132.85 0.00 (0.00%)
After hours: 4:14PM EDT
|Bid||132.86 x 800|
|Ask||132.86 x 800|
|Day's Range||132.54 - 134.17|
|52 Week Range||101.42 - 147.20|
|Beta (5Y Monthly)||0.59|
|PE Ratio (TTM)||25.73|
|Earnings Date||Jul. 13, 2020|
|Forward Dividend & Yield||4.09 (3.09%)|
|Ex-Dividend Date||Jun. 04, 2020|
|1y Target Est||143.29|
(Bloomberg) -- Facebook Inc. Chief Executive Officer Mark Zuckerberg and Chief Operating Officer Sheryl Sandberg will meet with at least three civil rights groups on Tuesday after their organizations led an advertising boycott of the social media giant.The Facebook executives will meet with Anti-Defamation League Chief Executive Officer Jonathan Greenblatt, Color of Change President Rashad Robinson and Derrick Johnson, chief executive officer of the National Association for the Advancement of Colored People, a Facebook spokesman confirmed.Facebook and the groups didn’t disclose further details of the meeting.Facebook reached out to the civil rights groups last week to arrange a meeting with Sandberg and Chief Product Officer Chris Cox, a company spokesman said. The civil rights groups said they wanted Zuckerberg to be at the meeting and he later confirmed he would attend, the spokesman added.Starbucks Corp., Levi Strauss & Co., PepsiCo Inc. and Diageo Plc were among the most recent companies to say they’re curtailing ad spending, part of an exodus aimed at pushing Facebook and its peers to suppress posts that glorify violence, divide and misinform the public, and promote racism and discrimination.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.
Marketing veteran and entrepreneur Gary Vaynerchuk weighs in on the controversy swirling around Facebook.
Yahoo Finance’s Brian Sozzi and Jared Blikre speak with Futurum Research Principal Analyst Daniel Newman about what the Facebook ad boycott means for the company’s revenue.
Clorox is the latest company to boycott Facebook, pausing all ads on the platform through December. Arisha Hatch, Color of Change's Vice President and Chief of Campaigns, joins Yahoo Finance's Zack Guzman to break down the growing number of companies joining the social media ban.
Cooking from home may be here to stay even after the worst of the COVID-19 pandemic. McCormick CEO Lawrence Kurzius chats with Yahoo Finance.
(Bloomberg) -- A growing list of Facebook Inc.’s advertisers is set to halt spending on social media, undermining the company’s sales outlook and putting its stock price under further pressure.Starbucks Corp., Levi Strauss & Co., PepsiCo Inc. and Diageo Plc were among the most recent companies to say they’re curtailing ad spending, part of an exodus aimed at pushing Facebook and its peers to suppress posts that glorify violence, divide and disinform the public, and promote racism and discrimination.No single company can significantly dent growth at Facebook, which generated $17.7 billion in revenue last quarter alone. But a rising tally adds to pressure on other brands to follow suit, and when combined with a pandemic-fueled economic slowdown, the threat to Facebook deepens.“Given the amount of noise this is drawing, this will have significant impact to Facebook’s business,” Wedbush Securities analyst Bradley Gastwirth wrote in a research note. “Facebook needs to address this issue quickly and effectively in order to stop advertising exits from potentially spiraling out of control.”As more brands publicize plans to join boycotts or otherwise rein in ad spending, Facebook shares remain under pressure. The stock tumbled 8.3% Friday after Unilever, one of the world’s largest advertisers, said it would halt spending on Facebook properties this year, eliminating $56 billion in market value and shaving the net worth of Chief Executive Officer Mark Zuckerberg by more than $7 billion. Shares closed at $216.08 Friday after reaching a record $242.24 the preceding Tuesday.Facebook was already bracing for weakness in the second quarter, which ends this week. Chief Financial Officer Dave Wehner noted in an April earnings call the “potential for an even more severe advertising industry contraction.”The number of coronavirus cases has surged in the intervening months, prompting