13.15 0.00 (0.00%)
After hours: 4:03PM EDT
|Bid||12.96 x 1100|
|Ask||13.17 x 1300|
|Day's range||13.08 - 14.19|
|52-week range||5.75 - 18.36|
|Beta (5Y monthly)||1.45|
|PE ratio (TTM)||N/A|
|Earnings date||24 Jul 2020 - 28 Jul 2020|
|Forward dividend & yield||0.16 (1.19%)|
|Ex-dividend date||29 May 2020|
|1y target est||16.50|
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Zach Fisher, Managing Director, TMT Investment Banking Special purpose acquisition companies, or SPACs, now account for approximately one fourth of the entire U.S. IPO market, a result of higher-quality participants, from investment banks to private-equity firms, giving the product validation. A growing percentage of these SPACs have affiliation with an alternative asset manager. In IPO […]
Chris Weekes, Managing Director, Capital Markets, at Cowen Inc. Much of the recent success of special purpose acquisition companies, or SPACs, is due to a watershed structural change: the separation of the vote and the ability to redeem shares for cash, which allows virtually all deals to be approved. However, it remains critical to raise […]
Tim Manning, Managing Director, Special Situations at Cowen Inc. Cowen Inc. is far and away the leader in secondary-market trading of SPAC shares, giving it a unique window into the so-called de-SPAC process. That is a critical advantage to both investors and sponsors alike, according to Tim Manning, Managing Director in the Special Situations Group […]
(Bloomberg) -- Apple Inc.’s supply chain is feeling the strain as the coronavirus extends production outages and damps demand for the company’s products in China.Manufacturing partners have imposed quarantines on workers returning from China’s Lunar New Year holiday, prolonging the idling of Apple device assembly operations for as long as a month. While some analysts say it’s too early to fully assess the toll on the Cupertino, California-based company, pessimism is creeping into their outlooks.In late January, Apple gave a revenue forecast for the current quarter that was wider than usual, to account for the virus. But that was before the Chinese government postponed the resumption of normal economic activity by one week to Feb. 10, and Apple’s move to close all its retail stores in the country until further notice.Hon Hai Precision Industry Co., the largest iPhone maker, officially resumes production Feb. 10, but it is sequestering returning workers for an extra seven to 14 days. On Friday, the company, also known as Foxconn, told employees at its Shenzhen facility not to return to work when the extended Lunar New Year break ends Feb. 10.“Apple’s supply chain typically has about a week or two of buffer inventory during the Lunar New Year holiday and as such any major extensions of the quarantine beyond Feb. 10 increase the risks of impacting the supply chain,” Krish Sankar and other analysts at Cowen Inc. wrote in a note to investors on Friday. “This could effectively limit or push out near-term demand even in other geographies.”The company generates $651 million to $802 million a week in China from iPhones, services and other hardware, the analysts estimated. Those businesses generate weekly earnings of roughly 5 cents a share, they added in the note. An Apple spokeswoman didn’t respond to a request for comment on Friday.Apple’s popular AirPods Pro earbuds, and a new cheaper iPhone due to be launched at the end of March, may be most affected by production delays. Apple suppliers planned to start assembling the new handset in February. The supply of AirPods Pro models are constrained in many parts of the world, according to iStockNow, which tracks retail inventory of consumer gadgets. The earbuds have been in high demand and low supply since they launched in October, and Apple plans to open new manufacturing facilities this year to increase supply.Inventec, one of the few makers of AirPods, planned to start new facility as early as June, but the coronavirus has slowed that effort, according to a person familiar with the matter.“The Coronavirus outbreak in China remains a risk to the Wearables business and the company as a whole,” Kyle McNealy and George Notter, analysts at Jefferies, wrote in a recent research note about Apple.Illness Spreads in Hospitals; New Hubei Leaders: Virus UpdateSome customized MacBook Pro laptops are available for delivery by March 10 at the earliest, longer than the typical one week. By contrast, the latest iPhones and many Apple Watch models are showing immediate availability for either in-store pickup or shipment globally, iStocknow data show.Apple stores aim to have four to six of inventory, so that also provides a buffer -- unless production delays extend beyond a month.“There clearly will be manufacturing disruption, but again it is too early to make any predictions until we get an idea of what factories are like post-Feb. 10,” Brad Gastwirth, an analyst at Wedbush Securities, wrote in a note to investors on Friday. “Executives we speak with are uncertain as to what portion of their workforce will return on Feb. 10 due to either travel restrictions, or fear of contagion.”The largest impact in the near-term will be on Chinese demand, he added. “Will consumer demand be pushed forward, or erased entirely?”Limits of people’s movements in some parts of China, and Apple store closures, will reduce demand for Apple’s products in the country, the Cowen analysts wrote on Friday. However, they see only “partial demand destruction,” meaning many shoppers will likely just wait to buy iPhones and other gadgets later.Apple’s services business, especially its App Store, may benefit as Chinese consumers stay inside and seek out mobile games and other apps for entertainment, the analysts also said.“A 1-month impact to demand is manageable with the full year EPS implications likely more modest given our expectation for only partial demand destruction and higher App Store revenues could be an offset,” they wrote.To contact the reporters on this story: Mark Gurman in Los Angeles at firstname.lastname@example.org;Jeran Wittenstein in San Francisco at email@example.comTo contact the editors responsible for this story: Tom Giles at firstname.lastname@example.org, Alistair Barr, Andrew PollackFor 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.
