E-commerce

Alibaba polishes its crown and half-hidden jewels

20 Aug 2020

Quarterly sales at its shopping business rose 34%, in line with rival JD. But the cloud computing unit is growing nearly twice as fast and fintech affiliate Ant is on track for an epic IPO. The pair account for a fifth of Alibaba’s value. Boss Daniel Zhang has plenty to tout.

Corona Capital: Vegan eggs, Target’s online fiesta

19 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: A maker of chicken-free egg products accelerates its IPO plans amid Covid-19, while U.S. supermarket group Target shows that preparedness is everything in e-commerce.

Home Depot face-lift outshines Walmart

18 Aug 2020

America's biggest DIY chain, at $310 bln, is catching up with the retailing giant's worth, and edging higher in valuation metrics. They both benefit from Covid effects, but Home Depot has polished up its business nicely and may get more pop from low interest rates, too.

JD is having its self-sufficient star moment

17 Aug 2020

Adjusted earnings at the $97 bln e-commerce giant rose 66%. The mooted listings of its health and fintech units have helped shares rise 76% year-to-date, outpacing Alibaba. Boss Richard Liu’s costlier inventory-led model and domestic focus are finally starting to pay off.

Corona Capital: Citigroup, WeWork

14 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: Citigroup’s embarrassing $900 million bank error; and a small silver lining for WeWork’s botched IPO.

Ant’s dual listing could double cross Wall St

13 Aug 2020

A chunk of the $150 bln fintech giant will be sold on Shanghai’s new tech board, where IPO fees are as generous as in New York. Foreign banks in Hong Kong could be left with a smaller share of the pie. If more issuers follow Ant’s march, Wall Street’s dues are in for a reckoning.

Corona Capital: Aviva’s restructuring

6 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: New CEO Amanda Blanc is reinstating the UK insurer’s dividend and is even open to selling its Asian and European businesses. That’s music to investors’ ears.

Amazon points profit-incinerating ray at the sky

31 Jul 2020

Jeff Bezos’ $1.6 trillion firm will spend at least $10 bln to build a global broadband satellite network. Elon Musk’s SpaceX already has similar plans. Customers may benefit from the rivalry, but if the earthbound tech sector is a guide, it’s not clear that either company will.

Corona Capital: Pinterest, Tech heaven

31 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Pinterest offers a window into advertisers’ souls, while tech giants’ valuations soar.

Amazon is jack of all trades, master of all too

30 Jul 2020

The e-commerce giant’s revenue jumped 40% in the quarter, with lockdown-friendly online shopping driving growth. But people are streaming more TV and video, and businesses are spending more on Amazon’s cloud. Amazon’s dominant reputation – and multiple – is for good reason.

Big Tech bosses face hot air and hard truths

29 Jul 2020

Bosses of Apple, Amazon, Facebook and Google faced a predictable array of silly questions during their Washington hearing. But they also faced some pointed examples of their firms throwing their weight around. Cook, Bezos, Zuckerberg and Pichai have some self-examination to do.

Corona Capital: GM, Glaxo, Shopify, Movies, Pemex

29 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: General Motors pulls further ahead; GlaxoSmithKline’s vaccine-order boost; Shopify fills its revenue basket; AMC bows to online streaming’s growing power; Mexico’s oil giant puts on a brave face.

UK’s online tax plan risks killing retail patient

29 Jul 2020

Rishi Sunak is looking to raise 2 billion pounds through an internet sales levy. If the goal is to help traditional retailers, then the chancellor should look at punitive business rates. The government, like landlords, might have to make sacrifices to keep high streets healthy.

Corona Capital: Baseball, Gas cloud, Luxury goods

28 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Baseball’s Covid-19 cases put popular college sports competitions in jeopardy; a recovery in drilling for gas is bad news for the environment; Gucci and other luxury retailers finally embrace the digital revolution.

Shopify rival’s IPO belongs in discount basket

27 Jul 2020

BigCommerce has double-digit revenue growth and shrinking losses in a rapidly expanding market. Based on Shopify’s valuation, the software provider that sets up firms’ online stores could be worth $8 bln. But its small size and deep-pocketed competitors warrant caution.

Seller wins in eBay’s $9 bln classifieds auction

20 Jul 2020

Norway’s Adevinta, controlled by media conglomerate Schibsted, won the race to buy the U.S. group’s online-listings business, Reuters reported. It may struggle to make a decent return. EBay, however, gets a good price and the chance to gain from likely consolidation in Europe.

Yum China can fill a pricier bucket in Hong Kong

13 Jul 2020

The $19 bln KFC operator is mulling a secondary float in the city. Its New York shares have been whipsawed by Sino-American tensions. An outsize base of U.S.-centric investors, a legacy of its spinoff, could be to blame. Heading East will fetch a more finger lickin’ valuation.

Twitter and Walmart show signs of subscriber envy

8 Jul 2020

Both the social network and the $360 bln retailer are considering offering users extra bells and whistles in return for subscriptions. After all, that has worked for companies like Spotify, Netflix and the New York Times. But it’s not only customers who could end up paying.

Pinduoduo is stuck in startup governance mode

2 Jul 2020

China's e-commerce darling has swapped its founder CEO for the other co-founder. The pair wields supervoting stock and controls the board. The $100 bln company doesn’t even have a CFO or other top executives. They need to upgrade management, but this is an odd way to start.

Corona Capital: Amazon, Car perks, College sports

29 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: Companies are trying to bolster pocketbooks. Amazon makes extra payments to employees while car companies are offering major discounts. Plus: Under Armour ditches its UCLA deal.