many parts of the country to slow or roll-back reopening efforts and giving advertisers added justification to rein in marketing spending. Facebook will eke out 1% revenue growth in the June period, followed by a 7% increase in the third quarter, according to analysts’ current projections, by far the smallest quarterly growth increases since the company went public.Starbucks said Sunday that it would pause spending on all social media platforms while it carries out talks internally, with media partners and civil rights groups “in the effort to stop the spread of hate speech.”Trump PostsWhile some companies are targeting social media generally, including Twitter Inc., many are singling out Facebook specifically. Zuckerberg has been more reticent to put limits on discourse, notably controversial posts by U.S. President Donald Trump, saying that he doesn’t want Facebook to be an arbiter of what’s true.That’s prompted a consortium of civil rights and other advocacy groups, including Color of Change and the Anti-Defamation League, to urge advertisers to stop spending on Facebook-owned platforms for July to protest the company’s policies.Zuckerberg responded Friday to the growing criticism, saying that Facebook would label all voting-related posts with a link encouraging users to look at its new voter information hub. The social network also expanded its definition of prohibited hate speech for advertising.“We understand people want to put pressure on Facebook to do more,” Facebook vice president Nick Clegg said Sunday on CNN’s Reliable Sources. “That’s why we made those additional announcements in Friday. That’s why we’ll continue to redouble our efforts, because, you know, we have a zero tolerance approach to hate speech.”The Anti-Defamation League called the changes “small.”The stampede of advertisers, combined with lobbying from civil rights groups, leaves Zuckerberg in a bind. He could take further steps to curtail harmful content, but that risks alienating free-speech advocates and supporters of Trump who have argued that Facebook is censoring political discourse and suppressing conservative voices.Distinct ExodusHe could also stand pat on a bet that this advertising pause will be short-lived, as have social media ad boycotts in the past. But this exodus as distinct, Bernstein Securities analyst Mark Shmulik wrote in a research note Saturday. There’s heightened pressure to publicly demonstrate that brands stand with civil rights groups, he said. “The current environment is very different,” Shmulik wrote. “It is very visible who is and isn’t participating in the boycott where brand silence [equals] being complicit.”Will Zuckerberg budge? While major brands like Unilever and Coca-Cola have garnered most of the headlines, the vast majority of Facebook’s 8 million advertisers are small businesses, many of which rely heavily on Facebook advertising for sales. Some in the ad industry don’t believe that these businesses, particularly those in commerce and direct-to-consumer sales, can actually afford to halt spending.“Pulling off for a whole month would really hurt their business,” Deutsche Bank analyst Lloyd Walmsley said earlier this week. “It’s a lot to ask for.”In its outreach to advertisers last week, Facebook has said it doesn’t intend to make decisions based on sales. “We have been consistent that we do not make policy changes tied to revenue pressure,” Facebook said on Wednesday in a memo obtained by Bloomberg News. “We set our policies based on principles rather than business interests.”Whatever additional moves Facebook makes, there’s reason to believe the departure of advertisers won’t end soon. “Advertisers who have seen their own ads published against hateful, horrible content on Facebook -- racist, anti-Semitic poison -- they are finally saying ‘enough’,” Jonathan Greenblatt, CEO of the Anti-Defamation League, said Friday in an interview with Bloomberg Television. “Our phones have been ringing off the hook with advertisers. I can tell you more are coming.”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.
PepsiCo (PEP) closed the most recent trading day at $131.36, moving +0.24% from the previous trading session.
