Snap stock rises after slew of new product announcements, but analysts remain wary

While investors seem to be pleased by Snap’s new offerings and revenue opportunities, several Wall Street analysts remain reserved about its execution. The firm maintained its rating on the stock, the equivalent of a sell, with a price target of $5.50. The analysts were skeptical of Snap’s ability to execute on scalable, non-intrusive ad units for mobile gaming and third-party networks. Stifel analysts were slightly more optimistic, giving the stock the equivalent of a neutral rating with a pric


While investors seem to be pleased by Snap’s new offerings and revenue opportunities, several Wall Street analysts remain reserved about its execution. The firm maintained its rating on the stock, the equivalent of a sell, with a price target of $5.50. The analysts were skeptical of Snap’s ability to execute on scalable, non-intrusive ad units for mobile gaming and third-party networks. Stifel analysts were slightly more optimistic, giving the stock the equivalent of a neutral rating with a pric
Snap stock rises after slew of new product announcements, but analysts remain wary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, announcements, games, opportunities, snaps, price, snap, offerings, wary, rating, target, rises, product, remain, analysts, stock, slew


Snap stock rises after slew of new product announcements, but analysts remain wary

Shares of Snap popped more than 4% Friday after unveiling a host of new features meant to keep users and advertisers engaged with its platform.

Snap added about $600 million to its market capitalization Friday, making it worth about $15.5 billion. The social media company has nearly doubled its share price since the beginning of 2019, although the stock is still down about 18% for the past 12 months.

Snap announced a new gaming platform at its partner summit Thursday, bulking up on advertising offerings to those looking to grab the attention of Snapchat’s Gen Z user base. Free-to-play games like Epic Game’s “Fortnite” and EA’s “Apex Legends” have proved wildly popular among this demographic, and Snap already has planned two games in the same battle royale style.

The company also announced its upcoming lineup of original shows, a new augmented reality feature and the Snap Audience Network, which will sell ads that appear in third-party apps.

While investors seem to be pleased by Snap’s new offerings and revenue opportunities, several Wall Street analysts remain reserved about its execution.

“These should create engagement opportunities, but material monetization of this new engagement is not as straightforward,” Morgan Stanley analysts wrote of Snap’s new offerings in a note Friday. The firm maintained its rating on the stock, the equivalent of a sell, with a price target of $5.50.

The analysts were skeptical of Snap’s ability to execute on scalable, non-intrusive ad units for mobile gaming and third-party networks. They also questioned the company’s capacity to draw a large enough audience for its new original programming.

Stifel analysts were slightly more optimistic, giving the stock the equivalent of a neutral rating with a price target of $10.

“Overall, the announcements highlight Snap’s continued ability to develop truly innovative experiences for its users / partners despite a slimmed-down R&D budget in recent quarters,” the analysts wrote in a note Friday. “As its competitors are being pressured to reign in functionality due to privacy concerns, Snap’s privacy-centric approach could lead to developers investing more deeply in the platform. Monetization of games and off-platform usage also represent potential incremental monetization opportunities for Snap.”

The Stifel analysts see potential in the Snap Audience Network. Snap could potentially gain advertising dollars from agencies “weary of how much they spend on Google and Facebook today,” according to the analysts.

JMP analysts also gave Snap the equivalent of a neutral rating without listing a price target. While largely positive on Snap’s new announcements and the opportunities to bring in ad dollars, the analysts said they are still focused on other pressing issues at the company.

“[T]he risk/reward remains balanced, at least until we can see traction with the Android rebuild, a ramp in advertiser demand, and improving overall profitability,” they wrote.

Disclosure: CNBC parent NBCUniversal is an investor in Snap .

