|Bid||117.06 x 800|
|Ask||117.43 x 800|
|Day's Range||116.52 - 119.26|
|52 Week Range||71.66 - 120.23|
|Beta (5Y Monthly)||0.75|
|PE Ratio (TTM)||26.75|
|Earnings Date||Jul. 22, 2020 - Jul. 27, 2020|
|Forward Dividend & Yield||1.96 (1.70%)|
|Ex-Dividend Date||Jun. 11, 2020|
|1y Target Est||112.72|
Nasdaq Stock Exchange President Nelson Griggs joins Yahoo Finance’s Seana Smith to discuss market operations amid the coronavirus and the outlook on IPOs.
(Bloomberg) -- Political momentum intensified this week to curtail investments in Chinese companies, in the latest sign that tensions between the world’s two largest economies have reignited.While a push for tougher scrutiny of financial ties between the U.S. and China has long simmered in Washington, the Senate quickly -- and in bipartisan fashion -- moved Wednesday to advance legislation that could result in delisting some securities from American stock exchanges.The added urgency stems in part from mounting calls for lawmakers and President Donald Trump to punish China for its alleged failure to disclose information early on about the spread of the COVID-19 virus. The pandemic has cost more than 90,000 American lives and resulted in tens of millions in job losses.The economic hit has curbed Trump’s ability to pressure China through tariffs, which can increase costs for American businesses and consumers. That has turned attention to other points of contention, like investment transparency. Earlier this month, the Trump administration and lawmakers stopped the Federal Retirement Thrift Investment Board, which oversees a retirement savings plan for government workers, from moving to a benchmark index for its international fund that includes Chinese stocks.Investor ProtectionU.S. stocks dropped for a second straight day as relations between the U.S. and China -- which had improved with an initial trade deal earlier this year -- appeared to deteriorate with news of the legislation and as strains flared again over Hong Kong. The Dow Jones Industrial Average index is little changed from the level it reached at the end of April.Proponents of stricter rules on Chinese stocks argue that it’s in the interest of national security and investors.“The level of fraud, the lack of transparency, the failure for investor protections, that has to be changed,” White House economic adviser Larry Kudlow said Thursday during an event hosted by the Washington Post.The Senate legislation would require companies including Alibaba Group Holding Ltd. and Baidu Inc. to certify they’re not controlled by a foreign government. The firms would have to do so because Chinese firms block Washington-based regulators from inspecting financial audits.The bill says that if the U.S. Public Company Accounting Oversight Board can’t review the companies’ audits for three straight years, their securities would be banned from trading on the New York Stock Exchange, Nasdaq or elsewhere in America.A companion bill has been introduced in the House and Speaker Nancy Pelosi said Thursday that the appropriate committees will review it, but she stopped short of promising a vote.Goldman AnalysisWall Street immediately took note of the heightened attention from Congress. Analysts at Goldman Sachs Group Inc. sent a report to clients Thursday that suggested a forced de-listing could lead to abrupt price actions. Chinese companies traded in the U.S. have a market cap in excess of a trillion dollars and about $8 billion of those stocks change hands every day on average, according to the analysis.Their research examined the Congressional proposal and its potential impact, saying that the focus of U.S. regulators and legislators on this issue has recently been elevated after some recent cases of alleged accounting irregularities.For some, the need for action was exemplified by China-based Luckin Coffee Inc., a coffee chain embroiled in an accounting scandal. The company recently announced the Nasdaq stock exchange’s intention to de-list the company in a statement.“Had this legislation already been signed into law, U.S. investors in Luckin Coffee likely would have avoided billions of dollars in losses,” Democratic Representative Brad Sherman of California, who introduced the House bill, said in a statement.Three YearsStill, the reality is nothing will change overnight, or likely anytime soon.Even if the Senate bill were to become law, any eventual de-listing of Chinese firms would be years away -- potentially long after Trump and many current lawmakers have already left office.Roger Robinson, president and CEO of RWR Advisory, a research and risk management consultancy, said the bill is a “remarkable bipartisan repudiation of the preferential treatment accorded to Chinese companies in our capital markets.”“Three years, however, is far too long before decisive action is taken against non-compliant companies,” said Robinson, who’s long pushed for stricter enforcement of U.S. auditing rules.SEC RulesThe bill would also require the SEC to write a regulation, invoking the agency’s lengthy rule-making process. Finalizing an SEC rule requires at least two rounds of votes by a bipartisan commission, as well as a series procedural steps like public notice and comment. Trump’s sway over the process is also limited because of the SEC’s status as an independent agency.So far, SEC Chairman Jay Clayton has issued a series of public statements warning American investors about the accounting issues related to Chinese firms whose auditors refuse to open their books. The agency has also announced a roundtable discussion on July 9 that will involve commentary from investors, industry and regulators on risks associated with investing in China and other emerging markets.Derek Scissors, China scholar at the conservative American Enterprise Institute, said he doesn’t believe any Chinese firm will either disclose properly or be de-listed as a result of the bill.