Altaba to dissolve itself

Altaba board approves plan of complete liquidation and dissolution

Altaba to dissolve itself, Stockwinners

Altaba (AABA) announced last night that the fund’s board of directors has approved the liquidation and dissolution of the fund pursuant to a plan of complete liquidation and dissolution, subject to stockholder approval.

Altaba Inc. is a non-diversified, closed-end management investment company based in New York City that was formed from the remains of Yahoo! Inc. after Verizon acquired Yahoo’s Internet business  The company that remained after the purchase changed its name to Altaba Inc. on June 16, 2017.

Verizon completed its acquisition of Yahoo!’s core internet business on June 13, 2017, and put the assets under a new subsidiary named Yahoo! Holdings within its newly created division, Oath.

The only Yahoo!-branded interest held by Altaba was its stake in the joint venture Yahoo! Japan but this stake has since been sold to SoftBank Group.

The fund intends to file a proxy statement with the U.S. Securities and Exchange Commission with respect to a special meeting of stockholders to seek stockholder approval of the liquidation and dissolution pursuant to the plan.

Altaba said the fund “has pursued a number of strategies with the goal of achieving its investment objective, including by repurchasing the shares, both in the open market and through an exchange offer of American Depository Shares of Alibaba Group Holding Limited (BABA) and cash for shares, the simplification of the fund through the disposition of assets other than its position in Alibaba and the resolution of certain actual and contingent liabilities, and through other means.

After carefully considering the risks, timing, viability and potential impact on the fund’s stockholders of additional strategies potentially available to the fund to achieve its investment objective, as well as the recommendation of management, and in consultation with the fund’s advisors, the board unanimously determined that the liquidation and dissolution pursuant to the plan is advisable and in the best interests of the fund and its stockholders.

” If the liquidation and dissolution pursuant to the plan is approved by the fund’s stockholders, the fund expects to sell or otherwise dispose of all of the remaining ordinary shares and ADSs of Alibaba held by the fund, other than Alibaba ADSs, if any, to be distributed in kind, and its equity interests in Excalibur IP, to the extent any such assets have not been sold or disposed of by the fund before the special meeting, Altaba stated.

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5G Service coming to Chicago and Minneapolis

Verizon discloses pricing for first 5G mobile service

Verizon brings 5G service to Chicago and Minneapolis, Stockwinners

Verizon (VZ) earlier said it will launch its 5G Ultra Wideband Network in Chicago and Minneapolis on April 11.

To coincide with this launch, Verizon is offering the new 5G moto mod, which is exclusive to Verizon. Beginning March 14, customers anywhere in the U.S. can pre-order the 5G moto mod.

Verizon said: “Select areas of Chicago and Minneapolis will be the first to experience Verizon’s 5G Ultra Wideband mobile service, and the company has plans to rapidly expand the coverage area.

Last month, Verizon announced that it intends to launch its 5G Ultra Wideband network in more than 30 U.S. cities in 2019.”

It added, “For a limited time, preorder the 5G moto mod for just $50 ($349.99 retail).

5G Antennas are the size of a large pizza, Stockwinners

Verizon postpaid customers with any Verizon unlimited plan, including Go Unlimited, Beyond Unlimited or Above Unlimited, get unlimited 5G data for $10 per month (with the first three months free).

To buy a 5G moto mod, customers must either have an active moto z3 on their account or purchase a moto z3 at the same time as the 5G moto mod.”

What is 5G?

Like the earlier generation 2G, 3G, and 4G mobile networks, 5G networks are digital cellular networks, in which the service area covered by providers is divided into a mosaic of small geographical areas called cells.

 Analog signals representing sounds and images are digitized in the phone, converted by an analog to digital converted transmitted as a stream of bits.

All the 5G wireless devices in a cell communicate by radio waves with a local antenna array and low power automated transceiver(transmitter and receiver) in the cell, over frequency channels assigned by the transceiver from a common pool of frequencies, which are reused in geographically separated cells.