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Watch: Snap rolls out new tools to drive engagement and ad dollars


Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, announcements, games, opportunities, snaps, price, snap, offerings, wary, rating, target, rises, product, remain, analysts, stock, slew


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Snap stock rises after slew of new product announcements, but analysts remain wary

While investors seem to be pleased by Snap’s new offerings and revenue opportunities, several Wall Street analysts remain reserved about its execution. The firm maintained its rating on the stock, the equivalent of a sell, with a price target of $5.50. The analysts were skeptical of Snap’s ability to execute on scalable, non-intrusive ad units for mobile gaming and third-party networks. Stifel analysts were slightly more optimistic, giving the stock the equivalent of a neutral rating with a pric


While investors seem to be pleased by Snap’s new offerings and revenue opportunities, several Wall Street analysts remain reserved about its execution. The firm maintained its rating on the stock, the equivalent of a sell, with a price target of $5.50. The analysts were skeptical of Snap’s ability to execute on scalable, non-intrusive ad units for mobile gaming and third-party networks. Stifel analysts were slightly more optimistic, giving the stock the equivalent of a neutral rating with a pric
Snap stock rises after slew of new product announcements, but analysts remain wary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, rating, analysts, snap, announcements, remain, snaps, price, stock, games, opportunities, target, product, rises, offerings, wary, slew


Snap stock rises after slew of new product announcements, but analysts remain wary

Shares of Snap popped 5% Friday after unveiling a host of new features meant to keep users and advertisers engaged with its platform.

Snap added about $700 million to its market capitalization Friday, making it worth about $15.6 billion. The social media company has doubled its share price since the beginning of 2019, although the stock is still down nearly 18% for the past 12 months.

Snap announced a new gaming platform at its partner summit Thursday, bulking up on advertising offerings to those looking to grab the attention of Snapchat’s Gen Z user base. Free-to-play games like Epic Game’s “Fortnite” and EA’s “Apex Legends” have proved wildly popular among this demographic, and Snap already has planned two games in the same battle royale style.

The company also announced its upcoming lineup of original shows, a new augmented reality feature and the Snap Audience Network, which will sell ads that appear in third-party apps.

While investors seem to be pleased by Snap’s new offerings and revenue opportunities, several Wall Street analysts remain reserved about its execution.

“These should create engagement opportunities, but material monetization of this new engagement is not as straightforward,” Morgan Stanley analysts wrote of Snap’s new offerings in a note Friday. The firm maintained its rating on the stock, the equivalent of a sell, with a price target of $5.50.

The analysts were skeptical of Snap’s ability to execute on scalable, non-intrusive ad units for mobile gaming and third-party networks. They also questioned the company’s capacity to draw a large enough audience for its new original programming.

Stifel analysts were slightly more optimistic, giving the stock the equivalent of a neutral rating with a price target of $10.

“Overall, the announcements highlight Snap’s continued ability to develop truly innovative experiences for its users / partners despite a slimmed-down R&D budget in recent quarters,” the analysts wrote in a note Friday. “As its competitors are being pressured to reign in functionality due to privacy concerns, Snap’s privacy-centric approach could lead to developers investing more deeply in the platform. Monetization of games and off-platform usage also represent potential incremental monetization opportunities for Snap.”

The Stifel analysts see potential in the Snap Audience Network. Snap could potentially gain advertising dollars from agencies “weary of how much they spend on Google and Facebook today,” according to the analysts.

JMP analysts also gave Snap the equivalent of a neutral rating without listing a price target. While largely positive on Snap’s new announcements and the opportunities to bring in ad dollars, the analysts said they are still focused on other pressing issues at the company.

“[T]he risk/reward remains balanced, at least until we can see traction with the Android rebuild, a ramp in advertiser demand, and improving overall profitability,” they wrote.

Disclosure: CNBC parent NBCUniversal is an investor in Snap .

Subscribe to CNBC on YouTube.

