Facebook cancels its biggest conference amid coronavirus concerns CNN February 27, 2020. Facebook announced on Thursday that it is canceling F8, its biggest annual event, due to concerns over the coronavirus. “We’ve made the difficult decision to cancel the in-person component of F8 this year, in order to prioritize the health and safety of our developer partners, employees and everyone who helps put F8 on,” the company wrote on the F8 website. In a blog post, Konstantinos Papamiltiadis, who heads Facebook’s platform partnerships, said it was a “tough call to make.”Instead of holding one large event for developers, the company said it plans to hold “locally hosted events, videos and live-streamed content.”.
Wall Street's main indexes tumbled for the sixth straight session on Thursday, reaching a territory that could mark a nosedive from record highs last week amid a global spread of coronavirus that intensified fears about growth and earnings. Smith AOS.N, up 4.8% The top three S&P 500 .PL.INX percentage losers: ** Flir Systems Inc FLIR.OQ, down 17.5% ** Perrigo Company Plc PRGO.N, down 14.9% ** Chipotle Mexican Grill Inc CMG.N, down 8% The top NYSE .PG.N percentage gainers: ** Gain Capital Holdings Inc GCAP.N, up 66.6% ** Alpha Pro Tech Ltd APT.N, up 52.3% The top NYSE .PL.N percentage loser: ** China Online Education Group COE.N, down 21.3% The top three Nasdaq .PG.O percentage gainers: ** Allied Healthcare Products Inc AHPI.O, up 103.5% ** Vaxart Inc VXRT.O, up 67.2% ** Co-Diagnostics Inc CODX.O, up 63.1% The top three Nasdaq .PL.O percentage losers: ** Nutanix Inc A NTNX.O, down 26.1% ** Axovant Gene Therapies Ltd AXGT.O, down 24.9% ** Arca Biopharma Inc ABIO.O, down 20.1% ** Zogenix ZGNX.O: down 8.3%. BUZZ-Falls on wider-than-expected quarterly loss ** Alpha Pro Tech APT.N: up 52.3%. ** Booking Holdings Inc BKNG.O: up 0.8% BUZZ-Street View: Booking Holdings still has significant growth opportunity ** Lowe's Companies Inc LOW.N: down 2.2% BUZZ-Street View: Lowe's to sail to profitability through choppy waters ** Gilead Sciences inc GILD.O: down 1.3% BUZZ-Surges on plans to start clinical trial for coronavirus treatment ** Vir Biotechnology Inc VIR.O: up 53.9% BUZZ-Nowhere close to effective coronavirus therapeutic-Baird ** Teladoc Health Inc TDOC.N: up 18.9% BUZZ-Flu, coronavirus could power patient visit volumes surge for Teladoc - Cowen ** Cocrystal Pharma Inc COCP.O: down 35.3% BUZZ-Down on discounted registered direct share offer ** Discovery Inc DISCA.O: down 6.2% BUZZ-Eyes one-year low on fewer subscribers, higher costs ** Box Inc BOX.N: up 5.7% BUZZ-Set to snap six days lower after revenue outlook beats estimates.
(Reuters) - Shares of Microsoft Corp (MSFT.O) fell more than 4% on Thursday after the company warned of weakness in PC business due to a hit to its supply chain from the coronavirus outbreak, echoing similar statements from Apple Inc (AAPL.O) and HP (HPQ.N). The drop in share price wiped off nearly $50 billion from the Microsoft's market value on a day when broader markets were down more than 2%. Microsoft said on Wednesday its supply chain was returning to normal operations at a slower pace than anticipated and its Windows and Surface computers had been more negatively impacted than expected. "Given there seems to be weakness in the PC supply chain, it would seem highly likely to me that we hear something from Intel," Atlantic Equities analyst James Cordwell said in a mail. Andrew MacMillen, an analyst with Nucleus Research, said that PC makers such as Dell Technologies Inc (DELL.N) and Lenovo Group (0992.HK) could be seeing some difficulties.
With Alphabet's (NASDAQ: GOOG)(NASDAQ: GOOGL) core advertising business slowing, the internet search giant has turned its attention to the cloud computing market -- and for good reason. According to market research firm Gartner, the worldwide cloud computing market will reach $331.2 billion by 2022, up from $249.8 billion in 2020. As it stands, Amazon's (NASDAQ: AMZN) cloud unit Amazon Web Services (AWS) is the industry leader, but Microsoft(NASDAQ: MSFT) is chipping away at that dominance with Azure. Google has ambitions to be the first- or second-place cloud provider in the coming years and hopes to capture $25 billion in yearly sales. Microsoft ended the year in second place, controlling 17.6% of the market. But with demand for cloud services projected to see double-digit yearly growth, it does provide a lot of opportunities for Google to enter the fray and succeed.
