|Bid||266.05 x 900|
|Ask||266.09 x 800|
|Day's range||263.01 - 265.77|
|52-week range||142.00 - 265.78|
|Beta (3Y monthly)||1.25|
|PE ratio (TTM)||22.35|
|Earnings date||27 Jan 2020 - 31 Jan 2020|
|Forward dividend & yield||3.08 (1.17%)|
|1y target est||255.51|
Nov.15 -- Dan Ives, Wedbush Securities managing director, discusses his forecast for Apple Inc. shares with Bloomberg's Taylor Riggs on "Bloomberg Technology."
When tech giants create differing company cultures that match their respective business strategies, both can be effective, says a top venture capitalist in a newly released interview.
(Bloomberg) -- Saudi Arabia put a valuation on state-owned oil giant Aramco of between $1.6 trillion and $1.71 trillion, well below the $2 trillion target sought by Crown Prince Mohammed bin Salman since he first mooted an initial public offering in 2016.Aramco will sell just 1.5% of its shares on the the local stock exchange, the Tadawul, somewhat less than expected. At the lower end of the price range, the offer would fall short of a record, coming in just below the $25 billion raised Alibaba Group Holding Ltd.’s in 2014.While the target valuation will make Aramco the world’s biggest public company by some distance, overtaking Apple Inc., the plans are a long way from Prince Mohammed’s initial aims: a local and international listing to raise as much as $100 billion for the kingdom’s sovereign wealth fund.In a sign Aramco will rely heavily on local investors after receiving a tepid response from international money managers, the shares won’t be marketed in the U.S. and Canada as originally planned. Japan’s also off the list.Aramco Chief Executive Officer Amin Nasser kicked off the IPO’s final phase at a presentation for hundreds of local fund managers in Riyadh. The roadshow is expected to move on to Europe this week.Nasser called it “a historic day for Saudi Aramco, for Tadawul and the kingdom of Saudi Arabia,” he said. “We are excited about the transition to being a listed company.”The final version of the prospectus didn’t identify any cornerstone investors, though the company is still in talks with Middle Eastern, Chinese and Russian funds.Aramco will need to lean heavily on local wealthy families, some of whom had members detained in Riyadh’s Ritz-Carlton hotel during a so-called corruption crackdown in 2017, to get the job done.Foreign investors had always been skeptical of the $2 trillion target and recently suggested they would be interested at a valuation below $1.5 trillion. That would offer a return on their investment close to other leading oil and gas companies like Exxon Mobil Corp. and Royal Dutch Shell Plc.The new valuation implies Aramco, which has promised a dividend of at least $75 billion next year, will reward investors with a dividend yield of between 4.4% and 4.7%. Exxon Mobil pays a dividend yield of just under 5%, while Shell pays 6.4%.Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a skeptical audience. It’s cut the tax rate for Aramco three times, promised the world’s largest dividend and offered bonus shares for retail investors who keep hold of the stock.“Aramco’s price range takes into account some uncertainties that weren’t fully absorbed when the IPO was first floated,” such as governance, said Jaafar Altaie, managing director of Abu Dhabi-based consultant Manaar Group. “The lower range reflects uncertainties. It takes into account issues of supply that are very fluid, and demand that doesn’t look so good now.”Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies. Many foreign investors are concerned the shift away from the internal combustion engine -- a technology that drove a century of steadily rising fossil fuel demand -- means consumption of oil will peak in the next two decades.Speaking in Riyadh on Sunday, Nasser acknowledged the prospect of peak demand, but argued that with the lowest production costs in the industry, Aramco would be able to win market share from less efficient producers.The Aramco IPO is a pillar of Prince Mohammed’s much-hyped Vision 2030 plan to change the social and economic fabric of the kingdom and attract foreign investment. The prince, who rules Saudi Arabia day-to-day, is trying to recover his reformist credentials after his global reputation was damaged by the 2018 assassination of government critic Jamal Khashoggi in the kingdom’s Istanbul consulate.Proceeds from the IPO will be transferred to the Public Investment Fund, which has been making a number of bold investments, plowing $45 billion into SoftBank Corp.’s Vision Fund, taking a $3.5 billion stake in Uber Technologies Inc. and planning a $500 billion futuristic city.No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned net income of $111 billion in 2018 on revenue of $315 billion.(Updates with analyst comment in 12th paragraph.)\--With assistance from Nayla Razzouk, Abbas Al Lawati and Filipe Pacheco.To contact the reporters on this story: Matthew Martin in Dubai at firstname.lastname@example.org;Javier Blas in London at email@example.comTo contact the editors responsible for this story: Nayla Razzouk at firstname.lastname@example.org, ;Stefania Bianchi at email@example.com, Bruce StanleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Saudi Arabia has sharply scaled back the initial public offering of its state oil giant after international investors gave its ambitious plans a lukewarm response. The kingdom revealed on Sunday that it will seek to raise between $24-$25.6bn from the listing of Saudi Aramco, a fraction of the $100bn it had once hoped for. Aramco will float just 1.5 per cent of its total shares to investors at price that will value the company at between $1.6tn-$1.7tn.
