124.75 +0.32 (0.26%)
After hours: 7:56PM EST
|Bid||124.51 x 800|
|Ask||125.35 x 1000|
|Day's range||123.61 - 128.04|
|52-week range||93.39 - 186.22|
|Beta (5Y monthly)||1.90|
|PE ratio (TTM)||9.70|
|Earnings date||26 Feb 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||1,050.30|
(Bloomberg) -- Stocks in Asia fell in heavy trading Wednesday after another epic rout on Wall Street, while U.S. futures rose and the yen dipped, taking back some of their strong recent moves.The won fell toward its weakest since 2016 after South Korea reported a further escalation in coronavirus cases. Stock benchmarks were down more than 1% in Seoul and Tokyo, though came off their lows of the session. Hong Kong and Shanghai saw smaller drops. The S&P 500 Index fell 3% overnight, in its worst two-day slide since 2015. Ten-year Treasury yields held near Tuesday’s record low. The offshore yuan was flat, and the yen gave up some recent gains.South Korea, Asia’s fourth-largest economy, said its national total for coronavirus cases is now more than 1,000, up from just 51 a week ago. American health officials on Tuesday warned that they expect the epidemic to spread in the U.S., news that extended the sell-off in stocks.The virus and the market reaction has also entered U.S. politics. President Donald Trump tweeted “Stock Market starting to look very good to me!” after the close on Monday. Democratic presidential candidate Elizabeth Warren by contrast said the plunge in stocks is only the “tip of the iceberg” of a growing economic threat from the coronavirus.Meantime, traders are monitoring for any signs of policy accommodation as the global economy absorbs the blow of virus-linked shutdowns. U.S. central bankers are closely monitoring the spreading virus, but it is “still too soon” to say whether it will result in a material change to the outlook, Federal Reserve Vice Chairman Richard Clarida said Tuesday. Traders nevertheless are betting on further easing.“The ultimate impact remains entirely unknown at this stage,” said Eleanor Creagh, a Sydney-based strategist at Saxo Capital Markets. “And uncertainty is the enemy of conviction.”Elsewhere, crude oil remained around $50 a barrel after slumping for two straight sessions.These are some key events coming up:Earnings keep rolling in from companies including: Peugeot SA on Wednesday; Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.The Bank of Korea announces its policy decision on Thursday, with rising risks of an interest-rate cut.U.S. jobless claims, GDP and durable goods data are out Thursday.Japan industrial production, jobs, and retail sales figures are due on Friday.These are the main moves in markets:StocksFutures on the S&P 500 Index added 0.7% as of noon in Tokyo. The gauge fell 3% on Tuesday.Japan’s Topix index retreated 1.1%, after being down as much as 1.9% earlier.Hong Kong’s Hang Seng lost 0.8%.The Shanghai Composite fell 0.4%.South Korea’s Kospi index retreated 1.1%.Australia’s S&P/ASX 200 Index declined 0.4%.CurrenciesThe yen was down 0.2% at 110.47 per dollar.The offshore yuan was little changed at 7.0277 per dollar.The euro bought $1.0869, little changed.BondsThe yield on 10-year Treasuries ticked up a basis point, to 1.36%.Australia’s 10-year yield was flat at 0.93%.CommoditiesWest Texas Intermediate crude oil added 0.5% to $50.17 a barrel.Gold rose 0.6% to $1,644.70 an ounce.\--With assistance from Elizabeth Stanton.To contact the reporter on this story: Adam Haigh in Sydney at email@example.comTo contact the editors responsible for this story: Christopher Anstey at firstname.lastname@example.org, Ravil ShirodkarFor 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.
