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A new commodity has taken the world by storm, and while tech giants are already locked in, smart money is betting on a few little-known competitors to see big profits
BlackBerry Ltd. stock took a deep dive Wednesday as concern about a competitor seemed to overshadow first-quarter financial results that were ahead of analyst estimates on several key measures. Among possible reasons cited for the decline: insufficient revenue growth from BlackBerry's legacy business and concern about a competitor to BlackBerry's recently acquired Cylance subsidiary. BlackBerry executives were asked during an analyst call why the company's shares have been underperforming compared with Crowdstrike Holdings Inc., a Cylance rival that went public this month.
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(Bloomberg) -- Software maker CrowdStrike Holdings Inc. soared in its trading debut after raising $612 million in one of the biggest-ever initial public offerings for a cybersecurity company.Shares opened at $63.50 in New York and rose as much as 97% from their IPO price to $67. The stock closed up 71% to $58 on Wednesday. That valued the company at about $11.41 billion, almost quadruple its $3 billion valuation last June when it raised about $200 million in a private funding round.CrowdStrike sold 18 million shares on Tuesday at $34 each, above its already elevated target range, the company said in a statement confirming an earlier report by Bloomberg. The Sunnyvale, California-based company had marketed the shares for $28 to $30, a target range it had earlier raised from $19 to $23.Founded in 2011 by former McAfee Inc. executives, CrowdStrike makes software to protect clients from cyberattacks, including predicting and detecting potential hacks. Its clients include Amazon.com Inc. and HSBC Holdings Plc, according to its filings.CrowdStrike Chief Executive Officer George Kurtz said he expects continued interest in the company partly because of geopolitical events, which will prompt governments and businesses to review their security.“The stock is going to move.” Kurtz said. “We just need to stay focused on the long term -- protecting our customers from breaches.”Cyber RankingThe IPO is the fourth-largest by a cybersecurity firm, according to data compiled by Bloomberg. The largest was Avast Plc’s 602 million pound ($856 million) listing in London last year. The only other IPOs topping CrowdStrike’s were Gemalto NV’s 515 euro ($631 million) offering in 2004 and a 352 pound listing by Sophos Group Plc in London in 2015.CrowdStrike’s value approaches that of Symantec Corp. the maker of Norton antivirus software. Symantec, which went public in 1989 in a $16.5 million IPO, is currently valued at $11.86 billion.Some of CrowdStrike’s peers were buoyed by its gains. Carbon Black Inc. climbed as much as 4.4% while BlackBerry Ltd., which agreed to buy Cylance Inc. last year, was up as much as 8.1%.Like many in this year’s crop of tech companies going public, CrowdStrike is unprofitable. It reported a net loss of $140 million on revenue of $250 million for the year ended Jan. 31, compared with a net loss of $135 million on revenue of $119 million in the same period a year earlier, its filings with the U.S. Securities and Exchange Commission show.IPO WaveUber Technologies Inc.’s $8.1 billion offering is the year’s biggest, followed by smaller ride-hailing rival Lyft Inc.’s $2.34 billion IPO as well as the $2.9 billion listing by Avantor Inc., a chemical maker for the life sciences industry. Other tech-related listings this year have included Pinterest Inc. and Zoom Video Communications Inc. So far the results have been mixed for investors: While Lyft has crashed 19% from its offer price, Zoom Video remains the fourth-best performing U.S. IPO of 2019, with its shares up 185%.Slack Technologies Inc. is set to go public next week in an unusual direct listing that, according to people familiar with the matter, could value it at $16 billion to $17 billion. Other tech related companies considering IPOs include Peloton Interactive Inc., Postmates Inc. and WeWork Cos.CrowdStrike has said that it had raised $200 million in a funding round led by General Atlantic, Accel and IVP that valued the business at more than $3 billion. Alphabet Inc.’s growth equity arm CapitalG also took part in the fundraising. The company has raised more than $450 million since its founding, according to data compiled by Bloomberg.Because CrowdStrike’s Class B stock carry 10 votes per share compared to one each for Class A shares, executives directors and current investors will control about 75% of the voting rights of the company after the IPO, according to the filing.CrowdStrike’s IPO was led by Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp. and Barclays Plc. The company’s shares trade on the Nasdaq Global Select Market under the symbol CRWD.(Updates with CEO’s comments in fifth paragraph.)\--With assistance from Jeran Wittenstein, Ellen Huet and Sonali Basak.To contact the reporters on this story: Crystal Tse in Hong Kong at firstname.lastname@example.org;Liana Baker in New York at email@example.comTo contact the editors responsible for this story: Elizabeth Fournier at firstname.lastname@example.org, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
