Booking Holdings vs Pinterest, Snap: Analysts' call on reopening puts two traders at odds
Bank of America analysts brought that question into focus on Monday in a note upgrading Booking Holdings and downgrading Pinterest and Snap, citing changing tides on the interest rate front that could put a crimp on stay-at-home stocks' valuations. "This is not a call that Snap or Pinterest will miss estimates," the note said. "This is a call that stocks could be range bound and we have better reopening ideas." Booking Holdings finished trading down nearly 2.5% on Monday, backing off its all-time high set Wednesday. Instead, it's likely to come at the expense of higher-dividend-paying, lower-volatility sectors, leaving Pinterest and Snap as the long-term winners, he said.cnbc.com
Amazon will present for the first time at NewFronts, a major digital advertising event
Amazon will join companies like Twitter, Snap and Google's YouTube in pitching advertisers at the Interactive Advertising Bureau's NewFronts event. The spring NewFronts are digital media's take on the traditional TV upfronts, when advertisers have traditionally committed a large amount of their yearly TV spending. Amazon's ad business has commanded a growing market share in the digital ad industry, a theme that appears likely to continue this year. The survey was based on responses from 52 senior U.S. ad buyers in December who represent $15 billion in U.S. ad spend. The IAB said its 2020 event drew more than 14,000 brands, agencies and media buyers.cnbc.com
Snap acquires Berlin company that helps online shoppers pick clothes that fit properly
Fit Analytics is the maker of a product called Fit Finder, which businesses use to help online customers pick properly fitting clothes in an effort to reduce returns. Fit Finder uses machine learning and customer-provided information to make its recommendations. More than 100 Fit Analytics employees will join Snap and continue to operate out of Berlin. The company will also continue to build Fit Finder and other products for its clients. The team will also work closely with Snap's product group on e-commerce and shopping products, Snap said.cnbc.com
Snap CEO touts ad platform, predicts rapid growth even without new users or more engagement
Snap CEO Evan Spiegel on Wednesday said that the company's previous forecast of multiple years of more than 50% revenue growth is achievable even without any additional user or engagement growth. "The 50% number actually isn't predicated on any further user growth or any engagement growth. Peter Sellis, Snap's senior director of ad products, said last week at the company's annual investor day that Snap was "in a position to drive multiple years of 50% plus revenue growth." The company can increase advertising revenue by growing its average revenue per user. Snap shares were down more than 6% late in the day, amid a broader market sell-off of tech stocks.cnbc.com
Snap stock pops as company tells investors it's on track for several years of 50% growth
Shares of Snap popped suddenly on Tuesday after it announced that is in position to drive multiple years of revenue growth of more than 50% during the company's investor day. "Via the work on our self-serve ad platform, we're in a position to drive multiple years of 50% plus revenue growth," Peter Sellis, Snap's senior director of ad products, told investors. Sellis explained how the company has been building out its Ads Manager self-serve ad tool since its launch in 2017. Now, Snap has built out its self-serve advertisement ecosystem that has driven cost per impression for Snap while driving return on investment for advertisers, Sellis said. "That makes these ads more relevant and it makes Snapchatters more likely to engage with them.cnbc.com
SNAP recipients can use food benefits to purchase hot foods, ready-to-eat meals
Food like rotisserie chickens can be bought with SNAP benefits. SAN ANTONIO – Texas Governor Greg Abbott announced Sunday that the Texas Health and Human Services Commission has received federal approval for SNAP recipients to use their food benefits to purchase hot foods and ready-to-eat meals due to the severe weather in Texas. “As we continue to recover from this winter storm, the state is ensuring that Texans in need have access to hot food to feed their families,” Abbott said in a statement. Foods like rotisserie chickens and deli foods can be used by SNAP recipients. Related: Texas governor arrives in SA with crates of water flown in as part of winter storm relief efforts
Unlike Zuckerberg, Snap CEO Spiegel says Apple's iPhone privacy change is good for consumers
Snap CEO Evan Spiegel told CNBC on Friday that while Apple's upcoming iPhone privacy changes will certainly be disruptive for advertising, it's ultimately the right choice for its consumers. "We generally view this as a good thing overall for consumers, even if it's a little disruptive for advertisers in the near term." A significant portion of users are expected to say no, which is expected to make targeted advertising less effective. Spiegel's more casual nod toward the upcoming change is a dramatically different response than his Facebook peer Mark Zuckerberg. Overall, we feel really well prepared for these changes, but changes to this ecosystem are usually disruptive and the outcome is uncertain."cnbc.com
Facebook's not the only one worried about Apple's privacy change — Snap and Unity both just warned investors about it
