have been to many of these meetings, but today Son seemed especially in high spirits.”Key Insights:The Vision Fund is nearing the end of its investment cycle and SoftBank is in the process of raising a second one of equal size, Son said. The two funds will be successive. SoftBank is in talks with limited partners in the first fund to renew their investments.The company is increasing staff at the fund to 1,000 people, from 415 now.To contact the reporters on this story: Pavel Alpeyev in Tokyo at firstname.lastname@example.org;Takahiko Hyuga in Tokyo at email@example.comTo contact the editors responsible for this story: Peter Elstrom at firstname.lastname@example.org, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Wolt Enterprises Oy, a food delivery startup based in Helsinki, Finland, has landed $130 million in new investment to increase its European expansion and fund a hiring spree.The investment was led by Iconiq Capital, a firm that manages money for well-known Silicon Valley entrepreneurs, including Facebook Inc. founder Mark Zuckerberg. Highland Europe, a London-based venture capital fund, EQT Ventures, the venture capital arm of Swedish private equity group EQT and Helsinki-based Lifeline Ventures also invested, the company said in a statement.An earlier $30 million investment round led by Israeli venture capital firm 83North closed in January 2018. The valuation terms of the funding rounds were not disclosed.Wolt will use its new funding to accelerate its growth, adding new cities and countries, Miki Kuusi, Wolt’s 29-year-old co-founder and chief executive officer, said in an interview. He also said the company would invest "heavily" in marketing and new customer acquisitions, and would hire an additional 1,000 individuals in the next 18 months. It currently employs about 450 people.The startup, which was founded in Helsinki in 2014, delivers food in 50 cities across 15 European countries, primarily in a corridor running south from Helsinki through Tallinn, Estonia to Prague and Athens and then to Tel Aviv.While larger food delivery services Deliveroo and Uber Technologies Inc.’s Uber Eats have largely concentrated on cities with populations well above 1 million people, Wolt has gone after smaller markets where population density is lower.With fewer orders per hour and longer distances for couriers to cover, it’s harder to make the unit economics of food delivery work in these less dense areas. Kuusi said that Wolt had used machine learning algorithms that predict order flow and optimize courier’s routes.Wolt can enter a small city, with 30,000 to 40,000 people, and reach a break even or cash flow positive state within weeks of launching, Kuusi said. "Then when we go to a big city, this is a lot easier because we get so much more volume and our optimization is so much more efficient," he said.Deliveroo, which has raised $1.5 billion to date including a recent $575 million investment round led by Amazon.com Inc., also announced last week that it plans to expand into the U.K.’s suburbs and smaller towns this year, with the goal serving 50% of the British population, up from just a third of it currently.So far, Wolt and Deliveroo do not overlap in any market, Kuusi said, adding he was not afraid of better-funded competitors. "If you have the right product and the right technology, it’s not about how much money every player has," he said.Johan Svanstrom, a partner with EQT Ventures, said Wolt is well-positioned to play a role -- either as an acquirer or a target -- in a wave of consolidation that he predicts will begin to sweep the food delivery sector. "Any time there are consolidation games going on you want to have a seat at the table, and Wolt does," he said.To contact the reporter on this story: Jeremy Kahn in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investors have been excited for a while now about the potential for a Palantir market debut, even though the company has yet to lay out any specific plans for an initial public offering.
Birmingham's Pack Health has formed a partnership with national ridesharing company Uber (NYSE: UBER) through its HIPPA-compliant health division. Financial terms of the deal were not disclosed. Pack Health said the initiative will allow the company’s staff to request and coordinate rides for its members through a centralized dashboard so members who are facing transportation barriers are able to access the care they need. “One of the most valuable parts of the Pack Health Member Experience is what we call ‘Concierge Services’ – where we connect members to resources or provide personalized plans to help individuals overcome social determinants of health on an as-needed basis,” Mazi Rasulnia president and CEO of Pack Health said.
The currency will be called Libra and will be managed by the new Facebook (FB) subsidiary, Calibra. Calibra's digital wallet containing Libra is expected to be launched in Messenger, WhatsApp and as a standalone app in the first half of 2020.