“We’ll start another round of negotiations in 2021, no matter who’s president, and announce another agreement in which they falsely promise to disclose and we agree to keep them listed,” he said.Stock ExchangesExchanges including the New York Stock Exchange and Nasdaq have previously pushed back against the idea of delisting. But they’ve come under increasing government pressure amid the growing fervor for action against Chinese companies. Spokesmen for the NYSE and Nasdaq declined to comment.“We do have some very specific issues with the way that disclosures are provided from certain emerging markets, including China,” Nasdaq Inc. Chief Executive Officer Adena Friedman said this month in a Bloomberg Television interview.While the issue has only recently become a political focus for China hawks in the White House, for regulators the problem dates back almost two decades. The inspections by the little-known PCAOB, which Congress established in 2002 in response to the massive Enron Corp. accounting scandal, are meant to prevent fraud and wrongdoing that could wipe out shareholders.(Adds stock-market moves in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Lenders led by Credit Suisse Group AG have targeted the family assets of Luckin Coffee Inc. Chairman Lu Zhengyao as they try to recoup losses on more than $500 million in soured margin loans.Credit Suisse is seeking a court order to appoint liquidators for Haode Investment Inc., according to a notice in the BVI Gazette on Thursday. Haode, controlled by Lu’s family trust, defaulted on loans backed by Luckin shares in April, according to a statement from lenders last month. Spokespeople for Credit Suisse and Luckin declined to comment.The liquidation request adds to a long list of challenges facing Lu, who became a billionaire after his fast-growing Chinese coffee chain went public in the U.S. with help from some of the biggest names on Wall Street. Much of Lu’s wealth has been wiped out by a 92% plunge in Luckin’s stock since April, when the company disclosed that some of its employees may have fabricated billions of yuan in sales.Luckin’s fall from grace has made it a poster child for concerns about Chinese corporate governance, fueling a debate in Washington over the extent to which U.S. money and capital markets should be made accessible to firms from a growing geopolitical rival. Nasdaq Inc. plans to delist Luckin’s stock, while the U.S. Senate approved legislation Wednesday that could lead to some Chinese companies being barred from American exchanges.Lu said in a statement on Wednesday that he’s “deeply disappointed” Nasdaq is moving to delist Luckin before the company releases final results of an internal probe into its accounting. Regulators in the U.S. and China are also investigating the coffee chain, while Luckin bondholders have secured a freeze on $160.7 million in assets, according to a May 11 filing in Hong Kong.Banks that participated in the loan facility to Lu’s investment vehicle signaled in April that they plan to sell Luckin shares that were pledged as collateral. It’s unclear whether the banks have started offloading the shares or how much money they’ll be able to recoup.Credit Suisse and Morgan Stanley each put up about $100 million as part of the loan facility, while China’s Haitong International Securities Group lent about $140 million, Bloomberg reported last month, citing a person familiar with the matter. Other banks involved include Barclays Plc, Goldman Sachs Group Inc. and China International Capital Corp.Lu’s investment vehicle has disputed that it’s in default and has requested an injunction against Credit Suisse in Hong Kong to prevent the bank from commencing liquidation proceedings, according to a May 6 court filing.Few banks have seen a bigger fallout from the Luckin saga than Credit Suisse, which was the lead underwriter for Luckin’s initial public offering, a secondary share sale in January and a $460 million issuance of convertible bonds.The bank lost a high-profile Hong Kong IPO in the wake of the scandal and reported a five-fold increase in loan-loss provisions at its Asia Pacific unit, primarily due to the Luckin margin loans. The bank is conducting a review of the case, and scrutiny on loans to Chinese companies has increased, according to people familiar with the matter who declined to be named discussing private matters. China is core to Credit Suisse’s strategy to win business from rich entrepreneurs across Asia.The Swiss bank, which is acting as an agent for the loan facility, filed the liquidation request to the Eastern Caribbean Supreme Court, High Court of Justice, in the British Virgin Islands on April 23, according to the BVI Gazette notice. A hearing is schedule for June 8.(Adds Luckin and bondholders lawsuits.