(Bloomberg) -- U.S. stocks tumbled to an almost 12-week low and bond yields plunged to records on rising concern the coronavirus will upend global supply chains critical to economic growth.The S&P 500’s four-day rout reached 7.6%, with losses accelerating Tuesday after the U.S. Centers for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak at home. That follows a rapid increase in cases from Italy to Iran and Japan, with a growing list of companies warning that profits will suffer as economies around the world suffer. The S&P, Dow Jones Industrial Average and Nasdaq Composite indexes all set record highs this month.The 10-year U.S. Treasury yield fell to a record low of 1.3055% as investors sought shelter from the virus’s impact on the outlook for growth. All 11 sectors in the S&P 500 fell with energy, material and financial shares leading the declines. Volatility spiked, sending the Cboe’s measure of equity gyrations surging past 30 for the first time since 2018.“The market is pricing in a significant slowdown in GDP and a 10% impact on earnings,” said Zhiwei Ren, portfolio manager at Penn Mutual Asset Management. “And since no one knows how bad the infection will be, it is hard to make a bet on economy.”U.S. central bankers are closely monitoring the spreading coronavirus, but it is “still too soon” to say whether it will result a material change to the outlook, Federal Reserve Vice Chairman Richard Clarida said.Elsewhere, European stocks closed in the red, while bonds from the region were mixed. Crude oil slumped again after Monday’s slide of nearly 4%.Japanese shares tumbled more than 3% as traders returned after a holiday. Stocks fell in China and Australia and pushed higher in South Korea and Hong Kong. The yen strengthened against the dollar for a third day.Erratic market moves suggest investors remain on edge over the economic impact of the virus. The World Health Organization has held off from declaring a global pandemic even as cases surged in South Korea, Italy and Japan.“We know there will be supply disruptions, the question now is to what extent will it affect economic growth and more importantly for the stock market earnings growth,” said Sandip Bhagat, Whittier Trust Co.’s chief investment officer “The market is repricing to that new reality.”Analysts at Oxford Economics Ltd. said the epidemic could wipe more than $1 trillion from global domestic product, while the International Monetary Fund lowered its growth forecasts for the world economy.These are some key events coming up:Earnings keep rolling in from companies including: Peugeot SA on Wednesday; Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.The Democratic presidential debate in South Carolina is on Tuesday.The Bank of Korea announces its policy decision on Thursday, with rising risks of an interest-rate cut.U.S. jobless claims, GDP and durable goods data are out Thursday.Japan industrial production, jobs, and retail sales figures are due on Friday.These are the main moves in markets:\--With assistance from Nancy Moran and Sarah Ponczek.To contact the reporters on this story: Vildana Hajric in New York at email@example.com;Claire Ballentine in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Dave LiedtkaFor 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.
Baidu, Inc. (Nasdaq: BIDU) today released a report that outlines the most frequently-used emoji from Facemoji Keyboard on popular dating apps Bumble, Hinge, Match, OkCupid, Plenty of Fish and Tinder in the United States.
(Bloomberg Opinion) -- The decision to exclude shares of China's biggest e-commerce company from a cross-border trading link is a blow to Hong Kong. Is it a punishment, or simple self-interest at work? The answer matters, both for the city’s exchange and for Alibaba Group Holding Ltd.Alibaba can’t be included in the stock connect program linking Hong Kong with the Shanghai and Shenzhen exchanges at present, Bloomberg News reported Tuesday, citing people familiar with the matter. China’s securities regulator has yet to agree to rule changes proposed by Hong Kong Stock Exchanges & Clearing Ltd. that would allow the internet company to participate, one of the people was cited as saying.Granted, the Jack Ma-founded internet giant doesn’t qualify under the stock connect program’s existing arrangements, which exclude companies that have secondary listings with weighted voting rights. These were already in place before New York-listed Alibaba raised $13 billion selling shares in Hong Kong late last year.But exceptions have already been made. In October, China allowed companies with dual-class shares to join the connect, giving investors in the mainland access to Hong Kong-listed technology companies Xiaomi Corp. and Meituan Dianping. Rules can be changed when there is the desire to do so.Clearly, that was the expectation among investors here. The notice on dual-class shares was posted by the Shanghai and Shenzhen exchanges in mid-October and took effect Oct. 28. Three days later, Alibaba was reported to be planning its secondary listing in Hong Kong the following month. The shares started trading Nov. 26.Investors in Alibaba’s Hong Kong stock will have a right to feel short-changed if the shares lose steam as a result. They dropped as much as 2.5% after the Bloomberg News story published, before recovering to close little changed. Alibaba has rallied more than 20% since its debut in Hong Kong, at least partly on anticipation that the stock will draw a wall of money from mainland Chinese investors who wouldn’t otherwise be able to buy.The lack of support for Alibaba to join the stock connect is a severe blow to Hong Kong’s aspirations of marketing itself as the offshore listing venue of choice for Chinese technology companies, in an environment where the U.S. has become increasingly inhospitable and businesses are considering their options. Trip.com Group Ltd. and Netease Inc. are among U.S.-listed Chinese enterprises that are said to be looking at listing in Hong Kong. Bankers have talked of pitching other names including JD.com Inc. and Baidu Inc.The prospect of acquiring an enthusiastic mainland investor base that would help to buoy valuations is a key selling point for those who might be tempted to decamp from a U.S. exchange. If Alibaba — a marquee name with a $578 billion market capitalization — can’t get the nod, what’s the hope for any of the others?More worrying for Hong Kong is what the reluctance may say about China’s support for the city, as it contemplates the hit to its own economy from the coronavirus epidemic. HKEX, after all, is a competitor as well as a partner with the Shanghai and Shenzhen exchanges. If Hong Kong becomes too attractive a venue for China’s leading companies, that may hold back development of the mainland’s markets.In 2018, Hong Kong relaxed its listing rules to admit unprofitable technology companies, competing with the U.S. and making the exchange even more alluring to Chinese hopefuls than the Shanghai and Shenzhen markets. In turn, Shanghai introduced the tech-focused Star Board in July, a Chinese answer to the Nasdaq that accepts money-losing companies with weighted voting rights. After a lively start, the board’s performance has been underwhelming. It has drawn few big names and has thin turnover.All may not be lost. Smartphone maker Xiaomi had been public in Hong Kong for 15 months before it joined the connect, while food-delivery app Meituan had to wait 13 months. HKEX and Alibaba will have to hope this is the slow arm of bureaucracy rather than the cold shoulder. To contact the author of this story: Nisha Gopalan at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.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.