(Bloomberg) -- Facebook Inc. made a renewed push into payments on Tuesday, announcing plans for a cryptocurrency called Libra.Read More: Facebook Wants Its Cryptocurrency to One Day Rival the GreenbackIt will be governed by the Libra Association, a group of companies that will have an equal say in how the cryptocurrency is managed. Almost 30 firms have joined and Facebook hopes another 70 or more will enter the fold in the future.Read Facebook’s Project Libra white paper hereWho’s In:Visa Inc. and Mastercard Inc., the world’s largest payments networks, as well as PayPal Holdings Inc. are on board. For Visa and Mastercard, it’s a chance to offer the world of cryptocurrencies the same services they provide in card payments. All three companies know the challenges of building a network and can offer expertise in encouraging consumers to use the instrument and cajoling merchants into accepting it.Companies such as Uber Technologies Inc., Lyft Inc., and Spotify Technology SA keep millions of credit cards on file, and they risk losing customers when people get a new card or number. E-commerce firms also pay higher “card not present” rates when processing payments, so anything that can reduce these expenses is welcome.“Libra has the potential to bridge the gap between traditional financial networks and new digital currency technology, while reducing the costs for everyone,” said Peter Hazlehurst, head of payments at Uber.International companies, including e-commerce firm MercadoLibre Inc. and telecom giant Vodafone Group Plc, signed onto Libra, too. Blockchain technology and stablecoins are potential solutions for the messy world of cross-border payments, which suffers from delays and high costs.Who’s Out:Large banks, including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., already have their own payments businesses that reap billions of dollars in fees. With regulators still deciding how to treat cryptocurrencies, banks and investment firms are treading cautiously.So far, no large brick-and-mortar retailers, such as Target Corp. and Walmart Inc., are taking part. The industry is always interested in lowering the cost of accepting payments, but traditional merchants have historically been hesitant to accept cryptocurrencies due to volatility and lack of consumer adoption.The largest U.S. technology companies, Microsoft Corp., Apple Inc., Alphabet Inc.’s Google and Amazon.com Inc., are noticeably absent. Many of these firms have their own digital payments businesses and some are experimenting with blockchain technology. Apple has poured scorn on Facebook for repeated privacy missteps and other big tech firms are trying to avoid being associated with the social-media giant.“This is very early -- 27 organizations right now, 100 by the time we launch,” David Marcus, head of the Facebook blockchain team that’s spearheading the project, said in a Bloomberg Television interview. “And by that time, I definitely expect to see banks in there, I definitely expect to see other large technology companies and I definitely expect to see more diversity of organizations in terms of geographical distribution.”Square Inc. Chief Executive Officer Jack Dorsey is a cryptocurrency fan, but even his firm isn’t part of Libra at launch. Square’s cryptocurrency team made its first hire last week and it’s Cash App is a popular way for consumers to buy and sell Bitcoin.Here’s the full list of founding members and partners:Andreessen Horowitz Anchorage Bison Trails Booking Holdings Inc.Breakthrough Initiatives Facebook’s CalibraCoinbase Inc.EBay Inc. Farfetch Ltd.Iliad SA’s Free Lyft Inc.Mastercard MercadoLibre Inc.’s Mercado Pago PayPal Naspers Ltd.’s PayURibbit Capital Spotify Technology SAStripe Inc.Thrive Capital Union Square Ventures Uber Visa Vodafone Group Xapo Creative Destruction Lab Kiva Mercy Corps Women’s World Banking (Updates with comment from Facebook’s David Marcus in 10th paragraph. A previous version of this story corrected Creative Destruction’s name.)To contact the reporters on this story: Jenny Surane in New York at email@example.com;Julie Verhage in New York at firstname.lastname@example.org;Kurt Wagner in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Facebook Inc. unveiled plans for a new, global financial system with a broad group of partners from Visa Inc. to Uber Technologies Inc. on board to create a cryptocurrency it expects will one day trade much like the U.S. dollar and inject a new source of revenue.Called Libra, the new currency will launch as soon as next year and be what's known as a stablecoin–a digital currency that's supported by established government-backed currencies and securities. The goal is to avoid massive fluctuations in value so Libra can be used for everyday transactions across Facebook in a way