The idea seems to be that customers would enjoy a whizzy Google banking interface, backed by an old-fashioned current account at Citi. Silicon Valley has already cracked payments. This phenomenon is not new: 20 years ago, Walmart tried to get into the retail banking business.
(Bloomberg) -- SoftBank Group Corp. has quietly completed an initial money-raising push for its second technology fund, at a fraction of its targeted $108 billion.The Japanese company has raised roughly $2 billion for the second Vision Fund so it can start backing startups, according to two people familiar with the matter. This stage of the fund-raising process is known as a first close, and SoftBank will continue gathering commitments. A Vision Fund spokesman declined to comment.SoftBank said in July that its second Vision Fund would be even larger than the first, which broke records in 2017 by raising almost $100 billion. This time around, SoftBank has said it is taking more control, committing $38 billion of its own capital and replacing Saudi Arabia, which was the largest investor in the first fund.So far, it is unclear whether there are any outside investors in the second fund. The original Vision Fund was announced in October 2016, but took another seven months for its first major closing with $93 billion in commitments.Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Co., which contributed $45 billion and $15 billion, respectively, to the first fund, are reconsidering how much to put into the new fund, Bloomberg News previously reported.Talks with Saudi Arabia are still ongoing, said the people, who asked not to be identified discussing private matters. Mubadala recently told Bloomberg News it had yet to decide on whether it would invest.SoftBank has said the second fund is also expected to collect money from Apple Inc., Microsoft Corp., Foxconn Technology Group and the sovereign wealth fund of Kazakhstan.SoftBank’s second Vision Fund has made at least one investment already. It recently participated in a financing round for Chinese online property listing service Beike Zhaofang, people with knowledge of the matter said. The company previously raised $800 million from investors in March, Caixin reported at the time. A representative for Beike was not immediately reachable for comment.WeWork and Uber Technologies Inc., two of the largest investments made by SoftBank and the first Vision Fund, have performed poorly this year. A recent summary of the first Vision Fund portfolio showed that the fair value of the fund’s stakes in transportation and logistics companies was $31.1 billion as of Sept. 30, just below the cost of those investments. The fair value of the fund’s real estate investments was $7.5 billion, below the $9 billion cost.That’s prompted some soul-searching at the Japanese company.“There was a problem with my own judgment, that’s something I have to reflect on,” SoftBank founder Masayoshi Son said.(Updates with a recent Vision Fund investment in eighth paragraph.)To contact the reporters on this story: Gillian Tan in New York at firstname.lastname@example.org;Giles Turner in London 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.com©2019 Bloomberg L.P.
