WebProNews

Tag: Citi

  • Bad News For Spotify As Citi Says Podcast Bet Not Paying Off

    Bad News For Spotify As Citi Says Podcast Bet Not Paying Off

    Citi analysts don’t believe Spotify’s big podcasting bet is paying off, according to a note they sent to investors.

    Spotify has invested heavily in the podcast market, acquiring companies Anchor, Gimlet Media and Parcast. The company has also inked high profile, exclusive deals, such as for The Joe Rogan Experience. Spotify obviously is concerned with diversifying its business from its core streaming music service, especially given the pressure it is facing from Apple, Pandora and others.

    The only problem? Citi analysts don’t believe Spotify’s efforts are paying off, according to CNBC.

    “The cadence of Premium gross additions (through 3Q20) and app download data (through 4Q20) do not show any material benefit from recent podcast investments (that began in 2019),” the analysts wrote.

    Citi has downgraded Spotify from neutral to sell, leading to a drop of 6.5% of the company’s stock.

  • Google Branching Into Finance, Partnering With Citi to Offer Checking Accounts

    Google Branching Into Finance, Partnering With Citi to Offer Checking Accounts

    The Wall Street Journal is reporting that Google is looking to expand into finance, with a Citi-backed checking service.

    Code-named “Cache,” the service is expected to roll out next year, and is just the latest in a string of efforts by tech companies to branch out into finance. Apple made headlines with Apple Card, Facebook is working on its Libra cryptocurrency and Amazon has been investigating the possibility of offering its own checking account.

    Google seems intent on maintaining good relations with banks and customers alike, something both Apple and Facebook have struggled with. Facebook faced enough political backlash to scare off backers of its Libra currency, while Apple upset its partner, Goldman Sachs, by downplaying the bank’s involvement.

    Despite its intentions, Google faces challenges of its own, not the least of which is a perception that it does not protect user privacy. Following a revelation that Google was collecting the records of millions of patients through its partnership with the Ascension healthcare group, the Department of Health and Human Services is planning on launching an inquiry. In view of that, analysts are already predicting that Congress will fight Google’s foray into banking.

    If Congress doesn’t prevent Google from launching it’s service, customers will be able to access their checking account through Google Pay. While Google Pay is set to reach 100 million users in 2020, a Google checking account will likely skyrocket those numbers even higher.

  • John Mayer: Win Tickets To See Him In Brooklyn

    Have a John Mayer fan in your life? Not sure what to get them for Christmas? Well here’s an early Christmas gift idea, and it could be quite cheap too!

    On Monday, Mayer took to his Instagram to announce a photo contest.

    The soulful singer posted, “Submit pictures with #BKLOVESMAYER to enter a flyaway contest to JM’s show in Brooklyn on 12/17 courtesy of Citi Private Pass. Show us who/what you love! www.billboard.com/BKLovesMayer,” with the following photo.

    The photo contest with Billboard magazine is in support of Mayer’s Fall 2013 tour with Citi. The inspiration for this contest is Mayer’s latest single, “Who You Love.”

    From November 7 to November 26, fans have a chance to share a photo and explain who or what they love on Instagram with the hashtag #BKLovesMayer. The winner will be chosen in early December and will then be flown to Brooklyn, New York, meet the Grammy Award-winning Mayer and then get to see him in concert at the Barclays Center on December 17.

    Mayer fans can also enter for a chance to win a signed copy of his latest album, Paradise Valley. Just visit the website billboard.com/bklovesmayer and go through the photos already posted by fans with the hashtag #BKLovesMayer. Once you have chosen your favorite two, put them side-by-side and post them to the websites gallery. Five winners will then be chosen to win a signed copy of Paradise Valley.

    Fans of Mayer have already taken to their Instagram to post photos of who/what they love.

    One woman posted a photo of her daughter saying, “I love my daughter who is traveling around the world to serve the least and the lost#BKLOVESMAYER#the worldrace#11n11”

    Another fan loves the fact that Mayer and Katy Perry are a couple.

    “My two favorite singers!!! #bklovesmayer #matchmadeinheaven”

    While another fan posted she loves being a part of her family.

    So get on over to Instagram and let John Mayer know who or what you love! (Of course, if you’re not a John Mayer fan, do something else.)

    [Image via YouTube.]

  • Citi Sponsors LinkedIn Group For Professional Women

    Last week Citi and LinkedIn teamed up to launch a LinkedIn group called Connect: Professional Women’s Network, Powered by Citi. It has been designed to appeal to professional women, who control most of the household spending in the U.S. The group will feature regular content updates that will focus on networking skills, tips on career advancement, and a special edition of LinkedIn Today.

    Francesca Levy, an editor for LinkedIn, launched the group with a post, saying:

    I’m excited to launch Connect: Professional Network for Women, Powered by Citi. LinkedIn and Citi hope to make it the go-to resource for news and discussions that will help women be better at what they do, and what they want to do.