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- A U.S. bill that aims to delist foreign companies from the country’s stock exchanges is likely to become law, analysts and experts said on Thursday, noting that it would mark the latest escalation of the U.S.-China tensions in Washington.The legislation, which requires companies to certify that they are not under the control of a foreign government, was approved by the Senate by unanimous consent on Wednesday.“No vote is yet scheduled in the House, but we believe there will be a significant push for the legislation to be taken up in the coming weeks, and we believe it is only a matter of time before this bill (or something similar) is signed into law,” Raymond James policy analyst Ed Mills wrote in a note to clients.Even if the bill is eventually approved, actual delisting requirements may kick in several years from now, experts said. But any move could still prompt retaliation from China, especially given the current fraught relationship between the two countries in the midst of drawn out trade negotiations and the Covid-19 outbreak.“The optics of even holding this vote are likely to trigger backlash from China and further rhetoric around releasing the Unreliable Entity List, restricting rare earth minerals, boycotts and the like,” Veda Partners’ director of economic policy Henrietta Treyz said.The bill comes at a critical time, analysts noted, when both Republicans and Democrats want to appear tough on China, earning the legislation strong bipartisan support.Some of the most important Chinese companies that might come under the bill include Alibaba Group Holding Ltd., PetroChina Co. Ltd., Baidu Inc. and JD.com Inc. According to Mills at Raymond James, affected companies may list on non-U.S. stock exchanges, which would limit the bill’s reach.The American Depository Receipts (ADRs) of these companies, except Baidu, were underperforming the S&P 500 Index on Thursday, especially as the delisting bill is the second blow to these names in two days. On Wednesday, Bloomberg News reported that Nasdaq Inc. was planning new rules that would make initial public offerings more difficult for some Chinese companies. However, the latest developments mean any major foreign IPO may face some hurdles, for example, Saudi Arabian oil exploration company Saudi Aramco.The spat may also be a negative for the U.S. stock market, given the potential risk to a U.S.-China trade agreement in the midst of such attacks and counter-attacks. According to Kevin McCreadie, CEO and CIO of AGF Management Ltd., which has C$36 billion in assets under management, threats to the phase one deal could trigger stock market declines.If Trump pulls out of the trade deal to play to his base, “that’s a market issue,” McCreadie said. However, even Democrats are likely aware of polling data showing Americans are increasingly negative on China. Also, there are views on human rights violations among progressive Democrats that dovetail with views among right-wing Republicans, McCreadie added.That said, there might still be one small wrinkle to the bill’s path to approval.Cowen analyst Jaret Seiberg pointed out that although Democrats want to be seen as tough on China, they may not want to let President Donald Trump change the subject from the pandemic by celebrating the enactment of this bill.“For now, we believe the desire to keep Trump from celebrating is the priority, but this is a close call,” the analyst said.(Adds share moves in eighth paragraph, comments from AGF Management in ninth and 10th.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Luckin Coffee Inc.’s battered stock saw a renewed wave of selling on Wednesday, after Nasdaq Inc. said it planned to delist the onetime market darling that shocked investors with revelations of accounting fraud last month.The Chinese coffee chain’s shares, which had been suspended since tumbling more than 80% in early April, slumped to a record low Wednesday as trading resumed in New York. Luckin announced Nasdaq’s intention to delist the company in a statement on Tuesday, saying shares will remain on the exchange pending the outcome of an appeal hearing.The prospect of delisting is likely to trigger a rush for the exit by Luckin’s remaining shareholders, adding to a long list of challenges for the company as it tries to recover from its disclosure that senior executives fabricated about $310 million in sales. Banks including Credit Suisse Group AG, Morgan Stanley and Goldman Sachs Group Inc. are among those with money at stake, after the firms seized control of shares that Luckin’s chairman had pledged as collateral for loans.“I can’t see what else investors would do other than dump the stock,” said Hou Anyang, a fund manager at Frontsea Asset Management Co. in Shenzhen.The shares fell 36% to $2.82 Wednesday in New York trading, the lowest for the company since it went public a year ago. The stock had risen as high as $51.38 at its peak in January.Trumping ‘Looking’Luckin’s dramatic fall from grace has made the company a poster child for concerns about Chinese corporate governance, fueling a debate in Washington over the extent to which American money and capital markets should be accessible by firms from a growing geopolitical rival.President Donald Trump said last week he’s “looking at” Chinese companies that don’t follow U.S. accounting rules, while his administration moved to stop a federal retirement savings fund from investing in the Asian nation’s stocks. Nasdaq is planning new rules that would make initial public offerings more difficult for some Chinese companies.Nasdaq Set to Tighten Listing Rules, Impacting Chinese IPOs Luckin Chairman Lu Zhengyao said in a statement that he’s “deeply disappointed” Nasdaq is moving to delist the shares before his company releases final results of an internal probe into its accounting.