SoftBank to commit $40 bln to second Vision Fund
* Stories are summarized by an A.I.
* Stocks or companies mentioned: SoftBank, TSLA, MSFT, CRM, Wanda Sports, FB, DB, V, Huawei, and GOOG
SoftBank to commit $40 bln to second Vision Fund
SoftBank Group Corp | Financial Post
Tech conglomerate SoftBank Group Corp will invest $40 billion in its forthcoming second Vision Fund, the Wall Street Journal reported on Wednesday. While the first, $100 billion Vision Fund launched with $60 billion in backing from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, SoftBank has pledged to launch its second even without such support as it markets the fund to potential investors. The second fund has secured investment from Goldman Sachs Group Inc and Standard Chartered Plc, WSJ said. Kazakhstan’s sovereign wealth fund will also invest, the WSJ said. While PIF is among existing investors in talks with SoftBank, any decision to invest in the second fund will be made only after assessing a formal proposal, a source familiar with the talks said.
Read More
Tesla needs more time to turn profit; founding engineer steps down
TSLA (Tesla Inc.) | Money Control
Moreover, margins - a focus of investors - narrowed in the quarter, adding to Tesla's challenges in delivering profit going forward. Shares fell 11.5% after hours and extended losses after the announcement about Straubel, a founding engineer who will become a senior adviser. Now profit is expected in the fourth quarter of 2019, with the current quarter to be break-even, Musk said. In a statement on Wednesday, Tesla said it was focussing less on profit and more on volume growth, capacity expansion and cash generation. Tesla said on Wednesday it had trimmed its capital expenditure target for 2019 to $1.5 billion to $2.0 billion, from $2.0 billion to $2.5 billion.
Read More
Microsoft drops the 'Online' name from its Office web apps
MSFT (Microsoft Corporation) | Engadget
On one hand, ditching "Online" as a naming convention makes sense. On the other hand, it might cause some confusion when Microsoft tries to differentiate between its desktop, mobile and web apps. The company said that it will continue referring to the web-based apps as "Office for the web" to clarify the platform, which is kind of what the "Online" moniker did for them already. While the popular Office apps including Word, PowerPoint and Excel are shaking the "Online" descriptor, other Microsoft products will be hanging onto it. The company said it will continue to use the naming convention for Exchange Online, SharePoint Online, Project Online and Office Online Server.
Read More
Salesforce expands footprint into China with Alibaba partnership
CRM (salesforce.com, inc.) | Reuters
U.S. cloud-based service provider Salesforce.com Inc (CRM.N) said on Wednesday it will partner with Chinese e-commerce company Alibaba Group Holdings Ltd (BABA.N), as Salesforce looks to make inroads into the Chinese software market with its cloud-based products.
Read More
China’s Wanda Sports cuts U.S. IPO size, lowers price range
Wanda Sports Group Co Ltd | Financial Post
SINGAPORE — Wanda Sports Group Co Ltd, a unit of Chinese conglomerate Dalian Wanda Group, has cut the size of its U.S. initial public offering (IPO) to up to $308 million from a previous size of up to $500 million. The firm set its IPO price range at $9 to $11 per American depositary share (ADS), compared with a previously stated range of $12 to $15, showed its latest prospectus filed with the U.S. Securities and Exchange Commission on Wednesday. The cut indicates tepid U.S. investor demand for Chinese stocks after China’s largest live-streaming platform DouYu International Holdings Ltd priced its $775 million Nasdaq IPO at the bottom of its price range last week. Wanda Sports said it plans to use the IPO proceeds to repay debt, fund strategic investments and for general corporate purposes. In 2015, the conglomerate bought Infront Sports & Media and World Triathlon for $1.2 billion and $650 million respectively.
Read More
Facebook warns privacy changes will slow revenue growth, discloses another U.S. probe
FB (Facebook Inc) | Venture Beat
Facebook said on Wednesday that new rules and product changes aimed at protecting users’ privacy would slow its revenue growth into next year and significantly raise expenses, taking the shine off quarterly revenue results that beat expectations. Facebook earlier agreed to pay $5 billion to settle a U.S. Federal Trade Commission data privacy probe but then disclosed that the regulator was now investigating it for anti-competitive behavior. For the quarter, Facebook reported 2.7 billion monthly users and 2.1 billion daily users across Facebook, Messenger, Instagram and WhatsApp, both figures about the same as last quarter. Costs jumped 66% compared to a year ago, to nearly $12.3 billion, as Facebook continues to ramp up such initiatives. The expectations for its ad business and cost forecasts could hurt profit margins, particularly in the fourth quarter, Facebook said.
Read More
Deutsche Bank Faces A Smaller, Poorer Future
DB (Deutsche Bank AG) | Forbes
Deutsche Bank has issued its results for the second quarter of 2019. When the restructuring is complete, it will be a much smaller, poorer bank. This is how Deutsche Bank explains its decision to write down the DTA (my emphasis):Each quarter, the Group re-evaluates its estimate related to deferred tax assets, including its assumptions about future profitability. In updating the strategic plan in connection with the transformation the Group adjusted the value of deferred tax assets in affected jurisdictions. Deutsche Bank has admitted that the deep cuts to the investment bank will result in profitability being significantly lower for the foreseeable future.