Snap and Unity Software, which reported fourth quarter earnings after the bell Thursday, both warned of the upcoming impact from Apple's privacy changes set for this spring. But once a privacy update rolls out, app makers will be forced to ask permission to access a user's IDFA through a prompt. In prepared remarks for its Q4 earnings report, Snap chief financial officer Derek Andersen said the Apple changes would present a risk of interruption to demand after they're implemented. Additionally, the company plans to provide advertisers with more opportunities to provide their products and services to Snap users directly through Snapchat. She added: "Overall, we feel really well prepared for these changes, but changes to this ecosystem are usually disruptive and the outcome is uncertain."cnbc.com
Snap beats expectations but stock falls on light Q1 forecast
But the company provided a first-quarter adjusted EBITDA forecast that was much lower than analysts' consensus expectations. Snap reported 265 million daily active users, up more than 6% from the 249 million the company reported in October. Snap expects year-over-year revenue growth of 56% to 60% for the first quarter, Snap Chief Financial Officer Derek Andersen said in prepared remarks. The company also expects to reach approximately 275 million DAUs in the first quarter, Andersen said. Additionally, the company plans to provide advertisers with more opportunities to provide their products and services to Snap users directly through Snapchat.cnbc.com
Tech companies could see blowout fourth quarters for ad revenue
Barclays analysts added last week that checks pointed to continued acceleration in the fourth quarter across the digital ad space. Here's what analysts foresee for the fourth quarter results of Google, Facebook, Snap, Pinterest, Twitter and Amazon ahead of their earnings. Barclays said its checks point to strength in search and YouTube in the fourth quarter. Those analysts project fourth quarter ad revenue growth of 26% year-over-year. They said tech, media and streaming and consumer packaged goods were all "solid" on Twitter in the fourth quarter.cnbc.com
Stocks making the biggest moves midday: Poshmark, JPMorgan, Wells Fargo, Zoom, Spotify & more
Wells Fargo — Shares of the banking giant slipped more than 7% after Wells Fargo reported weaker-than-expected revenue for the fourth quarter. Plug Power – Shares of the hydrogen fuel cell company slipped more than 8% as investors took profits after the stock's big week. JPMorgan reported earnings of $3.79 per share, higher than the expected $2.62 per share profit, according to estimates from Refinitiv. The bank reported revenue of $30.16 billion, topping estimates of $28.7 billion. Citigroup — The bank slipped 4% after Citi reported mixed earnings for the fourth quarter.cnbc.com
Snapchat permanently bans Trump from its platform
Along with other popular social media platforms, Snap last week temporarily banned President Trump from its platform. Mr. Trump has since continued to violate Snapchat's guidelines dozens of times, according to the company. Snapchat, which has roughly 250 million daily users according to company data, said it removed each post and sent warnings to the president's social media team. Closing Mr. Trump's account was in the long-term interest of all Snapchat users, the company said. Mr. Trump had amassed nearly 90 million followers on his @realdonaldtrump Twitter account just before the ban.cbsnews.com
Amazon’s ad business will gain the most share this year, according to analyst survey
Cowen's survey was based on responses from 52 senior U.S. ad buyers in December who represent $15 billion in U.S. ad spend. It asked buyers their views on Amazon, Google, Facebook, Snap, Twitter, Pinterest and TikTok. Respondents on a spend-weighted basis said they expect Amazon's share of their digital ad spend to rise from 7% in 2020 to 11% in 2022. They wrote they believe Amazon's ad business' share of global digital advertising, excluding China, will grow from 8% in 2020 to 13% in 2026. Respondents also said they believe Amazon is most insulated from the impact of Apple's upcoming ad privacy changes.cnbc.com
Apple's upcoming iPhone privacy feature exposes Facebook and Snap to most risk compared with their peers, analysts say
Before using an app such as Facebook that tracks your data for targeted advertising, you'll be asked to enable the tracking. MKM analysts said they created a framework based on seven factors to determine the change's risk to online ad companies. The analysts said based on these parameters, Facebook and Snap have the highest potential headwind due to IDFA changes, followed by Twitter and Pinterest. In a December note, Bank of America analysts also said Facebook and Snap are most at risk from the changes, potentially creating a 3% revenue headwind for Facebook and a 5% headwind for Snap. They argue Twitter has some modest exposure to mobile app downloads, but the exposure is relatively small compared with that of Facebook and Snap.cnbc.com
Verishop's Imran Khan says recent IPO pops show 'epic level of incompetency' from bankers