Watch: Snap rolls out new tools to drive engagement and ad dollars


Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, rating, analysts, snap, announcements, remain, snaps, price, stock, games, opportunities, target, product, rises, offerings, wary, slew


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Buybacks are under attack again as a senator pushes to restrict insider sales after announcements

The senator had asked the SEC to look into stock performance after buyback announcements to determine the impact on individual stocks. What the study found, as reported in a letter from Commissioner Robert L. Jackson Jr., was that “firms that let insiders sell on buyback announcements perform worse over the long run,” Van Hollen said. “In other words, the executives’ gain is at the expense of the other stock holders who are not insiders,” he added. The senator’s comments come as share repurchase


The senator had asked the SEC to look into stock performance after buyback announcements to determine the impact on individual stocks. What the study found, as reported in a letter from Commissioner Robert L. Jackson Jr., was that “firms that let insiders sell on buyback announcements perform worse over the long run,” Van Hollen said. “In other words, the executives’ gain is at the expense of the other stock holders who are not insiders,” he added. The senator’s comments come as share repurchase
Buybacks are under attack again as a senator pushes to restrict insider sales after announcements Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: jeff cox, tom williams, cq-roll call group, getty images
Keywords: news, cnbc, companies, sales, stock, insider, van, period, long, senator, restrict, pushes, repurchases, attack, hollen, announcements, insiders, come, buybacks


Buybacks are under attack again as a senator pushes to restrict insider sales after announcements

Market has a huge tailwind due to debt-fueled buybacks and LBOs, says Canaccord strategist 1:41 PM ET Fri, 1 March 2019 | 03:38

“It could be a long period of time like several years, or maybe analysis would show another period of time that might be appropriate,” Van Hollen said during a media call.

The senator had asked the SEC to look into stock performance after buyback announcements to determine the impact on individual stocks. What the study found, as reported in a letter from Commissioner Robert L. Jackson Jr., was that “firms that let insiders sell on buyback announcements perform worse over the long run,” Van Hollen said.

“In other words, the executives’ gain is at the expense of the other stock holders who are not insiders,” he added. “It raises the concern that buybacks are used as a way to maximize executive pay.”

The senator’s comments come as share repurchases, announcements of which totaled more than $1 trillion in 2018, have come under bipartisan fire.

Earlier this year, Sens. Charles Schumer, a New York Democrat, and Bernie Sanders, a Vermont independent who is running for president on the Democratic ticket, unveiled a plan that would force companies engaging in repurchases to pay a living wage and provide health-care benefits.

Shortly after, Florida Republican Sen. Marco Rubio said he wanted to change tax laws that reward buybacks.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: jeff cox, tom williams, cq-roll call group, getty images
Keywords: news, cnbc, companies, sales, stock, insider, van, period, long, senator, restrict, pushes, repurchases, attack, hollen, announcements, insiders, come, buybacks


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Tesla’s onslaught of announcements is raising red flags about demand for its cars

All of this suggests Tesla is rushing to strengthen demand for its products, which could be waning in the U.S., Europe and China, Spak told investors in a research note Sunday. “We believe there has been a fall- off in U.S. demand and softer than expected demand in Europe/China.” The price cuts on Tesla’s three models, the X, S and 3, backs up the idea that demand has softened, he added. It is important to note that Musk has teased mid-March as a possible date for the unveiling of the Model Y be


All of this suggests Tesla is rushing to strengthen demand for its products, which could be waning in the U.S., Europe and China, Spak told investors in a research note Sunday. “We believe there has been a fall- off in U.S. demand and softer than expected demand in Europe/China.” The price cuts on Tesla’s three models, the X, S and 3, backs up the idea that demand has softened, he added. It is important to note that Musk has teased mid-March as a possible date for the unveiling of the Model Y be
Tesla’s onslaught of announcements is raising red flags about demand for its cars Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: robert ferris, source
Keywords: news, cnbc, companies, spak, flags, note, model, musk, announcements, red, tesla, raising, prices, high, onslaught, teslas, demand, cars, suggests


Tesla's onslaught of announcements is raising red flags about demand for its cars

All of this suggests Tesla is rushing to strengthen demand for its products, which could be waning in the U.S., Europe and China, Spak told investors in a research note Sunday.

“A Model Y announcement so shortly after the $35k [Model 3] suggests that consumer reaction toward the $35k Model 3 may not have been as strong as the company had hoped,” Spak said. “We believe there has been a fall- off in U.S. demand and softer than expected demand in Europe/China.” The price cuts on Tesla’s three models, the X, S and 3, backs up the idea that demand has softened, he added.

