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Reddit is now a publicly traded company
Reddit is now a publicly traded company, 19 years after it first went live. It aimed to raise around $631 million in its IPO on the New York Stock Exchange.
NYSE will temporarily move to all-electronic stock trading
If you thought it was incredibly risky to have legions of traders gather at the New York Stock Exchange in light of the COVID-19 pandemic, you're not the only one. Intercontinental Exchange is temporarily closing the physical NYSE floors in New York and San Francisco on March 23rd in favor of all-electronic trading. Business and regulatory oversight will carry on during the usual hours -- traders just won't get to use "open-outcry" (that is, the classic yelling) to buy or sell shares.
Virgin Galactic is going public to fund its expensive tourist spaceflights
Space tourism company Virgin Galactic has announced that it will go public via a merger with an investment firm. Its new partner, Social Capital Hedosophia (SCH), will invest $800 million in exchange for a 49 percent stake and take Virgin Galactic public later in 2019 -- a first for a spaceflight company.
Spotify’s challenge is to prove it’s a real business, not a fantasy
Three months after quietly filing to become a public company, Spotify finally made its debut on the New York Stock Exchange Tuesday. It was a big day for the Swedish music-streaming giant, to say the least, and it ended up exceeding expectations from Wall Street analysts on its first day of trading. But for many investors, Spotify may not be the safest bet. In its IPO filing, it disclosed that it has incurred significant operating losses over the past few years, warning investors that it may be a while before it's able to generate profits on a sustained basis.
Spotify is now a public company
It's been a long road for Spotify in terms of going public, but now that day is here. The company is now public; it took the unusual step of pursuing a direct listing, rather than the more traditional IPO. Shares were set at a price of $132 by the New York Stock Exchange late Monday, according to Reuters. That gives Spotify a value of over $23 billion.
Spotify's plan to go public might not include an IPO
Now that Spotify is locking down long-term deals with record labels, the company's next big task is going public. Before you run to the hills at the sound of financial speak, this influx of cash could help the company you know and love keep delivering the tunes you listen to on a daily basis. Rather than a typical initial public offering (IPO), Wall Street Journal says that the Swedish company may instead use a direct listing.
Snapchat's cavalier attitude draws the eye of Wall Street watchdogs
Snapchat's parent company has finally filed for its IPO, and Wall Street has questions. Beyond what Reuters reports is the "richest" initial public offering since Facebook, is news that an investor committee advising the Securities and Exchange Commission will review some of Snap's more, ahem, peculiar moves. Like if denying shareholders voting rights will extend into hiding executive pay and "other governance matters."
Trader pleads guilty to sparking stock market 'Flash Crash'
If you were trading on an American stock market on May 6th, 2010, you probably had a minor heart attack: the "Flash Crash" that day sent the Dow Jones Industrial Average down 1,000 points (600 in the first 5 minutes) and recovered virtually all its value in the space of just 15 minutes. However, investigators eventually discovered that the crash was the result of intentional manipulation... and now, investors are getting some justice for that manufactured crisis. Navinder Sarao (above), a British trader extradited to the US, has pleaded guilty to charges of both wire fraud and spoofing that came from using automated trading software to make "at least" $12.8 million in illegal profit from the crash and beyond.
Twitter can tell you when friends and celebs start livestreaming
Twitter is all about live content on this fine Monday morning. First up, Twitter has added a new notification option that alerts users when someone they follow shares live video in a tweet. To enable the function on mobile, navigate to the page of someone you follow and tap the new notification icon next to the follow icon. Then select the final option, "Only tweets with live video," and you're all set. The next time that account goes live, a red alert bar will pop up along the bottom of your feed, allowing you to tap and start watching.
eBay and PayPal officially part ways today
We knew eBay and PayPal were headed to splitsville this year, and now it's actually happening. The auction site and the payment service separated into two disparate companies today, PayPal is getting its own stock ticker, starts trading on the New York Stock Exchange come Monday and, according to Business Insider that doesn't look so good for eBay. As the site tells it, PayPal's been the reason for "most" of eBay's gains for the past three years, and "nearly all" of it for 2015. eBay revenues have already jumped seven percent thanks to higher demand for PayPal, according to Reuters. Maybe the online auction house can use the $925 million it got from the PayPal sale to figure out a way to become profitable -- crazier things have happened. [Image credit: Associated Press]
Trading stopped on New York Stock Exchange due to 'technical issue' (update)
It has been quite a day for tech problems. Trading on the New York Stock Exchange was halted due to a "technical issue" at around 11:30 AM ET this morning. On its status page, the NYSE posted that all trading had been suspended and any open orders would be cancelled -- with a more detailed explanation to follow. A NYSE spokesperson told Forbes that the stoppage came after the exchange "experienced a technical issue" that it's "working to resolve as quickly as possible." An hour before trading stopped, the NYSE reported a problem had been fixed concerning order acknowledgements and connectivity issues. NYSE Arca and NYSE Amex/Arca Options appear to be untouched by the larger issue as they are continuing to operate normally.
