Pinterest seeks $15-$17 per share in IPO, below last private valuation - Investing.com

© Reuters. FILE PHOTO: A Pinterest banner hangs on the facade of the NYSE in New York

(Reuters) - Pinterest (NYSE:) Inc on Monday set a price range of $15 to $17 per share for its initial public offering of 75 million shares, valuing it below the $12 billion at which the online image-search company sourced its last fundraising in 2017.

At the upper end of its target range, the company could have a market valuation of about $11.30 billion and could raise $1.3 billion in net proceeds, taking into account restricted stock units and options.

Reuters had reported in January Pinterest, which plans to list under the symbol "PINS" on the New York Stock Exchange, could raise around $1.5 billion and that the IPO was likely to come in the first six months of 2019.

The company, which owns the image search website known for the food and fashion photos that its users post, reported annual revenue of $755.9 million in 2018, up 60 percent from a year earlier.

But it remains unprofitable even though its net loss narrowed to $62.97 million in 2018 from $130 million a year earlier.

The company will go public with a dual-class share structure to concentrate voting power with Class B shareholders, which included Co-founder, President and Chief Executive Officer Benjamin Silbermann, according to a filing with the U.S. Securities and Exchange Commission.

Pinterest would join a bevy of high-profile companies that went public, including Lyft Inc (NASDAQ:) and Levi Strauss (NYSE:).

Ride-hailing company Uber Technologies Inc is also expected to kick off its IPO this month, according to sources.

Profitability has been a key theme for companies that have gone public since the start of the year. Lyft's shares slipped below their IPO price on the second day after its debut as analysts did not see a clear path to profitability.

IPOs of Pinterest and other such loss-making unicorns have presented a predicament for investors sitting on the fence since they do not want to miss out on popular companies with fast growth, but at the same time have to weigh the risks of businesses with unproven economics.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let's block ads! (Why?)

https://www.investing.com/news/stock-market-news/pinterest-sets-ipo-price-range-between-1517-per-share-1829878

2019-04-08 12:06:00Z
52780263941233

‘Outrageous Monster’: Nissan Shareholders Vent, Cut Final Tie With Ghosn - The Wall Street Journal

Former Nissan Chairman Carlos Ghosn leaving his lawyer's office in Tokyo in March. Photo: kazuhiro nogi/Agence France-Presse/Getty Images

By

Sean McLain

Sean McLain
The Wall Street Journal
• Biography
• @McLainSean
• sean.mclain@wsj.com

Updated April 8, 2019 7:46 a.m. ET

TOKYO—Some Nissan Motor Co. NSANY -0.24% shareholders called for the resignation of Chief Executive Hiroto Saikawa at a raucous meeting where the auto maker severed its last ties to longtime leader Carlos Ghosn.

The meeting was the first opportunity for shareholders to vent their concerns with management since Mr. Ghosn’s surprise arrest on Nov. 19. Many questioned Nissan’s assertion that top executives were unaware of the extent of Mr. Ghosn’s alleged wrongdoing, which includes a charge by prosecutors that he underreported his compensation for eight years.

“You found this out when he was arrested? You are disqualified for not being able to discover this,” said one shareholder.

Carlos Ghosn resigned as chairman and CEO of French auto maker Renault. Thierry Bolloré is the company’s new chief executive, and Michelin CEO Jean-Dominique Senard was named chairman. Here’s what’s next for the company. Photo composite: Laura Kammermann

Mr. Saikawa asked for shareholders’ support to stay on in his position, saying he hoped to avoid disrupting a company already shaken by the allegations against Mr. Ghosn. “I never said we didn’t have responsibility. The problem built up over 20 years, and we cannot correct it overnight,” Mr. Saikawa said.

Shareholders voted to remove Mr. Ghosn from the Nissan board, ending his final connection with the company he led for nearly two decades, and they elected Renault SA RNO -0.64% Chairman Jean-Dominique Senard to replace him. That ensures the French car maker, which owns 43.4% of Nissan, retains the full complement of board members mandated by its shareholding agreement with Nissan. Mr. Senard will become vice chairman of Nissan’s board, a newly created position.

