25.60 -0.62 (-2.36%)
After hours: 7:59PM EST
|Bid||26.33 x 900|
|Ask||25.60 x 1300|
|Day's Range||25.09 - 27.08|
|52 Week Range||19.53 - 42.00|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 11, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||27.68|
DoorDash filed confidential paperwork to go public. According to a veteran analyst, neither it nor many of its competitors will be able to IPO anytime soon in this turbulent market.
Stocks are under pressure on Friday, falling as coronavirus worries continue to weigh on equities and drive up safe-haven plays. That said, here's a look at some top stock trades for next week. Top Stock Trades for Tomorrow No. 1: Slack (WORK) Click to Enlarge Source: Chart courtesy of StockCharts.comSlack (NYSE:WORK) is up more than 2% on the day, despite jumping more than 6% in pre-market trading on reports that Uber (NYSE:UBER) will move all of its employees onto the platform. WORK has had momentum after similar reports of IBM (NYSE:IBM) doing the same thing earlier this month.Slack's rally drew in sellers on Friday, but the stock is still looking better overall. Earlier this month, Slack broke out over the 100-day moving average, then held this mark as support on a pullback.InvestorPlace - Stock Market News, Stock Advice & Trading TipsA few days later, it pushed above the $26 IPO price. Now, investors want to see it hold up above the $26 to $27 area. Above keeps Friday's high of day and $30-plus on the table. * 10 S&P 500 Stocks to Buy Increasing Their Dividends in 2020 Below this area and the 20-day moving average, though, and the 50-day and 100-day moving averages are on the table, with both near $23. Top Stock Trades for Tomorrow No. 2: Gold ETF (GLD) Click to Enlarge Source: Chart courtesy of StockCharts.comThe SPDR Gold Trust ETF (NYSEARCA:GLD) remains red hot, as investors continue the flight-to-safety trade even as equities have done well the last few months.With Friday's gap up, the GLD is hitting new 52-week highs, while sporting an overbought condition on the relative strength index (RSI). The move caps six straight sessions with a gain, as GLD broke out over $150 this week.Just because shares are overbought, doesn't mean the stock can't run higher possibly to $160. However, investors may prefer to wait for a dip. Preferably, a drop down to the $150 breakout mark will be met with support -- a strong sign that bulls are still in control.It would also be attractive to see the 20-day moving average hold as support. Below both measures puts the 50-day moving average on the table. Top Stock Trades for Tomorrow No. 3: Deere (DE) Click to Enlarge Source: Chart courtesy of StockCharts.comShares of Deere (NYSE:DE) are hitting new annual highs on Friday, after surprisingly better-than-expected quarterly results. The stock is pushing through recent resistance near $177, but struggling to hold its gains above this mark.Above resistance puts a move up to $185-plus on the table. However, failure to close over resistance keeps downside levels in the realm of possibilities too.That would first put the 10-week moving average on the table near $172, followed by a slightly deeper dip down to the $161 to $163 area. There, Deere will find the 50-week moving average and uptrend support (blue line).After such a favorable reaction to earnings, I wouldn't normally look for such a pullback. But when considering current resistance along with the possibility of a larger market correction, these downside marks become possible. * 3 Wild Stocks To Wrangle In This Bullish Market Overall, just stay open-minded and flexible. Let price be the guide, not opinion. Top Stock Trades for Tomorrow No. 4: Dropbox (DBX) Click to Enlarge Source: Chart courtesy of StockCharts.comBucking the trend on Friday is Dropbox (NASDAQ:DBX), which is up 23% at one point after reporting earnings.The charts for this one are really interesting. With the move, shares are ripping through the 20-week moving average -- which roughly translates to the 100-day moving average. This measure has been resistance for several months now, stymieing each rally in DBX stock.Furthermore, the stock burst through the 50-week moving average and long-term downtrend resistance (blue line). One measure many investors are surely not considering is the newly established 100-week moving average, which just came into play at $23.76. Guess what Friday's high is so far? DBX came within 4 cents of that mark.On the upside, the 100-week moving average is now the mark to clear for more upside. If it can, $26 is on the table. On the downside, though, see that $20 to $21 holds as support. $21 is the IPO price for Dropbox, while this area also marks the 50-week moving average and backside of prior downtrend resistance.The chart for DBX is my favorite from this week, purely from a technical perspective. However, that doesn't mean it's the best buy or anything like that. Just pure technicals that make it a fun one to study.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 S&P 500 Stocks to Buy Increasing Their Dividends in 2020 * 5 Tech Stocks Vying to Win the AR/VR Race * 7 U.S. Stocks to Buy on Coronavirus Weakness The post 4 Top Stock Trades for Monday: WORK, GLD, DE, DBX appeared first on InvestorPlace.