New York Stock Exchange begins monitoring bitcoin value
Bitcoin's march toward legitimacy just took a hop, skip and jump with the news that the New York Stock Exchange is going to start monitoring its value. The NYSE Bitcoin Index (NYBXT) will keep a beady eye on how much the cryptocurrency is worth, relative to the US dollar, with the data being pulled from Coinbase. That way, investment types can get a quick read on how bitcoin is doing at any one time, with the value being updated at 11:00 AM ET each day.
Bitcoin's first licensed US exchange opens with approval from 25 states
Virtual currency bitcoin is starting to get its act together. A startup funded with $106 million from the New York Stock Exchange as well as banks and venture capital firms, is set to launch the first licensed US bitcoin exchange. Coinbase reckons it'll add increased security to traders as well as monitor real-time pricing of the world's foremost cryptocurrency. If you've forgotten, unlike normal currencies, bitcoin is traded virtually and isn't backed by a central government: reasons why the currency often fluctuates severely. The collapse of Mt. Gox last year stung investors, both professional and otherwise, for a total sum of around half a billion dollars. As the WSJ notes, the value of a bitcoin is currently around $240: it was stood at $1,200 per 'coin.
Alibaba IPO makes it worth $231 billion, more than Amazon and eBay combined
We'd heard that the US IPO for Chinese company Alibaba could be among the biggest ever, and it did not disappoint. Closing at a stock price of $93.89, it raised $21.8 billion for the company and is the biggest IPO in US history. According to Bloomberg, it could become the biggest ever (topping Agricultural Bank of China's $22 billion IPO in 2010) if underwriters make use of an option to buy more shares, which market observers expect they will. Now that Alibaba has joined the club of recent tech IPOs like Facebook and Twitter and it has cash to throw around, many wonder if it will start acquiring smaller companies the way its Silicon Valley rivals have lately. Despite being mostly unknown in the US Alibaba is massive in China, operating sales platforms described as similar to Amazon, eBay and Paypal, and Reuters says it controls more than 80 percent of online sales there. Jack Ma (pictured above) founded the company in his apartment in 1999 and is now China's richest man, personally worth some $18 billion as of market close, according to the Wall Street Journal. [Image credit: PETER PARKS/AFP/Getty Images]
Candy Crush studio King seeks up to $7.6 billion IPO valuation
Candy Crush Saga makers King Digital Entertainment Plc, says it expects to price its initial public offering at $21-$24 per share, valuing the company at up to $7.6 billion. King, which became notorious within the games industry after trademarking and enforcing use of the common word "Candy," saw its revenue grow to $602 million in Q4 2013 from only $22 in the first quarter of 2012. Though King's portfolio features 180 games for mobile devices, Facebook and through its own site, analysts note that most of the company's growth was directly linked to its Candy Crush games and questioned whether King could maintain its growth rate going forward. "I think the valuation of a P/E ratio of 13 for a high-growth company is indeed reflecting a skepticism about the ability to continue growing at such a rapid pace," professor and IPO expert at the University of Florida Jay Ritter says, according to Reuters. "The ability to come up with future games and get people to pay for the game is a big question mark." Analysts are quick to compare the high valuation to that of social gaming giant Zynga, which has had its stock price sliced in half since its IPO debuted in 2011 at $10 per share. According to Reuters, "of the 22.2 million shares on sale in the offering, the company will sell 15.5 million, while stockholders, including Apax Ventures, will sell 6.7 million shares." King's IPO is set to be priced on March 25 and will now begin trading under the NYSE symbol 'KING' on March 26, after recently delaying the plan to prove its worth. [Image: King Digital Entertainment Plc]
Twitter stock value nearly doubles post-IPO, puts a lot of worth into little tweets
Twitter must have taken a few lessons from Facebook on how to launch its IPO this morning. TWTR's value on the New York Stock Exchange has nearly doubled as of this writing, jumping from the initial $26 price to $46 -- two bucks shy of its social networking rival. The day is still young, so early investors won't want to plan their retirement funds just yet. However, the rush is good news for a company that's constantly searching for new sources of revenue, especially when there may be patent royalty payments in its future. [Image credit: David Weller, Twitter]
SouthPeak delists itself from the New York Stock Exchange [update]
Update: We got in touch with a SouthPeak representative, who told us that the company was never "properly listed" on the NYSE to begin with. SouthPeak was "an 'over the counter' type stock that was never properly listed and therefore can't be delisted." So SouthPeak shares were traded between two parties via a broker, meaning the company was never officially part of the NYSE. Original post: It's been a rough year for SouthPeak. Not only did the company suffer millions in losses in its latest earnings report, but it also had to settle a nasty SEC dispute. The latest bump in the road for the Two Worlds 2 publisher is a delisting from the New York Stock Exchange. SouthPeak released a statement citing that "given its current financial condition and the current state of the economic environment within the industry in which it operates, the benefits of having publicly registered shares and filing periodic reports under the federal securities laws are outweighed by the associated costs." So, basically, SouthPeak can't afford to be a public company anymore. The publisher's next major title, Stronghold 3, was recently delayed and is currently slated to launch in "late summer." According to some online retailers, that translates to "in October."
