Home security company ADT made its NYSE debut. After pricing at $14 a share, the stock opened for trading at $12.65. Tim Whall, CEO at ADT, joined us on set to explain why investors should be excited about the opportunity to invest in ADT.
The original range for pricing of the IPO was $17-$19 a share. Despite the weaker-than-expected demand for the stock, the company still raised about $1.5 billion. The CEO said ADT will use the money to pay down debt and grow subscriber base. ADT has a debt burden of about $10 billion.
In a regulatory filing, ADT revealed it had been losing customers. Whall shares how the company is innovating in-home security in order to avoid customer churn and attract new consumers. The company recently announced plans to integrate its products with Google Assistant voice controls sometime this spring.
Stocks closed lower Thursday with all three major indexes on track to end the week lower. The tech-heavy Nasdaq is on track for its worst week since March 2020, and is down 12% from its record high. Meanwhile, the Dow closed below its 200-day moving average for the first time since December 2021. The S&P 500 didn't fare much better, falling 1.1%. Christopher Wolfe, Chief Investment Officer at First Republic Private Wealth Management, joins Cheddar News' Closing Bell to discuss today's close, this week's market volatility, and more.
Eric Marshall, portfolio manager, Hodges Funds, joins Cheddar News' Closing Bell, where he says the airlines are still not out of the woods when it comes to their COVID-19 recovery, and also addresses the impact of Omicron and inflation weighing on companies at the start of 2022.
Connected cars software development platform Smartcar announced this week it has raised $24 million in a Series B round led by Energize Ventures. Smartcar's software can be integrated into mobile and web apps from mobility businesses. It allows users to do things like locate and unlock a vehicle, as well as check its mileage, fuel level, and battery if the vehicle is electric. Smartcar's technology is compatible with 22 different vehicle brands in 31 different countries. Smartcar co-founder and CEO Sahas Katta joined Cheddar News' Closing Bell to discuss.
Google currently does not accept cryptocurrency as a form of payment in contrast with other big businesses that have taken advantage of the new crypto wealth that's accrued. The tech giant recently hired former PayPal executive Arnold Goldberg to lead its payment division, likely more firmly entering digital currency usage. "I think the real question is, why given the size of the industry, has Google not done this before or been actively accepting and using cryptocurrency, and it's really a lack of regulatory clarity," Halsey Minor, executive chairman of Public Mint, told Cheddar.
The drama surrounding tennis star Novak Djokovic continues after he was deported from Australia over the weekend due to the nation's COVID-19 vaccine requirements. Djokovic was forced to leave the country on the eve of what was to be his first match in defense of his Australian Open title after three judges ruled in favor of his removal and revealed their reasoning for doing so. Adding to his woes, a law recently passed in France is putting his chances of defending his French Open title in jeopardy. The director of Marist's Center for Sports Communication, Jane McManus, joined Cheddar to discuss the ongoing fallout.
Sports Illustrated Swimsuit is marking the 58th anniversary of its first print issue with the announcement of a new advertising mandate called Pay With Change. The magazine's annual print will now only feature brands who are helping drive gender equality forward, creating a sweeping call to action for the publishing industry. MJ Day, editor-in-chief of SI Swimsuit, joined Cheddar to discuss the goals of the new initiative.
Sonia Thompson, inclusive marketing strategist and consultant, breaks down the need to retool the hiring process and how organizations can make for a better workplace environment.
Netflix is set to report its Q4 earnings after the bell on Thursday. Wall Street is bullish on the streaming giant, estimating it will report its highest total of new subscribers for any quarter in 2021. But the company also faced major hurdles last year, from slowing revenue growth to rising streaming competition to increasing production costs. Chris Legg, senior managing director at Progress Partners, gives a preview.
