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Yandex sells its Russian operations to local executives for $5.2 billion
The company sold its news aggregation service in 2022, not long after the founder was sanctioned at the start of the Russia-Ukraine war.
Lyft joins Uber in cutting back on new hiring
After Uber announced that it was cutting back on hiring and other expenses due to the economic slowdown, rival Lyft is doing the same.
Virgin Orbit is going public to fund its space satellite program
An SPAC merger is expected to generate $483 million in cash.
NASA opens the International Space Station to commercial ventures
The International Space Station (ISS) is open for business. NASA announced today that it plans to commercialize the ISS, so that "U.S. industry innovation and ingenuity can accelerate a thriving commercial economy in low-Earth orbit." According to a press release, NASA will open the space station to private astronauts, as well as commercial product development, testing and manufacturing.
Microsoft Excel can provide real-time stock data
You might use Excel to track your budget, but your investments? That's less likely when stock prices change from moment to moment. Now, though, you don't have to think much about it. Microsoft has teamed with Nasdaq and market info provider Refinitiv to bring real-time stock data to Excel spreadsheets in Office 365. Type in a stock symbol, click Stocks and you can fill cells with real-time data like the price, last trade times and 52-week highs or lows. They can be used in formulas, too.
Nasdaq plans to offer bitcoin futures in early 2018
Bitcoin continues to grow, hitting a $11,000 price per coin valuation less than a day after it topped $10,000. The cryptocurrency has been normalizing with investors, getting its own federally-regulated exchange this past July. Now, Nasdaq is planning to launch contracts for bitcoin futures in the first half of 2018, according to The Wall Street Journal, which will enable investors to predict and put money on the future price of the currency.
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.
Tinder's parent company files for IPO
Match Group, the owner of Tinder and OkCupid, is going public. According to the filing, the company hopes to raise $100 million dollars. The mega-dating company states in its paperwork filed with the Security and Exchanges Commission that its advantage over its competition includes strong brand recognition (It's tough to think of a dating brand larger than Tinder right now) and the ability to scale. It currently has 59 million monthly active users and of those 4.7 million are paid. Most of its intended growth will probably be international. The increased funds from the offering will help it focus on product development, becoming more mobile, improve customer acquisitions and expand its portfolios with new products and buying up competitors. The company will be listed on the NASDAQ as MTCH. Of course all these numbers and talk of growth come down to love. Or at least the short-term "love" of hooking up. The Match Group's stated mission is "to increase romantic connectivity worldwide."
Three EA execs unload stocks as publisher hits five-year high
Two senior members of Electronic Arts sold off the entirety of their shares in the publisher late last week when the company hit the highest share price it's seen in well over five years. SEC filings revealed that Patrick Soderlund, executive vice president of EA Games and EA senior vice president and General Counsel Stephen Bene dumped their stocks after the company's shares traded at roughly $34.53 and $33.40, respectively. Soderlund unloaded 36,133 shares, while Bene sold 7,771. EA's shares opened at $35.31 today, the highest price per share the company has traded at since September 2008. Another high-ranking executive at EA disposed of stocks as well: Chief Operating Officer Peter Moore sold nearly half (100,000) of the shares he owned at $34.53 as well. This follows EA's fiscal 2014 earnings report last week, in which it revealed a 5.79 percent decrease in net revenue year over year ($3.58 billion). [Image: Electronic Arts]
Majesco cooking up stock split to avoid delisting
Majesco will once again appeal its Nasdaq stock delisting expected next week and seek a reverse stock split to regain compliance. The Cooking Mama and former Zumba publisher has been out of compliance with the stock exchange since March 1, 2013, which requires a $1 minimum share price. The company is currently trading at $0.53/share. Majesco Chief Financial Officer Michael Vesey informed Joystiq earlier today the company will seek a reverse stock split between 1-for-3 and 1-for-10 with shareholders in April. This will shift the stock's price between $1.09 and $5.30 (based on today's value), depending if shareholders approve. What happens if shareholders don't approve? "Plenty of companies trade 'over the counter' without affiliation to a major exchange," Jeff Reeves, editor at InvestorPlace explains. "While there's admittedly less legitimacy or prestige for stocks that trade off the NYSE or Nasdaq in the eyes of some investors here, it's not an unmanageable situation. In fact, European consumer giant Nestle actually doesn't affiliate with the NYSE or Nasdaq and chooses to list OTC." "Majesco's biggest problems are that revenue has been pressured in 2013 and the company is running at a significant loss without a lot of wiggle room," Reeve continued. "Over-the-counter stocks can trade for years and NYSE listed companies can still go bankrupt tomorrow. Sales and profits determine what's next for Majesco, not the specifics of what exchange it trades on." A reverse stock split is how THQ tried to rescue itself in mid 2012, but six months later it became clear there was no salvation and the company entered bankruptcy and eventually liquidated.