Mr. Ghosn says he is innocent. On the compensation question, he says he discussed ways of receiving more pay after retirement but nothing was decided and so he didn’t have to report it.

The vote came after a three-hour meeting at which more than 20 shareholders spoke, often criticizing both Mr. Saikawa and Mr. Ghosn. The same shareholder who said Mr. Saikawa should be disqualified also called Mr. Ghosn an “outrageous monster.” Reporters could hear the questions but the shareholders’ identities weren’t disclosed.

New Suspicions

How Nissan money ended up with Carlos Ghosn, according to prosecutors and Nissan’s internal investigation. Mr. Ghosn’s representatives say neither Mr. Ghosn nor his family benefited from Nissan payments. 

Nissan

Motor

A Nissan

subsidiary

Nissan

Middle

East

$15

million

from

2015 to

2018

$5

million

Company

controlled

by Carlos

Ghosn

Suhail

Bahwan

Automobiles

Nissan distributor in Oman

and other countries

Sources: Japanese prosecutors; Nissan investigation

Mr. Ghosn was arrested again on April 4 on new suspicions he abused his position at Nissan for personal gain, and he is currently in jail. Prosecutors say they suspect Mr. Ghosn diverted a portion of Nissan payments to a distributor in Oman for his personal use. He denies wrongdoing. The arrest ended a monthlong period in which he was out on bail of nearly $9 million.

One shareholder spoke in defense of Mr. Saikawa, saying: “If it weren’t for Mr. Saikawa, Mr. Ghosn would be enjoying a ride on his yacht.” Nissan’s internal investigation, according to people familiar with it, found evidence Mr. Ghosn may have diverted company money to purchase a yacht.

A Tokyo-based spokesman for Mr. Ghosn didn’t immediately have a comment on the shareholder meeting.

Mr. Ghosn’s wife, Carole, was with him at his Tokyo apartment when he was arrested. She said in an interview the same day that prosecutors asked her to voluntarily submit to interrogation but that she refused. On Friday, Mrs. Ghosn flew to Paris. A family representative said she returned to France to encourage the French government to help her husband.

Write to Sean McLain at sean.mclain@wsj.com

Related Coverage

• Carlos Ghosn to Stay Behind Bars for at Least 10 Days
• ‘It Was Scary as Hell’: The Rearrest of Carlos Ghosn Opens New Front in Inquiry
• Renault Board Says Probe Finds Questionable Expenses
• Nissan Probes Whether Ghosn Channeled Company Money for Personal Use
• Why Carlos Ghosn Fell: Plotters at Nissan Feared a French Takeover

Let's block ads! (Why?)

https://www.wsj.com/articles/carlos-ghosn-removed-as-director-from-nissans-board-11554701572

2019-04-08 11:46:00Z
52780261663987

Pinterest IPO price range would value the company at as much as $9 billion - CNBC

Image sharing website Pinterest set a price range of $15 to $17 per share for its initial public offering of 75 million shares, as per a filing with the U.S. Securities and Exchange Commission on Monday.

At the upper end of its target range, the company would be valued at $9 billion and could raise $1.3 billion in net proceeds.

Pinterest, which was valued at $12 billion in its last fundraising round in 2017, will list under the symbol "PINS" on the New York Stock Exchange.

Reuters had reported in January Pinterest could raise around $1.5 billion and that the IPO was likely to come in the first six months of 2019.

The company reported annual revenue of $755.9 million in 2018, up 60 percent from a year earlier. But it remains unprofitable even though its net loss narrowed to $62.97 million in 2018 from $130 million a year earlier.

The company will go public with a dual-class share structure to concentrate voting power with Class B shareholders, which include co-founder, President and Chief Executive Officer Benjamin Silbermann.

Let's block ads! (Why?)

https://www.cnbc.com/2019/04/08/pinterest-sets-its-ipo-price-range-at-15-to-17.html

2019-04-08 10:22:22Z
52780263941233

Pinterest sets its IPO price range at a discount to its most recent valuation - CNBC

Pinterest is eyeing a valuation of up to $9 billion when it debuts on public exchanges later this spring.

That's something of a discount from the company's most recent valuation on the private markets, but nonetheless keeps Pinterest in the same neighborhood as other major tech companies set to IPO in 2019.