(Bloomberg Opinion) -- When it comes to responding to the current reckoning on racial injustice, a trio of outdoorsy retailers are blazing a trail their industry peers should follow. Patagonia, REI and VF Corp.’s North Face have in recent days committed to temporarily yanking advertising from Facebook and Instagram as part of a campaign to pressure the Silicon Valley social-media titan to do more to curb hate speech and language promoting violence on its platform. A coalition of civil rights groups, including the NAACP and the Anti-Defamation League, are behind the effort, which aims to get businesses to pause their spending on Facebook ads for the month of July. If companies are serious about finding ways to champion the Black Lives Matter movement, then surely they know earnest tweets and carefully-worded corporate statements are not enough. Flexing their corporate muscle to give Facebook a much-needed nudge, though, takes things a step further. After recent events, Facebook has said it is actively considering revising a number of its policies and products, including reviewing how it handles content that violates or partially violates its rules. To this point, though, moral overtures from lawmakers and activists haven’t dramatically changed the compass by which Facebook navigates these issues, even though staying its course, at this point, is itself something of a political act. But maybe it would feel more urgency to change if the pressure were financial, not philosophical. Plus, I like that this particular approach to supporting the Black Lives Matter movement encourages consumer companies to take an action that would be felt outside the walls of their own corporate headquarters. One of the more common ways of responding to the recent social unrest is for companies to make new commitments around diversifying their workforces, with the likes of PepsiCo Inc., Gap Inc. and Adidas AG among the companies that have done so. This is absolutely the right thing to do; maybe making such overhauls earlier would have led Pepsi to dump the obviously offensive Aunt Jemima brand long before last week. With a campaign of financial pressure on Facebook, corporate participants are extending their influence outside in a push for key business partners to embrace the same values. In that way, this effort has something in common with the 15 Percent Pledge, a nascent effort to get retailers to commit to ensuring that 15% of products on their shelves come from Black-owned businesses. This, too, has the potential to catalyze small changes all throughout the consumer goods supply chain. Sephora and Rent The Runway have gotten on board with this initiative, and I’d urge other big names to do the same. I suppose consumer brands might resist a temporary flight from Facebook because they believe that, whatever the politics of the moment, it is irresponsible not to do everything they can to win customers’ dollars right now after Covid-19-related closures have just dealt their revenues a devastating blow. However, they should instead think of a Facebook ad hiatus as a way of being on the right side of history while conserving a bit of cash. If that is not impetus enough, consumer giants should keep in mind that public opinion has shifted dramatically in recent weeks toward supporting the Black Lives Matter movement. That suggests most brands aren’t taking a major reputational risk by asking Facebook to do more. Of course, there are reasons to be skeptical that briefly keeping ad dollars away from Facebook will have much impact. With Facebook’s $71 billion in revenue last year, it would take big names and big numbers for this campaign to have even a tiny impact on the social media company’s income statement. And history doesn’t offer many good analogies to evaluate whether or not something like this might work. Still, it’s worthwhile for big consumer brands to try. Cleaning up Facebook would go a long way toward extinguishing hate speech and racist rhetoric in America, and big advertisers have unique leverage to try to make it happen. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Steve Stoute, founder and CEO of Translation and UnitedMasters told Yahoo Finance that the advertising industry 'puts people into boxes."
