Posts in category Wall Street


Wall Street

After Blowout IPO, Is Snap a Keeper?

Shares of Snapchat owner Snap Inc. soared higher on Friday, following Thursday’s successful initial public offering. After debuting at $17.00 on the New York Stock Exchange, Snap shares rose 44 percent to $24.48 on Thursday, well above analyst expectations, placing the company’s value at $28 billion. The stock continued to trend upward on Friday, trading at $27.16 by mid-day.

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Wall Street

Snap Sells Itself as Camera Company as IPO Nears

As it approaches its IPO, Snap, maker of the popular Snapchat messaging app, is positioning itself as a camera company. “We feel like we’re really at the beginning of what cameras can do,” said Snap CEO Evan Spiegel. “Before, cameras were the best way to perfectly save or record something that you saw. They sort of helped augment memory — but now, you know, cameras augment the way that we talk.”

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Wall Street

Toshiba Plunges on Massive Nuclear Writedown, Earnings Delay

Toshiba shares fell 8 percent on Tuesday as the company took a $6.3 billion writedown related to its struggling nuclear power business and delayed the release of its fiscal Q3 earnings. Shigenori Shiga, Toshiba’s chairman and representative executive officer, resigned effective Wednesday. His resignation in part reflects management taking responsibility for the Westinghouse fiasco.

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Wall Street

Twitter Investors Bail Following Bleak Q4

Twitter’s share price plunged 12.3 percent, closing Thursday at $16.41 after the company released its Q4 2016 financial report. It fell further on Friday, trading at $15.54 mid-day. On the bright side, daily active usage grew for the third consecutive quarter and strong growth is expected to continue, the company said. Active monthly users in Q4 totaled 319 million, up 4 percent year over year.

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Wall Street

Snap Seizes the Moment

Snap last week filed for a $3 billion IPO. The company’s private market valuation is $17.8 billion, but investors reportedly have valued it at between $20 billion and $25 billion. “Twenty-five billion dollars is just nuts, but that’s the market we’re in,” remarked Rob Enderle, principal analyst at the Enderle Group. “This could provide an opportunity for the big gambler investors,” he suggested.

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Wall Street

Apple Goes on Record-Breaking Spree

Apple stunned Wall Street with Q1 earnings that set new quarterly unit and revenue records in key product segments, and its highest-ever earnings per share. CEO Tim Cook said the company set all-time revenue and unit records for its iPhone and Apple Watch brands, all-time revenue records for its Mac and Services businesses, and all-time revenue records for four of its five geographic sectors.

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Wall Street

Netflix Surprises Itself With Gangbusters Membership Growth

Netflix generated $8.3 billion in global streaming revenue in 2016, with 35 percent year-over-year growth, it reported Wednesday. The company ended last year with 93.8 million members, including 19 million net additions — up from 17.4 million new subscribers in 2015. Netflix’s global revenue for the fourth quarter of 2016 grew by 41 percent year-over-year to $2.4 billion, and 7.05 million net new members joined during that time period.

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Wall Street

Facebook Share Price Falls Despite Blowout Quarter

Facebook on Wednesday reported a record Q3, beating analysts’ expectations for the fourth straight quarter, but concerns among investors about increased expenditures and the company’s future prospects drove down share prices. They closed Thursday at $119.95, down more than $7 from Wednesday’s closing price of $127.17. Friday saw little movement, with a closing price of $120.75.

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Wall Street

Amazon Builds Fulfillment Centers, Investors Grouse

Amazon shares closed at $785.14 on Monday, having failed to rebound from last week’s slide. The company’s stock had closed at $818.36 last Thursday, just before the company reported third-quarter earnings that unpleasantly surprised Wall Street. Its share price dove $40-plus on Friday. Amazon’s net income rose 52 cents a share, in the quarter, but analysts had expected 78 cents a share.

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Wall Street

Stock Price Rises as Twitter Slashes Jobs, Uproots Vine

Twitter shares were up Friday following a third-quarter earnings report that beat Wall Street estimates despite declining revenue growth. Twitter also announced a widely expected round of job cuts and the unexpected shutdown of Vine. Twitter has been on financial oxygen in recent weeks, after failing to find a buyer. Investors applauded the news that it will slash 9 percent of its workforce.

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Wall Street

Samsung Down, Galaxy Note7 Out

Samsung shares fell sharply on Tuesday after the company confirmed reports that it had halted production of its flagship Galaxy Note7 smartphone, just launched this summer. The move came after several replacement phones reportedly smoldered or caught fire. Shares fell 8 percent in the Korean market. Samsung had been working with the U.S. CPSC on a voluntary recall and replacement program.

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