(Bloomberg) -- The U.S. stock market just reached another milestone, as the Dow Jones Industrial Average passed the 28,000 threshold for the first time, extending its gain for the year to 20%.Apple Inc. led the rally, surging 68% in 2019 as the best performer in the 30-stock gauge. The iPhone maker has the third-highest weighting in the Dow average.While reaching all-time highs is nothing new for stocks this year, sentiment often gets an extra boost when major gauges take out round numbers, particularly from retail investors. Along with Apple, other household names in the blue-chip index have been surging. Microsoft Corp., Home Depot Inc. and Walt Disney Co. are among the almost one-third of Dow members up at least 30% this year.“When you have a market breaking new highs at the end of the year and breaking psychological barriers, that can create a situation where there’s FOMO, fear of missing out,” said Matt Maley, an equity strategist at Miller Tabak & Co. “For the individual investors, it gives them more confidence.”The index added 0.8% on Friday to close at 28,004.89.Sentiment is improving as the U.S. and China are poised to sign the first phase of a trade deal and after the Federal Reserve lowered interest rates three times this year. Fears the economy is headed toward a recession have receded. In their place are hopes for a pick-up in growth.While some strategists have warned about downside risk, including falling earnings and lingering uncertainty over trade, Willie Delwiche at Baird suggested the typical year-end buoyancy around holidays is likely to sustain market momentum over the short term.“At what point does that optimism become too excessive and lead to or necessitate a bit of a pullback?” Delwiche, an investment strategist at Baird, said by phone. “Optimism usually runs high this time of year, and so maybe the party can last a little longer than people are expecting.”\--With assistance from Vildana Hajric and Claire Ballentine.To contact the reporter on this story: Lu Wang in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Jeremy Herron, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Streaming video has been one of the biggest growth stories of the past several years, but even with all the attention that has been paid to the space, the industry is nowhere near full maturity, according to an executive at streaming-platform Roku Inc.“In the long run, the total addressable market for streaming video is all TV money, period,” said Scott Rosenberg, a senior vice president and general manager of Roku’s platform business. Over-the-top (OTT) streaming “lets advertisers do things that they’ve gotten used to in digital but which hasn’t been possible on TV,” such as individually targeting consumers based on user-specific data.Rosenberg compared the industry, specifically streaming-related advertising, to the early days of smartphones, when usage far outpaced how much advertisers focused on them. He cited a study from Magna that suggested 29% of TV viewing was happening outside the traditional model, although only 3% of TV ad budgets were being allocated to streaming services.That imbalance will correct “in a pretty accelerated fashion over the next two or three years,” he said in a phone interview. “Marketers are starting to move their money, and once it begins to happen apace, I think we’ll see a significant outflow.”It will likely take a few years for streaming ad revenue to surpass linear TV, he said, though the trend is accelerating. According to Bloomberg Intelligence, OTT ad revenue is expected to grow to $9 billion by 2023, compared with $4 billion in 2019. The TV advertising market is estimated at around $70 billion.While much of the focus on the sector has been on the fight for audiences between content providers -- both Apple and Walt Disney have recently launched new services, with others on the way, including HBO Max next spring -- Roku has benefited by being a portal to these services, rather than a competitor. Last month, Apple announced that its TV+ app would be available on Roku’s platform, news that was notable as the iPhone maker offers its own streaming hardware.The agreement “validates [Roku’s] dominant role as an aggregator,” and “the content-agnostic nature of its platform will allow more deals with streaming services,” Bloomberg Intelligence wrote.Investors have rewarded Roku’s position within the ecosystem. Shares are up more than 400% thus far this year, making it the biggest gainer in the Russell 1000 index by far. Netflix Inc. is up about 10% thus far in 2019, while Disney has risen 32%.Earlier this month, RBC Capital Markets wrote that Roku was “one of the best plays on ad-supported OTT, with the company being one of the best positioned to take share of the very large, underpenetrated” $70 billion TV advertising spending opportunityRoku posted its sixth straight advance on Friday and has risen more than 30% over that stretch. The gains have coincided with the launch of Disney+, as well as bullish commentary from Bank of America, which on Friday raised its price target and wrote that Roku’s Black Friday discounts are setting it up for “outsized” account growth in the fourth quarter.While the stock struggled in September because of concerns about competition for streaming hardware, Roku’s platform business accounts for a growing percentage of its overall revenue. According to data compiled by Bloomberg, the division comprised nearly 70% of the company’s third-quarter revenue, while the rest came from its players business. Over all of 2018, platforms accounted for just 56.1% of revenue.Roku’s Rosenberg told Bloomberg that the company continued to view linear TV as its biggest competition for near-term growth. “We’re trying to take OTT advertising from a $5 billion market to a market that’s $20, $30, or even $50 billion. However, cord-cutters are leaving paid-TV in droves, and user engagement is on our side. When I started here, there were no networks doing streaming, but now Disney is all-in on a major service. There’s been a series of tipping points for the industry.”He added that he was planning to spend the weekend watching “The Mandalorian,” a new series set in the “Star Wars” universe, now streaming on Disney+.To contact the reporter on this story: Ryan Vlastelica in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Tatiana DarieFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
We searched for semiconductor stocks utilizing our Zacks Stock Screener that investors might want to consider buying ahead of what could be a strong year for chip companies in 2020...