Moore Kuehn, PLLC, a securities law firm located on Wall Street in downtown New York City, is investigating potential claims involving directors and officers regarding possible breaches of fiduciary duties and other violations of law related to whether insiders, as alleged in federal securities lawsuits, caused their companies to make false and/or misleading statements and/or failed to disclose, among other things, that:
Benzinga has examined the prospects for many investor favorite stocks over the past week. Bullish calls included a leading automaker and a resort operator. Bearish calls included an apparel maker and a ...
(Bloomberg) -- Palantir Technologies Inc., a data mining company co-founded by Peter Thiel, is changing its employee compensation in a bid to cut costs, ensure all employees can own shares and prepare for an eventual public stock listing, said three people familiar with the matter.The company, which helps governments and businesses collect and analyze data, will move toward eliminating cash bonuses and instead reward staff with restricted stock units, said the people, who asked not to be identified discussing internal matters. The change was conveyed to staff in an email Friday.“Palantir has entered a new stage where we need to not only continue focusing on growth but also to ensure that growth is long-term sustainable as we march toward a successful IPO,” Khan Tasinga, a Palantir executive, wrote in the email to employees reported earlier by Business Insider. A spokeswoman for Palantir declined to comment.The email didn’t offer a timeline for an initial public offering. Thiel, Palantir’s chairman, told staff in September that the company wouldn’t go public in the next two to three years. Alex Karp, the chief executive officer, has told employees more recently that going public remains a goal that each department is working toward, without offering a target date, people familiar with the matter said.One of the paths to the public markets Palantir is considering has not been previously reported: a direct listing, said one of the people. The process, which makes a company’s shares available to trade on a stock exchange without raising money for the business, is rare but gaining attention after the listings of Spotify Technology SA and Slack Technologies Inc. This year, Airbnb Inc. is expected to directly list its stock, which would make it the most valuable company to do so.Palantir is known as much for its multimillion-dollar contracts with the Defense Department as for Thiel, its controversial backer. The billionaire started the Palo Alto, California, company with Karp in 2004.The company has long offered employee bonuses in the form of stock options, which can be expensive to acquire and carry significant tax liabilities. About a year ago, Palantir cut the price of options and increased cash bonuses in moves designed to bolster morale and address the company’s declining share price seen in private transactions.The move away from cash bonuses and the lack of a clear plan for going public could rankle many employees. But some staff have been lobbying management for the change to restricted stock units and applauded the shift because it gives them a stake in the company’s success, the people familiar with the matter said. All bonuses will be paid entirely in stock units by next year, the people said.To contact the reporter on this story: Lizette Chapman in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Anne VanderMeyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- SoftBank Group Corp. founder Masayoshi Son opened the door to making at least some of the changes championed by activist investor Paul Singer, after the Japanese company reported a second quarter of losses from its startup investing.Son called Singer’s Elliott Management Corp. an “important partner” and said he is in broad agreement with the investor about SoftBank buybacks and share value. Son said he is on the side of shareholders, especially since he is the largest stockholder at the company. The two billionaires held discussions a couple weeks ago, he said.Son is adopting a more conciliatory stance just as he’s stumbling with his signature effort -- the $100 billion Vision Fund, which made him the biggest investor in technology. The fund lost money in the three months ended in December, one quarter after the meltdown at WeWork triggered a record loss for the Japanese company. On Wednesday, Son said he is no longer targeting $108 billion for a second fund and SoftBank may finance the effort on its own.“We are thankful that such a distinguished investor has joined us as a friend,” Son said at a press conference in Tokyo to discuss earnings. “We are basically in agreement on carrying out large buybacks when the finances allow it.”Elliott disclosed a stake of almost $3 billion in SoftBank this month, arguing the company’s shares are substantially undervalued compared with its assets. It has advocated for a share buyback of as much as $20 billion, along with governance changes and more transparency about its investments.The Vision Fund lost 225.1 billion yen ($2.05 billion) for the three months ended in December. SoftBank Group reported a slim operating profit of 2.6 billion yen, compared with the 344.7 billion yen average of analyst estimates.The past 12 months have been a roller coaster for Son and SoftBank investors alike. A year ago, the company unveiled a record buyback, sparking a rally that pushed shares to the highest since its dot-com peak in 2000. Uber Technologies Inc.’s disappointing public debut and the implosion of WeWork wiped out the gains over the next few months. But SoftBank surged again in the past week after Singer disclosed his stake and Son won approval to sell his Sprint Corp. to T-Mobile US Inc.SoftBank shares are up about 21% this year. They were little changed in Tokyo trading Thursday.Son focused on the positive in the presentation to shareholders and the media in Tokyo. He said the Vision Fund is on track to return to profit in the current quarter. The eight portfolio companies that are publicly trading, including Uber, Slack Technologies Inc. and Guardant Health Inc., have added $3 billion in paper profit in the current three months, he said.