“Luckin has reacted actively according to the initial results of the investigation, including terminating some relevant management and restructuring the board,” Lu said.‘Never Lied’“My personal style may have been too aggressive and led the companies to run too fast, which has triggered many problems,” Lu continued. “But I never lied to investors with the idea of ‘selling concepts.’ I’m working hard to make the company bigger and better to create value for society.”A Luckin representative declined to comment on the stock price. The company had a market value of about $1.1 billion based on its closing level April 6. Wednesday’s slump trimmed the company’s value to about $700 million, according to data compiled by Bloomberg.While Luckin’s stores are still operating and the company is opening new outlets, its offices in China were raided by authorities last month as part of a multi-agency investigation into its finances. Luckin fired its chief executive officer and other senior leaders last week.Read more: Luckin Coffee Still Expanding Full Steam Despite Sales ScandalIn a letter to Luckin on the delisting plan, Nasdaq cited “public interest concerns as raised by the fabricated transactions disclosed by the Company” and “past failure to publicly disclose material information.”Scandal’s WakeCar Inc., the auto-rental company founded by Lu whose stock has slumped in the wake of the Luckin scandal, dropped as much as 3.8% in Hong Kong on Wednesday. Its dollar bonds were little changed, as were Luckin’s convertible notes, according to Bloomberg-compiled prices.The selloff in Luckin shares may also spread to other U.S.-listed Chinese companies, though some of those losses could create buying opportunities, said Sun Jianbo, president of Beijing-based China Vision Capital.“As a Chinese firm which will cease to list on the U.S. market, Luckin will be virtually worthless to American investors,” Sun said. “It’d also be a sentiment shock to other Chinese ADRs, but may create bottom-fishing opportunities for some investors.”(Updates with closing share price in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
NEW YORK and ST. LOUIS, May 20, 2020 -- Stifel Financial Corp. (NYSE: SF) and Nasdaq (Nasdaq: NDAQ) today announced that Stifel will leverage Nasdaq technology for its new.
When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose...
NEW YORK, May 19, 2020 -- The Nasdaq Stock Market® (Nasdaq: NDAQ) announced that trading in Luckin Coffee Inc. (Nasdaq: LK) is scheduled to resume on Wednesday, May 20, 2020,.
NEW YORK, May 19, 2020 -- Nasdaq, Inc. (Nasdaq: NDAQ) shareholders today elected all nominated directors at the company’s Annual Meeting of Shareholders. All directors will.
Luckin Coffee Inc said on Tuesday that Nasdaq Inc has notified it of plans to delist it from the U.S. stock exchange, a month after the Chinese coffee chain disclosed that some employees fabricated sales accounts. Nasdaq has renewed its focus on auditing standards. Luckin said in early April that as much as 2.2 billion yuan ($310 million) in sales last year were fabricated by its chief operating officer Jian Liu and other staff, who had been suspended while the company carried out its investigation.
Nasdaq Inc is set to unveil new restrictions on initial public offerings (IPOs), a move that will make it harder for some Chinese companies to debut on its stock exchange, people familiar with the matter said on Monday. While Nasdaq will not cite Chinese companies specifically in the changes, the move is being driven largely by concerns about some of the Chinese IPO hopefuls' lack of accounting transparency and close ties to powerful insiders, the sources said. At a time of escalating tensions between the United States and China over trade, technology and the spread of the novel coronavirus, Nasdaq's new curbs on Chinese IPOs represent the latest flashpoint in the financial relationship between the world's two largest economies.
NEW YORK, May 18, 2020 -- The Nasdaq Stock Market® (Nasdaq: NDAQ) announced that the trading halt status in CNS Pharmaceuticals Inc. (Nasdaq: CNSP) was changed to "additional.
NEW YORK, May 18, 2020 -- The Nasdaq Stock Market® (Nasdaq: NDAQ) announced that the trading halt status in Moleculin Biotech Inc. (Nasdaq: MBRX) was changed to "additional.
Nasdaq (NDAQ) today announced the launch of a new service, the Nasdaq ESG Footprint, to provide banks and institutional investors the ability to help their clients track the Environmental, Social, and Governance (ESG) impact of their portfolios and individual securities based on variety of parameters. The new service tracks a wide range of sustainability criteria, including carbon footprint, board diversity and companies flagged for human rights issues. The data is analyzed with the help of Nasdaq's industry-leading data analytics tools.
