The announcement comes after short-selling firm Hindenburg Research accused Nikola of fraud. The company pushed back on the accusations, saying there were “dozens” of inaccurate allegations in the report.
(Bloomberg) — Oracle Corp. and Walmart Inc. plan an minority investment in TikTok Global, giving companies that have little experience in social media a stake in a fast growing music and video-sharing app that became the focal point of a trade standoff between the U.S. and China.Oracle and Walmart together could end up with as much as 20% of the entity, purchased in a round of financing that would precede an initial public offering, the companies said Saturday. Sequoia Capital and General Altantic, current investors in TikTok parent ByteDance Ltd., could also pursue stakes in the fundraising round, a person with knowledge of the matter said. ByteDance will retain majority control.ByteDance commenced a search for investors in TikTok’s U.S. operations after Trump proclaimed that TikTok was a threat to U.S. national security, and ordered the app be sold to an American business or shut down by Sept. 20. The president … Read the rest
Subscription-based services are creating more Emmy Award-nominated and -winning content than traditional cable networks.
There has been lots of talk this year of the COVID-19 benefits reaped by streaming services. As a result of the stay-at-home culture, OTT leader Roku (ROKU) has been a prime beneficiary, experiencing large account growth.But according to Rosenblatt analyst Mark Zgutowicz, Roku is particularly well placed to benefit from another trend: the move from linear to connected TV (CTV).Following discussions within OTT/CTV programmatic venues, the 5-star analyst notes there is clear indication “the demand picture for Roku will soon climb to new heights.” Zgutowicz believes the big 5 Ad agencies are “making a concerted effort to negotiate volume commitments for OTT/CTV inventory.”Importantly, Zgutowicz adds, the budgets for these advertising needs will come from “long-standing linear spend.”In other words, the agencies are realizing the untapped potential of CTV, as consumers move from the “decades old model” of linear TV to more flexible CTV services. This is great for CTV services … Read the rest
As trade tech tensions mount between the U.S. and China the U.S. semiconductor industry fears a tech cold war is brewing that could disrupt the global supply chain.
Shares of Dave & Buster’s Entertainment tumbled over 26.1% on Thursday, after the Wall Street Journal reported that the company might have to file for bankruptcy if it fails to strike a deal with a lender.Meanwhile, shares of the dining and entertainment company rose 4.8% in the extended trading session as Truist Financial said that investors are overreacting to the news.According to the Wall Street Journal report, Dave & Buster's (PLAY) is planning to layoff about 1,300 employees across seven US states in a move to cut costs.Truist Financial analyst Jake Bartlett called the share plunge during the regular trading session a "severe overreaction". Bartlett said that the Wall Street Journal referred to the company's disclosure made in its 2Q 10-Q filing that if it is not in compliance with debt covenants, it may file a voluntary petition for Chapter 11 bankruptcy.Bartlett continues to believe that the company's lenders will … Read the rest
More nations are inviting travelers to trade their home offices for the chance to live and work abroad during the global pandemic.
(Bloomberg) — Las Vegas Sands Corp.’s Singapore casino has hired a law firm to conduct a new investigation into employee transfers of more than $1 billion in gamblers’ money to third parties, according to people familiar with the matter.Davinder Singh Chambers LLC, which specializes in dispute resolution and international arbitration, was appointed after Singapore police began a probe of third-party transfers at Marina Bay Sands Ltd., said the people, who asked not to be identified discussing private matters.The review by one of Singapore’s best-known law firms adds to scrutiny of the casino by the U.S. Department of Justice and Singapore authorities after a patron sued the firm last year alleging that S$9.1 million ($6.7 million) of his money was transferred to other gamblers without his knowledge. The lawsuit was settled out of court in June, with the casino agreeing to reimburse the full amount. There was a “non-admission” of liability … Read the rest
The pandemic has had a “massive impact” on students, and there’s a widening gap between those who can tap on online learning and those who can’t, says Yale University’s president emeritus.
Adobe delivered stronger-than-expected 3Q results, thanks to the robust demand for cloud-based creative software amid the coronavirus pandemic. The software maker's 3Q adjusted earnings jumped 25% to $2.57 per share year-on-year, and topped analysts’ estimates of $2.41. Its revenues rose 14% to $3.23 billion and also came above the Street consensus of $3.16 billion. Shares rose 1.9% after-hours on Tuesday.Adobe (ADBE) said sales of the company’s flagship creative segment increased 19% to $1.96 billion, while revenues at its document cloud division grew 22% to $375 million, benefiting from the increase in remote work trends during the pandemic. Adobe’s digital media segment sales advanced 19% to $2.34 billion.The company projects 4Q sales of $3.35 billion and adjusted earnings of $2.64 per share. Adobe also expects its digital media segment revenue to increase by 18% in the fourth quarter ending in November. (See ADBE stock analysis on TipRanks).Just ahead of Adobe’s 3Q … Read the rest