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(Bloomberg) -- Treasuries led a global bond rally, with the benchmark 10-year yield dropping below 2% for the first time since November 2016 as expectations grow that major central banks will ease policies.The 10-year Treasury yield slid as much as five basis points to 1.9719% during Asian trading after the Federal Reserve signaled it was ready to cut interest rates. Japan’s 10-year bond yield also dropped two basis points to minus 0.16% ahead of a policy decision from the nation’s central bank.The Fed on Wednesday scrapped its use of “patient” in describing its approach to policy changes, roughly three months after bond markets began clamoring for lower borrowing costs. The dovish tilt comes after European Central Bank President Mario Draghi signaled that he’s ready to add monetary stimulus to contend with a slowing economy.“Ongoing trade tensions, inflation remaining low -- there’s plenty of downward pressure for yields,” said Janu Chan, a senior economist at St. George Bank Ltd. in Sydney. Still, “there’s a risk that some of the trade uncertainty could turn around, and put some upward pressure on yields,” she said.The 10-year Treasury yield has slid around 70 basis points this year as the U.S.-China trade war took its toll on the global economy and spurred investors to bet that the Fed would have to cut rates. Calls for a rate cut are growing with Citigroup Inc. saying that the U.S. central bank may reduce rates up to three times.“You’ve got a Fed that’s now changed its language and we’re on a path where there’s going to be rate cuts ahead -- whether it’s two or three times, it’s hard to say -- but there will be cuts,” said Citigroup senior technical strategist Shyam Devani.Australia’s bonds also joined the rally, with their 10-year yield down as much as five basis points to 1.29%, an all-time low. Yields on similar-tenor debt in New Zealand also fell to a record low of 1.54%.Still, with a planned meeting between U.S. President Donald Trump and Chinese leader Xi Jinping next week at the Group-of-20 gathering, some investors are clinging to bets that the nations will eventually reach a trade deal.“There are still people out there who are seeing Treasury yields as being too low given the possibility of the U.S. resuming trade talks with China,” said Naoichi Kanaoka, a senior strategist at Mizuho Securities Co. in Tokyo. “However, if the Fed reduces rates because of low inflation, then it would be full-swing policy easing rather than a preemptive cut.”The Fed on Wednesday lowered its inflation forecasts from March. Futures are now signaling four rate reductions before the end of next year, with one cut fully priced in for the July 31 decision.The prospects have prompted some investors to push out on the curve for higher yields, bringing 30-year yields down six basis points to 2.48% on Thursday, the lowest since October 2016.“This will be the start of a rate cutting cycle, not a one- or two-off cut in isolation,” Bob Michele, head of global fixed income at JPMorgan Asset Management, wrote in a note.\--With assistance from Stephen Spratt.To contact the reporters on this story: Ruth Carson in Singapore at email@example.com;Masaki Kondo in Tokyo at firstname.lastname@example.orgTo contact the editors responsible for this story: Tan Hwee Ann at email@example.com, Liau Y-SingFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The government want to scrutinize the upcoming Libra currency, among other things. Meanwhile, the database king keeps its crown.
Square stock is down roughly 3.5% over the last three months as investors decide what's next for the once high-flying financial tech giant.
(Bloomberg) -- Oracle Corp.’s shares climbed after the world’s second-largest software maker returned to sales growth and gave a forecast indicating the momentum may continue. For investors, the results were a reprieve amid the company’s uneven transition to cloud-based computing.Revenue increased 1.1% to $11.1 billion in the period ended May 31 from a year earlier, the Redwood City, California-based company said Wednesday in a statement. Analysts, on average, projected $10.9 billion, according to data compiled by Bloomberg. Oracle said sales will grow as much as 2% in the current period.Chief Executive Officers Safra Catz and Mark Hurd have sought to maintain Oracle’s large customer base as the company competes with a dizzying number of rivals in the cloud-computing space. The software maker’s stumbles against Amazon.com Inc. and others have spurred the company to seek help from unlikely sources. Earlier this month, Oracle announced an alliance with longtime rival Microsoft Corp., letting customers use their respective clouds.The period marked Oracle’s first year-over-year increase in total revenue since the fiscal first quarter.Oracle shares jumped about 5% in extended trading after closing at $52.68 in New York. The stock has gained 17% this year.Profit, excluding some expenses, will be 80 cents to 82 cents a share in the period that ends in August, Catz said on a conference call. The forecast is in line with Wall Street’s average estimate of 81 cents. Oracle reported an adjusted profit of $1.16 a share in the fiscal fourth quarter, compared with estimates of $1.07 a share.Pat Walravens, an analyst at JMP Securities, said Oracle’s sales and profit outlook brought relief to concerned investors.