91.38 0.00 (0.00%)
After hours: 5:03PM EDT
|Bid||91.38 x 800|
|Ask||91.42 x 800|
|Day's range||90.38 - 94.67|
|52-week range||82.07 - 124.45|
|Beta (5Y monthly)||0.92|
|PE ratio (TTM)||44.14|
|Earnings date||21 Apr 2020 - 26 Apr 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||128.07|
Soft consumer sentiment index, prompted by curtailment in spending capacity, is sure to dampen the prospects of payment stocks going forward.
(Bloomberg) -- A fellow co-founder of PayPal Holdings Inc. said Elon Musk and others probably regret comments they made dismissing the seriousness of the novel coronavirus, adding that he’s hopeful the billionaire will now help in the relief effort.“Everyone who has made fun of this thing as a tougher flu or a silly problem that is going to go away with the first ray of sunshine is probably slightly embarrassed by those comments,” Max Levchin, who at 23 co-founded a company that would eventually become PayPal, said Monday on Bloomberg Television. “That excludes no one.”Musk, who now runs Tesla Inc. and SpaceX, initially downplayed the virality of the coronavirus and fatality rates related to Covid-19. He called panic over the illness “dumb” and predicted that overreaction would do more harm than the disease itself before starting to help by donating masks to hospital workers and buying ventilators.Musk has told his Twitter followers that Tesla can be most helpful by purchasing ventilators and helping deliver them more efficiently. While he tweeted that he had an engineering discussion with ventilator maker Medtronic Plc on March 21, it’s unclear whether Tesla or Space Exploration Technologies Corp. will play a role in manufacturing the desperately needed medical devices.“You do have this spirit of Silicon Valley, that when given direction or given a good idea, we know how to mobilize and inspire and go through walls and build something,” Levchin, who’s now chief executive officer of fintech company Affirm Inc., said on Bloomberg TV. “And so in that sense, I think if Elon is committing to build ventilators, by god he’s going to build a lot of ventilators, and they’re probably going to be quite good.”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.
Karen Mills, the former administrator of the Small Business Administration, welcomed the stimulus, but expressed concern on whether the money could arrive fast enough to make a difference.
(Bloomberg) -- Financial-technology firms including PayPal Holdings Inc. are lining up to help speed lending to small businesses during the coronavirus crisis -- and are pushing for a slice of emergency U.S. government funding.Industry group Financial Innovation Now urged Congress in a letter to provide capital to online lenders including PayPal and Square Inc., and to permit the firms to disperse Small Businesses Administration loans. The group’s members also include Inuit Inc. and Stripe Inc.“Any federal small-business loan program must leverage digital advances in the marketplace to ensure that stimulus can reach those business most in need,” Financial Innovation Now said in its letter. “Millions of truly small businesses, those most likely to fail in the coming weeks, will not be well-served by loan guarantees made available exclusively through financial institutions.”Last week, President Donald Trump said the SBA would provide low-interest loans in affected states and asked Congress to boost funding for the program by $50 billion. Small businesses are losing 80% to 100% of their revenue amid the pandemic, according to another fintech trade group, Innovative Lending Platform Association.“If they all go out of business, we can’t serve them in the future,” Scott Stewart, chief executive officer of ILPA, said in an interview. “We don’t care about making any money on this, but we want to keep them alive so that when this is all wrapped up we can be lending to them in the long term.”Many small businesses have only 10 days of cash on hand or less, according to Sam Taussig, head of global policy at Kabbage Inc., an online lender. While SBA loans can take as long as 90 days, fintech firms are touting their ability to process loans in days or weeks.A Square spokeswoman declined to comment. PayPal didn’t immediately respond to a request for comment.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.
