|Bid||0.00 x 1300|
|Ask||0.00 x 1000|
|Day's Range||184.55 - 188.10|
|52 Week Range||123.02 - 218.62|
|Beta (3Y Monthly)||1.33|
|PE Ratio (TTM)||27.82|
|Earnings Date||Jul 23, 2019 - Jul 29, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||222.30|
Shares of Snap soared as much as 10% on Tuesday after BTIG media and tech analyst Richard Greenfield raised his price target to a street-high of $20 from $15 on the belief that the company's recovery has meaningfully increased since March.
The Senate Banking Committee will hold a hearing July 16 to ask questions about Libra, Facebook's cryptocurrency. While the project has dozens of early backers, there's still plenty of suspicion on Capitol Hill about Facebook's plan. Yahoo Finance's Myles Udland, Jen Rogers and Dan Roberts talk about what questions the social media giant may face in Washington D.C.
Rene Ritchie, iMore lead analyst, says "Apple, Samsung and Google have all these platforms that they can build things out from," unlike Mark Zuckerberg. Yahoo Finance's Dan Roberts, Melody Hahm and Myles Udland speak to him.
Yahoo Finance's Jessica Smith reports on Congressional reaction to Facebook's Libra announcement. Adam Shapiro, Julie Hyman, Sibile Marcellus, and Scott Gamm further discuss.
In the latest edition of our series The BreakUP!?, Former acting FTC Chair Maureen Ohlhausen tells Yahoo Finance it could be “very difficult” to split up a company like Facebook. She also cautioned that antitrust isn’t designed as a “punishment” for companies simply being successful. She spoke with Alexis Christoforous and Brian Sozzi.
Facebook’s ambitious cryptocurrency project ‘Calibra’ comes as the social media behemoth continues to face scrutiny about data privacy.
If you're into crypto, read up on Facebook's own take on digital currency (and explain it to me if you could). If you're into Quidditch and hippogryphs, then get hyped for the Harry Potter take on Pokémon Go' -- it lands on Friday. Facebook's Calibra wallet will use a brand new cryptocurrency, Libra.
Slack primarily makes money selling annual or monthly subscriptions to large organizations. Slack says its product helps to increase collaboration, transparency and organizational agility. Apart from providing a chat room for office teams, Slack has become more of an operating system for the workplace. Just like Facebook is the foundation for many consumer logins, Slack’s chat interface has the potential to be the basis for digital services and apps used at work.
(Bloomberg Opinion) -- It's one thing for academics in Asia to rant against the tyranny of the dollar, or to make cheery forecasts about its impending eclipse by the Chinese yuan. But now that Facebook Inc. wants to spawn a new global currency – one that could meet the “daily financial needs of billions of people” and perhaps rival the greenback one day – central banks in Beijing, Jakarta, Manila or Mumbai won't exactly be ecstatic.To them, the prospect of being at the mercy of a cabal of tech czars and venture capitalists sitting in Switzerland could well mean swapping the yoke of the U.S. Federal Reserve for a less predictable and potentially more sinister dependence.What if Facebook's crypto, backed by fiat-currency assets and offering stable value, starts out by paying for coffee but over time becomes people's preferred store of wealth? What will it mean for monetary sovereignty? Suppose users of Libra, as the currency will be called, manage to set aside their outsize privacy concerns with Facebook. Were the tokens to take off and – against all regulatory odds at home and abroad – gain global acceptance, there will be several implications for governments around the world.Some of them will be of particular concern in Asia, where most of the larger economies, starting with China, yearn for a growing role for their currencies in international commerce and as a store of value. Americans enjoy everything a little cheaper because the world – including money launderers, drug dealers and terrorists – wants the U.S. currency, which only the Fed can manufacture. China wants the same privilege for itself; and in a decade or two, India and Indonesia will, too. However, the long, patient game of internationalizing the yuan would get complicated if the Chinese on the mainland themselves take to Libra to bypass the country’s increasingly invasive social scoring system.Shielded by capital controls, Asian central banks at times seek weaker currencies to stimulate their export-led economies. But if people can move their wealth with one scan of a QR code to a digital coin backed by a reserve of low-risk assets – including bank deposits in various currencies and U.S. Treasuries – such stratagems won’t work any more. The People's Bank of China could then respond with its own digital currency, and unlike Facebook, pay interest on it.(2) Other central banks may join the battle for continued relevance. This competition, and not devaluation, could end up becoming the real currency war of the 21st century.None of us has experienced a central bank-sponsored digital currency yet: Our online payments are mediated by commercial banks or fintech. But it’s not a far-fetched idea. Seventy percent of the monetary authorities surveyed by the Bank for International Settlements last year said they’re working on the concept. So far they’ve had no reason to take the leap. Central banks already make digital cash available to financial institutions. Those are called bank reserves. Presumably, the Switzerland-based Libra Association, which will also include Visa Inc., Uber Technologies Inc., venture capitalist Andreessen Horowitz and other founders apart from Facebook, will also rely on a “geographically distributed network of custodians” to tap this closed user group for reserves.Nothing stops a central bank from providing its own digital tokens via commercial banks to compete with Facebook. If that doesn’t do the trick, the monetary authority can pull the ultimate stunt: It can open up its balance sheet to the public. Groups like the U.K.