The image sharing social network said in a regulatory filing Monday it would sell 75 million shares at $15 to $17 per share. At the upper end of its target range, the company could raise $1.3 billion in net proceeds.

Lyft was the first out of the gates in a heavyweight class of tech IPOs. The company raised $2.3 billion in its offering and has seen a rocky start to trading. Uber, Slack, and Postmates have all filed to go public this year.

Pinterest was valued at $12 billion in its last fundraising round in 2017. CNBC reported last year the company was nearing $1 billion in ad revenue.

The company reported $756 million in 2018 revenue in its initial IPO prospectus. Revenue grew 60% year over year, but still made for a net loss of $63 million.

Pinterest will list under the symbol "PINS" on the New York Stock Exchange. The company will go public with a dual-class share structure to concentrate voting power with Class B shareholders, which include co-founder and CEO Benjamin Silbermann.

—Reuters contributed to this report.

Let's block ads! (Why?)

https://www.cnbc.com/2019/04/08/pinterest-sets-its-ipo-price-range-at-15-to-17.html

2019-04-08 11:42:14Z
52780263941233

Top 5 Things to Know in the Market on Monday - Investing.com

© Reuters.

Here are the top 5 things you need to know in the markets on Monday, April 8

1. Wall Street Set to Open Lower

Wall Street is set to open the week in cautious fashion, consolidating after last week’s gains. At 05:30 AM ET, the contract was down 4.6 points or 0.2%, the contract was down 57 points, or 0.2%, while the tech-heavy contract was down 14 points, also a drop of 0.2%.

After a weekend without clear progress on U.S.-China trade talks (beyond the usual spin), the market will be looking to the start of earnings season with trepidation, as a quarter of mostly weaker-than-expected economic data find their expression in individual earnings stories.

Overnight, Asian markets closed broadly lower, with sentiment not helped by reports of a rise in bad loans at Chinese lenders and a three-year low in Japanese . European markets also opened lower, as weaker-than-expected for February added another verse to a first quarter that has been a chapter of woe.

2. Bonds Steady After Payrolls

The domestic data calendar is light, with orders at 10 AM ET (14:00 GMT). The consensus forecast is for a 0.5% drop in orders in March, after a 0.1% increase in February.

Bond markets have steadied in the wake of a broadly positive on Friday that showed job growth ahead of expectations and wage pressures easing slightly. The is – just – back below 2.50%, amid rising expectations that the may cut interest rates later this year.

The Fed is under pressure from President Donald Trump to cut rates and restart its bond-buying program. It could come under pressure from other parts of Washington later this week as the spring meeting of the International Monetary Fund and World Bank begin. The IMF’s update of its World Economic Outlook is likely to reflect downgraded growth forecasts across the world.

3. Oil at New Highs on Libya Turmoil

Crude oil prices hit another new high for the year after signs of rising violence in OPEC member , stoking fears that the war-torn country could be in for yet another spell of export disruptions.

The benchmark contract hit a five-month high of $63.53 a barrel earlier. It has held that level, more or less, in the wake of comments by Saudi Oil Minister Khalid al-Falih that global oil stocks are still clearly above their five-year average, hinting at a desire to extend the current “OPEC+” deal on output restraint past June.

Al-Falih also said that orders for the debut bond of have probably topped $30 billion, a bid-to-cover ratio of over 3.

4. Brexit Deadline Looms

OK, this week really IS crunch time for Brexit. As it stands, the U.K. is due to crash out of the EU without any transitional arrangements in place on Friday at midnight in Brussels.

It shouldn’t come to that, though. U.K. Prime Minister Theresa May has already requested a further deadline extension to June 30, and some in the EU want an even longer one – something that would give time for a thorough rethink on future relations.

May signalled at the weekend that she had given up trying to get parliament to approve her Withdrawal Agreement. However, her talks with the opposition Labour Party over the weekend, which aimed at finding a cross-party solution (or, cynics said, someone to share the blame with) have yielded nothing.

5. Pinterest to Start Marketing for IPO

After Lyft 's (NASDAQ:) bumpy first week as a public company, the owners of image-sharing site Pinterest (NYSE:) appear to be taking a cautious approach to their company’s IPO.