(Bloomberg) -- Facebook Inc. named two new directors, appointing Tracey Travis, chief financial officer of Estée Lauder Cos., and longtime McKinsey & Co. executive Nancy Killefer at a time when the board’s role at the social media company is under intense scrutiny.The addition of the two women, announced in a statement Monday, makes Facebook’s board 40% female. Fewer than 10% of companies in the S&P 500 have reached that level of gender representation, according to data compiled by Bloomberg. Adding Travis also means the board has two black women.The directors are joining the technology giant at a time of turmoil, as regulators and lawmakers question whether the company has monopoly powers and whether its advertising business relies too much on users’ personal data. Facebook’s 10-member board still has little control over the direction of the company, where Chief Executive Officer Mark Zuckerberg holds the majority of the voting power.“The next few years are likely to shape the internet for generations to come and I hope to contribute to Facebook’s efforts to be a responsible force for good in the world,” said Killefer, who retired from McKinsey in 2013 and has also worked in government, in the U.S. Department of Treasury and Internal Revenue Service.Travis, whose experience in the retail industry could help Facebook understand the needs of advertisers, said she was optimistic that the Menlo Park, California-based company could indeed “change our world for the better,” according to the statement. “Building community has never been more important and is fundamental to Facebook’s mission.”Travis and Killefer join Facebook’s Chief Operating Officer Sheryl Sandberg and PayPal Holdings Inc.’s Peggy Alford on the board that is otherwise made up of men mostly from the tech industry, including investors Peter Thiel and Marc Andreessen and a newer addition, Drew Houston, CEO of Dropbox Inc. and a friend of Zuckerberg’s.Including Ken Chenault, the former CEO of American Express Co. who has been a director since 2018, the Facebook board is now 30% black.A California board diversity law, passed in 2018, would have required Facebook to have three female directors by 2021. Women accounted for about 45% of new board seats among Russell 3000 companies based in California, compared with about 31% nationwide, according to data compiled by Bloomberg.Almost half of the open spots at Standard & Poor’s 500 Index companies went to women last year, and for the first time they made up more than a quarter of all directors. In July, the last all-male board in the S&P 500 appointed a woman.(Updates with gender statistics in the second paragraph)\--With assistance from Jeff Green.To contact the reporter on this story: Sarah Frier in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Andrew PollackFor 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.
Charles Freund, EVP of Strategy at FLEETCOR By John Jannarone What was the key to the most successful IPOs of the 2010s? The likes of Tesla, Inc. and Shopify Inc. introduced technologies that transformed their industries. Another IPO from an innovative company that delivered some of the best returns of the decade: business payments firm […]
Millennials, who vouch for bitcoin democratization, also prefer the world's numero uno cryptocurrency as a form of investment to save for the future.
(Bloomberg) -- PayPal Holdings Inc. cut its forecast for revenue in the first quarter due to the continued impact of the coronavirus.The payments operator said it expects revenue to be on the lower end of a previously forecast range of $4.78 billion to $4.84 billion. The company reaffirmed its outlook for adjusted earnings of 76 cents to 78 cents a share.“PayPal’s business trends remain strong; however, international cross-border e-commerce activity has been negatively impacted by COVID-19,” the company said in a statement Thursday. PayPal said it expects the “negative impact from COVID-19” to be about a one percentage-point reduction to revenue growth for the first quarter.PayPal shares were little changed in morning trading in New York on Thursday. The stock has dropped about 10% in the past week. Companies have begun lowering forecasts as the deadly virus spreads from China to Europe, the Middle East and the U.S. Federal health officials warned earlier this week that the illness will almost certainly spread in the U.S. and that people should prepare for significant disruptions in daily life, including school closings, cancellations of sporting events, concerts and business meetings.On Wednesday Microsoft Corp. reduced its quarterly outlook, following Apple Inc. and HP, because of supply-chain disruptions related to the virus. Mastercard Inc. also lowered its forecast for quarterly revenue growth as the virus curbs international travel and takes a bite out of e-commerce.Anxious investors have driven five consecutive days of stock market losses in the U.S., erasing the benchmark S&P 500 index’s gains for the year.