(Bloomberg) -- Apple Inc. said it is removing 181 vaping-related apps from its App Store amid growing health concerns about e-cigarettes.The company said it never allowed apps that sell cartridges on the store, but other vape-related software, such as apps that control vaping pens or provided industry news or vape-focused games, were allowed. Apple initially stopped approving such apps in June, and now it is pulling them from the App Store entirely. If a user has already downloaded one of these apps, the software will continue to work on iPhones, but it will no longer show up on the App Store for new customers to download."We take great care to curate the App Store as a trusted place for customers, particularly youth, to download apps,” Apple said in a statement. “We’re constantly evaluating apps, and consulting the latest evidence, to determine risks to users’ health and well-being.”The company said it made the decision following the Centers for Disease Control and Prevention’s determination that vaping products resulted in 42 deaths in the U.S. and contributed to over 2,000 cases of lung injury.Apple’s decision is already being praised by the American Heart Association, which said, “we are grateful that Apple is joining with us and others on this historic day to stand against big Vape and their lies by removing all vaping apps in the App Store.”Removing an entire category of apps is a rarity for Apple, but it has an extensive set of review guidelines that bans apps that promote pornography, facilitate the sale of illegal substances, promote physical harm or defame other people.To contact the reporter on this story: Mark Gurman in San Francisco at email@example.comTo contact the editors responsible for this story: Tom Giles at firstname.lastname@example.org, Alistair Barr, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Dolby (DLB) fiscal fourth-quarter results reflect year over year increase in income and revenues, driven by gripping content, Dolby Vision and Dolby Atmos experience with higher broadcast revenues.
Despite trade-related conflict with China, the technology sector has performed exceptionally well in 2019 so far, surpassing the broader market return.
The next big thing after the smartphone is . Apple executives recently told staff that a preliminary headset could launch in 2022, according to tech news site The Information, while “true” augmented-reality glasses are due to arrive a year later.
FT subscribers can click here to receive FirstFT every day by email. How well did you keep up with the news this week? Take our quiz . Nigel Farage claimed Boris Johnson’s allies offered the Brexit party ...
as head of HBO in February, it signalled the end of an era for a cable network synonymous with high-quality television. Mr Plepler’s arrival at Apple would present a fresh challenge to Netflix, which has battled with HBO for coveted Emmy awards in recent years.
When a man I had never met offered to introduce me to second world war veterans in Russia, I jumped at the opportunity. Little did I know that at the end of my first day in the country his wife would be whipping me with birch twigs in a small cabin on the edge of a rural forest. “Winter is coming,” my host Sasha intones (I’m willing to bet good money he has never watched Game of Thrones).
In On Keeping a Notebook, British photographer Jamie Hawkesworth visualises the personal, fragmentary nature of an artist’s creative process. Hawkesworth’s lens is drawn to bursts of colour and nature’s idiosyncrasies; a bushel of fallen apples, a lightning-struck tree and a mudlarking child come to symbolise flights of the imagination, complemented by Didion’s musings on the fluid line between fact and fiction in her own note-taking.