“These are small numbers but we seem to be making some progress,’’ Walravens said in an interview. “Oracle is doing a nice job on the applications side, but on the infrastructure side you’re competing against Microsoft, Amazon Web Services and the Google Cloud. That remains highly competitive.’’Larry Ellison, Oracle’s billionaire co-founder and executive chairman, said some corporate applications for the cloud are finally boosting overall growth, even as product lines like the company’s data-broker business declined.“We are focused on our star products and our star products are now driving the top line higher,” Ellison said on the call. “We have these other businesses that are melting away and we just don’t care.”Cloud license and on-premise license sales increased 12% to $2.52 billion, suggesting that Oracle is doing a better job of signing on new customers. The company said that revenue from NetSuite grew 32%, and Fusion HR and financial suites gained by the same amount. Hurd has been keen to chase growth by selling apps and set a target for attaining 50% market share to best rival SAP SE.Revenue from cloud services and license support was unchanged at $6.8 billion in the quarter, Oracle said. While that metric includes revenue from hosting customers’ data on the cloud, a large portion is generated by maintenance fees for traditional software housed on clients’ servers. The unit accounted for more than 60% of total revenue.Sales of Oracle’s servers declined 11% in the period. Catz said the company has chosen to “downsize our low-margin legacy hardware business,” which Oracle acquired when it bought Sun Microsystems.Oracle has been firing workers around the world to cut expenses. The company’s adjusted operating margin reached 47%, the highest in five years. The company’s costs related to restructuring also doubled to $168 million in the quarter compared with a year earlier.The deal between Oracle and Microsoft will allow mutual customers to connect databases on Oracle’s cloud to applications on Microsoft’s Azure cloud. The agreement signified a concession by Oracle that it won’t be able to compete against Amazon Web Services alone. AWS offers cheaper versions of the databases that make up Oracle’s core business.To contact the reporter on this story: Nico Grant in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Andrew Pollack, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- As 2019’s bumper crop of initial public offerings either languishes or wildly exceeds expectations, Slack Technologies Inc. is taking a route to the trading floor that it hopes will yield a much more boring outcome.Following in the footsteps of music-streaming service Spotify Technology SA last year, the workplace messaging application is set to start trading on the New York Stock Exchange Thursday via a direct listing. It’s just the second large company to test the unusual method and will be closely watched by other potential candidates to see how successfully the company and its advisers pull it off.Investors got their first hint of how things are going when Slack’s reference price was set at $26 per share on Wednesday. Unlike the offering price paid by investors in a traditional IPO, the reference price doesn’t establish the valuation, though it’s partly based on recent trading in private markets. Its main purpose is to provide a starting point to allow trading to begin under New York Stock Exchange rules.With IPO heavyweight advisers from Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. helping to steer Slack through its listing alongside market maker Citadel Securities, all eyes will be on how the first day of trading plays out. But the company and its investors aren’t looking for a meaningful stock pop -- and want to avoid the volatility -- that often accompanies high-profile share sales, according to a person familiar with the process.On Wednesday, Slack said that its investors had converted additional Class B stock to Class A shares, increasing the number that could be sold to 194 million from 181 million, out of a total of 504.4 million. Especially because there’s no lock-up period, there’s a risk of too few investors wanting to buy or too many wanting to sell.“A direct listing can be considered risky for a variety of reasons," Alejandro Ortiz, an analyst at SharesPost, said in a note. “There is an increased chance of substantially more supply than demand for Slack’s shares. All of this could result in heightened volatility in the early hours and days of trading.”Reference PriceFifteen months after its own direct listing, Spotify trades about 12% above its reference price of $132, at about $148 a share on Wednesday. That’s well below where the stock opened on its first day of trading in April 2018, though, at $165.90 apiece.On Thursday, much of the attention at the exchange will be focused on one man. Pete Giacchi, a longtime market maker at the NYSE for Citadel Securities, will be tasked with opening the stock –- just as he was for Uber Technologies Inc.’s listing in May, people with knowledge of the matter said. It could be a long wait: Spotify’s shares took more than three hours to start trading, and it will take a while to make sure that the pricing and trading volumes coming in are at levels that Slack and its advisers are comfortable with.Supply, DemandMorgan Stanley, as the named adviser to the designated market maker, will be constantly trying to get a sense of supply and demand for the shares to advise on that opening price. The bank’s team includes global head of technology capital markets, Colin Stewart, as well as David Chen, who