Chris Weekes, Tim Manning, and Zach Fisher of Cowen Inc. By John Jannarone Not long ago, the special-purpose acquisition company, or SPAC, was a fledgling vehicle considered a second-rate path to the public markets. But in the last several years, issuance of SPAC IPOs has exploded, rivaling major asset classes and accounting for a quarter […]
(Bloomberg) -- Amazon.com Inc.’s purchase of a minority stake in Deliveroo may get an extended review by U.K. antitrust regulators, who said the purchase could hurt competition by discouraging the American company from re-entering the British food-delivery market on its own.The Competition and Markets Authority will continue to review Amazon’s investment in the fast-growing startup unless they offered remedies to address competition concerns within five days. The investigation, which began in October, may go into a second phase and could eventually result in the blocking of the investment of around $500 million.Over the next four years, the food-delivery business is estimated to increase 12% a year, to $76 billion in 2022, according to investment firm Cowen Inc. While the U.K. market is competitive, Amazon’s size makes it a major force in any sector. The CMA said the deal might end Amazon’s interest, discussed in internal documents, in re-entering the British market through the purchase of another platform. It shuttered its Amazon Restaurants delivery unit in 2018.“Evidence examined in the CMA’s investigation indicated that Amazon has a strong continued interest in the restaurant delivery sector,” the regulator said Wednesday. “The CMA believes that Amazon’s investment in Deliveroo was strategic and that offering rapid food delivery is important to Amazon, and so it may have looked to invest in an alternative business absent the merger.”The original decision to investigate the deal was unusual for the CMA as it doesn’t typically review minority acquisitions. Fears of damage to competition may have been fed by previous mergers by tech giants that were let through by regulators, such as Facebook Inc.’s acquisition of messaging service WhatsApp.Amazon’s British Takeout Leaves an Unpleasant Taste: Alex WebbThere is a “real risk” that Amazon’s investment “could leave customers, restaurants and grocers facing higher prices” because of reduced competition, CMA Executive Director Andrea Gomes da Silva said in the statement.A spokesman for Deliveroo said the company is “confident” it can persuade the CMA the investment will “add to competition,” while an Amazon spokesman said Deliveroo should have “broad access to investors and supporters.”The decision may cause concern for the internet giant, which has already faced European hurdles.It closed its own U.K. food-delivery service in December 2018, with the U.S. unit following the same path several months later. Amazon was among the five big businesses singled out in December by the Labour Party, which said they “exploited, ripped off and dehumanized” their workers, just after regulators in Europe said over the summer that they would start looking into how tech companies protect customers’ privacy.Difficult DecisionsThe CMA has offered Amazon and Deliveroo the chance to avoid an extended probe if they offer changes to its competition worries. Alan Davis, a competition lawyer at Pinsent Masons, said it is “difficult to see immediately what remedies they could offer at Phase 1 to resolve the concerns.”The U.K. food delivery sector is dominated by three players, Just Eat Plc, Uber Technologies Inc.’s unit Uber Eats and Deliveroo. Competition between them is considered fairly fierce, making it difficult to make money. Deliveroo has never made a profit, losing 232 million pounds ($305 million) last year.Meanwhile, Just Eat, the U.K.’s biggest food deliverer by market share, has been in talks with Prosus NV about a possible bid for the firm. The company advised shareholders to reject Prosus’s latest 740 pence-per-share offer Tuesday, preferring them to stick to an all-share combination with Netherlands-based Takeaway.com NV.The CMA decision also puts the undisclosed rights that Amazon acquired as part of the acquisition in the spotlight.