(Bloomberg) -- China suspended poultry imports from a Tyson Foods Inc. plant where hundreds of employees tested positive for Covid-19, stoking concerns over the broader implications for U.S. and global meat exports.All products from the plant in Springdale, Arkansas, where Tyson is based, that are about to arrive in China or have arrived at the country’s ports will be seized by customs. The suspension announced Sunday is an about face from just a few days ago, when Chinese officials said food was unlikely to be responsible for a fresh virus outbreak in Beijing.The move is a potential new threat to meat plants across the world that have seen slaughter disruptions because of the virus. In the U.S., hundreds of workers have become ill, and dozens have died. There’s also been a recent uptick in infections at facilities in Brazil and Germany.“There are worries in China over serious coronavirus outbreaks in the U.S.,” said Lin Guofa, a senior analyst at Bric Agriculture Group, a Beijing-based consulting firm. The public is worried about imported frozen products as almost all cases in Beijing have been connected to a meat and frozen fish wholesale market, he said.A new outbreak in China had been blamed on imported salmon after the head of a food market where clusters were detected said the virus had been traced to a chopping board used by a fish seller. Fears over whether food can transmit viruses had led salmon to be boycotted in the Asian country.Trade DisruptionIf China continues to suspend shipments based on coronavirus cases reported at processing plants, it could also threaten to undermine promised agricultural purchases as part of the Washington-Beijing trade deal.Tyson said in a statement Sunday it was looking into the report and cited that the World Health Organization and the Centers for Disease Control and Prevention say there’s no evidence that virus transmission is associated with food. The company late Friday said 13% of its workers tested positive for the virus at plants in northwest Arkansas.Tyson’s shares fell as much as 3.5% Monday morning in New York. Lean hog futures in Chicago slumped as much as 3.9%, with the most-active August contract hitting a record low.China had backed off from its previous stance linking food to virus cases. A customs official at a briefing on Friday said the country was taking the advice of international organizations that there’s a low risk of imported food transmitting the virus, and no food restrictions would be imposed.But the move to block the Tyson shipments runs counter to that, and reverts the country back to increasing its scrutiny over imported food. Meanwhile, a German abattoir last week voluntarily halted pork exports to China after workers were found to be infected.China’s customs department said over the weekend that one poultry company in Britain reported Covid-19 cases. While the U.K. isn’t allowed to export poultry to the Asian nation, its authorities have agreed to take measures to prevent the virus from contaminating pork and beef exports to China, and will inform the Asian nation whenever exporters have any outbreaks.Testing ImportsChina’s customs authorities had started testing all shipments of imported meat for the virus, while officials in some major cities were also checking the products at domestic markets. In a statement last week, China Customs said all 32,174 samples of imported seafood, meat, vegetables, fruit and other related products had tested negative.The country’s scrutiny may end up having a big impact on global food shipments. Its surging imports of meat had helped to buoy U.S. and Brazilian producers of poultry, pork and beef, both before the nation’s virus outbreak in January and as global trade has staged a nascent recovery in recent weeks with the country exiting lockdowns.Through April, U.S. exports of poultry meat and products, excluding eggs, to China were valued at $152 million, up from only about $7 million in the comparable period in 2019, U.S. Department of Agriculture data showed.Still, China’s market is facing a chicken surplus from its own production and stagnating demand, Bric Agriculture’s Lin said. China also imports most of its poultry from Brazil, while the U.S. makes up just a small percentage of imports, therefore the halt will have little impact on the domestic market, he said.On Sunday, PepsiCo China said it shut a food plant in the Chinese capital after a case of the virus was confirmed earlier in the week. The company conducted tests on all employees at the plant and quarantined 480 workers, even though they all tested negative, one of its officials, Fan Zhimin, said at a local government briefing. PepsiCo China later said in a WeChat post that none of its beverage plants in the country have reported any cases of the virus.(Updates with share prices in eighth 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.
Yahoo Finance's Emily McCormick joins The First Trade to discuss the impact of rising coronavirus cases on the U.S., China Supply chain.