When DoorDash and Airbnb went public last week, investors rallied around the stocks, sending them up 86% and 112%, respectively. But Verishop CEO Imran Khan said the public debuts showed extreme ineptitude by their investment bankers. "The last few IPOs, with the way they worked, it seems like an epic level of incompetency from the bankers," Khan said Tuesday on CNBC's "Squawk Alley." Airbnb priced shares at $68 each for a $3.5 billion haul, while DoorDash priced its IPO at $102 per share and raised $3.37 billion. Khan said that while he doesn't think the overall IPO system is broken, the people working on it could do better.cnbc.com
Snap stock climbs on optimism about augmented reality e-commerce, ad growth in 2021
Snap's stock rose as much as 7% on Thursday following reports highlighting the company's augmented reality strategy as it relates to e-commerce, and the potential for 20% growth in online advertising in 2021. AR allows users to superimpose computer-generated images over pictures they shoot of themselves or the real world around them. Already, Gucci and Champs Sports are among the brands that have used the technology to let users try on virtual sneakers. Additionally, Morgan Stanley on Thursday published its own analysis explaining why it believes online advertising can grow 20% in 2021. The note highlights that digital ad trends tied to an uptick in e-commerce could be permanent and the return of brand advertising in the third quarter.cnbc.com
Big Tech earnings showed digital ad revenue came roaring back
Big Tech's third-quarter earnings showed digital ad revenue came roaring back in recent months, and suggested some of the digital ad trends tied to the explosion of e-commerce could be here to stay. Alphabet, Facebook, Twitter and Amazon, which reported earnings Thursday after-hours, along with peers Snap and Pinterest, which reported earlier, showed strong digital advertising growth in the quarter as brand advertising started to rebound and sports made a return. And though digital advertising has been on the rise for years, events of this year appear to be accelerating existing trends like e-commerce growth, as consumers get comfortable buying online out of necessity. Research firm MoffettNathanson added that the recovery in digital advertising is "so rapid and voluminous that many of the leading digital platforms are now exceeding the ad growth they posted" before the pandemic in the fourth quarter of 2019. Here's what happened in the ad businesses of Google, Facebook, Twitter and Amazon this quarter and what they mean for the digital ad market.cnbc.com
Pinterest stock soars on big revenue beat and strong user numbers
Pinterest's stock price soared as much as 30% after hours on Wednesday as the company posted strong revenue and user growth in its third-quarter earnings. Pinterest's strong user growth was fueled by the adoption of international users. The company said the release of iOS 14 also fueled user growth as approximately 4 million people used Pinterest "for inspiration for customized background filters." Pinterest reported that advertiser demand was broad during the third quarter as businesses have adopted to the post-Covid environment. The company also announced that it is expecting fourth-quarter revenue to grow about 60% year-over-year, but Pinterest cautioned that it is continuing to navigate uncertainty given the pandemic.cnbc.com
Snap had a blowout quarter — it could signal a ‘bonanza’ for social companies
Deutsche Bank analysts wrote in a Tuesday note Snap's results implied a "bonanza for online advertising." Snap's ad revenue growth was 52% year-over-year. Twitter's business is especially driven by brand advertising and would see the benefit of a rebound in that spend. Snap's results signal how advertisers are behaving in their spending on platforms outside of the behemoths of Facebook and Google. Facebook shares closed up more than 4% Wednesday afternoon, while Google's closed up more than 2%.cnbc.com
As ad market rebounds from coronavirus, Snap says it's 'feeling a lot of momentum'
Though the advertising market took a major tumble earlier this year due to the pandemic, the sector is making a recovery — and Snap wants advertisers to see it as a place where they're getting their money's worth. But its VP of Americas, Peter Naylor, said the platform is seeing many advertisers returning to normal. "We're feeling a lot of momentum, particularly around what I call accountable ads, you know, performance-oriented ads, because advertisers do want to get back and they are getting back into the groove," he told CNBC last week. "Everybody wants measurement, everybody wants some way to prove that the dollar spent is a dollar well invested," Naylor said. Naylor said retailers were also turning to a new "dynamic" ad offering that lets retailers upload a product catalog to Snap that's shown to relevant users.cnbc.com
How to apply for food stamps, or SNAP benefits, in Texas
Texas – A lot of Texans are wondering how to apply for food stamps this year. The current program for food benefits in Texas is called the Supplemental Nutrition Assistance Program (SNAP), also known as food stamps. SNAP is a federal program that provides food assistance to approximately 1.4 million eligible low-income families and individuals in Texas, according to state officials. In response to the coronavirus pandemic, approximately $188 million in emergency food benefits has been provided by THHS. The THHS received federal approval from the U.S. Department of Agriculture to extend the maximum allowable amount of SNAP benefits to recipients based on family size.