that more volatile cryptocurrencies, like Bitcoin, haven’t been. The project is the culmination of a year-long effort as Facebook seeks to spur growth on its various platforms that already count more than 2 billion users. But it will also likely face skepticism–from regulators who already think Facebook has too much power and plays loose with digital privacy, and from those that are dubious of cryptocurrencies, which are known more for speculative investments and blackmarket commerce than for legitimate financial transactions.Read Facebook's white paper on Project Libra here.If successful, Libra could make Facebook a much bigger player in financial services. Cryptocurrency firms have been trying to build cross-border, digital currencies on the blockchain to disrupt traditional banking and payments for a decade, but nothing has caught on at the scale of traditional money yet.Facebook, which announced the project with 27 partners, is already under wide-ranging regulatory scrutiny over how it handles users’ private data. Growth of its main platform has plateaued in some major markets and crypto payments would be a way to turn messaging – across WhatsApp, Facebook and Instagram -- into a business that complements its advertising operation, which generates almost all of its revenue. Facebook shares gained early Tuesday as analysts saw the move as a potentially major new profit stream. “We view Facebook’s introduction of the Libra currency as a potential watershed moment for the company and global adoption of crypto,” wrote Mark Mahaney, an analyst at RBC Capital Markets who has an outperform rating and $250 price target on Facebook shares. “In terms of scale and importance, we believe this new financial infrastructure could be viewed similar to Apple’s introduction of iOS to developers over a decade ago.”Still, the announcement was met immediately with political opposition in Europe, with calls for tighter regulation of the company. French Finance Minister Bruno Le Maire said Libra shouldn’t be seen as a replacement for traditional currencies and called on the Group of Seven central bank governors to prepare a report on the project for their July meeting.“It is out of question’’ that Libra “become a sovereign currency,’’ Le Maire said in an interview on Europe 1 radio. “It can’t and it must not happen.”Read More: Facebook’s Cryptocurrency Project: Who’s In and Who’s OutFacebook Could Be for Crypto What AOL Was for Internet Adoption Crypto Chiefs Novogratz, Allaire Say Facebook Coin Bullish SignFacebook Rallies as Analysts Praise 'Watershed' Crypto Move France Calls for Central Bank Review of Facebook CryptocurrencyTo come anywhere close to matching the U.S. dollar for utility and acceptance, Libra will need to be widely trusted. So Facebook and its partners are mimicking how other currencies have been introduced in the past.“To help instill trust in a new currency and gain widespread adoption during its infancy, it was guaranteed that a country’s notes could be traded in for real assets, such as gold,” the companies wrote in a white paper. “Instead of backing Libra with gold, though, it will be backed by a collection of low-volatility assets, such as bank deposits and short-term government securities in currencies from stable and reputable central banks."The total number of Libra can change, and new digital coins can be issued whenever someone wants to exchange their Libra for an existing fiat currency, so the price shouldn’t fluctuate any more than other stable currencies, according to David Marcus, head of the Facebook blockchain team that’s spearheading the project.“It would make a scenario where there’s a run on the bank completely impossible, because we are backed one-for-one,” he said. Libra will also be audited, he added, an important step in an industry with limited transparency.Facebook has closely guarded its crypto plans for more than a year, though many of the details have already been reported by Bloomberg News and other outlets.Read about how Marcus tapped PayPal talent to build Facebook’s blockchain team.Marcus, who used to run Facebook Messenger, said Facebook plans to build a new digital wallet that will exist inside Messenger and its other standalone messaging service, WhatsApp. Once Libra is up and running, the currency and the digital wallet should make it easier for people to send money to friends, family and businesses through the apps. Libra will run on the so-called blockchain, a database that can use millions of computers to verify transactions, eliminating risks that come with information being held centrally by a single entity. Facebook created a new subsidiary, called Calibra, to build the new wallet and focus on the company’s blockchain efforts.Facebook's track record in payments and commerce has