Read More
Visa: The Marathon Continues
V (Visa Inc.) | Seeking Alpha
On July 23, Visa (V) delivered another of its trademark all-around earnings beat, the 12th consecutive one since September 2016. The San Francisco-based financial services company produced $5.84 billion in revenues that beat consensus by $143 million, making my projected YOY growth of 9.25% look overly conservative. Source: earnings slidesAs I hinted at in my earnings preview, it would be unreasonable to expect much bottom-line support from the opex line, given Visa's growth profile. Not surprisingly, adjusted operating costs moved 10% higher YOY, with marketing investments to support the top line rising nearly 18%. Source: DM Martins Research, using data from company reportsIt's a marathon, not a sprintV shareholders must have been pleased with the company's fiscal 3Q19 results.
Read More
Huawei to hire 20-30 talented 'teenagers' in 2019
002502 (Huawei Technology Company Ltd) | ZDNet
Huawei will recruit 20 to 30 talented "teenagers" from all over the world by providing them with top challenges as well as top salaries, according to Chinese media reports this week. Huawei has already hired eight PhD students graduating in 2019, providing them with annual salary packages that go up to 2.01 million yuan ($292,000), the company said. Zhong Zhao and Qin Tong are paid the most among the eight PhD students, whose annual salary are 1.82 million and 2.01 million yuan, respectively. The remaining six students will be paid between 896,000 yuan and 1.565 million yuan annually, said the Chinese media reports. The ban effectively targets Chinese equipment providers like Huawei, although no names are mentioned in the executive order's text.
Read More
With Google's ad revenue growth slumping, the pressure for Alphabet to blow up its earnings report and tell a new story is stronger than ever
GOOG (Alphabet Inc) | Business Insider
And on Thursday, when Google's parent company Alphabet reports Q2 earnings, Wall Street expects more of the same. Morgan told Business Insider in an interview that he didn't believe Alphabet's business was losing any ground to competitors. But from an optics perspective, it's hard to ignore that Alphabet's ad growth has become sluggish compared to its nearest competitors. Already, since Kurian took over in January, there are signs that Google Cloud is becoming more successful selling to larger customers. But still, the growth for Alphabet is meaningful and represents a substantial business for the company, outside of advertisements.
Read More
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* Stocks or companies mentioned: SoftBank, TSLA, MSFT, CRM, Wanda Sports, FB, DB, V, Huawei, and GOOG
SoftBank to commit $40 bln to second Vision Fund
SoftBank Group Corp | Financial Post
Tech conglomerate SoftBank Group Corp will invest $40 billion in its forthcoming second Vision Fund, the Wall Street Journal reported on Wednesday. While the first, $100 billion Vision Fund launched with $60 billion in backing from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, SoftBank has pledged to launch its second even without such support as it markets the fund to potential investors. The second fund has secured investment from Goldman Sachs Group Inc and Standard Chartered Plc, WSJ said. Kazakhstan’s sovereign wealth fund will also invest, the WSJ said. While PIF is among existing investors in talks with SoftBank, any decision to invest in the second fund will be made only after assessing a formal proposal, a source familiar with the talks said.
Read More
Tesla needs more time to turn profit; founding engineer steps down
TSLA (Tesla Inc.) | Money Control
Moreover, margins - a focus of investors - narrowed in the quarter, adding to Tesla's challenges in delivering profit going forward. Shares fell 11.5% after hours and extended losses after the announcement about Straubel, a founding engineer who will become a senior adviser. Now profit is expected in the fourth quarter of 2019, with the current quarter to be break-even, Musk said. In a statement on Wednesday, Tesla said it was focussing less on profit and more on volume growth, capacity expansion and cash generation. Tesla said on Wednesday it had trimmed its capital expenditure target for 2019 to $1.5 billion to $2.0 billion, from $2.0 billion to $2.5 billion.
Read More
Microsoft drops the 'Online' name from its Office web apps
MSFT (Microsoft Corporation) | Engadget
On one hand, ditching "Online" as a naming convention makes sense. On the other hand, it might cause some confusion when Microsoft tries to differentiate between its desktop, mobile and web apps. The company said that it will continue referring to the web-based apps as "Office for the web" to clarify the platform, which is kind of what the "Online" moniker did for them already. While the popular Office apps including Word, PowerPoint and Excel are shaking the "Online" descriptor, other Microsoft products will be hanging onto it. The company said it will continue to use the naming convention for Exchange Online, SharePoint Online, Project Online and Office Online Server.
Read More
Salesforce expands footprint into China with Alibaba partnership
CRM (salesforce.com, inc.) | Reuters
U.S. cloud-based service provider Salesforce.com Inc (CRM.N) said on Wednesday it will partner with Chinese e-commerce company Alibaba Group Holdings Ltd (BABA.N), as Salesforce looks to make inroads into the Chinese software market with its cloud-based products.