Emergency SNAP benefits extended through September for Texans
Texans receiving emergency benefits from the Supplemental Nutrition Assistance Program will continue to get their benefits through the month of September, according to Gov. The Texas Health and Human Services Commission will provide approximately $188 million in emergency food benefits in response to the coronavirus pandemic. “This emergency SNAP extension will help Texans provide healthy food for their families.”More than 972,000 SNAP households will see the additional amount on their Lone Star Card by September 15, according to state officials. The $188 million in emergency funds is in addition to $1 billion in benefits that have been provided to Texans from April through August, officials said. Texans in need can apply for benefits, including SNAP and Medicaid, at YourTexasBenefits.com.
Some Texas families may get an extra $285 per child in SNAP benefits this month. Here’s why.
Families on the Supplemental Nutrition Assistance Program (SNAP) or whose children receive free or reduced meals at school may be receiving an extra $285 this month per child. "The benefit is for families that are currently receiving SNAP benefits. But it's also been extended to any families that receive free and reduced-price meals within their school district," said Deborah Rice, assistant director of child nutrition at South San Antonio Independent School District. Abbott extends emergency SNAP benefits due to COVID-19 pandemicFamilies with children ages 5 to 18 years old that received SNAP benefits in March will automatically receive $285 per child in their Lone Stone Cards account. Families should check with their child's school district website for a link on how to apply for the P-EBT program.
Some Texas families may get an extra $285 per child in SNAP benefits this month. Here’s why.
Some Texas families may get an extra $285 per child in SNAP benefits this month. Here’s why. Published: June 5, 2020, 10:21 pmSome Texas families may get an extra $285 per child in SNAP benefits this month. Here’s why.
Gov. Abbott extends emergency SNAP benefits due to COVID-19 pandemic
Governor Abbott announced Thursday that he was extending SNAP benefits due to the COVID-19 pandemic. The Human Services Commission (HHSC) will provide approximately $177 million in emergency SNAP food benefits for the month of June. “As we continue the process of safely and strategically opening Texas for business, we are committed to ensuring families across the state have access to nutritious food,” said Governor Abbott in a press release. “We’ll continue to be flexible in our response to this pandemic to make sure Texans can access the services they need as this situation evolves.”By June 12, SNAP households will see the additional amount on their Lone Star Card. RELATED: Pandemic Electronic Benefit Transfer program to provide $1 billion in food benefits to some Texas families
Facebook, Google and Snap have found their knight in shining armor as ad spending craters
Direct-response, or DR, advertising includes methods that drive consumers to take an immediate action, like download an app or buy something from an e-commerce site. Twitter, on the other hand, has had ongoing issues with its own direct response business. Wehner said the company hasn't given a specific number on how much of its advertising business is direct response. J.P. Morgan analysts wrote that though brand spending has weakened further in April, they believe direct response advertising is proving more resilient. Snap, which reported earnings last week, saw its direct response business as a star of the show.cnbc.com
Snap is changing floor plans, considering temperature checks as employees return to offices, CEO says
Snap CEO Evan Spiegel said Wednesday that the company is making changes to its office floor plans and considering implementing temperature checks before employees return to work. "We're making changes to our floor plan, we're thinking about how we're going to be testing folks maybe through temperature or maybe a survey or other health conditions," Spiegel told CNBC's "Squawk Alley." "What we want to do is provide the option to return to our offices when it's safe." Since the Covid-19 outbreak began, companies have had to grapple with how to safely bring employees back to the office. Facebook CEO Mark Zuckerberg, for example, said last week the company will allow its workers to work from home throughout the summer.cnbc.com
Snap soars on strong growth in revenue, daily users
Snap on Tuesday announced its earnings results for the first quarter, sending its share price up as much as 20% in after-hours trading. Snap's user base grew to 229 million daily active users, up 20% from last year. That represents the highest year-to-year user growth the company has reported since the second quarter of 2017. Analysts surveyed by Refinitiv had expected a loss of 7 cents per share on $428.8 million in revenue for the first quarter. The new feature could help introduce Snap to more people, helping them company maintain the user growth that is critical to maintaining shareholder confidence and growing the company's advertising revenue stream.cnbc.com
Texas Health and Human Services to provide more than $168M in emergency SNAP food benefits
AUSTIN, Texas – Texas Health and Human Services will provide more than $168 million in emergency Supplemental Nutrition Assistance Program food benefits to help people in the state during the COVID-19 response, Gov. HHS got federal approval from the U.S. Department of Agriculture to provide the maximum allowable number of SNAP benefits to recipients based on family size, according to a news release. Anyone receiving SNAP benefits is included. “SNAP, commonly referred to as the food stamp program, supplements the budget of the working poor. "The additional food subsidy announced today by Governor Abbott, although still supplemental, will help fill a portion of the financial gap created by the economic crisis resulting from this pandemic.