The local antennas are connected with the telephone network and the Internet by a high bandwidth optical fiber or wireless backhaul connection. Like existing cellphones, when a user crosses from one cell to another, their mobile device is automatically “handed off” seamlessly to the antenna in the new cell.

Their major advantage is that 5G networks achieve much higher data rates than previous cellular networks, up to 10 Gbit/s; which is faster than current cable internet, and 100 times faster than the previous cellular technology, 4G LTE.

 Another advantage is lower network latency (faster response time), below 1 ms (millisecond), compared with 30 – 70 ms for 4G.[ Because of the higher data rates, 5G networks will serve not just cellphones but are also envisioned as a general home and office networking provider, competing with wired internet providers like cable. Previous cellular networks provided low data rate internet access suitable for cellphones, but a cell tower could not economically provide enough bandwidth to serve as a general internet provider for home computers.

5G networks achieve these higher data rates by using higher frequency radio waves, in or near the millimeter wave band from 30 to 300 GHz, whereas previous cellular networks used frequencies in the microwave band between 700 MHz and 3 GHz.

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Online retailers fall on Amazon concerns

Online retailers slide as Amazon reportedly testing recommendation service

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Online retailers fall on Amazon concerns

 

Shares of several retailers and online personal shopping services are slipping in afternoon trading after CNBC reported that Amazon (AMZN) is testing a new on-site recommendation service known as Scout.


WHAT’S NEW:

 

CNBC reported that Amazon is testing a new service called Scout, a shopping site for consumers who don’t know specifically what they want to buy but are willing to take some automated recommendations.

 

Scout asks shoppers to like or dislike a product and responds by showing other products based on user responses, according to CNBC.

 

Scout is currently available for home furniture, kitchen and dining products, women’s shoes, home decor, patio furniture, lighting and bedding, with more categories coming soon.
“This is a new way to shop, allowing customers to browse millions of items and quickly refine the selection based solely on visual attributes,” an Amazon spokesperson said in an emailed statement. “
Amazon uses imagery from across its robust selection to extract thousands of visual attributes for showing customers a variety of items so they can select their preferences as they go.”

WHAT’S NOTABLE

The CNBC report noted that Amazon is utilizing machine learning technology to address one of the major criticisms of its service, namely that it’s a great place to buy things but not a great place to browse.
While Amazon is easily the biggest U.S. e-commerce company, e-retailers such as Stitch Fix (SFIX) and Walmart’s (WMT) Bonobos provide a more personalized experience and have given social media services such as Instagram (FB) and Pinterest more room to use their large collections of data in turning their networks into fledgling commerce sites, CNBC said.

PRICE ACTION

Following the news, Wayfair (W) slipped 4.3%, Williams-Sonoma (WSM) fell 1.9%, Stitch Fix dropped nearly 9%, and Steven Madden (SHOO) slid 1.3%. Meanwhile, Amazon (AMZN) shares are 1.5% lower in Wednesday afternoon trading.


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Shopify little changed after Q2 results

Analysts diverge on Shopify after quarterly results

Shopify little changed after Q2 results, Stockwinners
Shopify little changed after Q2 results, Stockwinners

Following the company’s second quarter results, Piper Jaffray analyst Michael Olson downgraded Shopify (SHOP) to Neutral saying the quarter was “not good enough” and the stock’s valuation fairly reflects current business trends.

Meanwhile, his peers at Baird and Canaccord both reiterated buy-equivalent ratings and raised their price targets on the shares following what they view as a “solid” quarter.

RESULTS

Shopify reported second quarter adjusted earnings per share of 2c and revenue of $245M, above consensus of (3c) and $234.64M, respectively.

GMV for the second quarter was $9.1B, an increase of 56% over the second quarter of 2017, and Gross Payments Volume, or “GPV,” grew to $3.6B.

The company said it sees third quarter revenues between $253M-$257M, third quarter GAAP operating loss in the range of $40M-$42M and adjusted operating loss in the range of $9M-$11M.