-based Positive Money, which is advocating for “Britcoin” to be held by individuals directly with the Bank of England, see it as the ultimate antidote to “extractive middlemen like banks and now tech companies.” Such a step would carry risks. In normal times, commercial banks can retain customer deposits by paying higher interest. But when panic strikes, deposits might flee to the central bank, even if the latter imposes a negative interest rate. Monetary authorities don’t want a funding shock to their banking systems. However, were Facebook to pose an existential threat, they may be compelled to walk an untrodden path.New purchasing power will increasingly come from Asia and Africa where the demographics are still favorable for high income growth. To the extent that global tech avoids paying national taxes when this purchasing power turns into digital consumption, it’s already a headache. Were Libra or another such project backed by the technology industry to take over where the dollar leaves off, concerns around a fair share of taxes could multiply. For that reason alone, Libra may not end up going anywhere in Asia. (1) The Libra Association will use its income to pay operating expenses, and then to compensate early investors in the consortium.To contact the author of this story: Andy Mukherjee at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Line Corp., Japan’s largest messaging app, is close to getting a license to launch a cryptocurrency exchange in its home nation, according to people familiar with the matter.Japan’s Financial Services Agency could issue the license as early as this month, with exchange operations starting a few weeks after that, said the people, asking not to be identified discussing private matters. The service, which will be called BitMax, will allow Line’s 80 million users in Japan to buy and sell cryptocurrencies including Bitcoin and Line’s own token Link, one of the people said. Shares rose as much as 4.6%, the most intraday in two weeks.Line joins a crowded field of tech companies racing to roll out cryptocurrency products, including a move from Facebook Inc. earlier this week to create its own financial system with Visa Inc. and Uber Technologies Inc. For Line, the pressure to succeed is particularly acute as stagnant user growth has pushed shares to their lowest since listing in 2016. The Japanese company booked a loss last fiscal year as it stepped up investments into new businesses to reduce its reliance on advertising revenue.Line spokeswoman Icho Saito declined to comment.BitMax will use the same back-end technology as BitBox, a Singapore-based crypto exchange that Line launched last year for global users, according to one person. BitBox is off limits to users in Japan because of the licensing issue and so far hasn’t delivered a big boost to the company’s earnings. Exchange volume over the past 24 hours was about $2 million, according to its website.Line is still awaiting a separate banking license in Japan that will allow deeper integration of cryptocurrencies with its other services like online shopping. That license is unlikely to be issued until next year, according to one person. Line aims to debut stock brokerage operations this year with Nomura Holdings Inc. and banking services next year with Mizuho Financial Group Inc., co-Chief Executive Officer Shin Jung-ho said this month.Facebook this week announced its new crypto project Libra, a so-called stablecoin that is expected to let users send and receive money, shop online and invest through the social media platform. In Japan, tech companies including Rakuten Inc. and Yahoo Japan Corp. have launched their own crypto exchanges this year after receiving licenses from the FSA.Crypto’s growing adoption by large companies is contributing to a rebound in prices this year, with Bitcoin more than doubling over the past three months. Line’s own token Link has almost doubled in June alone, giving it a market valuation of about $30 million. It’s one of the few cryptocurrencies in the world that is issued by a large listed company.(Updates with shares in fourth paragraph.)To contact the reporters on this story: Yuji Nakamura in Tokyo at firstname.lastname@example.org;Yuki Hagiwara in Tokyo at email@example.com;Pavel Alpeyev in Tokyo at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Peter ElstromFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In the US, Maxine Waters, the chair of the House Committee on Financial Services, said Facebook should freeze until regulators have signed off on its plans, given the company’s “troubled past”. France, which has the presidency of the Group of Seven nations, called for a working group of central bankers and IMF officials to study the emergence of “stable coins” like Libra, which are cryptocurrencies usually pegged to assets such as the US dollar.
The government want to scrutinize the upcoming Libra currency, among other things. Meanwhile, the database king keeps its crown.