Snap opens its Stories feature to more apps with App Stories
Snap on Tuesday announced the launch of App Stories, which brings the company's popular Stories feature to apps created by third-party software developers. App Stories will allow users to export their Snapchat photos and videos to other apps, theoretically expanding the number of people who can see content from the social app. At launch, App Stories will be available only on a handful of fairly obscure apps: Social apps Triller and Octi, video-calling app Squad and dating app Hily. Snap is also in talks to bring App Stories to more partners, said Snap VP of Partnerships Ben Schwerin. Snap argues that App Stories makes it easier for third-party software developers to easily bring Stories features onto their apps by simply using Snapchat's existing technology.cnbc.com
Gov. Abbott asks permission for people to use SNAP benefits at take-out, drive-through restaurants
AUSTIN – The Texas Health and Human Services Commission and Gov. Greg Abbott have sent a letter asking if Texas Supplemental Nutritional Assistance Program (SNAP) recipients can use their benefits at take-out and drive-through restaurants throughout the state, officials announced Wednesday. The letter went out to the U.S. Department of Agriculture on Tuesday, according to a news release from Abbott’s office. The request comes as Texas, along with the rest of the country, continues to combat COVID-19. I urge the federal government to quickly approve this waiver, giving Texans another food option during this public health emergency.”Read the letter by clicking or tapping here.
Jim Cramer says Facebook, Snap, Twitter and Pinterest earnings were 'about the expectations'
The "Mad Money" host crowned the stocks of Twitter and Pinterest as winners; denoted Facebook and Snapchat-parent Snap as losers. "None of them had perfect results, but Facebook and Snap had run going into the quarter, while Twitter and Pinterest had sold off ahead. So Facebook and Snap got pulverized while Twitter and Pinterest caught fire." Below is his assessment of their quarterly reports and stock actions:Snapchat, Facebook, Twitter, Messenger, Instagram and LinkedIn apps shown on a smartphone screen. "I think it's because the expectations for Twitter were lower, and also because the company's proven it can overcome adversity.cnbc.com
Growth hits new high against value, and three stocks could ride next leg higher
Growth stocks just did something they've never done before. The IVW growth ETF has surged relative to the IVE value ETF, breaking above 2000 highs to hit a record. Todd Gordon, managing director at Ascent Wealth Partners, said the tide has turned back to growth as the market leader. "What you're seeing here is growth outpacing value and that discussion everyone had over the last say six to 12 months in terms of value outpacing growth was just this little consolidation," Gordon said Thursday on CNBC's "Trading Nation." Michael Binger, president of Gradient Investments, is betting on one social stock to ride the next growth surge.cnbc.com
Snap tanks on revenue shortfall
Snap just released its fourth-quarter earnings, and the company missed on revenue expectations, sending shares plunging as much as 14% after the bell on Tuesday. Here's how the numbers came in:Earnings: 3 cents per share vs. 1 cent per share forecast by Refinitiv3 cents per share vs. 1 cent per share forecast by Refinitiv Revenue: $561 million vs. $563 million forecast by Refinitiv$561 million vs. $563 million forecast by Refinitiv Global daily active users (DAUs): 218 million vs. 215 million forecast by FactSet218 million vs. 215 million forecast by FactSet Average revenue per user: $2.58 vs. $2.62 forecast by FactSetSnap reported revenue of $561 million, up 44% compared to a year prior. Analysts were expecting Snap to report $563 million in revenue for the period. The company reported 218 million daily active users for the fourth quarter, up 17% year-over-year. Snap provided revenue guidance for the first quarter of 2020, saying it expects to generate between $450 million and $470 million, ahead of analysts expectations of $462 million for the period.cnbc.com
Local school leaders concerned with proposed SNAP changes
Local school leaders concerned with proposed SNAP changesPublished: November 4, 2019, 9:21 pmLocal school leaders are speaking out about their concerns with proposed changes to supplemental nutrition assistance program or SNAP benefits commonly known as food stamps.