The Wall Street Journal reported that marketing for the shares will begin this week at a range below where the company last sold stock to pre-IPO investors. The last funding round sold stock at $21.54, giving Pinterest a valuation of $12 billion.

Pinterest is the second big tech IPO of the year after Lyft. Although the ride-hailing company ended its first week above its IPO price, the volatility of last week was a clear reminder of the risks involved in bringing unprofitable startups to market at eight-digit valuations.

Let's block ads! (Why?)

https://www.investing.com/news/economy-news/top-5-things-to-know-in-the-market-on-monday-1829836

2019-04-08 09:44:00Z
52780263941233

Investors hit pause as central bank and Brexit risks loom - Investing.com

© Reuters. FILE PHOTO: Pro-Brexit yellow vest protesters demonstrate, in London

By Helen Reid

World stocks paused on Monday after a strong recent run, as potential flashpoints including a crucial Brexit summit and central bank meetings loomed, and investors began to look ahead to an earnings season that may be disappointing.

Signs of further stimulus from China helped Asian shares touch seven-month highs, but investors' enthusiasm was fleeting.

MSCI's world equity index was flat and European stocks slipped 0.2 percent as weak data from Germany and investor caution ahead of a string of political and monetary policy events held the market back.

In a document published on the central government's website late on Sunday, Beijing said it would step up a policy of targeted cuts to banks' required reserve ratios to encourage financing for small and medium-sized businesses.

German exports and imports both fell more than expected in February, data showed on Monday, in the latest sign that Europe's largest economy will likely have meager growth in the first quarter amid increased headwinds from abroad.

Futures for the and Nasdaq eased 0.2 percent, indicating a weaker start on Wall Street.

Globally, stock markets have had a stellar first quarter. The had its best quarter in more than eight years.

"Today’s very minor move down has to be seen in light of recent developments," said Britta Weidenbach, head of European equities at DWS.

"We're back at the levels where the correction started last year. So now the question certainly is, what's next?"

The European Central Bank will update the market on Wednesday, the same day as a crucial European Union Summit on Brexit, while China and the EU will hold a summit on trade on Tuesday.

"European institutions will be under the spotlight in the coming days as they attempt to display proactivity in trade negotiations, on Brexit and in monetary policy," wrote economists at Swiss private bank Landolt & Cie in a note to clients.

Bond markets were being squeezed by investors' search for yield after benchmark German Bunds fell into negative territory.

Greece's 10-year government bond yields were within a shade of their lowest level in over 13 years as a cocktail of positive headlines boosted sentiment towards the country and zero percent Bund yields push investors to riskier investments.

German bund yields traded at 1 basis point, just holding in positive territory.

REALITY CHECK

The upcoming earnings season, which kicks off at the end of this week with U.S. banks reporting, is likely to be a reality check for markets.

Analysts have already slashed their earnings expectations for this year, which are now stabilising around 4.2 percent growth for world stocks.

"Q1 will definitely not be a good quarter for corporates, and it might well be that the market turns back to fundamentals whereas a lot of hope on China/U.S. trade deals and developments on the interest rate front had driven markets up year-to-date," said DWS' Weidenbach.

Currency markets were also distinctly risk-averse.

The dollar slipped 0.1 percent to 97.269 against a basket of currencies. The euro inched up 0.1 percent, but hovered near a one-month low at $1.1229 ahead of the ECB meeting later this week.

Sterling inched up 0.2 percent to $1.3057 as a crucial week for Britain's negotiations to exit the European Union loomed. Prime Minister Theresa May must come up with a new plan to secure a delay from EU leaders at a summit on Wednesday as a deadline of this Friday draws ever closer.

Commodities markets were the exception, rallying strongly.

London prices rose as much as 1 percent on Monday, snapping two days of declines, on expectations of more stimulus measures in top metals consumer China and optimism over Sino-U.S. trade talks. [MET/L]

Oil prices rose to their highest levels since Nov. 2018, driven by OPEC's ongoing supply cuts, U.S. sanctions against Iran and Venezuela, and fighting in Libya.

was last up 39 cents at $63.45 a barrel, while futures rose 42 cents to $70.76.