(Bloomberg) -- Nasdaq Inc. staff’s return to the office will probably be voluntary for the foreseeable future, Chief Executive Officer Adena Friedman said.The exchange operator surveyed employees about how comfortable they’d be with coming back, under certain conditions, and the vast majority said they’d prefer to keep working from home and wait to see how the recovery from the coronavirus pandemic progresses.“We have the luxury of patience -- we have the ability to work from home very effectively,” Friedman said Tuesday in a Bloomberg Television interview with David Rubenstein, co-founder of Carlyle Group Inc. “We will ask people if they want to come back voluntarily, and if they feel they can do it in a safe way, then we would like to start to reopen offices to give them that flexibility. But we then will put a whole lot of protocols in place inside the offices to make sure they stay safe.”Those measures may include temperature testing, new seating arrangements with greater distances between employees and the wearing of masks, she said.Still, the shift to more remote working may become a longer-term trend across corporate America, Friedman said.“The biggest surprise to me, although we had a lot of planning, was how quickly we were able to work from home and how productive it was,” she said. “And I’ve heard that from a lot of CEOs. Everyone expected more friction. And, you know what, it’s amazing how seamless the transition has been.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
NEW YORK, May 11, 2020 -- At the end of the settlement date of April 30, 2020, short interest in 2,422 Nasdaq Global MarketSM securities totaled 7,740,375,584 shares compared.
(Bloomberg) -- Wall Street’s top regulator took one of its biggest steps to curb the power that the New York Stock Exchange and Nasdaq Inc. have over market data that is the lifeblood of modern stock trading.For the first time in years, the U.S. Securities and Exchange Commission forced NYSE, Nasdaq and Cboe Global Markets Inc. to revamp the management of public data feeds that provide crucial information on real-time stock prices. The exchanges will also have to give securities firms and investors a seat at the table in key decisions about those feeds. The hope is that the public streams will get better, potentially mitigating the need for market participants to rely so heavily on expensive private feeds sold by exchanges.The SEC move, which the agency’s commissioners voted unanimously to approve on Wednesday, follows criticism that exchanges haven’t done enough to improve the public data feeds because of conflicts of interest. Nasdaq and Cboe are public companies, while NYSE is owned by Intercontinental Exchange Inc., another public company. The proprietary data sets are an important source of revenue for the exchanges, accounting for hundreds of millions of dollars annually.Read More: Top U.S. Exchanges Sue Their Regulator to Block a Proposed TestSpecifically, the SEC required the exchanges and the Financial Industry Regulatory Authority, the U.S. brokerage watchdog, to consolidate their existing plans for public data feeds. Also, brokerages, traders and investment firms will be added to the governance committee that votes to approve the revised plan. The demand shows that despite the coronavirus crisis, SEC Chairman Jay Clayton isn’t relenting in efforts to change rules that underpin stock trading.“A critical element of market function is the quality of and access to price information,” Clayton said before the vote. “I believe it is fair to say we currently have what can generally be described as a tiered-system of market data access.”Shortly after taking office in mid-2017, Clayton announced the SEC was conducting a sweeping review of many of the arcane structural aspects of the U.S. equities market. Meanwhile, the agency and the largest stock exchanges have been locked in a series of legal battles, including over how much the trading platforms charge for data.The Equity Markets Association, which was founded by ICE and Nasdaq, said in a statement that “the SEC should not unnecessarily be adding to market risk by introducing eccentric governance changes during times of great volatility.” The group, which also represents Cboe, said Wednesday’s move “does little to help retail investors or our economy.”In a separate statement, Cboe said it was disappointed with the SEC’s action, which it said was “short-sighted” and would make the market more confusing. “Indeed, we question why such transformative and risky changes are a priority at this time,” the exchange operator said.In a sign of how tense disputes between exchanges and Wall Street trading firms have gotten over market data, a number of firms including Citadel Securities, Virtu Financial Inc. and Morgan Stanley have announced plans to launch their own trading venue later this year. The SEC on Tuesday green-lit the platform, which will be called the Members Exchange, or MEMX.Read More: U.S. Stock-Trading Heavyweights Get OK to Start Own ExchangeBloomberg LP, the parent company of Bloomberg News, is among firms that have contested exchanges’ fee increases for private data feeds.(Adds exchanges’ comments starting in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
NEW YORK, May 06, 2020 -- The Nasdaq Stock Market® (Nasdaq: NDAQ) announced that the trading halt status in SCWorx Corp. (Nasdaq: WORX) was changed to "additional information.
NEW YORK, May 04, 2020 -- Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for April 2020, on its investor relations website. A data sheet showing the monthly volumes and.
NEW YORK, May 01, 2020 -- Nasdaq (Nasdaq: NDAQ), PureShares LLC, and Exchange Traded Managers Group, LLC (ETFMG) have reached a global settlement that resolves claims in two.