65.80 -0.04 (-0.06%)
After hours: 7:58PM EST
|Bid||65.80 x 1100|
|Ask||65.86 x 900|
|Day's range||65.42 - 67.43|
|52-week range||49.82 - 83.20|
|Beta (3Y monthly)||3.36|
|PE ratio (TTM)||N/A|
|Earnings date||25 Feb 2020 - 2 Mar 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||73.89|
The past decade saw a ton of innovation from incumbent companies — like Amazon, Google, and Facebook. But new companies emerged as well and made their mark.
(Bloomberg) -- Twitter Inc. Chief Executive Officer Jack Dorsey has picked a questionable time to spend as much as half a year in Africa.Dorsey wrote in a tweet last week that he planned live on the continent for between three and six months in 2020, news that was largely buried thanks to the Thanksgiving holiday. But investors quickly noted the Twitter chief’s plans will coincide with a presidential election year in the U.S., which is likely to be marked with growing debate over election meddling, online hate speech and the role of tech companies in public discourse.“There’s going to be a bright spotlight on Twitter, Facebook and a lot of other tech platforms,” said Dan Ives, an analyst at Wedbush Securities, adding that Dorsey’s absence from the country could provide fodder to Twitter’s critics. “If the CEO does this, any speed bump is over-magnified.”Dorsey made the announcement about his trip after spending most of the month of November in Africa, where he visited with entrepreneurs and completed a 10-day meditation retreat in South Africa. “Sad to be leaving the continent…for now,” he tweeted. “Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020. Grateful I was able to experience a small part.”The CEO’s trip, assuming it takes place, will happen as Twitter’s most high-profile user, President Donald Trump, runs a presidential campaign while simultaneously running the country on Dorsey’s platform. Inevitably Twitter will have to make tough, quick decisions, and it’s unclear how easy or efficient that will be with a chief executive halfway around the world for an extended period.Twitter’s corporate structure could also compound that problem. The CEO has no obvious No. 2 inside Twitter, and the chief operating officer role, often viewed as second in command, has been vacant since January 2018.But what’s bad news for Twitter could actually benefit the other publicly traded company that Dorsey leads, payments giant Square Inc. Dorsey, who has been CEO of both for four years, suggested that a trip to Africa would help him learn about cryptocurrencies, like Bitcoin -- a personal area of interest for the Dorsey, as well as a potentially big market for Square.Square was one of the first public companies to wade into cryptocurrencies, allowing users to buy and sell Bitcoin on its Cash App in 2017. Dorsey has long been an outspoken proponent of Bitcoin, even hiring a small team at Square to work on cryptocurrency-related projects. The trip could also bring Dorsey closer to Africa’s fast-growing fintech industry, which has been a bright spot for the continent in recent years.Like Twitter, however, Square also has no clear successor to the CEO. Its former CFO Sarah Friar, who had been widely considered to be the company’s No. 2, left to run the neighborhood social network Nextdoor.com Inc. in late 2018.“The key question will be whether Jack installs an interim chief operating officer or president in his absence,” said Lisa Ellis, an analyst at MoffettNathanson. “If he does, I believe the Africa sojourns could be a good thing strategically for Square. If he does not, he is putting the day-to-day operations of Square at risk.” Ellis added that she expects Square’s board will push on this point. Representatives for Square and Twitter declined to comment.The likeliest practical outcome to Dorsey’s globetrotting may be that he simply continues his job from the other side of the world. Inside Twitter, Dorsey and other executives have been promoting the concept of remote work, according to people at the company. Dorsey visited 27 Twitter offices around the world in 2019, and recently referred to remote work as “our future.”Dorsey has long been viewed as a CEO who takes on more projects than most. “Even though he’s kind of been superman as CEO of two public companies, and juggling a lot of balls at the same time, going to Africa for three to six months -- I don’t think that’s something from a shareholder perspective that’s viewed as ideal,” Ives said. Even for Dorsey, the Africa trip would be unusual. Adds Ives: “[In] twenty years covering tech on the street, I’ve never seen a CEO go on a three- to six-month journey to another continent.”To contact the reporters on this story: Kurt Wagner in San Francisco at email@example.com;Julie Verhage in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Robinhood Markets Inc. is pulling its application for a banking charter just months after starting the process, underscoring the challenges for startups trying to take on the highly regulated world of finance. The application, filed with the Office of the Comptroller of the Currency, would have allowed the no-fee stock trading company to offer banking products by itself. Right now, Robinhood would need to enter into partnerships with other banks to provide services like debit cards. A company spokesman said it has no plans to resubmit its application.