These are the stocks posting the largest moves before the bell.Market Insiderread more
CNBC's Mike Santoli breaks down the aggressive buying of "sure things" and shunning of cyclical and policy risk.Trading Nationread more
The Iranian Intelligence Ministry held a briefing on Monday where they announced the alleged spies were Iranian citizens but trained by the CIA.World Newsread more
Equifax will pay at least $575 million, and potentially as much as $700 million, to settle allegations over its massive over 2017 data breach, U.S. regulators said in a...Technologyread more
Facebook has seen an increase in the median number of comments, likes and ads clicked by users on the service from January to July, according to Audience Insights, a Facebook...Technologyread more
Two traders say Boeing's on the path to recovery.Trading Nationread more
In its latest attempt to build market credibility, China on Monday launched the Science and Technology Innovation Board, or "STAR Market," on which 25 companies were listed.China Economyread more
Bridgewater Associates's flagship fund reportedly posted one of its worst first-half performances in two decades.Hedge Fundsread more
The U.S. will likely emerge the winner in a "cold currency war" that is heating up, an expert said.Currenciesread more
General Electric is scheduled to report second-quarter earnings at the end of the month.Investingread more
These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
According to a report on Wednesday from analysts at JMP Securities, the purchase price implies an enterprise value to revenue multiple of 15.8 for 2018 and 11.9 for 2019. That tops a multiple of 9.1 that SAP paid for Concur in 2014 and is more than twice the median multiple for cloud software companies of 5.3 dating back to at least 2012.
MuleSoft sells software that makes it easier for companies to share data on many different systems, including those that operate in on-premises data centers. Analysts at Raymond James described the price tag as "lofty" and said it was "staggering" that Salesforce was paying 16 times MuleSoft's expected 2018 revenue.
"Valuations have significantly increased this year," Alex Zukin, an analyst at Piper Jaffray, wrote in a note following Tuesday's announcement.
They'd been going up even before the MuleSoft deal, with companies like Aconex, Callidus and CommerceHub selling at a 40 percent higher EV-to-sales multiple than what LinkedIn and Marketo sold for in 2016, according to Zukin.
Analysts at KeyBanc and Stifel listed a number of companies that could now be in play, including Zendesk and Talend. Additionally, KeyBanc suggested that Blackline and Five9 are "high-probability targets," while Stifel added Cloudera, HubSpot, MongoDB, Nutanix, Okta, Paycom, Paylocity and Veeva to its list of companies that may have an improved outlook.
That's not to say that MuleSoft will necessarily spark a wave of high-priced deals. Salesforce is paying more than twice the price it's ever paid in an acquisition because it sees MuleSoft playing in a big market and plugging in smoothly to its own systems.
On a call with analysts on Tuesday, Salesforce CFO Mark Hawkins said the acquisition will expand the company's total addressable market by $10 billion in its 2022 fiscal year. And executives said that companies adopting MuleSoft's technology together with Salesforce's services would be able to provide better experiences to customers by more easily incorporating data from many different systems.
"Take the health-care industry as a great example," Keith Block, Salesforce's chief operating officer, said on the call. "Advancements in technology combined with a complex regulatory environment have resulted in disjointed experiences for both patients and providers."
The size of the MuleSoft deal was also possibly inflated because another company was dueling with Salesforce to buy it. JMP's Patrick Walravens and Matthew Spencer wrote that Google, Microsoft, Oracle and SAP may have in the mix, and reminded clients that "Microsoft and Salesforce engaged in a bidding war for LinkedIn in 2016. "
Hawkins was asked on the call if there was a competitive bid. He didn't answer the question but told analysts and investors that the color surrounding the tender offer will soon get published.
"That will just describe all the details associated with the entire process and such, so just stay tuned," he said. "You're going to get a lot of good detail on that."