Read More
China’s Wanda Sports cuts U.S. IPO size, lowers price range
Wanda Sports Group Co Ltd | Financial Post
SINGAPORE — Wanda Sports Group Co Ltd, a unit of Chinese conglomerate Dalian Wanda Group, has cut the size of its U.S. initial public offering (IPO) to up to $308 million from a previous size of up to $500 million. The firm set its IPO price range at $9 to $11 per American depositary share (ADS), compared with a previously stated range of $12 to $15, showed its latest prospectus filed with the U.S. Securities and Exchange Commission on Wednesday. The cut indicates tepid U.S. investor demand for Chinese stocks after China’s largest live-streaming platform DouYu International Holdings Ltd priced its $775 million Nasdaq IPO at the bottom of its price range last week. Wanda Sports said it plans to use the IPO proceeds to repay debt, fund strategic investments and for general corporate purposes. In 2015, the conglomerate bought Infront Sports & Media and World Triathlon for $1.2 billion and $650 million respectively.
Read More
Facebook warns privacy changes will slow revenue growth, discloses another U.S. probe
FB (Facebook Inc) | Venture Beat
Facebook said on Wednesday that new rules and product changes aimed at protecting users’ privacy would slow its revenue growth into next year and significantly raise expenses, taking the shine off quarterly revenue results that beat expectations. Facebook earlier agreed to pay $5 billion to settle a U.S. Federal Trade Commission data privacy probe but then disclosed that the regulator was now investigating it for anti-competitive behavior. For the quarter, Facebook reported 2.7 billion monthly users and 2.1 billion daily users across Facebook, Messenger, Instagram and WhatsApp, both figures about the same as last quarter. Costs jumped 66% compared to a year ago, to nearly $12.3 billion, as Facebook continues to ramp up such initiatives. The expectations for its ad business and cost forecasts could hurt profit margins, particularly in the fourth quarter, Facebook said.
Read More
Deutsche Bank Faces A Smaller, Poorer Future
DB (Deutsche Bank AG) | Forbes
Deutsche Bank has issued its results for the second quarter of 2019. When the restructuring is complete, it will be a much smaller, poorer bank. This is how Deutsche Bank explains its decision to write down the DTA (my emphasis):Each quarter, the Group re-evaluates its estimate related to deferred tax assets, including its assumptions about future profitability. In updating the strategic plan in connection with the transformation the Group adjusted the value of deferred tax assets in affected jurisdictions. Deutsche Bank has admitted that the deep cuts to the investment bank will result in profitability being significantly lower for the foreseeable future.
Read More
Visa: The Marathon Continues
V (Visa Inc.) | Seeking Alpha
On July 23, Visa (V) delivered another of its trademark all-around earnings beat, the 12th consecutive one since September 2016. The San Francisco-based financial services company produced $5.84 billion in revenues that beat consensus by $143 million, making my projected YOY growth of 9.25% look overly conservative. Source: earnings slidesAs I hinted at in my earnings preview, it would be unreasonable to expect much bottom-line support from the opex line, given Visa's growth profile. Not surprisingly, adjusted operating costs moved 10% higher YOY, with marketing investments to support the top line rising nearly 18%. Source: DM Martins Research, using data from company reportsIt's a marathon, not a sprintV shareholders must have been pleased with the company's fiscal 3Q19 results.
Read More
Huawei to hire 20-30 talented 'teenagers' in 2019
002502 (Huawei Technology Company Ltd) | ZDNet
Huawei will recruit 20 to 30 talented "teenagers" from all over the world by providing them with top challenges as well as top salaries, according to Chinese media reports this week. Huawei has already hired eight PhD students graduating in 2019, providing them with annual salary packages that go up to 2.01 million yuan ($292,000), the company said. Zhong Zhao and Qin Tong are paid the most among the eight PhD students, whose annual salary are 1.82 million and 2.01 million yuan, respectively. The remaining six students will be paid between 896,000 yuan and 1.565 million yuan annually, said the Chinese media reports. The ban effectively targets Chinese equipment providers like Huawei, although no names are mentioned in the executive order's text.
Read More
With Google's ad revenue growth slumping, the pressure for Alphabet to blow up its earnings report and tell a new story is stronger than ever
GOOG (Alphabet Inc) | Business Insider
And on Thursday, when Google's parent company Alphabet reports Q2 earnings, Wall Street expects more of the same. Morgan told Business Insider in an interview that he didn't believe Alphabet's business was losing any ground to competitors. But from an optics perspective, it's hard to ignore that Alphabet's ad growth has become sluggish compared to its nearest competitors. Already, since Kurian took over in January, there are signs that Google Cloud is becoming more successful selling to larger customers. But still, the growth for Alphabet is meaningful and represents a substantial business for the company, outside of advertisements.
Read More
Download Folo, add stock symbols to your watchlist, and get notified.
When you look up U.S or China stock symbols and add them to Watchlist, Folo, an A.I. based news curator will keep you updated with stock news from 270 sources.
Download on the App Store
http://folo.moya.ai
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