Blockbuster avoids bankruptcy for now, but not NYSE delisting
Things stateside haven't gone the way of Blockbuster Portugal (yet) but while the Blockbuster was able to make arrangements with creditors and avoid bankruptcy this week, it will be forced to delist from the New York Stock Exchange after a proposed reverse stock split fell through. Even the extension on debt payments it was able to negotiate hasn't satisfied analysts, with our old friend Michael Pachter telling Reuters "there's nothing on the horizon that makes it look like Blockbuster is going to be more profitable." Ouch. A substantial amount of debt has long been a problem for Blockbuster as it tries to adjust to a changing marketplace with Redbox and Netflix, and with shares trading at .18, has now made its existence more precarious than ever.
AOL Daily Finance app raises the bar for iPhone investment tools
The Finance section of the App Store does feature some heavy-hitters (Bloomberg, ATM Hunter) and some fairly weak beer too. A lot of these apps are unitaskers, particularly when it comes to stock quotes and charting. For a full-featured and free investment information portal, and a strong competitor to the Bloomberg iPhone app, you may want to try the newly-released AOL Daily Finance, powered by the dailyfinance.com site. The first key feature to note is the free real-time equity quote service, provided from the BATS Exchange; major exchange (NYSE & Nasdaq) quotes are delayed, though. You can quote individual symbols or watch your entire portfolio with ease, whether you enter it on the device or link to your existing lineup under your AOL or AIM screenname; up to 25 separate portfolios can be managed. You can also view up-to-the-minute financial and market news from the AP and other sources. The other standout feature of this app is its comprehensive charting support. Clicking the chart button on an equity page brings up a straightforward chart, but rotate your device into landscape mode and you're in a Cover Flow-esque lineup of all the charts in your portfolio. Double-tap a chart to access a full suite of advanced comparison options (vs. markets, vs. peers, seasonality, showing events like earnings & splits, and custom symbol comparisons). Holding down a finger on a single-line chart enables a crosshair cursor that lets you see the specific data for any point on the chart. All the functions are intuitive and easy to use; the charts are cached so you can see most of your data even if your device is disconnected from WiFi or cell service. If you're of a mind to keep an eye on the markets while you're on the move, you may find this app has the tools you're looking for. Check out the gallery below for a few screenshots. %Gallery-50309% Editor's Note: TUAW's parent company Weblogs, Inc. is a wholly owned subsidiary of AOL.
Midway kicked all the way out of NYSE
Midway's stock has succumbed to the Swamps of Sadness and been delisted from the New York Stock Exchange. MCV reports that the walking corpse of a company failed to bring its stock to over $1 per share for over 30 days during the last few months, thus prompting the NYSE regulatory commission to show the publisher the door.So, let's take just the last week of Midway drama into account: The company has alleged corrupt insider dealings going on and probably can't afford its ESA dues nor E3 ... oh yeah, it also likely couldn't afford to publish The Wheelman, so it made a deal with Ubisoft to do so. If Midway were a house, we'd imagine CEO Matt Booty with a gas can, getting ready to burn it down for the insurance money ... you know, if it actually had the money to pay for the insurance.