Additionally, Shopify said it expects FY18 revenues between $1.015B-$1.025B, FY18 GAAP operating loss in the range of $105M-$110M and adjusted operating profit in the range of $0-$5M.

PIPER MOVING TO THE SIDELINES

In a research note to investors, Piper Jaffray’s Olson downgraded Shopify to Neutral from Overweight and lowered his price target to $145 from $155 as he believes the stock’s current valuation adequately reflects the long-term growth story.

The analyst argued that the company’s second quarter was “good, but not good enough,” with monthly recurring revenue below investor expectations with a deceleration from 57% to 49% year-over-year growth between Q1 and Q2.

While Olson acknowledged that Shopify is performing well, the analyst told investors he believes this performance is mostly reflected in the shares’ valuation.

‘SOLID  QUARTER’

Still bullish on the name, Canaccord Genuity analyst David Hynes told investors to not let yesterday’s post-earnings selloff in shares of Shopify confuse them on the fundamentals.

The analyst believes this was another “solid” quarter for Shopify as the company grew its nearly $1B revenue run-rate at 62% in the quarter.

Further, Hynes pointed out that he does not believe Shopify’s growth is decelerating faster than expected or that merchant churn is “going to sneak up and bite” the company.

He continues to believe that Shopify is one of the best-positioned growth stories in application software, and is confident that this business will ultimately scale to material profits. Hynes reiterated a Buy rating on the shares, while raising his price target on the stock to $165 from $160.

Meanwhile, Baird analyst Colin Sebastian also raised his price target for Shopify to $165 from $150 and reiterated an Outperform rating on the shares. While acknowledging that slowing monthly recurring revenue growth, a new shelf filing and its third quarter loss guidance weighed on the shares, the analyst said that this was another “solid” quarter for the company.

Ramping Plus adoption, international expansion, and new Merchant Solutions features should continue to drive significant growth, he contended. Sebastian told investors that he continues to like Shopify based on the significant e-commerce growth opportunity and defensible market leadership position he sees being demonstrated in the second quarter results.

PRICE ACTION

In Wednesday morning trading, shares of Shopify were fractionally down to $137.60.


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Bed Bath & Beyond tumbles on competition

Bed Bath & Beyond sinks after analyst says sell with competition rising

Bed Bath & Beyond tumbles on competition. Stockwinners.com
Bed Bath & Beyond tumbles on competition

Shares of Bed Bath & Beyond (BBBY) dropped in Friday morning trading after an analyst downgraded the stock to his firm’s equivalent of a Sell rating, citing concerns over the growth and margin outlook relative to peers.

ANALYST TURNS BEARISH

JPMorgan analyst Christopher #Horvers downgraded Bed Bath & Beyond to Underweight, his firm’s equivalent of a Sell rating, and cut his price target for the shares to $18 from $21.

In a note to clients titled “If you can’t comp positively now…”, Horvers noted that the stock has run up 16% since the House passed the tax bill in November, and recent estimate revisions suggest the Street is assuming 50% flow through of tax savings.

He believes this could prove “aggressive” considering the increased competition in the home furnishings space and Bed Bath & Beyond’s need to invest in advertising, price and infrastructure.

Horvers doesn’t see a turn “in sight” for the company’s comps given that the retailer was unable to post positive same-store sales during the critical holiday season despite a “robust” consumer backdrop.

Bed Bath & Beyond posted a 0.3% decline in SSS last quarter despite including November, “which was arguably the best month of the year for retailers.”

Additionally, the analyst noted that his work indicates that trends have slowed sequentially quarter-to-date, in contrast to a string of positive pre-announcements from retailers. He sees margin pressure getting worse before getting better and believes that sales may take longer to rebound.

COMPETITORS

Bed Bath & Beyond competes with offerings from Amazon (AMZN) and Target (TGT), as well as companies including Kohl’s (KSS), Overstock (OSTK) and Wayfair (W).