“We are voluntarily withdrawing our OCC application for a national bank charter,” spokesman Dan Mahoney said in a statement. “Robinhood will continue to focus on increasing participation in the financial system and challenging the industry to better serve everyone.”Robinhood has been in regulators’ cross-hairs after a failed checking and savings product launch late in 2018, which it announced without lining up the requisite insurance or approvals. After scrapping the product following regulatory blowback, Robinhood announced a new variation in October, slated to be called Cash Management, but it has yet to officially launch.Robinhood is not the only fintech company to apply for a charter, and fail to win one. Social Finance Inc. eventually pulled its application and Jack Dorsey’s Square Inc. is still waiting to see if it’s granted approval. Without the charter, the startups typically must pair up with existing, licensed banks in order to offer bank-like services on their platforms, for example checking accounts and debit cards.CNBC earlier reported news of the withdrawal.To contact the reporter on this story: Julie Verhage in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Anne VanderMey, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
There are now more than 80 million Millennials, born between 1982 and 2000 and ranging in age from their early 20s to their late-30s. This generation is the largest in history – bigger than even the Baby Boomers. According to our research, Millennials currently account for 24% of total U.S income – some $2.9 trillion in direct annual purchasing power, mostly representing older Millennials established in their work and families. The intersection of several trends – sustainability, healthier living, and an entrepreneurial spirit – has resulted in the emergence and growth of numerous companies well-suited to the millennial generation. The Argus Millennial Generation portfolio consists of 30 stocks that fit many of these themes.
Square, Inc., (SQ) in partnership with the National Christmas Tree Association, released a Christmas Tree Calculator and data report, based on Square sales from thousands of Christmas tree farmers and sellers across the country. Using price fluctuations throughout the holiday season, the calculator helps consumers strategically select the best day to buy their tree, based on their region, how long they plan to keep it, and desired budget. According to Square sales data, the report shows that Christmas tree prices increased 23% from 2015 to 2018, with the average price rising from $62 to $76.
(Bloomberg) -- There aren’t many jobs in Davidson, North Carolina, that offer the flexibility and decent pay that Alfonso Auz was looking for. He tried a bunch of gigs, including driving for Uber, before eventually settling on DoorDash Inc. Auz, 47, usually makes at least $150 a day delivering food from restaurants in his hometown, without having to commute to the nearest job center, Charlotte, 40 minutes away. “I usually turn on the app while I’m still at home,” Auz said.Towns like Davidson are at the center of a strategy that secured DoorDash a firm position atop the U.S. food delivery market, said Tony Xu, DoorDash’s chief executive officer. The suburbs, he said, were underestimated by competitors, giving DoorDash the opportunity to forge nationwide exclusivity deals with the likes of the Cheesecake Factory and Chili’s. “While our competitors focus on the cities, we focused on the suburbs,” said Xu. “That’s how we were able to become the market leader.”The other part of the strategy, according to analysts, rival businesses and venture capitalists, involves a war chest of about $2 billion. That’s how much DoorDash has received from investors in the six years since the business was established, and almost two-thirds of it came in the last 18 months. SoftBank Group Corp., the Japanese conglomerate whose investments have reshaped Silicon Valley, took an interest in DoorDash last year and helped lift the valuation of the unprofitable company to $12.6 billion this past May. Other backers include Sequoia Capital and Singaporean government investment funds.Today, DoorDash is the prime example of SoftBank’s investing philosophy seeming to work as intended. Behind SoftBank’s $100 billion tech fund is the idea that an ample supply of money can propel a company to the top of a market. DoorDash accounts for 35% of online food delivery sales in the U.S., according to Edison Trends, a market research firm. DoorDash’s rise has come at the expense of the other major delivery apps from Uber Technologies Inc., Grubhub Inc. and Postmates Inc., which have all lost share in the last year. DoorDash is in 4,000 towns, compared with 500 cities for UberEats. “DoorDash came out of nowhere,” said Hetal Pandya, an analyst at Edison Trends.Critics say DoorDash followed the SoftBank model down a destructive path of growth at all costs and a backward business model that doesn’t account for profit. DoorDash may find itself unpalatable to public market investors, who have largely