“At the last earnings briefing I used the words ‘I regret’ 20 times. But after a difficult winter always comes spring,” Son said. “The tide is turning,” he added, standing in front of a slide with the same words and a crashing wave.The most dramatic change in portfolio value since the quarter closed was Uber, whose shares have climbed more than 35% this year. That, Son said, means the Vision Fund’s stake is now worth $1.5 billion more than its investment, compared with $1 billion less at the end of December.The Vision Fund’s overall performance was murkier. SoftBank said the fund’s portfolio remained unchanged from the previous quarter at 88 investments. It reported a gain in valuation for 29 companies in the December quarter, while 31 saw their worth decline. The unrealized gain on the investments, or the difference between the cost at which it acquired the stakes and their present fair value, shrunk to $5.2 billion. That’s less than a third of the paper profit SoftBank reported six months ago.Atul Goyal, an analyst at Jefferies Group, pointed out that the losses at Vision Fund essentially wiped out profits created by the rest of the company.“These results validate our concerns that most other things that SBG does outside of Alibaba have led to distractions or value destruction,” he wrote in a research note.Vision Fund 2 Is Risk to SoftBank Investors, Analyst Says (Video)SoftBank said it is introducing new governance standards for its portfolio companies, including the composition of the board of directors, founder and management rights, rights of shareholders, and mitigation of potential conflicts of interest. The new rules will “enhance value creation and liquidity” at portfolio companies, it said in a statement.Elliott wants SoftBank to set up a special committee to review the investment process at the Vision Fund, which it thinks has dragged on the share price despite making up a small portion of assets under management, people familiar with the matter have said.Son’s best bet to date is still the investment he made in Alibaba two decades ago. In the latest quarter, SoftBank said it booked a 331.9 billion yen gain from the e-commerce giant’s listing in Hong Kong.That deal turned Son’s $20 million into a stake worth over $130 billion, a spectacular return that cemented his reputation as an investor and helped him raise the original $100 billion Vision Fund. But the track record since then has been spotty. In addition to the WeWork fiasco, he suffered setbacks at portfolio companies, including Wag Labs, Zume Pizza and Brandless Inc.Son, asked repeatedly about the second Vision Fund at the conference in Tokyo, said he still wants to raise the money but acknowledged the WeWork troubles have set back those plans. Major backers of the first fund, Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Co., have remained on the sidelines so far. He said SoftBank may start with a smaller, bridge fund so it can keep doing deals.“A lot of our planned investors have been worried by the trouble at WeWork and Uber and we heard their feedback,” Son said. “It’s fully possible for us to carry on investing entirely with our own funds.”He wasn’t precise about what the size of the fund would be, and said that it “seems right that the scale is somewhat reduced this time.”At a Milken Institute conference in Abu Dhabi on Wednesday, Vision Fund head Rajeev Misra said that the second fund has already made seven investments and another six are in the pipeline. About a dozen companies from the first fund are expected to list in the next 18 months, he said.“There’s no rush, they don’t need capital,” Misra said. “A lot of them won’t even raise capital through an IPO, it will be a direct listing.”SoftBank has weighed contributing $40 billion to $50 billion for the second fund, people familiar with the matter have said.“The company will struggle to fund both Vision Fund II and buybacks unless they get a large outside commitment to VF II,” Chris Lane, an analyst with Sanford C. Bernstein, said prior to the announcement.SoftBank’s last share re-purchase was announced about a year ago, a record 600 billion yen.The company’s own sum-of-parts calculation puts its total value at more than 12,000 yen a share. That’s more than double SoftBank’s actual share price, which values the company at about $110 billion. Elliott thinks SoftBank’s net asset value could be about $230 billion, people familiar with the discussions have said.Son urged investors to focus on SoftBank’s shareholder value, which would include its stake in Alibaba, rather than operating profit, which is swayed by share price fluctuation in investments like Uber. To illustrate, he showed a slide with a famous visual illusion that can look like a duck or a rabbit depending on perspective.“The only measure by which SoftBank, an investment company, should be evaluated by is whether shareholder value rises or falls,” he said.(Updates with shares in eighth paragraph)\--With assistance from Nicolas Parasie.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: Edwin Chan at firstname.lastname@example.org, Peter ElstromFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The S&P 500 and Nasdaq notched record closes on Tuesday, but the Dow finished virtually unchanged. Investors attributed optimism surrounding equities to signs of a slowdown of new cases of COVID-19 in China, while the top Federal Reserve chief said the central bank is monitoring the economic impact of the viral outbreak. The S&P 500 (SPX) advanced 5.66 points, or 0.2%, to 3,357.75, and the Nasdaq Composite Index (COMP) rose 10.55 points, or 0.1%, to finish at 9,638.94, with both indexes notching all-time closing highs.