(Bloomberg) -- California’s new cases rose by a record and Florida infections jumped more than the weekly average, more signs of a possible resurgence of coronavirus in U.S. Sun Belt states. U.S. infections rose 1.2%.An anti-government protest in The Hague over government steps turned violent, prompting hundreds of arrests. China blocked poultry from a Tyson Foods plant where many workers tested positive.A U.S. infectious disease researcher expects a “forest fire of cases” and no let up this summer. The U.K. is considering an emergency reduction in the value-added tax.Key Developments:Global Tracker: Cases pass 8.8 million; deaths top 465,000Here’s what you need to know about phase two as NYC reopensTyson, Pepsi among companies hit by fallout of Beijing outbreakGerman infection rate up with surge in meat, refugee facilitiesU.K. will set out further easing measures this weekTrump questions the U.S. case countSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.Dutch Police Arrest Virus Protesters (4:30 p.m. NY)A demonstration in The Hague against actions by the Dutch government to rein in the coronavirus erupted in violence Sunday, prompting police to arrest 400 protesters, the Associated Press said.Authorities said dozens of soccer fans arrived at the peaceful protest and began to clash with riot police near the central railway station. Police used officers on horseback and a water cannon to disperse the crowd after police were pelted with rocks and smoke bombs, AP said.The protesters argue that a proposed law formalizing the coronavirus measures goes too far and is unconstitutional.U.S. Cases Rise 1.2%, in Line With Average (4 p.m. NY)Coronavirus cases in the U.S. increased by 27,476 from the same time Saturday, to 2.27 million, according to data collected by Johns Hopkins University and Bloomberg News. The 1.2% increase matched the average daily increase of 1.2% over the past week. Fatalities rose 0.3% to 119,854.New York had 664 new cases, a 0.2% increase, to 387,936, with deaths climbing by 15 to 24,725, the health department said.New Jersey added 411 cases, a 0.2% increase, raising the total to 169,142, with 17 new deaths, for a total of 12,870.Illinois reported 634 new cases, up 0.5%, raising the total to 136,103, with 45 deaths, lifting the toll to 6,653.Arizona cases jumped by 2,592, or 5.2%, to 52,390, with one new death, raising the toll to 1,339, the health department reported. Cases rose 6.7% on Saturday.Ohio reported 546 new cases, a 1.2% increase, for a total of 44,808, with three additional deaths for a toll of 2,700.China Fuels Angst Over Meat (3:30 p.m. NY)China’s suspension of imports from a Tyson Foods Inc. plant stoked concerns over the broader implications for U.S. and global meat exports during the pandemic.All products from the facility in Springdale, Arkansas, where Tyson is based, that are about to arrive in China or are at ports will be seized by customs. The suspension announced Sunday reversed a decision a few days ago, when officials said food was unlikely to be responsible for a fresh virus outbreak in Beijing. Tyson on Friday said 13% of its workers tested positive for the virus at plants in northwest Arkansas.The move is a potential new threat to meat plants that have seen slaughter disruptions because of the virus. In the U.S., hundreds of workers have become ill, and dozens have died. There’s also been a recent uptick in infections at facilities in Brazil and Germany.Americas Account for 63% of New Cases: WHO (3 p.m. NY)The Americas region accounted for almost two-thirds of new cases reported by the World Health Organization on Sunday. The eastern Mediterranean region, including the Middle East, represented 10% and Europe had 9.8% of new infections, the WHO said.The United Nations group reported 183,020 cases for the 24 hours through early Sunday, led by Brazil with 54,771 -- the biggest jump by any nation. The U.S. and India followed.The Americas also accounted for almost half of the 461,715 deaths tracked by the agency. The WHO total often lags behind tallies from John Hopkins University, which showed 465,475 deaths on Sunday.California Cases Rise 2.7% (2:20 p.m. NY)California added 4,515 cases, a daily record, bringing the total in the state to 173,824. The number of deaths increased by 71 to 5,495, according to data released Sunday.Hospitalizations in the state rose 2.3% to 3,574 patients.Trump Aides Differ on Testing Remark (1:40 p.m. NY)President Donald Trump at his Oklahoma rally said health testing for the virus is a “double-edged sword,” so he urged staff to “slow the testing down,” a comment his trade adviser called a joke while his homeland security chief described it as a sign of frustration.