|Day's range||99.60 - 100.61|
If you want to find recession-proof stocks, look no further than the companies doing well amid the coronavirus pandemic. Because Microsoft (NASDAQ: MSFT) delivers compelling products to both business-to-business (B2B) and consumer markets, the tech giant is well-positioned to weather an economic downturn. Microsoft's Windows and Office products are ubiquitous, but that's just one of its strengths.
Amazon has a big-budget game, another in the works, and a secretive cloud gaming service in the making. All of that could prove to be a problem for the industry's old guard.
The episode dives into FAANG stocks--Facebook, Apple, Amazon, Netflix, and Google--plus Microsoft to see if investors should buy any of the stocks as big tech continues to drive the current coronavirus market rally...
Shares of Baozun (NASDAQ: BZUN) headed lower for the second day in a row as investors continued to sell the stock on fears that Chinese stocks would be delisted from U.S. stock exchanges. Baozun was down 9.3% as of 3:17 p.m. EDT. The latest salvo in the feud between the U.S. and China, which has taken on a new dimension due to the coronavirus pandemic, is the Senate's passage on Wednesday of a bill that threatens to delist Chinese stocks from U.S. exchanges.
(Bloomberg Opinion) -- The work-from-home movement is gaining steam in Silicon Valley as a flurry of companies – big and small – are embracing remote-working policies beyond the pandemic. But even as some executives extol its virtues, other tech leaders aren’t so sure, opening a growing divide inside the industry over the future of work. It’s a worthy debate.On Thursday, Facebook Inc. CEO Mark Zuckerberg announced his company will start allowing some existing employees to work from home permanently. He said Facebook will also “aggressively open up remote hiring” for engineering talent in areas it doesn’t have an office, saying as much as 50% of the company’s employees could eventually work remotely within 10 years. In similar fashion, Shopify Inc. CEO Tobi Lutke said his e-commerce software company will allow its employees to work from home indefinitely, adding he expects that most of his staff will work remotely going forward. The days of “office centricity is over,” the executive posted on social media. The two companies join Twitter Inc., which said last week it will let employees work from home as standard practice as well.Not everyone in technology is on board. Take-Two Interactive Software Inc. CEO Strauss Zelnick said on an investor call this week that he believes sustained strong productivity will get more difficult the longer people are forced to work from home, adding that “there is no substitute for in-person collaboration and connection.” That follows comments from Microsoft Corp. CEO Satya Nadella, who expressed concern in an interview with the New York Times last week that early positive remote-work productivity metrics may mask underlying deficiencies, in terms of managing and mentoring employees. He also raised worries about potential burnout and mental-health issues. “Maybe we are burning some of the social capital we built up in this phase where we are all working remote. What’s the measure for that?,” he asked.There’s something to be said for this pushback. Sure, there are many pluses to offering off-site work flexibility – including better employee retention and the ability to hire from a more diverse talent base in other geographies – but corporations should realize the work-from-home trend isn’t a panacea. In fact, there are significant drawbacks and challenges that shouldn’t be overlooked. As Zelnick pointed out, there are unquantifiable benefits derived from being in the same physical location. Scheduled videoconferencing meetings don’t engender the same spontaneous creativity compared to the many back-and-forth brief conversations during a typical day at an office. And nothing beats face-to-face interactions for building the relationships and trust required to persuade your colleagues on big decisions.It’s notable that even as Facebook projects confidence and forward-looking thought leadership in its charge toward its new work-from-home culture, it is implementing the change slowly. Zuckerberg said only the company’s senior engineers with strong performance reviews will be initially allowed to apply for remote-work flexibility, adding it will be a measured transition before extending the policy to non-engineers.To be frank, it wouldn’t surprise me to see many of these companies slow down their transitions to remote working. After all, the world is only a few months into this massive remote-work experiment. The initial productivity benefits may dissipate and significant negative consequences may well appear over time. Best not to rush into any drastic decisions.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tae Kim is a Bloomberg Opinion columnist covering technology. He previously covered technology for Barron's, following an earlier career as an equity analyst.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Chegg, Brinker International, Microsoft, SAP and Appian highlighted as Zacks Bull and Bear of the Day
Proclaiming Teladoc Health (NYSE: TDOC) the Amazon of online health might seem strange at first. After all, Amazon launched Amazon Care in 2019 to offer health services for employees. The company has also purchased an online pharmacy.
