Pro-EU parties are set to hold onto two-thirds of the seats at the EU Parliament.Europe Politicsread more
Stocks that are most prone to swine flu fears include Bloomin' Brands, Phibro, Darling Ingredients, Deere, and Hormel, according to analysts.Marketsread more
Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
Sources say the talks, which have been happening over the last several weeks, have picked up speed in recent days and could lead to an announcement regarding a merger or...Autosread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Book income helped self-proclaimed socialist Bernie Sanders join the millionaire class, a group he has often criticized during his decades in politics.Politicsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
An out-of-this-world exchange-traded fund just hit the market, and its creator says it capitalizes on lesser-known industries involved in the space race.ETF Edgeread more
You should use your summer vacation to unwind from work stress. Here are some tips for disconnecting while you're away.Technologyread more
If you value reliability and quality over a posh cabin and jealous looks, the Lexus LX 570 two-row is the Japanese Range Rover you need.Autosread more
Zoom, the provider of videoconferencing software, raised the price of its IPO range on Tuesday, showing that investors have high hopes for fast-growing cloud companies, particularly when they can turn a profit.
The company said in an updated prospectus that it now expects to price the offering at $33 to $35 a share, up from its previous range of $28 to $32. At the top end of the current range, Zoom would be worth $8.9 billion.
Even before increasing the range, Zoom was set to be one of the most richly valued cloud software companies, based on its valuation relative to the size of the business. At $35, the stock would trade for 27 times Zoom's enterprise value, trailing only security vendor Zscaler, which has an EV/sales multiple of 33, according to FactSet. Okta has a multiple of 26.5, followed by Atlassian at 25.8.
Zoom's revenue surged 118% last year to $330.5 million, and it has the rare distinction among emerging tech companies of being profitable. Zoom will be hitting the market at about the same time as Pinterest this week. It will be the second notable software offering of the year after PagerDuty, which debuted last week and has gained 58 percent from its IPO price to $38.
Emergence Capital, Zoom's biggest outside shareholder, will own a stake worth just over $1 billion at a $35 price, while Sequoia's holdings would be worth slightly less than $1 billion.