(Updates with shares in fourth paragraph.)To contact the reporter on this story: Julie Verhage in New York at email@example.comTo contact the editors responsible for this story: Mark Milian at firstname.lastname@example.org, Molly Schuetz, Alistair BarrFor 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) -- Ken Lin co-founded Credit Karma Inc. in 2007 after struggling to find out his own credit score. That’s something he probably won’t need in the future.Intuit Inc. -- the software giant behind TurboTax -- said Monday it’s buying Credit Karma for about $7.1 billion in cash and stock. The firm, which offers free credit scores and help applying for cards and loans, has more than 100 million members and reported unaudited revenue of nearly $1 billion in 2019, according to a company statement.Lin, 44, who owns at least 15% of the San Francisco-based company, is poised for a ten-figure windfall, according to calculations by the Bloomberg Billionaires Index, the latest fintech founder to strike gold in recent months as more established firms snap up upstarts.It caps a remarkable rise for Lin, who as a child immigrated to the U.S. from China with his parents and was the first of his family to graduate from college. The founder is far from the stereotypical staid financial planner. Described as an adrenaline junkie, he once took his company’s board on dune buggy rides in Las Vegas and is known for hitting the dance floor at his firm’s holiday parties.Credit Karma declined to comment on Lin’s net worth.Others geting windfalls include co-founders Nichole Mustard, 47, and Ryan Graciano, 38, as well as firms such as Silver Lake, Ribbit Capital and QED Investors, a Virginia-based outfit that led the first investment round.The startup’s hefty price tag contrasts with its early days.It initially struggled to raise funding from venture capitalists and its first office was an apartment located by a San Francisco overpass and above Kate O’Brien’s Irish Bar & Grill. The company has since moved to fancier digs near Union Square whose amenities include a nail salon.While Silicon Valley has witnessed plenty of lackluster public offerings recently, there’s still demand for financial tech companies from larger rivals.George Ruan and Ryan Hudson, the co-founders of Honey Science Corp. pulled in $1.5 billion after completing the $4 billion sale of their firm to PayPal Holdings Inc. Plaid Inc. co-founders Zach Perret and William Hockey will collect hundreds of millions of dollars each after selling their company to payments giant Visa Inc. for $5.3 billion in January.Intuit’s share price rose 2.5% to $293.60 at 10:13 a.m. in New York on Tuesday.(Updates with details of Intuit share price in final paragraph.)To contact the reporters on this story: Tom Metcalf in London at email@example.com;Julie Verhage in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, Steven CrabillFor 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) -- Intuit Inc., the software giant behind TurboTax, is buying personal finance website Credit Karma Inc. for about $7.1 billion in cash and stock.San Francisco-based Credit Karma has garnered more than 100 million users by offering free credit scores since it was founded in 2007. The financial technology startup offers other services too, including the ability to apply for a credit card, find an auto loan or start a savings account. The combination will help consumers manage debt, maximize savings and have better access to credit cards and loans, Intuit said in a statement Monday.Fintech companies are at a crossroads where a number of them are established enough to go public, but a spate of poor-performing IPOs are making acquisitions more attractive. At the same time, incumbent companies aren’t afraid to snap up startups as a way to fuel their own growth. “The fertile M&A market, shift to growth stage investments, and rich valuations open the door for a lot of discussions, as well as distractions,” said Lindsay Davis, an analyst at CB Insights. “Fintech startups will have a choice to take a deal or buckle down and focus on filling product gaps.”Perhaps most similar to Intuit, Credit Karma also launched a free tax-filing platform a few years ago and has been trying to poach customers of Intuit’s TurboTax offering.More than 30 million users log into Credit Karma every week, the company has said. These users don’t pay the company for any of its services, and Credit Karma makes money through an affiliate fee it receives when someone successfully applies for a loan or credit card on its platform. Credit Karma generated almost $1 billion in unaudited revenue last year, up 20% from 2018, Intuit said.Intuit also reported fiscal second-quarter results, with revenue up 13% in the period to $1.7 billion, topping the average analyst estimate of $1.68 billion. Net income rose 27% to $240 million, or 91 cents a share, in the three months ended Jan. 31. The company reiterated its fiscal 2020 outlook for revenue of $7.44 billion to $7.54 billion. The transaction is expected to be neutral or add to Intuit’s adjusted earnings per share in the first full fiscal year after the transaction closes, the company said.The deal is only the latest in a slew of acquisitions in the industry. Morgan Stanley recently announced plans to buy E*Trade Financial Corp. for $13 billion, while Visa Inc. agreed to acquire Plaid for $5.3 billion in January.Late last year, PayPal Holdings Inc. snapped up online coupon company Honey Science Corp. for $4 billion and Charles Schwab Corp. is acquiring TD Ameritrade Holding Corp. for $26 billion.QED Investors, Ribbit Capital and Founders Fund were early backers of Credit Karma.(Updates with Intuit earnings results in sixth paragraph.)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, Linus Chua, Molly SchuetzFor 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.
Aron Betru, managing director of the Center for Financial Markets at the Milken Institute, joined Yahoo Finance’s “The First Trade” to discuss the need for increasing access to capital in underserved, minority communities.
The Association of Financial Professionals is out with its 2020 Risk Survey, citing that business leaders are most concerned with cybersecurity risks.