Earlier this month, Loop Capital said Amazon has become “more aggressive” in its pricing strategy, and that in a study across a basket of 50 items for both companies, Bed Bath & Beyond prices were on average 19.8% more expensive than Amazon.

Target recently said that its comparable sales in the combined November/December period grew 3.4%, which was better than the company previously said that it expected, and Target raised its FY17 earnings view.

Kohl’s, meanwhile, said that its total and comparable sales for the November and December combined period were up 6.9% over last year.

Kohl’s Chief Executive Officer Kevin Mansell noted that “All lines of business and all regions reported positive comp sales” for the critical holiday period.

In December, Bed Bath & Beyond beat analysts’ estimates on the top and bottom line and backed its FY17 adjusted EPS view.

The company forecast FY17 revenue flat to slightly positive and SSS down in the low single-digit percentage range.

PRICE ACTION

Bed Bath & Beyond is down about 6% in morning trading to $21.70.


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Blackhawk Network sold for $3.5 billion

Blackhawk to be acquired by Silver Lake, P2 Capital Partners for $45.25 a share

 

Blackhawk Network sold for $3.5 billion. Stockwinners.com
Blackhawk Network sold for $3.5 billion

Blackhawk Network (HAWK) announced that Silver Lake, the global leader in technology investing, and P2 Capital Partners have agreed to acquire Blackhawk in an all-cash transaction for a total consideration of approximately $3.5 billion, which includes Blackhawk’s debt.

Under the terms of the agreement, Blackhawk stockholders will receive $45.25 per share in cash upon closing of the transaction, representing a premium of 24.0% over Blackhawk’s closing share price of $36.50 on January 12, 2018 and a premium of 29.3% over the average closing share price during the 90 calendar days ended January 12, 2018.

Blackhawk operates a leading physical and digital gift card and prepaid payments network with global scale, connecting more than 1,000 brands to over 244,000 retail distribution locations and online channels.

Upon completion of the transaction Blackhawk will operate as a private company under the leadership of the current management team.

Blackhawk’s Board of Directors has unanimously approved the definitive merger agreement and recommends that stockholders vote in favor of the transaction.

The definitive agreement has fully committed debt and equity financing, including an approximately $1.7 billion equity commitment from Silver Lake.

P2 Capital Partners, which beneficially owns approximately 5.4% of Blackhawk’s outstanding common stock, has committed to vote in favor of the proposed transaction.


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Amazon reports today

What to watch in Amazon earnings report

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Amazon (AMZN) is scheduled to report results of its third fiscal quarter after the market close on Thursday, October 26, with a conference call scheduled for 5:30 pm ET.

What to watch for:

1. ONLINE RETAIL 

In his preview of Amazon’s Q3 report, DA Davidson analyst Tom #Forte said that particular attention will be paid to the company’s “co-opetition” efforts with Google (GOOG).

Forte noted that the Google challenge in particular is becoming increasingly important and “problematic” for Amazon, as Google’s search algorithm changes made in May resulted in prioritizing local stores with physical inventory of merchandise.

This has prompted Amazon to increase spending on Google’s product listing ads to preserve its traffic, which weighed on profits in Q2 and may again be a headwind in Q3, the analyst told investors.

Meanwhile, Piper Jaffray analyst Michael #Olson says his firm’s Amazon search index indicates Q3 unit growth will be 28%, in-line with the Street and a slight acceleration from 27% in Q2. The analyst believes Amazon is well positioned to beat Q3 margins excluding Whole Foods, but calls Q4 margins a “wild-card.” He expects “solid” Q3 results and remains “highly confident” in Amazon’s growth.

2. WHAT’S NEXT IN WAL-MART FIGHT

Amazon turned the brick-and-mortar retail industry on its head in June when it announced a deal to buy Whole Foods. In his preview, Forte also said that attention will be on the initial performance of Whole Foods and the competitive threat from Walmart (WMT).

Just yesterday, Amazon announced a connected door-lock and security-camera system for Prime members that lets delivery people drop off packages inside of customer homes.