(Bloomberg) -- Hewlett Packard Enterprise Co. reported declining sales and announced it would cut jobs and reduce executive pay, saying the coronavirus pandemic has disrupted supply chains for data-center hardware.Revenue fell 16% to $6 billion in the period ended April 30, the San Jose, California-based company said Thursday in a statement. Analysts, on average, expected $6.19 billion, according to data compiled by Bloomberg. Profit, excluding some items, was 22 cents a share, compared with an average estimate of 28 cents.The company said it was putting in place a plan to cut costs, with a goal of $1 billion in savings by the end of fiscal 2022. Measures will including simplifying its product portfolio and supply chain as well as changing customer support, marketing efforts and real estate strategies, HPE said in the statement.“It definitely was a tough quarter by every measure and I’m disappointed in the performance, but I don’t see this as an indication of our capabilities,” Chief Executive Officer Antonio Neri said in an interview. “This was clearly driven by supply chain disruptions because of coronavirus,” including a shortage of chip components from China, disrupted logistics and social-distancing guidelines in some regions.Neri said he expected HPE’s sales to “recover sequentially,” with the third quarter posting better results than the second and the fourth improving further. Still, he said, it’s unknown just how bad the economic downturn will be.The company withdrew its annual profit forecast last month, citing uncertainty from the Covid-19 pandemic, which has forced millions of people to stay home to prevent the spread of the virus.HPE shares dropped about 5% in extended trading after closing at $10.36 in New York. The stock has dropped 35% this year.Neri has struggled to spark sales growth at the computing and networking company, which has seen year-over-year revenue declines in all but one quarter since the company split from HP Inc. in 2015. Competing with larger hardware rival Dell Technologies Inc. and dominant cloud-computing companies such as Amazon.com Inc. and Microsoft Corp., HPE has hitched its future to edge computing, which distributes data-processing capacity closer to customers rather than at centralized data centers. More immediately, the company has sought to support sales by offering $2 billion of financing for clients trying to preserve cash in the pandemic.Under the company’s three-year plan to reduce expenses, senior executives including Neri will take 20% to 25% cuts to their base salaries and the board reduced each director’s cash retainer by 25% from July to the end of the fiscal year. The hardware maker will consolidate offices where possible, Neri said. He expects more than half of HPE’s employees won’t return to the office full time, instead dropping in for meetings and collaboration when necessary.The number of employees who may lose their jobs under the cost-cutting plan hasn’t been determined, Neri said. The company will spend the next few months working out the details and evaluating how much it can save in other areas. HPE has already instituted some temporary pay cuts and has frozen employee raises and promotions, executives said on a conference call after the results were announced.In the fiscal second quarter, revenue declined in all of HPE’s business segments. Server sales dropped 20% to $2.64 billion and storage hardware fell 18%. Neri said the company saw “steady” demand from large enterprises while small and mid-sized businesses struggled. HPE wasn’t able to produce as much data-center hardware as clients were ordering, he said.HPE’s integration of supercomputer maker Cray is on track and should yield synergies by 2021, executives said on the call.(Updates with additional details starting in ninth paragraph)For 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.
Facebook is going after the enterprise market with new video tools as the world shifts to remote workforces amid the pandemic.
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Less than a year after raising $25M led by Microsoft for its take on building API marketplaces, RapidAPI has rapidly followed that up with another infusion of capital as it reaches 20,000 APIs tracked, integrated, and used across its marketplace by millions of developers. Today the startup is announcing that it raised another $25 million from existing investors Andreessen Horowitz, DNS Capital, Green Bay Ventures, M12 (Microsoft’s Venture Fund), and Grove. Co-founder and CEO Iddo Gino would not disclose the actual amount in an interview this week.
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For stockholders, FedEx (NYSE: FDX) has been dead money for years. FedEx's strength is in their express (or air) unit, which instead mainly supports business to business logistics. First, the bad: In FedEx's most recent quarter, CEO Frederick Smith reported a near 60% drop in profit year over year.
Google dropped out of the Pentagon's JEDI cloud contract battle fairly early in the game, citing it was in conflict with its "AI principals." While the company would not get specific about the number, the new contract involves using Anthos, the tool the company announced last year to secure DIU's multi-cloud environment. In spite of the JEDI contract involving a single vendor, the DoD has always used solutions from all three major cloud vendors -- Amazon, Microsoft and Google -- and this solution will provide a way to monitor security across all three environments, according to the company.
Facebook and Instagram are making a bigger push into e-commerce, MasterClass raises $100 million and Microsoft launches a new project management tool called Lists. Both Facebook and Instagram already supported a degree of e-commerce — for example, Facebook has its Marketplace and will likely make a bigger push through its Libra cryptocurrency initiative, while Instagram allows users to buy products featured in posts and ads.
Fortune released its annual Fortune 500 rankings this week, listing the largest companies by revenue generated last year. Amazon.com (NASDAQ: AMZN) was able to pull off a major coup: The e-commerce behemoth has leapfrogged Apple (NASDAQ: AAPL) to become the No.