been spotty. A few years ago, it began letting people buy flowers or hail an Uber through its Messenger service. Those features have not been huge hits. In 2010, it began offering Facebook Credits, a way to buy virtual goods inside Facebook games. But in 2012 it scrapped Credits, and in 2013 it started working with third-party services like PayPal to process some payments. Facebook's revenue from "payments and other service" was less than 2% of total sales in 2018. When it finally arrives, Libra will be late to a party that’s been going on so long, many of the party-goers have either left or collapsed. Some past attempts to make coins usable for commerce, such as Bitcoin, haven’t widely caught on yet because price volatility mainly attracted traders and speculators. Predecessor stablecoins, like Tether, have been used by some traders to park funds in during times of high volatility, but have not been broadly adopted for commerce.Read more about Facebook CEO Mark Zuckerberg’s early plans for cryptocurrency. U.S. regulations may represent another hurdle for Facebook. Creating a digital currency doesn’t just require buy-in from financial institutions who need to accept it, and consumers who need to trust it, but it requires approval from regulators, too. The Securities and Exchange Commission has shut down about a dozen businesses issuing their own tokens for violations of securities law. Marcus said Facebook has been in contact with regulators and central banks, but added that the company hasn’t received a “no-action” letter from the SEC yet. That would have safeguarded the project from regulatory action by the agency.One way Facebook hopes to appease regulators is through the Libra Association, a governing body tasked with making decisions about Libra. Firms including Visa and PayPal Holdings Inc. are part of the group. Marcus described these members as “co-founders,” and said they will have an equal say in how the cryptocurrency is managed.“Facebook will not have any special privilege or special voting rights at the association level,” said Marcus, the former president of PayPal. “We will have competitors and other players on top of this platform that will build competing wallets and services.”All Libra Association members are putting a minimum of $10 million into a reserve to help support the cryptocurrency’s value. This buy-in comes with voting privileges. However, the association’s governance structure is still in flux, and most of the group’s crucial decisions, including the creation of its charter, have not yet been decided, according to several members of the group. They asked not to be identified discussing private details.“Facebook will not have any special privilege”Libra’s timing could also pose challenges. Facebook is being investigated by the Federal Trade Commission over the company’s privacy practices. Some have called for the company to be broken up, including Senator Elizabeth Warren and Facebook co-founder Chris Hughes. Asking consumers to put more trust in the social media giant, and giving Facebook a strong entry into the world of digital payments and banking, will likely draw further criticism.Opinion: Crypto-evangelists hoped digital currencies would challenge Big Tech’s data control. Zuckerberg has other plans.The company plans to keep financial data gathered from Libra users separate from Facebook user data. That’s why Facebook’s digital wallet will exist under the Calibra subsidiary, which will house user transaction data on separate servers, Marcus said. If a WhatsApp user uses her Calibra wallet to send money to a friend or pay a retailer, those interactions won’t be stored alongside her social-media profile.“There’s a clear distinction between Calibra and what Calibra has access to, and what Facebook Inc. has access to,” Marcus said. “It’s very clear that people don’t want their financial data from an account to be comingled with social data or to be used for other purposes.”(Updates with analyst comment, French finance minister, and shares.)\--With assistance from Jennifer Surane.To contact the authors of this story: Kurt Wagner in San Francisco at email@example.comOlga Kharif in Portland at firstname.lastname@example.orgJulie Verhage in New York at email@example.comTo contact the editor responsible for this story: Alistair Barr at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