(Bloomberg) -- Investors betting on Alibaba Group Holding Ltd.’s inclusion in a program allowing mainland Chinese investors to buy its shares in Hong Kong could be in for a disappointment.China’s largest e-commerce company, valued at HK$4.56 trillion ($587 billion) in Hong Kong, can’t be included in the stock connect program linking the Asian financial hub with Chinese investors at present, according to people with knowledge of the matter, who asked not to be identified as the discussions are private.The exclusion of companies with secondary listings and weighted voting rights from the program was part of an arrangement agreed to by the mainland and Hong Kong exchanges before Alibaba’s Hong Kong debut last year, the people said. The Shanghai, Shenzhen and Hong Kong exchanges haven’t agreed to make an exception or revise the agreement for Alibaba, though that could change in the future, they said.With the bourses competing to draw the listings of local firms already floated in the U.S., allowing companies in Alibaba’s position into the program would run contrary to Beijing’s ambitions of developing its mainland exchanges, particularly as unrest grips Hong Kong. Other Chinese firms -- among the country’s largest corporations, from JD.com Inc. to Baidu Inc. -- may then be encouraged to also pick Hong Kong, bypassing the Shanghai or Shenzhen bourses.The Hong Kong Stock Exchanges & Clearing Ltd. has proposed changes to the China Securities Regulatory Commission, which hasn’t yet made a decision to revise the previous arrangement, one of the people said.Companies with weighted voting rights and a secondary listing are not currently included in the stock connect and there’s been no precedent for such a move, a Hong Kong Exchange spokesman said in response to questions on the agreement. “We look forward to discussing the potential for this with relevant parties in the future,” he said. “More generally, HKEX is not in the habit of banning things that it considers positive for the market.”Alibaba is not among the current batch of companies to be included in the stock connect, said a separate person, adding that the list will be updated on Feb. 17.Representatives for Alibaba and the Shanghai Stock Exchange declined to comment. Shenzhen Stock Exchange and China’s stock market watchdog, the China Securities Regulatory Commission, didn’t immediately reply to emails seeking comment.Alibaba’s landmark $13 billion secondary listing in Hong Kong last year was in part spurred by expectations that it would attract a vast pool of capital from its home country if included in the stock connect.In the Hong Kong offering, Alibaba preserved its governance structure: Granting a partnership of top executives the right to nominate a majority of board members. That system falls broadly into the definition of having weighted voting rights in Hong Kong.Alibaba’s shares are up about 20% since the November listing, prompting other U.S.-listed technology companies including Trip.com to look at a secondary listing in Hong Kong, people familiar have said. Alibaba fell as much as 2.5% in Hong Kong Tuesday, the biggest drop in two weeks, before paring losses. In the past, China has green-lit companies with weighted voting rights that conducted primary share sales in Hong Kong to join the stock connect program. For example, food delivery giant Meituan Dianping and smartphone maker Xiaomi Corp. joined in late October. Chinese firms with dual class shares started listing in July on Shanghai’s new tech-focused Star board.(Updates with shares)\--With assistance from Kiuyan Wong and Lucille Liu.To contact Bloomberg News staff for this story: Evelyn Yu in Shanghai at firstname.lastname@example.org;Lulu Yilun Chen in Hong Kong at email@example.com;Steven Yang in Beijing at firstname.lastname@example.orgTo contact the editors responsible for this story: Candice Zachariahs at email@example.com, Jonas Bergman, David ScanlanFor 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.