turned against big unprofitable stocks. The company has been eyeing an initial public offering next year. “We believe we have the right unit economics to enable us to build a sustainable and profitable business,” said a spokeswoman for DoorDash.DoorDash’s spending has impacted competitors. Grubhub shares fell 42% last week in their biggest one-day drop ever, after the company gave a dismal forecast and published an unusual, 10-page manifesto signed by the CEO and financial chief. In it, they throw shade at competitors, saying Grubhub is the only profitable food delivery business. A week later, Uber reported fewer-than-expected food delivery orders in an otherwise favorable quarter. The stock fell to an all-time low the next day.Fast food restaurants aren’t faring much better. Delivery apps charge restaurants fees, sometimes as much as 30% of sales, which cut into profit margins. That has pushed larger chains to negotiate lower fees in exchange for exclusive agreements, as Shake Shack Inc. did with Grubhub. However, going with the third-place app contributed to an underwhelming quarter and reduced sales targets for the burger chain, whose stock dipped 21% Tuesday. The old-fashioned way of hiring drivers isn’t a reliable option, either. The CEO of Papa John’s International Inc. said Wednesday that a shortage of drivers is forcing the pizza company to work with the app providers.Just a few years ago, DoorDash was struggling to find investors and agreed to cut its share price to raise capital. By late last year, annual sales had tripled. But questions remain about how sustainable the business is. Over the summer, a DoorDash investor prepared an informal presentation arguing the merits of a sale of the company to Uber, according to a copy of the document obtained by Bloomberg.Uber, which also counts SoftBank as its largest shareholder, is sitting on $12.7 billion in cash, and its CEO, Dara Khosrowshahi, told analysts on a conference call this week that the company is open to acquisitions in food delivery. However, Khosrowshahi has also committed to cut spending in service of turning a profit by 2021. Representatives for the companies declined to comment on the prospect of a merger. Mike Walsh, an early Uber investor, said DoorDash is probably too big for Uber to swallow.Instead, DoorDash made a purchase of its own. The company spent $410 million in August for Caviar, a food delivery app owned by Square Inc. “We have a lot of money in the bank,” said Xu, the DoorDash CEO. “We are in no rush to spend it all.”Geographic comprehensiveness comes at no small expense to DoorDash, but it’s what draws many restaurant operators to the app. About 80% of Chili’s locations are in the suburbs, and DoorDash is helping bring in customers who may not otherwise eat there, said Steve Provost, the chief concept officer for Chili’s parent company Brinker International Inc. “The idea of non-pizza delivery in the suburbs is a relatively new phenomenon,” he said.DoorDash’s sprawl throughout American suburbia hasn’t hurt its position in major cities, though. Holly Richards, a 29-year-old executive assistant in San Francisco, said she prefers DoorDash because of its competitive prices, wide selection and, most importantly, its generous refund policy. UberEats would only give her a 20% off coupon when she complained that her Indian dumplings arrived cold, Richards said: “DoorDash is the only company that has offered me a full refund for food that did not arrive in a timely matter.”\--With assistance from Leslie Patton and Lizette Chapman.To contact the author of this story: Candy Cheng in San Francisco at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Milian at email@example.com, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The latest U.S.-China trade war news that could see the world's two largest economies roll back tariffs. Q3 earnings results from the likes of Qualcomm and Square. And why Yeti is a Zacks Rank 1 (Strong Buy) stock...
Square (SQ) delivered earnings and revenue surprises of 25.00% and 9.77%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
The San Francisco-based company, best known for its signature small white credit card readers that are plugged into smartphones, has been aggressively expanding into a wider range of financial services, ranging from lending to accounting software. Subscription and services-based revenue, which includes Square's earnings from selling software, jumped 68% to $279.8 million in the third quarter ended Sept 30, with Cash App revenue more than doubling to $159 million. Square's Cash App, which directly competes with PayPal Holdings Inc's Venmo app, allows users to send money to each other for free.
Square, Inc. has posted its financial results for the third quarter of 2019 on the Financial Information section of its Investor Relations website at square.com/investors.
Given the continued strength in the Cash App, Square is expected to come up with promising results. Roku, on the other hand, will gain from strength in its platform business.
Stocks pared losses and ended mixed after a report from Reuters that a meeting between President Donald Trump and China’s Xi Jinping could be pushed back until December.