“That was tongue in cheek, please,” trade adviser Peter Navarro said on CNN’s “State of the Union. “It was a light moment, OK?” Navarro also said the government is filling the stockpile for a possible outbreak later this year. “I am not saying it’s going to happen, but of course you prepare it.”Acting Homeland Security Secretary Chad Wolf on CBS’s “Face the Nation” said Trump was expressing “frustration” about tests and rising infections. “We’ve tested more than any other country in this world. Instead, the press and others, all they want to focus on is an increasing case count.”Dubai Opens to Tourists July 7 (12:40 p.m. NY)Dubai will allow tourists into the Middle East business hub starting July 7 for the first time since the United Arab Emirates imposed travel restrictions to stem the outbreak.“Tourists required to present recent Covid-19 negative certificate or undergo testing at Dubai airports,” the Dubai Media Office said on Sunday.The city also will allow residents stuck abroad to begin returning on Monday. Citizens and residents can resume outbound travel from June 23, according to a tweet.Spain Gets Foreign Visitors (12:20 p.m. NY)Spain’s cases rose to 246,272 as the first visitors from the European Union and the U.K. entered the country as some travel restrictions were lifted.In the past 24 hours, 141 infections were detected, the Health Ministry said on its website. A total of 29 deaths were reported in the past seven days, compared with 36 in Saturday’s seven-day tally, and the toll stands at 28,323.Visitors from the EU, the Schengen area and the U.K. were able to enter Spain on Sunday after the government ended its state of emergency declared in March.Italy Cases Slow (12:05 p.m. NY)Italy registered 224 new cases compared with 262 on Saturday, based on figures released by the country’s civil protection agency. Total cases climbed to 238,499.Lombardy reported 128 cases, or 57% of the national count; the region around Milan said last week that most new cases refer to past infections that are detected by increased testing.Deaths rose by 24 compared with 49 Saturday, for a toll of 34,634.U.S. Tracing Plan ‘Random’: Researcher (11:45 a.m. NY)The U.S. lacks a clear plan for tracking the transmission of the coronavirus and to act to slow further spread, said Michael Osterholm, director for the Center for Infectious Disease Research and Policy at the University of Minnesota.“We don’t have, even at a local level necessarily, the kind of plans that say, ‘this is what we’re going to do to get shut down transmission,’” he said on NBC’s “Meet the Press.” “It’s almost, in some ways, seems random.”The virus has a life of its own: “I don’t see this slowing down through the summer or end of the fall,” he said. “I don’t think we’re going to see one, two and three waves. I think we’re going to just see one very difficult forest fire of cases.”Cuomo Faults Trump on Response (11:30 a.m. NY)Governor Andrew Cuomo faulted the Trump administration’s response to the outbreak, which he described as a type of “schizophrenia” with many officials, including the president, minimizing the risks.“This was a federal crisis, the federal government should step in, aggressively, and own it,” the New York governor said on CBS’s “Sunday Morning.” “In my state, I owned the situation for better or worse. It was always a schizophrenia from the federal government. They would help when pushed to help.”Cuomo also said “it was a mistake” for Trump to decline to wear a mask, but pressed on whether it was the president’s mistake, he said: “The history books are going to have to decide.”Florida Cases Rise 3.7% (10:40 a.m. NY)Florida reported 97,291 Covid-19 cases on Saturday, up 3.7% from a day earlier, compared with an average increase of 3.5% in the previous seven days. Deaths among Florida residents reached 3,161, an increase of 0.5%. On Saturday, the state reported a one-day record 4,049 new cases.Protests Haven’t Added to Spread: Hopkins (10 a.m. NY)Initial studies suggest protests after George Floyd’s death haven’t seemed to increase the rate of spread of the coronavirus, but Tom Inglesby, director of the Johns Hopkins Center for Health Security, said it was too soon to rule out the events as a source of infections.