“The nature of the CMA’s concerns seems the rights that come with the minority holding,” said Josh Buckland, a competition lawyer at Linklaters. “One potential solution could be to relinquish those rights and stay on board as a minority shareholder.”It’s very likely that the deal would be referred to an in-depth investigation, Buckland said.The CMA also expressed concern about how Amazon’s investment might change the online convenience grocery delivery market outside food. Deliveroo is focused on food delivery, and supermarket chains may rely on it to deliver “ultrafast” groceries because their own logistics providers can’t meet the tight deadlines, the CMA said.“The CMA believes that both parties have major expansion plans in this area which would bring them in closer competition in the future,” the regulator said. “The merger would result in the combination of two of the largest and best established suppliers of online convenience groceries. Most competing grocery retailers that are trialing propositions in this market are reliant on a single logistics supplier” without the scale of either Deliveroo or Amazon.(Updates with comments and detail from seventh paragraph onwards.)To contact the reporter on this story: Eddie Spence in London at email@example.comTo contact the editors responsible for this story: Christopher Elser at firstname.lastname@example.org, Giles TurnerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Deliveroo’s battle with food delivery rivals is intensifying after the U.K.-based startup posted strong growth, but also an increase in losses.Global sales from its food-delivery business have increased 72% over the past year, reaching 476 million pounds ($583 million) for the year ended Dec. 31.Growth was driven by its international markets and the launch of a marketplace platform for restaurants with existing fleets of drivers to sell meals via the London-based startup’s app, it said in a statement Wednesday.Although sales grew, profitability is a way off. Deliveroo posted a pre-tax loss of 232 million pounds for the period, compared to 199 million pounds a year earlier.Deliveroo Chief Executive Officer Will Shu said he was optimistic about the company’s outlook, and said it “continued to invest heavily in expansion, technology and new products.”In May, Deliveroo said it had secured $575 million in funding led by Amazon.com Inc. and other investors, and would continue to expand in markets including the U.K., France, Italy, Spain and Dubai. But in August, it announced an abrupt retreat from Germany after more than four years, as an increasingly cut-throat competitive landscape piled pressure on the industry.The food delivery industry has been roiled by mergers of late. Just Eat Plc and Takeaway.com NV agreed in July to a 5 billion-pound combination, less than six months after Takeaway.com spent about $1 billion for the German operations of rival Delivery Hero SE. Spanish food delivery startup Glovo has also drawn preliminary interest from Uber and Deliveroo in recent months.Uber Eats and Deliveroo are currently battling for virtual restaurants, where eateries lease kitchen space to prepare food for couriers. With no dining rooms or wait staff, these outfits pop up where food delivery companies expect demand, and sell their meals through Uber Eats or Deliveroo’s app.Deliveroo has raised $1.53 billion, and was valued at $2 billion in a funding round in 2017. Over the next four years, the food-delivery business is estimated to increase 12% a year, to $76 billion in 2022, according to investment firm Cowen Inc.To contact the reporter on this story: Nate Lanxon in London at email@example.comTo contact the editor responsible for this story: Giles Turner at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In an interview with Cheddar TV (at 2:05), IPO Edge Editor-in-Chief John Jannarone explains how Cowen & Company outperforms even bulge bracket investment banks as lead left manager. According to Dealogic data going back to 2014, Cowen averages the best deals after six months and is just behind J.P. Morgan for performance up to the […]
When Cowen & Company is Lead Left, IPOs Tend to Outperform By John Jannarone When it comes to measuring the success of an IPO, there is often a swirl of attention around the first few hours and days of trading. But most stakeholders involved probably care much more about a company’s sustained stock-price performance. What […]