SoftBank Group Q3 op profit falls 99%; misses analyst estimates

TOKYO, Feb 12 (Reuters) – Japan’s SoftBank Group Corp said on Wednesday its third-quarter operating profit fell 99%, well short of analyst estimates, …

TOKYO, Feb 12 (Reuters) – Japan’s SoftBank Group Corp said on Wednesday its third-quarter operating profit fell 99%, well short of analyst estimates, pulled down by losses at the $100 billion Vision Fund.

Profit reached 2.6 billion yen ($24 million) for October-December versus 438 billion yen in the same period a year prior, the technology investor said in a stock exchange filing.

The result compared with the 345 billion yen average of three analyst estimates compiled by Refinitiv. ($1 = 109.8500 yen)

Reporting by Sam Nussey; Editing by Christopher Cushing

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NEWSMAKER-WeWork IPO spells rough landing for CEO Neumann

… billing clinched in a private fundraising round in January backed by Japan’s SoftBank Group Corp, people familiar with the matter said on Friday.

NEW YORK (Reuters) – Adam Neumann showed he can capitalize on troubled times a decade ago, tapping into demand for workspace by those forced out of jobs in the aftermath of the financial crisis to grow WeWork into a global brand commanding a $47 billion valuation.

FILE PHOTO: Adam Neumann, CEO of WeWork, speaks to guests during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz -/File Photo

Yet his plans to take WeWork’s corporate parent the We Company public have backfired, as his company becomes the poster child for a bubble in venture capital fundraising that has pushed some start-ups to unsustainable valuations.

The We Company is contemplating slashing its valuation to as low as $10 billion from the $47 billion billing clinched in a private fundraising round in January backed by Japan’s SoftBank Group Corp, people familiar with the matter said on Friday.

The sharp drop comes amid investor criticism of widening losses and Neumann’s firm grip on the company.

Neumann, 40, is under pressure to proceed with the initial public offering (IPO) to raise cash to keep WeWork’s operations going. The New York-based company rents workspace to clients under short-term contracts, even though it pays rent for them itself under long-term leases.

It is by far the biggest crisis Neumann has faced in his career, after arriving in New York at the age of 22 following service in the Israeli military.

He failed in several ventures before selling his first co-working firm, Green Door, for $300,000 with business partner Miguel McKelvey a decade ago. Neumann and McKelvey used the proceeds from that sale to start WeWork, with its first customers coming to the lower Manhattan site just off Chinatown in February 2010, after seeing ads in Craigslist.

Community was a driving force behind the new venture, launched at a time when millions who had lost jobs during the 2008 financial crisis were looking for flexible work space.

“It quickly became apparent that people were ready for a new approach to work, not just their workspace,” Neumann said in a blog post in 2016, marking the launch in Berlin of WeWork’s 100th site.

Neumann’s parents divorced when he was a boy and he moved 13 times as a child and adolescent, living awhile in Indianapolis where his mother, an oncologist, finished her medical residency. He has called his childhood challenging because of the moves.

They returned to Israel where he lived in kibbutz Nir Am, near the Gaza Strip, and later served in the Israeli military, which he says taught him to be something greater than himself.

Neumann’s experience on a kibbutz and McKelvey’s growing up in a five-mother commune in Oregon have been cited as a reason the pair hit it off. McKelvey is an architect with the title of chief culture officer at WeWork.

Neumann, now a billionaire as the majority owner of We Company, also has said he thought money was the goal in life until he met his wife Rebekah, a cousin of actress Gwyneth Paltrow.

Formerly called chief brand director, Rebekah Neumann is referred to as a co-founder of WeWork. She is also a filmmaker and introduced Neumann to Kabbalah, a form of Jewish mysticism that has attracted celebrity followers. They have five children.

ELEVATING WORLD’S CONSCIOUSNESS

The early success of the shared workspace validated the global community Neumann envisioned where people can achieve more together than alone, or in the words of the company’s famous mantra: “to make a life, not just a living.”

Neumann arrived in New York in 2001 where he lived with his sister Adi, an Israeli model, and started a handful of businesses that failed, including women’s shoes and a line of baby clothes with knee pads called Krawlers.