In late September, Wal-Mart announced a limited test to allow in-home delivery of groceries for some customers in Silicon Valley. The initiative was the latest in a series this year from Walmart as it steps up its battle with the online e-commerce leader.

Last week, The Wall Street Journal reported, citing a person familiar with the matter, that Wal-Mart is near a deal with Lord & Taylor that would give the department store dedicated space on walmart.com. Lord & Taylor will continue to operate its own website, but shoppers at lordandtaylor.com will be able to pick up and return items at Wal-Mart’s 4,700 U.S. retail stores, according to the report.

Eventually, Bonobos and Jet.com, both of which are owned by Wal-Mart, could eventually be included in the project, the report added.

3. PRIME

Amazon does not disclose membership data for its Prime subscription service, but Consumer Intelligence Research Partners recently released its analysis of buyer shopping patterns for Amazon for the third quarter, which indicates that Amazon Prime now has 90M U.S. members.

Shoppers continue to spend on average about $1,300 per year, compared to about $700 per year for non-member customers, the report added.

4. AWS:

In the third quarter of last year, cloud unit Amazon Web Services reported net sales of $3.23B, up from $2.09B a year prior.

AWS segment operating income grew to $861M in Q3 of last year from $428M in the same period of the prior year.

In Q2 of this year, AWS revenue had ballooned to $4.1B and its operating income grew to $916M.

Separately, today Amazon announced plans to open its seventh Canadian fulfillment centre to be located in the greater Calgary region’s Rocky View community. The 600,000 square foot customer fulfillment facility located in Nose Creek Business Park, Amazon’s first in Alberta, will create more than 750 new full-time associate roles – joining Amazon’s current and growing workforce of 2,000-plus full-time fulfillment employees across the country.

In total, Amazon employs more than 4,400 employees throughout Canada working at corporate offices, development centers, and other facilities. The new facility will join Amazon’s network of current fulfillment centres located in Ontario: Brampton, Mississauga, and Milton, and British Columbia: Delta and New Westminster. Associates at this facility will pick, pack, and ship items ranging from aviator sunglasses to zebra costumes.

AMZN last traded at $974.03. It has a 52-weeks trading range of $710.10 – $1,083.31.


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Target and Google join forces

Target to expand nationally on Google Express

target

Target Corporation (TGT) announced it is deepening its partnership with Google (GOOG, GOOGL) to make online shopping even easier.

The partnership includes Target’s nationwide expansion on Google Express, including voice- activated shopping, as well as the addition of Target REDcard as a payment option in 2018.

Target and Google also will partner to explore and develop future digital experiences focused on Target’s signature style categories.

The expansion of Google Express follows Target’s successful trial of the home delivery shopping service in California and New York City.

By expanding Google Express nationally, more guests will be able to shop Target’s assortment, including exclusive brands that are only available at Target. And since items are shipped from a nearby Target store, guests will receive their orders in just two days.

Google’s announcement that shopping will soon be available via the Google Assistant on eligible Android phones and iPhones, joining Google Home and Android TV, will allow Target guests to make their “Target Run” from a phone solely using voice commands, a first for the company.

Target will further deepen its partnership with Google in 2018, as Target plans to make the Target REDcard debit or credit card available as an option for Google Express shoppers.

That means guests shopping Target through Google Express will enjoy the convenience of #REDcard benefits, including 5% off most purchases and free shipping. Beginning in 2018, guests will have the option to pick up their orders in a Target store, where orders are ready in just two hours.

Guests also will be able to choose to link their Target.com accounts with Google for a more personalized shopping experience.

TGT last traded at $59.90. GOOG last traded at $992.26.


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Twilio Jumps on Amazon Messaging Service

Amazon two-way messaging seen as opportunity for Twilio

Amazon two-way messaging seen as opportunity for Twilio. See Stockwinners.com for details

Shares of Twilio (TWLO) are on the rise today after several analysts pointed out that Amazon’s (AMZN) launch of AWS Global SMS two-way text messaging should not be seen as a competitive threat to the company, especially since the new Pinpoint service is powered by Twilio.