Slack Technologies, Inc. (NYSE:WORK) today announced that it will report its financial results for the fourth quarter and fiscal year 2020 ended January 31, 2020 following the close of the U.S. markets on Thursday, March 12, 2020. Slack will host a conference call that day at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss the results.
Slack Technologies Inc (NYSE: WORK ) confirmed after market close Monday that its biggest customer International Business Machines Corp (NYSE: IBM ) had plans of going “wall to wall” with its chat app. ...
Asian and European markets are mostly higher this morning, and U.S. futures are poised to continue to rally following Monday’s record-topping session.
Given the context of the simmering Slack versus Teams battle, having Slack win what appeared to be a huge, new contract was big news. Slack's shares shot higher, and the news engendered all sorts of headlines that now look a bit silly. Had Google bought Slack?
Business Insider reported https://www.businessinsider.com/ibm-slack-partnership-customer-digital-transformation-2020-2?r=US&IR=T earlier in the day that IBM would deploy the app to every single one of its 350,000 employees, making it the largest single customer for Slack, which has had a partnership with IBM since at least 2016. "IBM has been Slack's largest customer for several years and has expanded its usage of Slack over that time," the company said in a regulatory filing https://www.sec.gov/Archives/edgar/data/1764925/000176492520000131/a8-kxitem701.htm, undercutting the idea that it had reached a major deal with IBM.
Slack Technologies Inc. late Monday rebuffed a news report saying International Business Machines Corp. had bought its service for its employees worldwide, turning into Slack's largest customer. "IBM has been Slack's largest customer for several years and has expanded its usage of Slack over that time. Slack is not updating its financial guidance for the fourth quarter of the fiscal year ended Jan. 31, 2020 or for the fiscal year ended Jan. 31, 2020," Slack said in a filing. Shares of Slack were halted late in the trading day, when they were up 15%, and resumed trading in after hours, falling by as much as 13% and recently down 7%.
U.S. stocks rose Monday, with the S&P 500 and Nasdaq Composite each posting a record finish, after a firm round of corporate earnings offset concerns about the spread of the coronavirus. The Dow Jones Industrial Average added about 175 points or 0.6% to close near 29,277 while the S&P 500 rose about 24 points or 0.7%, closing around 3,352. The Nasdaq Composite Index jumped more than 1.1%, adding about 108 points to close near 9,628. Shares of Slack Technologies Inc. surged more than 15% on a report that IBM would soon adopt its software, but trading was halted shortly before the closing bell. Shares of Restaurant Brands International Inc. were up more than 2% on an earnings beat.
Shares of Slack Technologies Inc. were halted Monday on news pending. The shares gained more than 15% before the halt. Earlier Monday, reports surfaced that International Business Machines Corp. would use the workplace-communications service to its more than 350,000 employees. Shares of Slack are up 29% in the past three months, compared with gains of 8% and 6% for the S&P 500 index and the Dow Jones Industrial Average.
Slack Technologies Inc (NYSE: WORK ) shares are trading sharply higher after IBM (NYSE: IBM ) reportedly moved all of its employees to the company's chat platform, according to Business Insider . IBM is ...
Shares of Slack Technologies Inc. are up 15% in Monday trading after a report indicated that International Business Machines Corp. would be deploying access to the workplace-communications service to its more than 350,000 employees. That would make IBM Slack's largest customer, according to the report. Representatives from IBM and Slack didn't immediate respond to MarketWatch's request for comment. Wellington Group Holdings LLP also disclosed in a filing with the Securities and Exchange Commission that it owned 31.5 million shares, or 10.8% of the Slack shares outstanding, enough to make Wellington the second largest shareholder, according to FactSet data. On Jan. 28, the Boston-based fund, with $443.5 billion in equity holdings as of Sept. 30, disclosed that it owned 27.1 million Slack shares, or 9.3% of the shares outstanding, to make Wellington the third-largest shareholder at that time. After Slack came public via a direct listing last summer, there was concern about competition from Microsoft Corp. , Alphabet Inc.'s Google, and other workplace-communications offerings. The company was the subject of a bullish initiation note from RBC Capital Markets last week, however, as an analyst there argued that the competition fears were "potentially overblown." The stock is up 30% over the past three months, as the S&P 500 has added about 8%.