U.S. stock futures are trading higher this morning, ending the standoff that has kept most broad market indexes locked in a narrow range for the past week. The gains come amid optimism that the Fed's two-day meeting kicking off today will end with action supporting higher equity prices.Against this backdrop, futures on the Dow Jones Industrial Average are up 0.53% and S&P 500 futures are higher by 0.59%. Nasdaq-100 futures have added 1.03%.In the options pits, the summer doldrums took their toll yesterday with overall volume falling well below average levels. Specifically, only 14.3 million calls and 12.5 million puts changed hands on the session. The distance between put and call volume narrowed, however, when looking at the action at the CBOE. By day's end, the single-session equity put/call volume ratio climbed to 0.72. Meanwhile, the 10-day moving average inched higher to 0.65.InvestorPlace - Stock Market News, Stock Advice & Trading TipsOptions traders swarmed in Facebook (NASDAQ:FB), Tesla (NASDAQ:TSLA) and Micron Technology (NASDAQ:MU).Let's take a closer look: Facebook (FB)Facebook shares were flying off the shelf yesterday after the social media king unveiled plans to launch a new cryptocurrency called Libra. FB stock ended the day up 4.24% and is set to open another 1.7% higher this morning.With more than 2.4 billion active users, Facebook is in a unique position to bring the cryptic world of crypto to the mainstream. And the company isn't venturing into the digital currency waters alone. They just announced a slew of large partners including Mastercard (NYSE:MA), Paypal (NASDAQ:PYPL) and Uber Technologies (NYSE:UBER) backing their efforts. * 10 Tech Stocks to Buy Now for 2025 With the day's gains, FB has returned to the north side of its 50-day and 20-day moving averages, officially recouping all of last month's losses. It now sits within striking distance of its April high near $200.On the options trading front, traders chased calls throughout the session. Total activity ramped to 259% of the average daily volume, with 649,521 contracts traded; 78% of the trading came from call options alone.The increased demand drove implied volatility higher on the day to 32%, placing it at the 35th percentile of its one-year range. Premiums are now baking in daily moves of $3.82 or 2%. Tesla (TSLA)Tesla shares gained 4.7% on Monday to notch a new one-month high. And the rally is continuing this morning with TSLA stock up another 2.5% premarket. One notable development could be fueling the bulls' fire.Tesla's CEO, Elon Musk, tweeted over the weekend, "Just deleted my Twitter account." Shareholders the world over likely cheered the move given the trouble Musk's aggressive tweets have caused in the past.Although Tesla shares have rallied well off their 52-week lows, many resistance levels sit overhead, including the 50-day moving average. This has been the spot where previous rallies have failed, so it will be telling if TSLA can finally close and stay above it.On the options trading front, puts outpaced calls despite the stock rally. Total activity climbed slightly higher to 109% of the average daily volume, with 427,700 contracts traded. Puts claimed 52% of the day's take.Implied volatility rose to 65%, which places it at the 29th percentile of its one-year range. Premiums are pricing in daily moves of $9.24 or 4.1%. Micron (MU)Micron shares have now come full circle this year. The four-month uptrend that carried the chip stock 41% higher from January through April has now completely unraveled. Its descending 20-day, 50-day and 200-day moving averages loom ominously overhead and reveal how bears dominate across all time frames. * 7 Top-Rated Biotech Stocks to Invest In Today With Monday's drop, MU stock now sits at a critical short-term support level of $32. Speculators are likely teeing up breakdown trades in anticipation of the floor's failure.The company's next earnings release is scheduled for June 25, so look for that to provide the next catalyst for Micron's trend.On the options trading front, calls were favored over two-to-one versus puts. Total activity finished just a hair above usual at 101% of the average daily volume, with 123,780 contracts traded. Calls accounted for 72% of the session's sum.Option premiums are pumped up ahead of next week's earnings report. Implied volatility sits at 55% or the 56th percentile of its one-year range. Traders now expect daily moves of $1.11 or 3.4%.As of this writing, Tyler Craig didn't hold a position in any of the aforementioned securities. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 5 Red-Hot IPO Stocks to Buy for the Long Run * 5 Stocks to Buy for $20 or Less * 4 Dow Jones Stocks Ready to Rise Compare Brokers The post Tuesday's Vital Data: Facebook, Tesla and Micron Technology appeared first on InvestorPlace.
U.S.-based ride-hailing service Uber Technologies Inc threatened on Tuesday to withdraw from Austria if a new law that would subject it to the same price regulations as taxis is adopted. "If that comes, then a withdrawal definitely cannot be ruled out," Uber Austria chief Martin Essl told ORF radio. Currently, different rules apply to taxis and rental cars in Austria.
