Venmo rainbow-color variant added
It’s been a tit-for-tat scenario for PayPal (PYPL) and Square (SQ) in the mobile peer-to-peer payment market. In an apparent attempt to set its Venmo peer-to-peer service apart and entice more people to take up the service rather than Square’s Cash Card, PayPal recently expanded the color selection of its Venmo card. The Venmo card, which debuted with six color options, is now available in a limited-edition rainbow variant.
Venmo’s monetizable base expanding
PayPal and Square make money when people use the debit cards linked to their peer-to-peer payment services to pay for purchases. PayPal is still in the early stages of monetizing Venmo, but is making progress. The company disclosed last month that Venmo’s monetizable base reached 29% in the fourth quarter, up from 24% in the previous quarter. However, it doesn’t disclose how many people use Venmo. Square recently said that its Cash App more than doubled its user base year-over-year at the end of last year, to 15 million from 7.0 million.
Competition in the peer-to-peer payment market is heating up as companies look to cash in on the growing demand for convenient payment solutions. In 2017, Google (GOOGL) launched a mobile payment service in India called Tez, and Facebook (FB) is conducting trials of a mobile payment service tied to its WhatsApp chat platform in India. America’s big banks, led by JPMorgan Chase (JPM) and Bank of America (BAC), are rallying behind Zelle, a mobile payment service.
One of Square’s (SQ) founding talents died last month, according to CNBC. Tristan O'Tierney, 35, died in the month Square marked its tenth birthday.
Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.
The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.
Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.
Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.
As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.