It is important to note that Musk has teased mid-March as a possible date for the unveiling of the Model Y before. He had said as far back as May 2018 that the Y could be revealed on March 15. “I just made that up, because the Ides of March sounded good,” Musk said on Twitter.

Investors have long worried about whether Tesla can sustain interest in its cars at their current high prices. Tesla is somewhat boxed in by the need to keep prices high enough to recoup its massive investments and turn a profit, while keeping them low enough to compete with bigger manufacturers that are pouring money into electric vehicles.


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: robert ferris, source
Keywords: news, cnbc, companies, spak, flags, note, model, musk, announcements, red, tesla, raising, prices, high, onslaught, teslas, demand, cars, suggests


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Tesla’s onslaught of announcements is raising red flags about demand for its cars

All of this suggests Tesla is rushing to strengthen demand for its products, which could be waning in the U.S., Europe and China, Spak told investors in a research note Sunday. “We believe there has been a fall- off in U.S. demand and softer than expected demand in Europe/China.” The price cuts on Tesla’s three models, the X, S and 3, backs up the idea that demand has softened, he added. It is important to note that Musk has teased mid-March as a possible date for the unveiling of the Model Y be


All of this suggests Tesla is rushing to strengthen demand for its products, which could be waning in the U.S., Europe and China, Spak told investors in a research note Sunday. “We believe there has been a fall- off in U.S. demand and softer than expected demand in Europe/China.” The price cuts on Tesla’s three models, the X, S and 3, backs up the idea that demand has softened, he added. It is important to note that Musk has teased mid-March as a possible date for the unveiling of the Model Y be
Tesla’s onslaught of announcements is raising red flags about demand for its cars Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: robert ferris, source
Keywords: news, cnbc, companies, spak, flags, note, model, musk, announcements, red, tesla, raising, prices, high, onslaught, teslas, demand, cars, suggests


Tesla's onslaught of announcements is raising red flags about demand for its cars

All of this suggests Tesla is rushing to strengthen demand for its products, which could be waning in the U.S., Europe and China, Spak told investors in a research note Sunday.

“A Model Y announcement so shortly after the $35k [Model 3] suggests that consumer reaction toward the $35k Model 3 may not have been as strong as the company had hoped,” Spak said. “We believe there has been a fall- off in U.S. demand and softer than expected demand in Europe/China.” The price cuts on Tesla’s three models, the X, S and 3, backs up the idea that demand has softened, he added.

It is important to note that Musk has teased mid-March as a possible date for the unveiling of the Model Y before. He had said as far back as May 2018 that the Y could be revealed on March 15. “I just made that up, because the Ides of March sounded good,” Musk said on Twitter.

Investors have long worried about whether Tesla can sustain interest in its cars at their current high prices. Tesla is somewhat boxed in by the need to keep prices high enough to recoup its massive investments and turn a profit, while keeping them low enough to compete with bigger manufacturers that are pouring money into electric vehicles.


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: robert ferris, source
Keywords: news, cnbc, companies, spak, flags, note, model, musk, announcements, red, tesla, raising, prices, high, onslaught, teslas, demand, cars, suggests


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Gap, Victoria’s Secret and even Tesla: 4,300 store closures already announced this year

That builds on recent store closure announcements by Gymboree, Payless ShoeSource, Charlotte Russe and Ann Taylor parent company Ascena Retail, to name a few. A whopping 4,309 store closures were announced by retailers just in the first two months of this year, Coresight Research said in a research note Friday. That’s well ahead of the number of announcements the market research firm was tracking this same time a year ago, it said. “I think we see more store closures in 2019 than in 2018 … In