What Can Investors Expect from BlackBerry in the First Quarter?(Continued from Prior Part)BlackBerry stock returnsBlackBerry (BB) stock has burnt significant investor wealth over the years. Its decline in the smartphone market was nothing less than
What Can Investors Expect from BlackBerry in the First Quarter?(Continued from Prior Part)Shift to software and servicesBlackBerry (BB) was initially a market leader in the smartphone space. However, competition from tech giants such as Apple and
What Can Investors Expect from BlackBerry in the First Quarter?(Continued from Prior Part)Enterprise Software and ServicesBlackBerry (BB) is a leader in secure communications solutions. Its Enterprise Mobility Suite integrates mobile security,
What Can Investors Expect from BlackBerry in the First Quarter?(Continued from Prior Part)Revenue estimated to rise by 24.7% in fiscal 2020BlackBerry was once the market leader in the smartphone market. However, the entry of tech giants such as
What Can Investors Expect from BlackBerry in the First Quarter?Revenue estimated to rise by 21.9% BlackBerry (BB) is scheduled to report its fiscal 2020 (year ending in February) first-quarter earnings results on June 28. Analysts expect the
BlackBerry Ltd (TSX:BB)(NYSE:BB) and Sierra Wireless, Inc. (TSX:SW)(NASDAQ:SWIR) are both intriguing tech firms with huge upside potential, but which is the better buy?
A Canadian cellular company focused on enterprise, vehicle-based technology has high hopes for a newly-launched device on a major U.S. telecom network. And no, it’s not BlackBerry Ltd. (BB.TO)
Consumer version of BBM will cease but app aimed at businesses will continue. BBM, or BlackBerry Messenger, the encrypted messaging service that introduced many to the joys of mobile chat – and was blamed for the 2011 London riots – is finally shutting down on Friday. The Indonesian company that owns the service, announced its plans in April, giving users a month to migrate. The company, Emtek, said in a blogpost that: “We are proud of what we have built to date. The technology industry, however, is very fluid, and in spite of our substantial efforts, users have moved on to other platforms, while new users proved difficult to sign on.” Initially exclusive to BlackBerry phones, the pocket emailers made by Canadian company RIM, BBM’s high point came in 2009, as the handset range expanded from a business-focused product to the consumer market. By focusing on physical keyboards and low-cost devices, BlackBerry initially held its own against growing competition from Apple’s iPhone and other smartphones powered by Google’s Android operating system. Less than five years after the iPhone was launched, however, BlackBerry gave in to the inevitable, releasing BBM for iOS and Android in the summer of 2013. BlackBerry left the phone industry in 2016. The London riots in 2011 led to a burst of public attention for the service, after the Metropolitan police noted that the encrypted nature of the messages meant they could not eavesdrop on communications, as they could with older SMS texts, and because BBM made it much easier to send one-to-many broadcasts than most phones at the time. One BBM broadcast sent at the height of the riots, called on “everyone from all sides of London” to vandalise shops on Oxford Street. By the standards of 2019, BBM was comparatively weakly protected, however. Where modern chat apps such as iMessage and WhatsApp are end-to-end encrypted, meaning only the recipient can decrypt the message, BBM historically used a form of encryption that ensured that BlackBerry itself could always decrypt messages if required. This led the company into fights with law enforcement agencies, which wanted access to that ability. Although the consumer version of BBM is shutting down, a different version of BBM, aimed at large businesses, still exists: BBM Enterprise is made by BlackBerry itself. Since April, normal users have been able to download it from the iOS and Android App Stores. The service is free for the first year, and then $2.49 (£1.98) every six months thereafter.