leads software banking. John Paci, the co-head of U.S. equities trading, will help advise the designated market maker on where the stock should open based on buying and selling interest gleaned from investors, according to people familiar with the details.At Goldman Sachs, the work will be led by Nick Giovanni, co-head of the global technology, media and telecommunications group, equity capital markets head David Ludwig and Will Connolly, co-head of the West Coast financing group and head of technology ECM.One thing Slack’s listing will have in common with an IPO: executives including Chief Executive Officer Stewart Butterfield and finance chief Allen Shim are expected to be pacing the floor of the NYSE for the open. They may not stick around all day, though. They will likely spend some time at the offices of their advisers before celebrating with employees and customers, according to a person with knowledge of the matter.Representatives for Slack, Goldman Sachs, Morgan Stanley and Citadel Securities declined to comment.Private FundsSlack’s decision to bypass a traditional IPO -- and the opportunity it brings to raise funds -- is yet another sign of how benevolent private markets have been to tech startups in recent years. Slack’s earliest major investor, venture capital firm Accel, has directed a fire hose of money at the messaging company over the years, investing from several of its funds to accumulate a 23.8% stake.In addition to Accel, Slack captured the imagination of elite investors such as Andreessen Horowitz and Social Capital. But it was SoftBank Group Corp.’s behemoth Vision Fund, which also owns stakes in Uber and WeWork Cos., that accelerated Slack’s fundraising when it led a $250 million investment in 2017.One of the main reasons that Slack has remained well capitalized, however, is that it burns through less cash than some of SoftBank’s other investments. Uber, for instance, accumulated more than $10 billion in operating losses in three years. While Slack expects higher-than-usual losses in the second quarter, that still amounts to only about $75 million to $77 million for the three months, even including expenses related to the listing.Growth vs. ProfitabilityThe high demand for IPOs by the likes of money-losing companies including Uber, Lyft Inc. and Beyond Meat Inc. proves that investors remain focused on growth prospects over profitability –- in the short term at least.With Uber leading the pack with its $8.1 billion offering, 79 companies have raised $28.88 billion in U.S. IPOs this year, according to data compiled by Bloomberg. That includes five other listings topping $1 billion, including the $2.34 billion IPO by Uber’s ride-hailing rival Lyft.With no lock-up period for a direct listing, Slack investors could be jittery about any updates from the company, perceived competitive threats or other risks.Tiny SpeckIn its filings, Slack has warned investors that it’s a relatively new business, launching only in 2014 after existing for several years as a gaming company called Tiny Speck. Its rocket-ship ascent has attracted plenty of investors, but gives new potential shareholders only a limited trajectory to study.Another challenge for Slack is one that fellow mega startups like Uber have grappled with, namely whether they can move beyond the core offering that their early years of success were built on. While Slack has improved its product so that it can serve larger companies, many customers still consider it an easy-to-use, aesthetically pleasing workplace messaging platform, despite speculation that it could evolve into a catch-all portal for business applications.One thing that could make Slack’s debut more unpredictable than Spotify’s is its investor base. Because the company’s ownership is more concentrated among fewer, larger shareholders, it could be more difficult to gauge the supply of shares that are likely to be traded, one person with knowledge of the process said. Both buyers and sellers may also hang back on day one to see how trading goes before getting involved: Just 30 million of Spotify shares changed hands in its trading debut, less than a third of the total available.\--With assistance from Crystal Tse and William Hobbs.To contact the reporters on this story: Eric Newcomer in San Francisco at firstname.lastname@example.org;Sonali Basak in New York at email@example.com;Ellen Huet in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, ;Michael J. Moore at firstname.lastname@example.org, Elizabeth Fournier, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Oracle (ORCL) delivered earnings and revenue surprises of 8.41% and 1.78%, respectively, for the quarter ended May 2019. Do the numbers hold clues to what lies ahead for the stock?
Ironwood (IRWD) and Allergan's Linzess meets the goal in a late-stage study for treating adult patients with IBS-C. Shares rise as the drug reduces bloating, pain and discomfort in IBS-C patients.
In its first-quarter earnings investor presentation, Allergan (AGN) guided for a 2019 non-GAAP (generally accepted accounting principles) gross margin of 85.0%–85.5%, in line with the consensus estimate of 85.48%.
In its first-quarter earnings investor presentation, Allergan (AGN) revised its 2019 revenue guidance upward from its previous estimate of $15.0 billion–$15.3 billion to $15.1 billion–$15.4 billion.
Hewlett Packard's (HPE) new intelligent platform will help businesses by delivering autonomous, self-managing data storage, and accelerate application performance.