That builds on recent store closure announcements by Gymboree, Payless ShoeSource, Charlotte Russe and Ann Taylor parent company Ascena Retail, to name a few. A whopping 4,309 store closures were announced by retailers just in the first two months of this year, Coresight Research said in a research note Friday. That’s well ahead of the number of announcements the market research firm was tracking this same time a year ago, it said. “I think we see more store closures in 2019 than in 2018 … In
Gap, Victoria’s Secret and even Tesla: 4,300 store closures already announced this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: lauren thomas, scott mlyn
Keywords: news, cnbc, companies, malls, tesla, 4300, kniffen, victorias, gap, store, announced, research, announcements, firm, closure, closures, secret, coresight, plans


Gap, Victoria's Secret and even Tesla: 4,300 store closures already announced this year

That builds on recent store closure announcements by Gymboree, Payless ShoeSource, Charlotte Russe and Ann Taylor parent company Ascena Retail, to name a few. A whopping 4,309 store closures were announced by retailers just in the first two months of this year, Coresight Research said in a research note Friday. That’s well ahead of the number of announcements the market research firm was tracking this same time a year ago, it said.

Even Tesla this week said it plans to move all its sales online and close showrooms.

“If anything, this increases my concerns for the malls,” Jan Kniffen, CEO of consulting firm J. Rogers Kniffen Worldwide, told CNBC. There are roughly 1,200 malls in the U.S. and only 250 “great ones” that aren’t in trouble right now, he said. “I think we see more store closures in 2019 than in 2018 … This year is already ahead of last year.”

In 2018, Coresight tracked 5,524 store closure announcements in the U.S., which was down more than 30 percent from a record 8,139 closures announced in 2017.

WATCH: Gap plans to split into two public companies


Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: lauren thomas, scott mlyn
Keywords: news, cnbc, companies, malls, tesla, 4300, kniffen, victorias, gap, store, announced, research, announcements, firm, closure, closures, secret, coresight, plans


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Trump teases ‘important announcements’ as he touts ‘very productive’ China trade talks

President Donald Trump on Tuesday hinted at “important announcements” regarding his administration’s high-stakes trade talks with China. Trump tweeted last week that China had agreed to slash the tariffs, although the Chinese government did not confirm or deny it at the time. According to The Wall Street Journal, which cited Chinese officials, Chinese President Xi Jinping has told senior members of his government to follow through on his recent agreement with Trump. The U.S. and China have resta


President Donald Trump on Tuesday hinted at “important announcements” regarding his administration’s high-stakes trade talks with China. Trump tweeted last week that China had agreed to slash the tariffs, although the Chinese government did not confirm or deny it at the time. According to The Wall Street Journal, which cited Chinese officials, Chinese President Xi Jinping has told senior members of his government to follow through on his recent agreement with Trump. The U.S. and China have resta
Trump teases ‘important announcements’ as he touts ‘very productive’ China trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-11  Authors: mike calia
Keywords: news, cnbc, companies, stocks, trade, xi, china, teases, tariffs, announcements, chinese, touts, productive, president, truce, talks, trump, important


Trump teases 'important announcements' as he touts 'very productive' China trade talks

President Donald Trump on Tuesday hinted at “important announcements” regarding his administration’s high-stakes trade talks with China.

“Very productive conversations going on with China! Watch for some important announcements!” the president tweeted.

Trump’s optimistic tweet came soon after Bloomberg News reported that China’s government would consider slashing tariffs on U.S. car imports to 15 percent from 40 percent. Auto stocks jumped on the news in premarket trading. Overall, stocks pointed to a higher open as markets looked to bounce back from last week’s rout.

Trump tweeted last week that China had agreed to slash the tariffs, although the Chinese government did not confirm or deny it at the time. In July, China cut tariffs on auto imports to 15 percent from 25 percent, but then soon hiked duties on U.S.-made cars to 40 percent as retaliation for the Trump administration’s aggressive trade moves.

Other signs of potential progress emerged Tuesday. According to The Wall Street Journal, which cited Chinese officials, Chinese President Xi Jinping has told senior members of his government to follow through on his recent agreement with Trump. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer are the main U.S. negotiators in calls with Chinese negotiators.