“We know from what we’ve seen so far in the last few months that outdoors is less of a risk than indoors and that mask use has a major impact,” he said on “Fox News Sunday.”The rally for Donald Trump in Tulsa, Oklahoma, on Saturday is concerning, he said, because people were sitting close together, few wore masks and hands were being shaken without sanitizing. “All of those things will increase the risk of spread. We have seen in the past few months around the world that indoor gatherings have been the source of most super-spreading events.”Portugal Steps Up Lisbon Testing (8:36 a.m. NY)Portugal reported 292 new coronavirus cases on Sunday, taking the total to 39,133, the government said. Daily new cases have ranged between 192 and 421 in June. The additional cases are mostly in the greater Lisbon region, where authorities have increased testing after new clusters were identified. The total number of hospitalized patients and cases in intensive care units both fell.Netanyahu Warns of Second Lockdown (5:28 p.m. HK)Israeli Prime Minister Benjamin Netanyahu warned that Israel may have to renew its lockdown. More than 20,000 cases of coronavirus have been confirmed in Israel, including 305 fatalities. The number of cases has steadily risen, from less than 17,000 a month ago, after restrictions were significantly eased and many people ignored instructions to wear masks and maintain social distancing.“If we don’t change our behavior immediately, and began to wear masks and keep a distance from each other, the lockdowns will return,” Netanyahu said. “None of us want that.”Recovered Patients Test Positive in Study (4:42 p.m. HK)In Denmark, a study of 200 patients who had recovered from Covid-19 showed that about 20% of them tested positive for the coronavirus four weeks or more after they had been declared healthy, TV2 reported. Scientists from the Aarhus Universtity said the preliminary results could indicate that the virus has somehow been “re-activated,” but there’s nothing to suggest the patients might be contagious, said Martin Tolstrup, the doctor behind the study. The scientists will now conduct new tests to determine whether the virus is still active in the patients’ bodies.Germany’s Infection Rate Rises (2:16 p.m. HK)The reproduction factor of the virus, known as R-naught, rose to 1.79 on Saturday compared with 1.06 the day before, according to the latest daily report by German health body, the Robert Koch Institute. There were 371 new infections in the 24 hours through Sunday morning, bringing the total to 190,670, according to data from Johns Hopkins University. That compares with 439 on average over the past seven days and almost 7,000 at the peak of the pandemic in late March.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.
PepsiCo (PEP) is expanding its SodaStream brand by launching SodaStream Professional this fall to bring in a personalized beverages space at workplaces, college campuses and airports.
Black ownership of the products African Americans consume would go a long way in fighting injustice, says music mogul and entrepreneur Master P.
The nationwide social justice protests after the death of George Floyd have triggered a reckoning for consumer brands with questionable names and logos.
In this episode of Yahoo Finance Presents, Rapper and Entrepreneur Master P joins Yahoo Finance's Sibile Marcellus to discuss the social unrest within the US as well as the importance of financial education and udnerstanding within the African American community.
Quaker Foods, a subsidiary of PepsiCo, announced that it would be reinventing Aunt Jemima after conceding that the brand’s origins were, ‘based on a racial stereotype.’ Yahoo Finance’s Heidi Chung joins The Final Round panel to break down what other brands may follow suit.
Following PepsiCo's move, the makers of Uncle Ben's rice, owned by Mars Inc, Mrs. Butterworth's syrup, owned by ConAgra Brands Inc <CAG.N> and Cream of Wheat porridge, owned by B&G Foods Inc <BGS.N>, also said they would review their packaging. The moves are part of Corporate America's reckoning with the treatment of African Americans amid weeks of protests over racism and police brutality after the death of George Floyd, a black man, in police custody in Minneapolis.