NASDAQ extends Majesco's delisting grace period, new deadline Feb. 2014
NASDAQ has given Cooking Mama publisher Majesco another 180 days to raise its (beef) stock value above $1.00, after the company failed to meet yesterday's existing deadline for the same goal. Majesco now has until February 24 of next year to become compliant with NASDAQ Listing Rule 5550, subsection A, article two, which requires trading companies to have a "minimum bid price of at least $1 per share." Previously, Majesco had 180 days (starting last March) to increase its stock value, lest it be delisted from NASDAQ and forced to toil endlessly in the Salt Mines of Thælm on Baltharia 7's Dark Moon. Okay maybe not that second thing, but getting delisted from NASDAQ is pretty horrible on its own. As of press time, Majesco's stock is trading at $0.64 a share.
Nasdaq stops all trading due to systems issue, plans to reopen in a limited capacity soon (update: back online)
Well, this is rather peculiar. The Nasdaq stock market -- the entire Nasdaq, which lists major tech firms such as Apple and Facebook -- has temporarily suspended all trading due to a technical issue. The exchange sent an alert to traders at 12:14PM ET today announcing that it was halting all trading "until further notice," according to a New York Times report. Reuters is reporting that Nasdaq will reopen trading soon, but with a 5-minute quote period. The market will not be canceling open orders, however, so firms that don't want their orders processed once everything's up and running should cancel their orders manually now. It's not entirely clear what caused the issue, or how and when it will be resolved, but you better believe it's causing some commotion on Wall Street, and could impact traders for days and months to come. Update (2:28PM ET): CNBC and the Wall Street Journal are reporting that Nasdaq will resume limited trading beginning at 2:45PM ET. Update (2:32PM ET): CNBC is now reporting that trading will resume with just two securities at 2:45PM ET. Full trading will begin at 3:10PM ET. Update (3:28PM ET): It appears that trading has resumed as of 3:25PM ET. Update (5:47PM ET): One final tweet here from CNBC. Nasdaq is claiming that today's issues were resolved within 30 minutes. The remaining 2.5 hours were used to coordinate the re-opening. Update (6:29PM ET): Nasdaq has issued an official statement following today's market close. In part, it reads: "NASDAQ OMX will work with other exchanges that are members of the SIP to investigate the issues of today, and we will support any necessary steps to enhance the platform."
Tesla to join the Nasdaq 100 as Oracle departs for the NYSE
As of Monday, July 15th, Tesla Motors will be included in the Nasdaq 100, a list of the largest non-financial stocks on Nasdaq's index. A spot in that elite group opened up when Oracle announced that it would be moving to the New York Stock Exchange, making it inelegible for inclusion on Nasdaq. The news seemed to please shareholders, and at the time of this writing, Tesla's stock had surged ahead nearly 2 percent. The company's entry into the Nasdaq 100 is a sure sign that its forward trajectory is nigh unstoppable -- at least for now. With an overall stock gain of nearly 260 percent in 2013, Tesla Motors just keeps on truckin'.
SEC charging Nasdaq $10 million in civil suit settlement over Facebook's IPO issues
When Facebook became a public company in the summer of 2012, its initial public offering (IPO) didn't go quite as well as the company expected. It went poorly enough that the US Securities and Exchange Commission took action against the exchange which handled Facebook's IPO: Nasdaq. A civil suit filed against the exchange, alleging computer software errors that resulted in a lackluster IPO, was settled today -- the exchange will pay $10 million to settle the suit. The settlement, of course, doesn't mean that Nasdaq is confirming or denying the alleged issues its computer system incurred last year; said issues allegedly cost investors in the ballpark of $500 million. Probably best to un-friend Nasdaq now before things get awkward. [Image credit: bfishadow]
EA loses spot on the NASDAQ-100
The NASDAQ-100 Index will remove Electronic Arts as part of its annual re-ranking. The index, which is a fancy term for the grouping of a bunch of stocks, includes the 100 largest non-financial stocks listed on the Nasdaq stock exchange. EA joins nine other stocks, including Netflix, to be removed from the index."The securities being added to the NASDAQ-100 Index will join Facebook, Costco, Apple, Google and other household names that are leading the new economy forward," said NASDAQ executive VP John L. Jacobs. "Our objective re-ranking process ensures the NASDAQ-100 remains a relevant investable index that is the underlying benchmark for about 7,100 products in 22 countries with a notional value of about $1 trillion."The new group of stocks being added doesn't include any traditional video game companies. As GI.biz notes, EA may be off the list, but the NASDAQ-100 still includes Activision Blizzard and Microsoft.