    As with many of LinkedIn’s best groups, all contributions here are moderated to ensure a high quality of professional conversation. And, just like in any open group on LinkedIn, your contributions to the conversation here are public and can be discovered by anyone on the Web. I encourage you get in the mix by commenting and starting new discussions. It’s a great way to get connected to lots of truly impressive women.

    We’ve got lots of great news, discussions, videos, polls and more to share with you. Let’s get started!

    Content for the group will also come from Citi’s personal finance website for women, Women & Co. That website strives to provide working women with relevant news, financial ideas, and information through article such as “Homeymoon Planning in the Digital Age” and “Make an Impression in 6 Seconds or Less.”

    Members of the Connect: Professional Network for Women, Powered by Citi group will have exclusive access to a special edition of LinkedIn Today, the dynamic news service from LinkedIn. LinkedIn Today provides custom news tailored for users’ by their interests, peer connections, and industry. The group’s exclusive version will feature articles, trending stories, and original editorial content aimed at professional women’s interests and needs. It will also provide polls, targeted events, and relevant LinkedIn discussions.

    What do you think? Could you use a LinkedIn group built and curated for professional women? Leave a comment and let me know.

  • Google Gets Strong Endorsement From Citi

    People who are supposed to receive big tax refunds might do well to consider investing the money in Google, judging by a new note from Citi.  An analyst representing the firm believes the company’s future is bright in more than a few ways.

    That’s been in question in recent weeks and months.  A financial chart showing the performance of the Dow, the Nasdaq, and Google over the last year isn’t too favorable, for example.

    At the same time, a chart covering the past six months makes Google’s stock look all right.

    So on to what the Citi expert said.  Pascal Emmanuel-Gobry, who got his hands on Mark Mahaney’s report, wrote, “The gist: the stock is cheap, Facebook isn’t that big a deal, and YouTube and local are going to be huge.”

    Mahaney himself even predicted that YouTube will earn over $1.1 billion in revenue in 2012, explaining, “Q1 data shows YouTube’s share of total videos streamed remaining at a very high 41%.  Further, our proprietary YouTube Ad Tracking Analysis shows 81% of YouTube’s Top 100 Videos now being ad-monetized vs. 77% in Q4 and approximately 60% a year ago.”

    So a return to the good old days may be in order for Google.  After all, for a while, Google’s stock just went up and up, and almost every quarter it delivered an earnings report that would shock and amaze (in a good way).

    Google’s stock rose 2.75 percent today, by the way, which should please current shareholders and perhaps draw in a few more people.

  • Citi Cuts Google Price Target

    Citi Cuts Google Price Target

    Google investors should say goodbye to a projected $10 per share, according to new data from Citi.  The financial services company kept its "buy" and "Top Pick" ratings while revisiting Google’s stock today, but lowered its price target from $640 to $630.

    GoogleGoogle’s suffered a lot of small defeats like this in recent weeks and months.  Two of our last four articles relating to both Google and money touch on estimates getting cut, in fact, with a third noting when the company’s shares sank below $500.  (The fourth just discusses how Google is using financial experts to manage its war chest.)

    Also, we should note that Google’s stock is down 0.47 percent at the moment, while Yahoo and Microsoft are only down 0.13 percent and 0.04 percent, respectively, and the Dow and Nasdaq are both up.

    Anyway, with regards to Citi’s announcement, Eric Savitz reported earlier today that analyst Mark Mahaney "trimmed his 2010 EPS forecast to $27.41 from $28.21, while cutting 2011 to $31.30, from $32.45.  He reduced his price target on the stock to $630, from $640.  Mahaney says the move reflects a combination of a change in FX expectations and reduced Nexus One sales estimates."

    The Q&A portion of Google’s next earnings call could be a little more confrontational than usual at this rate.

  • Google’s Stock Gets More “Buy” Recommendations

    There’s good news for Google’s CFO (and the company’s shareholders) this morning: two different financial firms have declared now a great time to purchase Google’s stock.  MKM Partners declared Google a "buy" this morning, while Citi added Google to its "Top Picks" list.

    MKM analyst Tim Boyd explained according to a Benzinga article "that the risks facing Google Inc, such as the loss of the China market, had been fully priced into the company’s stock price."  Also, "The analyst said that the approval of the AdMob acquisition was an unexpected positive."

    As for why Citi made its move, Citi analyst Mark Mahaney argued according to Eric Savitz that "the stock has been held back by a series of concerns which he thinks are overblown."

    And although that might not sound like the best thing in the world, the situation’s driven down the price (see the graph below) to a point at which Mahaney thinks Google represents a "compelling risk-reward opportunity."

    So now Google’s stock is heading up in a big way (by more than 2.50 percent so far), even though the Dow and Nasdaq are down and just a tiny bit up, respectively.