Friday, May 17, 2019
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WHAT TO WATCH
Online scrapbooking company Pinterest reported better-than-expected quarterly results after the market close Thursday, but shares tanked 15% after the company issued weak guidance. Pinterest now expects revenue of $1.06 billion to $1.08 billion, down from the previously anticipated $1.09 billion.
As many of the other recent IPOs have struggled since debuting on the public market, Pinterest was holding up relatively well against its peers. However, the weak guidance threw cold water on the upbeat expectations for strong growth.
Meanwhile, chipmaker Nvidia reported a beat on both the top and bottom lines and gave strong guidance. The stock soared 7% on the results after the bell Thursday. Semis have been caught in the crosshairs of the intensifying trade war between the U.S. and China. Nvidia had a rough 2018, but shares have risen about 20% so far in 2019.
Amazon leads $575M investment in Deliveroo: Amazon.com Inc. (AMZN) is leading a $575 million investment in Deliveroo, taking the total money the food app has raised to $1.53 billion. Deliveroo announced on Friday that Amazon will join T. Rowe Price, Fidelity Management, and Greenoaks in its latest round of fundraising. [Yahoo Finance UK]
Huawei security chief says U.S. actions won't limit global footprint: Huawei’s U.S. security chief says American attempts to cripple the Chinese telecommunications giant will do little to minimize its global footprint. Chief Security Officer Andy Purdy told Yahoo Finance that the Trump administration’s actions to restrict Huawei’s access to American companies will do more damage to U.S. suppliers than to Huawei. [Yahoo Finance]
Also: What is Huawei? China crown jewel now in U.S. crosshairs [Yahoo Finance]
Bitcoin sinks abruptly after seven weeks of recovery: The price of bitcoin (BTC-USD) abruptly sank more than 20% on Friday, a move that didn't appear to have a particular trigger and came after a strong recovery in the crypto-currency since early April that took it to 10-month highs. [Reuters]
Starbucks' China challenger Luckin raises $561M in U.S. IPO: Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, (SBUX) on Thursday priced its U.S. initial public offering at the top end of its targeted range and sold more shares than planned in the biggest U.S. float by a Chinese firm this year. [Reuters]
Baidu swings to net loss for first time since listing, shares fall: Chinese search engine operator Baidu Inc. (BIDU) booked its first quarterly loss since at listing in 2005 and forecast quarterly revenue below market estimates, saying a "challenging marketing environment" is sapping income from advertisers. [Reuters]
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