Zip shares hit as it prepares for UK launch
- Zip Co is preparing to launch in Britain in the coming months and is expanding into small business lending with its Zip Biz offering, as the buy now, pay later player doubled revenue for the first half to $70 million and says it will grow customers by almost 40 per cent in the second half.
- The number of customers rose to 1.8 million, up 80 per cent, as Zip invested in a brand campaign to grow awareness.
- Marketing costs jumped from $1.3 million in the previous first half to $5.8 million, while salary costs doubled to $18.2 million, as it lured various new senior executives from companies like Google, PayPal, Uber and eBay to support the offshore expansion.
- The number of retailers offering Zip rose 66 per cent to 20,900, with 4700 coming on in the first half, including Amazon Australia.
Struggling cannabis retailer Medmen wants to fix things by keeping it simple
- San Francisco (CNN Business) - To survive, MedMen Enterprises plans to simplify.
- The popular, yet troubled, cannabis dispensary chain wants to get out of the business of growing and producing cannabis so it can focus on its retail stores.
- The company reported quarterly revenue (excluding recently sold Arizona stores) of $44.1 million up 50% from a year earlier.
- In addition to outsourcing cultivation and production operations, MedMen plans to put each existing store under a microscope to ensure they will generate cash.
- The retail-first focus is one part of an effort from a new management team — and new board leadership — to salvage a cannabis company that is running low on cash and is deeply in debt after a lengthy bout of growing too big, too fast.
- Rose indicated MedMen officials are in advanced discussions with partners for long-term funding.
Afterpay doubles revenue but loss deepens on expansion costs
- Buy now pay later leader Afterpay has doubled its income in the first half and said it would expand into Canada, as profit slipped further into the red, due to higher costs as it expands overseas, faced regulatory investigations and paid out employees in stock.
- Afterpay's total income for the half ending December 31 surged by 96 per cent to $220 million, exceeding expectations, as underlying sales across the platform of $4.8 billion over the first half was more than double the $2.3 billion that went through in the first half last year.
- The net transaction margin - the key metric determining profitability (the sum of the merchant's fee, less transaction processing and financing costs, and net transaction losses) - was flat at 2.1 per cent of underlying sales, but more than doubled in dollar terms to $107 million in line with the revenue growth.
The ‘everything rally’ gets ripped apart by coronavirus lashing stocks, commodities
- Investors who feel like they’ve gone from the best of times to the worst of times in a matter of weeks aren’t far off: Traders started the year toasting the highest returns in a decade; they may end its second month drowning their sorrows.
- The coronavirus-fuelled sell-off in stocks, commodities and more has ripped to shreds any notion of a global “everything rally.” The cumulative loss for the year across more than 20 major asset classes tracked by Bloomberg stood at 37 per cent on Tuesday night.
- Investors won’t know the exact cost of the coronavirus, both in human and economic terms, for months.
- For example, even with the turmoil of the past four trading sessions in U.S. stocks, an investor who bought the S&P 500 Index 12 months ago would still be up 12 per cent through Monday.
Huge numbers of ticks are wreaking havoc on the moose population in Vermont
- One moose was found with as many as 90,000 winter ticks on its body, the Vermont Fish and Wildlife Department said.
- Officials are hoping to reduce the population of moose in order to cull the number of winter ticks.
- More than half of moose calves in the area have died in recent winters because of blood loss caused by winter ticks.
- The Fish and Wildlife Department proposed the moose hunt to the Vermont Fish and Wildlife Board at a February 19 meeting.
- The ultimate goal is to reduce the number of hosts for winter ticks, thereby reducing the impact of winter ticks on the moose population.
- Fortin said he believes that if they don't intervene, the health of the moose population in the area will continue to be impacted by high tick loads for years to come.
Stocks making the biggest moves after hours: Salesforce, Virgin Galactic, SmileDirectClub and more
- Disney—The entertainment giant saw its stock dip 2% in extended trading after the company announced that Bob Iger will immediately step down as CEO and assume the role of executive chairman through 2021.
- Virgin Galactic—The space tourism company's stock was down 6% in extended trading after it reported a greater-than-expected loss for the fourth quarter.
- Toll Brothers—The construction company's shares fell 8% in extended trading after the company posted first-quarter financial results that fell short of analysts' expectations.
- WW International Inc—The weight-loss giant's stock was up 6% during extended trading after the company posted strong financial results for the fourth quarter.
- Heico reported first-quarter earnings of 89 cents per share, exceeding analysts' expectations of 77 cents per share, according to FactSet. The company reported revenue of $506.3 million, while analysts polled by FactSet estimated $508.2 million.
US bond yields reset lower, ASX to drop
- European shares ended at their lowest in nearly two months on Tuesday as concerns over a coronavirus pandemic roiled markets which had already marked enormous losses in the prior session.
- Japan's Nikkei share average fell to a four-month low on Tuesday, as investors reduced their equity holdings on their first trade after a long weekend and as a spike in coronavirus cases beyond mainland China threatened the global economy.
- Losses in China stocks, which ended lower on Tuesday, were capped as investors expected the coronavirus contagion outside China to have a limited impact on the Chinese market.
- China's iron ore futures snapped a 10-day winning streak on Tuesday on fears that the fast-spreading coronavirus could turn into a pandemic and further disrupt businesses and hurt the global economy.
- The pan-European STOXX 600 index ended 1.8% lower, extending losses since Friday's close to more than $1 trillion.
CyrusOne CEO Gary Wojtaszek Has Resigned
- Informa PLC's registered office is 5 Howick Place, London SW1P 1WG.
- Gary Wojtaszek has resigned from his role as CEO and president of CyrusOne (CONE), after close to nine years at the helm.
- The company has been sailing rough waters in the stock market recently.
- Hyperscale demand has been slow since last year – following a few years of unprecedented boom in leasing in the top markets, a period that propelled CyrusOne to become one of the leaders in the space.
- Wojtaszek has maintained that the fundamental market drivers that fueled the boom are still in place, and that demand will eventually pick back up.
- CyrusOne has relied on hyperscale leasing for up to 60 percent of its revenue.
- CONE shares were up more than three percent on Thursday afternoon Eastern following the leadership-change and earnings announcements.