(Bloomberg) -- Alibaba co-founder Jack Ma has become the latest technology industry figure offering to help fight the coronavirus outbreak.China’s richest man will donate 100 million yuan ($14.5 million) through his charitable foundation, joining Bill and Melinda Gates in pledging assistance. That’s on top of an offer by his Alibaba Group Holding Ltd. to establish a 1 billion yuan fund and share its artificial intelligence expertise with researchers.“We know that the battle between humanity and disease is a long journey,” the foundation said in a post on its Twitter-like Weibo account. “This money will help various medical research efforts and help disease prevention.”China’s tech industry has responded rapidly to an outbreak that’s infected thousands and killed more than 150 around the globe. Pony Ma’s Tencent Holdings Ltd. donated 300 million yuan of goods and will provide mapping and data services; ride-hailing giant Didi Chuxing is ferrying medical workers in designated vehicles across certain cities; Robin Li’s Baidu Inc. and TikTok owner ByteDance Inc. are contributing financial aid.While Ma and his industry have been accused of foisting extreme overtime on its employees, many companies like Tencent have extended the Lunar New Year holidays by a week or more in the wake of the outbreak.Read more: WHO Considers Emergency Decree; Toll Hits 170: Virus UpdateTo contact the reporter on this story: Lulu Yilun Chen in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin ChanFor 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.
(Bloomberg Opinion) -- Hong Kong is missing an opportunity to displace the U.S. as an offshore listing venue for Chinese companies by keeping trading fees too high. Alibaba Group Holding Ltd.’s $11 billion offering in November showed the potential for the city’s stock exchange to attract U.S.-listed mainland enterprises amid an unsettled trade relationship between the two largest economies. Relatively expensive costs threaten to undermine that appeal.Investors get more for their dollar when they trade on the New York Stock Exchange. In Hong Kong, bid-ask spreads are wider and minimum investment requirements are higher. That increases the chance of so-called slippage, when there is a difference between the expected price of a trade and the level at which it is actually executed. With zero stamp duty and lower minimum trade requirements, the NYSE has a more favorable environment for active investors.Alibaba’s Hong Kong trading volume has slumped since the internet giant made its debut on the local exchange. On Nov. 26, shares valued at the equivalent of about $1.79 billion changed hands. Since mid-December, that figure has dropped to a daily average of about $322 million. The Hong Kong listing has made no dent in Alibaba’s stock trading in New York, where volume has averaged $3.2 billion since late November.To be sure, trading costs are by no means the only factor — or even the main one — in deciding where to buy and sell. To begin with, the U.S. is a more deep and liquid market. It has other advantages, including a more active and developed options market that gives traders more ways to hedge or speculate on stocks. That said, Hong Kong could do a better job of rolling out the welcome mat.Since losing out to New York for Alibaba’s record $25 billion initial public offering in 2014, Hong Kong Exchanges & Clearing Ltd. has made a number of rule changes to enhance its viability as a platform for technology startups from China and elsewhere. In April 2018, the exchange amended its provisions to admit companies with dual-class shares. Smartphone maker Xiaomi Corp. and internet services company Meituan Dianping listed soon after, demonstrating that when HKEX makes smart decisions, the exchange benefits.More U.S.-traded Chinese companies are looking at Hong Kong for potential secondary listings. They include travel services provider Trip.com Group Ltd., formerly known as Ctrip; game and website operator Netease Inc.; web search provider Baidu Inc.; and e-commerce giant JD.com Inc. The way is open for Hong Kong to create a new offshore ecosystem for U.S.-listed Chinese companies seeking better positioning for the mainland while hedging their bets against a renewed deterioration in the U.S.-China relationship after the phase one agreement was signed this month.It makes little sense to squander this opportunity by maintaining trading costs that are a major barrier to entry. The Hong Kong government and the exchange must work together to make dual listing opportunities both beneficial and attractive to companies while encouraging investors to trade here. However, HKEX regulators seem to have their heads in the sand when it comes to reducing fees and the minimum buy-in to entice more companies. That may be a reflection of its monopoly status: Unlike the NYSE, which must compete with Nasdaq, HKEX has no local rival.Reducing fees would lower the barrier to entry for active investors and increase trading volume. As I wrote in September, cutting stamp duty would help improve liquidity and make Hong Kong stocks more attractive to retail and institutional investors. The ripple effect from this would further strengthen Hong Kong’s position as a global financial center. It’s time for the government and exchange to look beyond the immediate impact of reduced revenue and consider the long term. To contact the author of this story: Ronald W. Chan at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Ronald W. Chan is the founder and CIO of Chartwell Capital in Hong Kong. He is the author of “The Value Investors” and “Behind the Berkshire Hathaway Curtain.”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.
Baidu Inc. (BIDU) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 1 (Strong Buy).
Baidu, Inc. (Nasdaq: BIDU) today announced a new Smart Words Prediction feature on its Facemoji Keyboard app, which has been found to increase prediction accuracy for frequently used phrases from 53.2% to 91.6% in a test scenario.
Paylocity (PCTY) launches W-4 Readiness Kit for easy customer compliance with the Internal Revenue Service's (IRS) new W-4, Employee's Withholding Certificate.