American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
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The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread 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.