Feb 27, 2020 9:30AM EST. What's Zuckerberg's Priority for WhatsApp: User Security or Revenue? He disbanded the team creating an ad-supported ecosystem for the service and deleted the code it created; the WhatsApp blog subsequently affirmed that user security was of paramount concern. However, the two developments are not necessarily linked. You can have a secure site and run ads to generate revenue, though ads that follow you around the internet after using certain search terms can be unsettling. And Facebook is seemingly viewing them as not mutually exclusive. Opaque language, hidden tools, and snafus exposing personal information have cost the social networking site monetarily in defending itself against lawsuits, and in having users abandon the platform altogether. For many, Zuckerberg's newfound commitment to security and protecting privacy rings hollow. Yet at some point privacy issues can't be ignored, and as competitors take up the mantle, it's incumbent upon Facebook to act decisively across all of its services.
Earlier this month, the Federal Trade Commission (FTC) announced a special order demanding additional information from five large tech companies, including Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL), regarding prior acquisitions over the past decade that may have fallen under the official reporting thresholds laid out by the Hart-Scott-Rodino (HSR) Act. As part of broader antitrust scrutiny that the tech industry is receiving, regulators are now concerned that large corporations may have stifled competition by acquiring start-ups that potentially could have grown to eventually become viable competitors. This week, Bloomberg detailed how Invite Media actively worked to reduce its reported assets specifically in order to dodge regulatory review of the acquisition. Invite Media was an ad tech start-up that operated a bidding exchange for display ads, also known as a demand-side platform, that Google bought for an estimated $80 million, although that price tag has never been formally confirmed. An $80 million acquisition would appear to require reporting since it was above the threshold, but the FTC also imposes a "size of person" test that measures total assets in conjunction with a "size of transaction" test.
The British/Dutch oil and gas company is deemed a fair value stock, at a price of approximately 1938.60p. The share price has been eroded by multiple downgrades since September 2019, when Cowen & Company moved to downgrade Royal Dutch Shell plc from an outperform share to a market perform stock. TAKEAWAY: The blue line below the lower Bollinger Band line indicates oversold territory, which is indicative of the prospect of greater bullish sentiment coming into play. Lloyds Banking Group is currently trading at 56.99, and regarded as a fair value share. For the year-to-date, the share price has declined from 63.63 to its current level. As far as earnings go, (LON:LLOY) has posted 3 successive earnings beats, where the consensus EPS (earnings per share) was exceeded by actual performance.
Reuters is reporting that Shell’s onshore Egyptian oil and gas assets have drawn interest from American, Egyptian, Asian and Middle East bidders. Shell launched a process at the end of November 2019 to sell its onshore upstream assets in the Western Desert to focus on expanding its Egyptian offshore gas exploration. The oil major’s Western Desert portfolio includes stakes in 19 oil and gas leases of which Shell’s working interest included output of around 100 000 boe/d last year, Reuters reported at the time. US oil and gas producer Apache Corp, Egyptian firms Apex International Energy and Cheiron, and London-listed Pharos Energy submitted bids, said the two sources close to the deal, declining to be named as the matter is not public.
9 AM ET: Continental Resources (NYSE:CLR) stock fell 23% after the shale oil and gas driller forecast lower-than-expected free cash flow for the year, as low prices neutralize the benefits of tighter cost control. 8:54 AM ET: Best Buy (NYSE:BBY) stock fell 3.4%, caught up in the general market malaise despite reporting fourth-quarter earnings and revenue that were better than expectations. Chief financial officer Matt Bilunas said that the company expects a hit of some degree from the Covid-19 virus but added that he expects it to be temporary. 8:49 AM ET: Gilead (NASDAQ:GILD) stock was up 5.0% at its highest in five months after the pharma company announced the start of two phase-3 tests for its anti-retroviral drug Remdesivir.
Business|Thai Tycoons in Fray as Tesco Sets Bid Deadline for $9 Billion Asia Business: Sources. SINGAPORE — British retailer Tesco has asked bidders to submit binding offers for its Asian business by Friday, in a deal that will see Thai billionaires fight for an asset valued at up to $9 billion, sources with direct knowledge of the matter said. The sources said that though the tycoons are taking a long-term view of Tesco's Thai business, their bids are likely to factor in the impact of the coronavirus outbreak, which has curbed near-term growth estimates for the country. "How often do you get these assets in Thailand? And financing is so cheap," said another source. For Central Group, Tesco's stores would bulk up its supermarkets and convenience business, while offering CP Group a chance to buy back the supermarket chain it sold to Tesco during the Asian 1997/98 financial crisis.