The U.S. and China have restarted trade negotiations after Trump and Xi reached a truce in their nations’ escalating trade war. The two leaders spoke during a working dinner at the G-20 summit in Argentina on Dec. 1.

As part of the truce, the U.S. and China agreed to a 90-day window to negotiate some significant sticking points between the world’s two largest economies. As part of the interim agreement, Trump said he would hold off on boosting tariffs on $200 billion in Chinese goods to 25 percent from 10 percent.

Trump’s tweet Tuesday also came during the battle over a Chinese executive who was arrested in Canada, the same day Trump and Xi dined in Argentina, and faces extradition to the United States. Meng Wanzhou, CFO of Chinese telecom giant Huawei, is being held by Canadian authorities in a case related to the company’s alleged sale of equipment containing U.S. components to Iran in violation of international sanctions on the Islamic Republic.

There are concerns that the Huawei case could upset the delicate but broad trade talks between the U.S. and China, although the renewed talks and Trump’s claims indicate it has yet to disrupt the negotiations.


Company: cnbc, Activity: cnbc, Date: 2018-12-11  Authors: mike calia
Keywords: news, cnbc, companies, stocks, trade, xi, china, teases, tariffs, announcements, chinese, touts, productive, president, truce, talks, trump, important


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US Treasury yields edge higher after Trump’s tariff announcements

Investors across global markets remain on edge after a trade announcement came from the U.S. administration. On Thursday, President Donald Trump stated that the U.S. would be imposing new tariffs on aluminum and steel. In the bond markets, yields initially fell on the announcement, but had crept back higher by Friday morning. During his speech Thursday, Powell stated that there were currently no “decisive” signs of wage inflation. No major auctions by the U.S. Treasury or speeches by Fed members


Investors across global markets remain on edge after a trade announcement came from the U.S. administration. On Thursday, President Donald Trump stated that the U.S. would be imposing new tariffs on aluminum and steel. In the bond markets, yields initially fell on the announcement, but had crept back higher by Friday morning. During his speech Thursday, Powell stated that there were currently no “decisive” signs of wage inflation. No major auctions by the U.S. Treasury or speeches by Fed members
US Treasury yields edge higher after Trump’s tariff announcements Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-03-02  Authors: thomas franck, alexandra gibbs
Keywords: news, cnbc, companies, markets, treasury, tariff, powell, edge, yields, announcements, aluminum, stated, president, higher, announcement, tariffs, week, trumps


US Treasury yields edge higher after Trump’s tariff announcements

Investors across global markets remain on edge after a trade announcement came from the U.S. administration. On Thursday, President Donald Trump stated that the U.S. would be imposing new tariffs on aluminum and steel.

The nation is expected to set tariffs of 25 percent when it comes to steel and 10 percent for aluminum, which could emerge as soon as next week and put pressure on companies both domestically and internationally.

The news was met with criticism from a number of leaders including the European Commission, with its President Jean-Claude Juncker stating that the move “can only aggravate matters.”

In the bond markets, yields initially fell on the announcement, but had crept back higher by Friday morning. They’ve since turned mixed.

Investors are also on edge following comments from the new chair of the U.S. Federal Reserve this week, where Jerome Powell said the central bank could raise interest rates three or more times during the course of this year to prevent the U.S. economy from overheating.

During his speech Thursday, Powell stated that there were currently no “decisive” signs of wage inflation.

On the data front, consumer sentiment figures will be released at 10 a.m. ET. No major auctions by the U.S. Treasury or speeches by Fed members are due to take place on Friday.