NASDAQ tells THQ they cool for now
THQ received notification from stock exchange NASDAQ that the company is back in compliance, having maintained a closing stock price of over $1 for 10 consecutive business days.The publisher accomplished the feat through a 10-to-one reverse stock split, consolidating THQ's 70 million shares to 7 million and inflating the price by moving the decimal point one space to the right. THQ's market capitalization now stands at $35.4 million, and its stock is trading at $5.16/share this morning.THQ has done the executive shuffle the past few months to get things back on track, adding new president Jason Rubin and announcing yesterday the addition of Relic founder Ron Moravek as "Executive Vice President, Production." THQ's next game is Darksiders 2, due on August 14.
THQ retains NASDAQ listing as board approves reverse stock split
THQ will keep its NASDAQ listing following the approval of a reverse stock split by its controlling board. Last week, stockholders met and approved a 10-to-one reverse stock split, effectively consolidating THQ's nearly 70 million stock units to around 7 million, and bringing their value from around $0.62 to $6.20 apiece. THQ risked delisting from NASDAQ due to shares trading below $1 for nearly 30 days, the cutoff for retaining NASDAQ listing status.The reverse split is set to go into effect on July 9 (next Monday). Initially, it will increase THQ's stock price well above the minimum $1 required, but it's unknown if that stock price will stay above $1 per share for 10 consecutive days – if it doesn't, THQ once again faces delisting.The next game THQ plans to launch is Darksiders 2 for Xbox 360, PlayStation 3, and PC on August 14.
THQ planning reverse stock split to avoid NASDAQ delisting
THQ filed plans with the SEC Friday for a June 29 stockholders meeting, where the company will propose a reverse stock split to avoid delisting from NASDAQ.In the filing, the company describes the need for the stock split to maintain the $1 per share minimum that NASDAQ requires for listing. THQ outlined three options in the process: 1:3, 1:5, and 1:10 reverse stock split ratios. Exercising any of these options results in fewer outstanding shares with an increased apparent value per share. For instance, should THQ perform a 1:3 reverse stock split, each stockholder would own one stock for every three owned prior to the split, even though the total value of the company's stock would not change.The company's stock is currently trading at 61 cents per share.THQ first received a delisting warning from Nasdaq on January 31, noting that the company's stock was trading below $1 per share. It has until July 23 to meet-and-maintain that closing standard for ten consecutive business days in order to be eligible for continued listing. THQ recently reported a net loss of $239.9 million for the fiscal year ending on March 31, 2012.
Zynga shares close at record low following lackluster Facebook IPO
Facebook went public yesterday, and its unexpectedly less-than-stellar performance on the trading floor has had powerful ramifications for its social soul sister Zynga, which finished the day's trading at a record low of $7.16 a share.It's possible that Facebook's unimpressive IPO, closing out Friday at $38.23 a share – four dollars less than its $42.05 opening price – caused Zynga's value to drop in tandem, as the two platforms are inexorably intertwined in the public mindset. It's also possible that Zynga share holders jumped ship in favor of that new Facebook hotness, no longer having to settle for social second best. Regardless, the severe downturn in value lead to two trading halts on Zynga shares over the course of the day; once after reaching $7.17 a share, and once again after a slight increase in market value. Despite this, share values eventually dropped to as little as $6.93 before finally settling at $7.16.
Barron's: Apple should be in the Dow
Apple has been traded on the NASDAQ exchange since it first went public back in 1980. For most of that time, AAPL has been part of the NASDAQ 100 index, so a gain or loss by the company has an impact on the technology-oriented exchange. A post on Barron's today posits that Apple, which is now the world's most valuable company, should be part of the Dow Jones Industrial Average instead. However, Barron's thinks that it would be hard to admit Apple or Google to the Dow Jones index considering that the component companies are weighted on the price of their shares. Apple, which has been valued at $580 - $645 over the past few months, would simply "overwhelm" the index with a 26 percent weighting, almost double that of Dow component company IBM. Barron's notes that Apple's 9 percent jump in share price after the recent earnings call would have raised the DJIA a full 300 points. Barron's suggests that a different weighting, in which the weighting of any stock is capped at an fixed percentage, might be needed for companies like Apple and Google to become part of the Dow Jones Industrial Average.