(Bloomberg Opinion) -- Quibi’s day of reckoning is coming. It’s not looking good. When the short-form video app launched in April, Quibi gave users an extra-generous 90 days of free service rather than the typical two-week or one-month trial period. Those 90 days are up beginning July 5, and it’s at that point Quibi will discover how many of its earliest, most enthusiastic signups will become paying customers. So far, all indications are that there won’t be many. Quibi is on pace to have fewer than two million paying subscribers by the end of its first year, only 27% of its original goal, according to a Wall Street Journal article Monday.For Quibi, a startup trying to compete with established media giants in the streaming wars, its first few weeks have been more difficult than most. Quibi’s pitch was that it was taking Netflix Inc.’s reinvention of television viewing one step further: It would be mobile, and its name — an attempt at a clever portmanteau of “quick bites” — alludes to the fact that all the content is split into episodes that are no longer than 10 minutes each. It was looking to attract on-the-go viewers who are short on time. But then, suddenly, no one was going anywhere. The Covid-19 pandemic hit and Quibi quickly bit the dust.While TikTok, YouTube and Instagram are near the top of Apple’s app charts, Quibi is near the bottom. Other services such as Netflix and Disney+, which are more suited to longer periods spent binge-watching on a proper TV set, have also experienced a surge in subscribers during the crisis. It’s not only that Quibi’s short-form videos are more tailored to pre-pandemic life — it’s also that some of its content just isn’t that enticing. As the only app of its kind, it might have been good enough before the crisis, as it wouldn’t necessarily have had to compete head on with Netflix types. But it’s clear now that the company could have produced a better catalog of shows and movies, instead of placing so much emphasis on the app’s use cases and Turnstyle tech feature. In trying to become a mashup of Netflix and Instagram, it borrowed the brevity of social-media content and left out the human-connection aspect just as people were craving more of both. Even as the U.S. reopens, it may be too late for Quibi to spend what would be needed to make another big push at luring subscribers.Built by Jeffrey Katzenberg, a Walt Disney Co. movie veteran who co-founded DreamWorks SKG (with Steven Spielberg), and Meg Whitman, a longtime technology executive known for growing EBay Inc. and leading Hewlett-Packard, there were high hopes for Quibi under their leadership. That didn’t prevent Quibi from becoming a target of ridicule early on in some corners of Twitter for its name and for having the audacity to charge $5 a month while serving advertisements (or $8 without ads). For comparison, Disney+ costs $7 and has no ads. Even so, enough boldface names from Hollywood and the entertainment world had signed on to Quibi to create the sense that it was perhaps an underestimated challenger. There was Spielberg, Reese Witherspoon, Idris Elba, Laura Dern, Jon Favreau, Liam Hemsworth, Dwayne “The Rock” Johnson, Chrissy Teigen, Steph Curry, and on and on. Quibi also managed to raise nearly $2 billion from large investors including Alibaba Group Holding Ltd. and some of the top movie studios. The pandemic’s resulting stay-at-home orders didn’t cause Quibi’s problems as much as they exposed them. The Wall Street Journal article pointed to Katzenberg and Whitman’s clashing leadership styles as one ongoing source of tension. The need to conserve cash is another, with the company’s senior executives taking a 10% pay cut. Some advertisers including PepsiCo Inc., Taco Bell, Anheuser-Busch InBev SA and Walmart Inc. are already seeking to renegotiate their terms in part because of concerns over low viewership on Quibi, the article said. The Quibi team saw the app’s Turnstyle feature as a big selling point — “groundbreaking,” as Whitman has described it. When a user rotates their phone between portrait and landscape mode, they get different viewing angles of the same scene. It’s a neat feature, but one that’s just as easy for the average user to overlook or forget about, or just get lazy about using. The company is also facing a patent lawsuit over that same technology, and the suit is being financed by Paul Singer’s hedge fund, Elliott Management Corp. Before its launch, Quibi was the talk of the town, even if it was a punchline in some cases. More than two months into its launch, Quibi is forgettable. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
PepsiCo's (NASDAQ: PEP) success is backed by a catalog of strong snack and beverage brands and a distribution infrastructure that's among the best in the food and beverage industry. The stock boasts a solid 3.1% dividend yield at current prices, and the company has a 48-year streak of delivering annual payout growth that puts it just two years out from achieving Dividend King status. PepsiCo offers plenty of attractive characteristics for income-focused investors, and it's not hard to see why the stock has long been a staple in income-focused portfolios.