Company: cnbc, Activity: cnbc, Date: 2018-03-02  Authors: thomas franck, alexandra gibbs
Keywords: news, cnbc, companies, markets, treasury, tariff, powell, edge, yields, announcements, aluminum, stated, president, higher, announcement, tariffs, week, trumps


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Three tiny stocks with same CEO suspended by SEC for questionable cryptocurrency announcements

The companies announced in January that they each acquired several thousand trust units in a private equity fund called “NVC Fund” with investments related to blockchain and cryptocurrency. His statements in three separate releases about the private equity investment are also worded exactly the same, with a grammatical error. “NVC Fund” is a private equity fund that invests in “Blockchain Technology, Fintech Cryptocurrency” and other various industries, according to the press releases. He also s


The companies announced in January that they each acquired several thousand trust units in a private equity fund called “NVC Fund” with investments related to blockchain and cryptocurrency. His statements in three separate releases about the private equity investment are also worded exactly the same, with a grammatical error. “NVC Fund” is a private equity fund that invests in “Blockchain Technology, Fintech Cryptocurrency” and other various industries, according to the press releases. He also s
Three tiny stocks with same CEO suspended by SEC for questionable cryptocurrency announcements Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-02-16  Authors: evelyn cheng, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, victura, fund, equity, trust, cryptocurrency, companies, coin, trading, company, stocks, questionable, suspended, private, nvc, ceo, announcements, sec, tiny


Three tiny stocks with same CEO suspended by SEC for questionable cryptocurrency announcements

The U.S. Securities and Exchange Commission said Friday it has temporarily suspended trading in three very tiny stocks due to questions about their cryptocurrency-related announcements.

The companies announced in January that they each acquired several thousand trust units in a private equity fund called “NVC Fund” with investments related to blockchain and cryptocurrency.

However, those investments appear quite limited. A quick look at public information on the companies and the fund also raises a host of other concerns.

First, the three companies, Cherubim Interests (CHIT), PDX Partners (PDXP, formerly “My Social Income”) and Victura Construction (VICT), all list the same chief executive officer in January press releases: Patrick J. Johnson.

His statements in three separate releases about the private equity investment are also worded exactly the same, with a grammatical error.

Johnson did not immediately respond to CNBC requests for comment. Phone numbers listed on the websites of Victura and PDXP were not in service and the number listed for Cherubim had a machine recording for Victura. An email to Victura also bounced back.

The three stocks, which are traded over the counter, each have a market capitalization of less than $5 million, according to FactSet. PDX says it is a telecom company, while Victura states it is a holding company for the construction industry and Cherubim says it is an alternative construction and real estate development company. Each share had a value of $0 on Friday, according to FactSet.

Second, the companies all announced in January the acquisition of trust units in private equity fund NVC that claims to be exponentially larger than Blackstone.

“NVC Fund” is a private equity fund that invests in “Blockchain Technology, Fintech Cryptocurrency” and other various industries, according to the press releases.

“We have a block of assets that we digitize,” Frank Ekejija, head of NVC, said in a phone interview with CNBC on Friday. He said the company also has an “NVC Fund Coin” for an internal platform.

Ekejija said he did not have any direct comment on the SEC trading suspension and that the agreement to acquire trust units in NVC has not concluded yet.

NVC Fund Holding Trust lists “Reverend Frank Ekejija” as its chairman, trustee and CEO and also states Ekejija holds an MA and MBA from Northfield University. The degrees are not listed on his LinkedIn profile page.

Ekejija said he holds the degrees and the website has not been updated since 2004. He also said NVC Fund has $10 trillion in assets under management, which would be more than the whole private equity industry.

Blackstone, a leading private equity firm, had $434 billion in assets under management at the end of last year.

Third, one of the companies the SEC suspended trading in, Cherubim Interests, is involved with a sale of a new digital coin. A whitepaper shows the coin is backed by a company led by “Elder Jeffre Saint James, D. PSc, MBA, ordained minister, and a Service Disabled Veteran.”

Saint James does not list any education on his LinkedIn profile page. His company, the Saint James Holdings and Investment Company Trust, did not immediately respond to a CNBC phone call, and an email to the provided address bounced back.

Cherubim said in a Jan. 3 release that it has executed a financing commitment of $100 million to launch an initial coin offering for “The Self-Sustaining Intentional Communities Coin (Symbol SJT).”