“When I came to New York I was angry about my history,” Neumann told a luncheon at the New York Stock Exchange in June 2017, adding he learned that you don’t deserve anything. “I became happy. My past helped make who I am today,” he said.

Neumann, described as key to setting WeWork’s strategic direction and execution priorities in the IPO filing, can come off as a bit zany. In the 2016 blog post he said the future of cities would require a healthy mix of 70% magic and 30% logic.

The We Company also said in the filing that its mission is to elevate the world’s consciousness and that as a community company it is committed to maximum global impact, a vision Neumann endorses.

Reporting by Herbert Lash in New York; Editing by Daniel Wallis

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The UAE Space Agency and Krypto Labs Celebrate Emirati Space Entrepreneurship at the …

Krypto Labs is a strategic partner with Silicon Valley-based 500 Startups, which is among the world’s most active seed investors with over 2,000 …

Thomson Reuters Projects MENA

Data, insights, news & research and analysis you need to gain full visibility of the project pipelines, supply chains, and more to identify opportunities.

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Broadcom says chip demand has hit bottom, but uncertain on recovery timing

After its move to buy peer Qualcomm Inc in what would have been the biggest-ever technology deal was blocked, Broadcom acquired software maker …

(Reuters) – Broadcom Inc said on Thursday demand for microchips had hit a bottom and would remain at current levels, a sign that an industry downturn may linger, and added that there was no clear indication as to when the recovery would take place.

FILE PHOTO: A sign to the campus offices of chipmaker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File Photo

The chip industry has been in a slowdown with research firm Gartner forecasting a 9.6% drop in global semiconductor revenue to $429 billion in 2019. U.S.-China trade tensions, including tariffs on some products and the restrictions on sales to Huawei, have been pressuring chipmakers.

“…There is not much clarity or visibility yet, or certainty that any sharp recovery is around the corner,” Chief Executive Officer Hock Tan said on a post-earnings call.

He said the company is managing its chip business with an expectation that it will continue to operate in a “very low growth, uncertain macro environment” for the foreseeable future.

Shares of Broadcom fell 1.5% in extended trading.

Revenue from the company’s semiconductor solutions segment fell about 5% to $4.35 billion from a year ago.

Total net revenue rose to $5.52 billion in the third quarter ended Aug. 4 from $5.06 billion, but missed analysts average estimate of $5.54 billion, according to IBES data from Refinitiv.

The chipmaker also maintained its full-year 2019 revenue forecast of $22.50 billion, saying that although the U.S.-China trade conflict continues, it had not seen further deterioration in its business, both globally and in China.

“Our industry checks point to a modest demand recovery in the second half of 2019 but we think it is appropriate for Broadcom to provide a cautious outlook at this juncture due to the uncertainty caused by the trade friction,” Summit Insights Group analyst Kinngai Chan said.

Through a string of big-money acquisitions, the latest being a $10.7 billion proposed deal to buy Symantec Corp’s enterprise security unit, Tan has propelled the chipmaker that was worth just a few billions to a market capitalization of about $118 billion in the period that he has been at the helm.

After its move to buy peer Qualcomm Inc in what would have been the biggest-ever technology deal was blocked, Broadcom acquired software maker CA Technologies for $19 billion to diversify its revenue stream.

Net income attributable to common stock fell to $715 million, or $1.71 per share, in the quarter, from $1.2 billion, or $2.71 per share, a year earlier.

Excluding items, Broadcom earned a profit of $5.16 per share, beating estimates of a profit of $5.13 per share.