(GRAPHIC: Earnings growth April 8 - https://tmsnrt.rs/2I5yaRq)

Let's block ads! (Why?)

https://www.investing.com/news/stock-market-news/asia-shares-underpinned-by-us-job-news-china-stimulus-1829606

2019-04-08 09:12:00Z
52780263777878

Asia shares off seven-month peak, mood turns cautious - Investing.com

© Reuters. FILE PHOTO: Employees of the Tokyo Stock Exchange (TSE) work at the bourse in Tokyo,

By Wayne Cole

SYDNEY (Reuters) - Asian shares briefly brushed seven-month peaks on Monday as investors cheered a rebound in U.S. payrolls and hints of more stimulus in China, but caution soon surfaced ahead of what is likely to be a tough U.S. earnings season.

In a document published on the central government's website late on Sunday, Beijing said it would step up a policy of targeted cuts to banks' required reserve ratios to encourage financing for small and medium-sized businesses.

Chinese blue chips initially climbed to territory not visited since March last year, only to fade 1 percent as the session wore on. MSCI's broadest index of Asia-Pacific shares outside Japan went flat having reached its highest since August.

Japan's was off 0.1 percent after reaching its high of the year so far. E-Mini futures for the eased 0.2 percent and futures pointed to a soft start for the major European bourses.

On Wall Street, the benchmark S&P 500 had closed higher for its seventh trading day in a row last week, the longest winning streak since October 2017. ()

However, a test looms as major U.S. banks kick off what analysts expect to be the first quarter of contracting corporate earnings since 2016.

JPMorgan Chase & Co (NYSE:) and Wells Fargo (NYSE:) & Co will get the ball rolling on Friday.

Before that, minutes of the Federal Reserve's last policy meeting are due out on Wednesday.

"Markets will be looking at just how dovish the FOMC has become," wrote analysts at TD Securities in a note. "We put a very low but not zero chance on a rate cut discussion; conversely rate hikes are still on the horizon for the majority of Fed officials."

"The minutes are likely to show peak dovishness in terms of nervousness about the outlook."

JOBS RELIEF

There was a huge sigh of relief globally on Friday when the U.S. payrolls report showed a solid 196,000 rise in jobs in March, while annual wage growth slowed a little to 3.2 percent.

"This data assuages both the downside and upside fears," said Alan Ruskin, global head of G10 FX Strategy at Deutsche Bank (DE:). "Fears of soft growth are assuaged. On the upside, the wage data does not point to further acceleration that would threaten inflation."

"It plays to idea that the U.S. economy remains reasonably robust, and does not justify any rate cut expectations over say the next six months, and is to that extent going to play to buying U.S. dollar dips versus the majors."

The dollar drifted off to 97.266 against a basket of currencies on Monday, shying away from the March peak at 97.710 which marks major chart resistance.

The dollar surrendered some of its recent gains on the Japanese yen to 111.41, and again needs to clear the March top of 112.12 to spark a true uptrend.

The euro has been undermined by a string of dismal data out of Europe and idled at $1.1226 not far from its recent 20-month trough at $1.1174.

Sterling had troubles of its own at $1.3063 as time ticks away to Britain's departure from the European Union on April 12, with no deal agreed.

Prime Minister Theresa May must come up with a new plan to secure a delay from EU leaders at a summit on Wednesday.

In commodity markets, was a fraction firmer at $1,296.52 per ounce.

Oil prices rose to their highest levels since Nov. 2018, driven by OPEC's ongoing supply cuts and U.S. sanctions against Iran and Venezuela. [O/R]

was last up 28 cents at $63.36 a barrel, while futures rose 29 cents to $70.63.

Let's block ads! (Why?)

https://www.investing.com/news/stock-market-news/asia-shares-underpinned-by-us-job-news-china-stimulus-1829606

2019-04-08 06:30:00Z
CBMibmh0dHBzOi8vd3d3LmludmVzdGluZy5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy9hc2lhLXNoYXJlcy11bmRlcnBpbm5lZC1ieS11cy1qb2ItbmV3cy1jaGluYS1zdGltdWx1cy0xODI5NjA20gEA