(Bloomberg Opinion) -- Facebook Inc.’s planned cryptocurrency is going to need more friends to work.On Tuesday, the social media giant announced it had signed up 27 partners to develop and administer Libra, a digital medium of exchange for use on its apps and beyond. Uber Technologies Inc., Spotify Inc., Visa Inc. and Mastercard Inc. are all taking part – but there’s a notable absence of banks, large retailers and consumer goods companies, whose massive marketing budgets are the staple of ad agencies worldwide.This matters because Facebook is, above all else, an advertising platform. Chief Executive Officer Mark Zuckerberg has to prove that Libra will deliver more value to brands than their current advertising setup. Judging by this initial list of partners, a lot of firms appear unconvinced. The company wants to sign up a total of 100 by the time the coin starts next year. It will need every one of them, and more.For Zuckerberg, the best possible outcome is that the coin, which is tied to a basket of foreign currencies, keeps both users and brands locked into the Menlo Park, California-based firm’s ecosystem.In theory, a user might receive a token for watching an ad, which they then spend on something they have also seen advertised on Facebook. The company selling the product could then use that token to buy more ad space on the social network, and so the cycle would start anew. That would mean that, even if Zuckerberg had to spend a little bit more to keep his users engaged, the money would ultimately flow back into his company’s coffers.For brands, the big question is just how much data from that process will Facebook be willing to share? You can see why companies might be wary about signing up on day one. Facebook and its family of apps – Instagram, WhatsApp and Messenger – are already something of a walled garden when it comes to advertisers. They regularly complain that they have little visibility over what they call the journey of their customers: What ads did customers see before making a purchase or clicking through to a website? That anonymized data allows them to gauge whether an approach works or not.Many purchases happen on brands’ own websites right now, which is a problem for Facebook, since it doesn’t know itself when a user has decided to buy something. Knowing what exactly prompts a purchase would help the company target future ad campaigns more effectively. Starting its own digital wallet – Calibra – should allow it to plug that gap by inserting itself into the middle of consumers’ transactions. Facebook has said that it won’t use financial data to target ads, but the wallet will nonetheless surely be optimized to execute purchases from within one of its platforms.The model here is Amazon.com Inc. The e-commerce giant knows almost every stage of an online shopper’s journey to purchasing an item, allowing it to target them with precision. That’s a threat to both Facebook and Google’s advertising models, and goes a long way to explaining why Zuckerberg is so keen to make friends. To contact the author of this story: Alex Webb at email@example.comTo contact the editor responsible for this story: Edward Evans at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Facebook Inc. on Tuesday said it will roll out its highly anticipated digital currency next year, intended to be used to make payments over the internet as well as on its social-media platform. The cryptocurrency called Libra coin uses blockchain, the digital-ledger technology that underpins cryptocurrencies like bitcoin to create its digital currency. However, unlike bitcoin the digital asset will be pegged to hard currencies like the dollar and the euro to make it less prone to the wild prices swings associated with bitcoin and other cryptocurrencies. The move is widely viewed as an implicit endorsement of the blockchain technology and to a lesser extent crypto assets, which were first created back in 2009 when a person or persons known as Satoshi Nakamoto minted the first bitcoin. The Facebook digital payment venture will be backed by more than two dozen companies, including Mastercard Inc. and PayPal Holdings Inc. , as well as Uber Technologies Inc. and Spotify Technology . The cryptocurrency will be overseen by a Geneva-based company called Libra Association, with many of the aforementioned backers serving as members of the independent organization. Facebook is also creating a digital wallet called Calibra that allows users to safely store their Libra coins. Shares of Facebook were climbing more than 2% in premarket trade Tuesday, while futures for the Dow Jones Industrial Average , S&P 500 index and the Nasdaq-100 were also rising, setting up modest opening gains for the U.S. stock market.
Uber and Middle East ride-hailing business Careem will remain separate entities until at least the first quarter of 2020, when Uber's acquisition is expected to close, Careem's CFO said on Tuesday. The $3.1 billion dollar acquisition will make Careem a wholly owned subsidiary of Uber, but the Careem brand and app will remain intact, at least initially. Maintaining two separate brands in the same market is better for competition, Ankur Shah said at a financial conference in Dubai.
GM is one of many automakers trying to chase Tesla (TSLA) as the top electric and autonomous vehicle manufacturer, with plans to produce 20 models of electric cars by 2023.
As California considers a gig-work bill to make ride-hailing drivers employees eligible for benefits and bargaining rights, Uber and Lyft ask for compromise.
Coming off the franchise's final game at Oracle Arena in Oakland and a missed shot at a third straight NBA title, the Golden State Warriors are in the process of applying to San Francisco officials for permission to build a 142-room hotel and 24 market-rate apartments at the Chase Center arena development in Mission Bay.