Reporting by Arjun Panchadar in Bengaluru; Editing by Shailesh Kuber

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Camelot Portfolios Has Raised Its Polaris Inds (PII) Holding by $637637; Stock Declined; Meeder …

… IS ALSO FUNDED BY INVESTORS INCLUDING GE VENTURES, HUMANA, KHOSLA VENTURES, POLARIS PARTNERS & TEMASEK; 23/05/2018 …

Intuit Inc. (NASDAQ:INTU) Logo

Camelot Portfolios Llc increased its stake in Polaris Inds Inc (PII) by 51.11% based on its latest 2019Q2 regulatory filing with the SEC. Camelot Portfolios Llc bought 7,007 shares as the company’s stock declined 3.35% . The institutional investor held 20,717 shares of the industrial specialties company at the end of 2019Q2, valued at $1.89 million, up from 13,710 at the end of the previous reported quarter. Camelot Portfolios Llc who had been investing in Polaris Inds Inc for a number of months, seems to be bullish on the $5.65B market cap company. The stock increased 0.98% or $0.88 during the last trading session, reaching $90.46. About 585,695 shares traded. Polaris Inc. (NYSE:PII) has declined 8.74% since September 12, 2018 and is downtrending. It has underperformed by 8.74% the S&P500. Some Historical PII News: 09/03/2018 – Polaris Closes Above 50-Day Moving Average: Technicals; 14/05/2018 – INDIA’S POLARIS CONSULTING & SERVICES LTD POLA.NS – MARCH QTR CONSOL NET PROFIT 686.1 MLN RUPEES VS PROFIT OF 331.3 MLN RUPEES YR AGO; 14/05/2018 – POLARIS CONSULTING 4Q REV. 7.2B RUPEES; 19/04/2018 – POLARIS RECALLS RANGER XP RECREATIONAL OFF-HIGHWAY VEHICLES; 24/04/2018 – Polaris Industries 1Q Net $55.7M; 21/05/2018 – IORA HEALTH – SERIES E FINANCING IS ALSO FUNDED BY INVESTORS INCLUDING GE VENTURES, HUMANA, KHOSLA VENTURES, POLARIS PARTNERS & TEMASEK; 23/05/2018 – UNITED AIR OUTFITTING JETS WITH POLARIS CABINS EVERY 10 DAYS; 30/05/2018 – Polaris Closes Below 200-Day Moving Average: Technicals; 20/03/2018 – Polaris Closes Below 50-Day Moving Average: Technicals; 24/04/2018 – POLARIS INDUSTRIES INC Pll.N FY2018 SHR VIEW $6.16, REV VIEW $5.70 BLN — THOMSON REUTERS l/B/E/S

Meeder Asset Management Inc increased its stake in Intuit Inc (INTU) by 8.45% based on its latest 2019Q2 regulatory filing with the SEC. Meeder Asset Management Inc bought 3,137 shares as the company’s stock rose 13.72% . The institutional investor held 40,241 shares of the prepackaged software company at the end of 2019Q2, valued at $10.52 million, up from 37,104 at the end of the previous reported quarter. Meeder Asset Management Inc who had been investing in Intuit Inc for a number of months, seems to be bullish on the $69.98 billion market cap company. The stock increased 1.10% or $2.94 during the last trading session, reaching $269.07. About 862,826 shares traded. Intuit Inc. (NASDAQ:INTU) has risen 36.82% since September 12, 2018 and is uptrending. It has outperformed by 36.82% the S&P500. Some Historical INTU News: 17/05/2018 – GLINT WELCOMES SHERRY WHITELEY TO BOARD OF DIRECTORS; 31/05/2018 – QuickBooks Delivers Enhanced Payroll Services for Small Businesses; 12/04/2018 – LGT Capital Adds Intuit, Exits Public Storage, Cuts Akamai: 13F; 22/05/2018 – Intuit 3Q EPS $4.59; 25/04/2018 – INTUIT REPORTS 6 PERCENT INCREASE IN TURBOTAX ONLINE UNITS: RAISES FULL-YEAR CONSUMER GROUP GUIDANCE RANGE; 22/05/2018 – Intuit Sees 4Q EPS 4c-EPS 6c; 22/05/2018 – Intuit Raises FY View To Adj EPS $5.51-Adj EPS $5.53; 27/03/2018 – INTUIT SR UNSECURED RTG RAISED TO A3 FROM Baa1 BY MOODY’S; 22/05/2018 – INTUIT INC INTU.O FY2018 SHR VIEW $5.43, REV VIEW $5.79 BLN — THOMSON REUTERS l/B/E/S; 22/05/2018 – INTUIT 3Q ADJ EPS $4.82, EST. $4.67