“The sale of the coins will generate capital to create self-sustaining intentional communities across the US and across 57 nations,” the release said. “Municipal and rural infrastructures may be improved through the investment into eco-friendly housing and businesses that create products and services for the benefits of the community and to consumers.”

The SEC added in Friday’s release that it suspended trading in Cherubim shares “because of its delinquency in filing annual and quarterly reports.”

Trading in all three stocks is suspended until midnight on March 2.

“This is a reminder that investors should give heightened scrutiny to penny stock companies that have switched their focus to the latest business trend, such as cryptocurrency, blockchain technology, or initial coin offerings,” Michele Wein Layne, director of the Los Angeles regional office for the commission, said in a statement.

Friday’s announcement is the latest in an increasing number of trading suspensions and SEC actions against companies involved with initial coin offerings and cryptocurrencies.


Company: cnbc, Activity: cnbc, Date: 2018-02-16  Authors: evelyn cheng, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, victura, fund, equity, trust, cryptocurrency, companies, coin, trading, company, stocks, questionable, suspended, private, nvc, ceo, announcements, sec, tiny


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2017 marks ‘more store closure announcements than ever,’ says retail consultant Jan Kniffen

2017 wasn’t a very good year for traditional retailers, and next year is unlikely to be any better, former department store executive Jan Kniffen told CNBC on Wednesday. “This year we’ll see more stores closure announcements than ever in history, and it’s the best year I can ever remember in retail [overall],” said Kniffen, CEO of consulting firm J. Rogers Kniffen Worldwide Enterprises. Nearly 7,000 store closure announcements were made this year, according to research and advisory firm FGRT, up


2017 wasn’t a very good year for traditional retailers, and next year is unlikely to be any better, former department store executive Jan Kniffen told CNBC on Wednesday. “This year we’ll see more stores closure announcements than ever in history, and it’s the best year I can ever remember in retail [overall],” said Kniffen, CEO of consulting firm J. Rogers Kniffen Worldwide Enterprises. Nearly 7,000 store closure announcements were made this year, according to research and advisory firm FGRT, up
2017 marks ‘more store closure announcements than ever,’ says retail consultant Jan Kniffen Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-12-27  Authors: berkeley lovelace jr
Keywords: news, games, cnbc, companies, stores, lesson, kniffen, going, online, retail, closure, 2017, consultant, marks, jan, announcements, store, firm, tax, executive, retailers


2017 marks 'more store closure announcements than ever,' says retail consultant Jan Kniffen

2017 wasn’t a very good year for traditional retailers, and next year is unlikely to be any better, former department store executive Jan Kniffen told CNBC on Wednesday.

“This year we’ll see more stores closure announcements than ever in history, and it’s the best year I can ever remember in retail [overall],” said Kniffen, CEO of consulting firm J. Rogers Kniffen Worldwide Enterprises.

During 2018, “we’re going to see more bankruptcies, more store closures. That’s not changing,” Kniffen added in an interview with “Squawk Box.”

Nearly 7,000 store closure announcements were made this year, according to research and advisory firm FGRT, up more than 200 percent from a year ago. The closures came as consumer preferences changed and sales continued to migrant to online platforms such as Amazon.

Kniffen, who was a senior executive for May Department Stores for 20 years, said most retailers had a decent holiday season but the “winners and losers” will not change next year. He added that “bad retailers” will get hammered by the GOP’s tax overhaul.

The tax bill reduces the corporate tax rate from 35 percent to 21 percent.

“The guys who are maximum taxpayers at 35 percent are going to 21 percent. They save 14 percentage points,” Kniffen said. “People who don’t have the advantage, because they are bad retailers and don’t make money, are going to get pounded.”

“The lesson is the world is still going online, that hasn’t changed,” he said. “And the lesson is we’re still going to see lots of stores close.”


Company: cnbc, Activity: cnbc, Date: 2017-12-27  Authors: berkeley lovelace jr
Keywords: news, games, cnbc, companies, stores, lesson, kniffen, going, online, retail, closure, 2017, consultant, marks, jan, announcements, store, firm, tax, executive, retailers


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