Camelot Portfolios Llc, which manages about $349.26M and $241.74M US Long portfolio, decreased its stake in Cohen & Steers Reit & Pfd &I (RNP) by 19,341 shares to 376,307 shares, valued at $8.14M in 2019Q2, according to the filing. It also reduced its holding in Indexiq Etf Tr (ROOF) by 32,694 shares in the quarter, leaving it with 89,502 shares, and cut its stake in Ares Cap Corp (NASDAQ:ARCC).

More notable recent Polaris Inc. (NYSE:PII) news were published by: Streetinsider.com which released: “Polaris Industries (PII) option implied volatility flat as shares at lower end of range – StreetInsider.com” on August 27, 2019, also Nasdaq.com with their article: “BRP Outpaced the Powersports Industry in Q2 – Nasdaq” published on September 06, 2019, Finance.Yahoo.com published: “Is Polaris Industries Inc.’s (NYSE:PII) CEO Paid At A Competitive Rate? – Yahoo Finance” on July 02, 2019. More interesting news about Polaris Inc. (NYSE:PII) were released by: Investorplace.com and their article: “10 Mid-Cap Dividend Stocks to Buy Now – Investorplace.com” published on August 21, 2019 as well as Finance.Yahoo.com‘s news article titled: “Polaris Inc. (NYSE:PII) Pays A 0.8% In Just 4 – Yahoo Finance” with publication date: August 25, 2019.

Investors sentiment decreased to 1.15 in 2019 Q2. Its down 0.18, from 1.33 in 2019Q1. It dropped, as 33 investors sold PII shares while 109 reduced holdings. 58 funds opened positions while 105 raised stakes. 45.26 million shares or 3.73% less from 47.02 million shares in 2019Q1 were reported. Product Prtnrs Lc owns 49,017 shares. Moreover, Stratos Wealth Partners Limited has 0.01% invested in Polaris Inc. (NYSE:PII). 6 were accumulated by Whittier. Natixis Advisors Lp stated it has 17,023 shares. Mitsubishi Ufj Trust And Corp owns 0.01% invested in Polaris Inc. (NYSE:PII) for 49,408 shares. Moreover, Raymond James Tru Na has 0.01% invested in Polaris Inc. (NYSE:PII) for 2,436 shares. Captrust Fincl Advsr, North Carolina-based fund reported 82 shares. Mason Street Advsr Ltd Llc reported 30,599 shares. 3,253 were reported by Regions Financial. Dupont Cap Mngmt Corp invested in 0.01% or 6,300 shares. Commonwealth Of Pennsylvania School Empls Retrmt Systems owns 10,116 shares. Td Asset holds 0% of its portfolio in Polaris Inc. (NYSE:PII) for 12,123 shares. Morgan Stanley reported 277,642 shares. Spark Management Limited Liability Com owns 13,900 shares or 0.09% of their US portfolio. Nomura Asset Management Ltd accumulated 10,502 shares.

More notable recent Intuit Inc. (NASDAQ:INTU) news were published by: Nasdaq.com which released: “Analysts Estimate Intuit (INTU) to Report a Decline in Earnings: What to Look Out for – Nasdaq” on August 15, 2019, also Seekingalpha.com with their article: “Intuit Q4 2019 Earnings Preview – Seeking Alpha” published on August 21, 2019, Nasdaq.com published: “Top Stock Reports for salesforce, Intuit & Enterprise Products – Nasdaq” on August 26, 2019. More interesting news about Intuit Inc. (NASDAQ:INTU) were released by: Nasdaq.com and their article: “Intuit (INTU) Q4 Earnings and Revenues Surpass Estimates – Nasdaq” published on August 23, 2019 as well as Nasdaq.com‘s news article titled: “Intuit (INTU) to Report Q4 Earnings: What’s in the Offing? – Nasdaq” with publication date: August 19, 2019.

Intuit Inc. (NASDAQ:INTU) Institutional Positions Chart

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