AWS TWO-WAY MESSAGING

Amazon Pinpoint has launched the AWS Global SMS two-way text messaging.

Commenting on the new service, Amazon’s Randall Hunt wrote in a post to the AWS Blog: “Last week Amazon Pinpoint launched AWS Global SMS two-way text messaging and we didn’t get an opportunity to cover the launch. AWS Pinpoint users can now programmatically respond to their end-users’ text messages. Users can provision both short codes and long codes which send inbound messages to an SNS topic.”

Last night, Twilio CEO and co-founder Jeff Lawson tweeted:

“Excited that @twilio is now helping to power engagement on @AWS Pinpoint, with their launch of 2-way SMS!”

YESTERDAY’S SELLOFF OVERDONE

In a research note to investors following the news, KeyBanc analyst Brent #Bracelin argued that yesterday’s selloff in Twilio appears to be an “overreaction.”

Twilio and Amazon have had a close relationship in the past that includes a small equity stake in Twilio that Amazon acquired prior to the Twilio IPO.

Twilio has gone “all-in” on AWS and operates its global CPaaS operation on AWS’ data centers, he pointed out. Nonetheless, the analyst reiterated a Sector Weight rating on Twilio’s shares based on decelerating growth trends and margin erosion that is expected to occur in the second half of 2017.

His peer at MUFG also pointed out that while the new Amazon service may appear to be a direct competitor to Twilio’s programmable SMS Product, the company is actually helping to power engagement of the Pinpoint product.

Analyst Stephen #Bersey argued that he views this as a “broadening of the partnership” between Twilio and AWS more than direct competition. He reiterated an Overweight rating and $35 price target on Twilio’s shares.

Voicing a similar opinion, Oppenheimer analyst Ittai Kidron told investors in a research note of his own that investor fears that the new AWS two-way messaging service will compete with Twilio are incorrect.

While there is no “Powered by Twilio” branding, AWS’s new Pinpoint SMS capability is powered on the back-end by Twilio’s platform, he contends, adding that given Twilio’s presence behind the scenes, he would view the announcement as a positive for Twilio. Furthermore, the analyst said he would be an aggressive buyer on any weakness, and reiterated an Outperform rating on Twilio’s shares.

NOT COMPETING WITH VONAGE

Also commenting on the news, Needham analyst Richard Valera noted that Vonage’s (VG) shares fell yesterday due to the blog post discussing Amazon Pinpoint two-way SMS capability. However, the analyst pointed out that he believes it is “narrowly” focused on enabling user engagement campaigns for app developers and not a general purpose SMS/voice API, such as offered by Vonage. Valera reiterated a Buy rating and a $9.50 price target on Vonage shares.

PRICE ACTION

In Wednesday’s trading, shares of Twilio have jumped about 7% to $29.49. Yesterday, the stock was under pressure on concerns related to Amazon’s new product, dropping almost 7%.

Vonage (VG), which also slid late in yesterday’s trading, is up 3% this morning.


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LOVOO sold for $70M in cash

Meet Group to acquire social dating app LOVOO for $70M in cash

Meet Group to acquire social dating app LOVOO for $70M in cash. See Stockwinners.com for details

The Meet Group (MEET) announced it has executed a definitive agreement to acquire LOVOO, a social dating app, for $70M in cash, inclusive of a $5M contingent earn-out.

This acquisition furthers The Meet Group’s strategy to innovate, acquire, and build the largest mobile portfolio of brands for meeting new people.

The LOVOO acquisition is expected to expand The Meet Group’s global footprint, increase the company’s scale and profitability, and diversify its business model by adding expertise in subscription and in-app purchasing.

The acquisition is expected to be accretive to the company’s non-GAAP EPS in 2018 and beyond.

The company expects that LOVOO will remain a separate brand and standalone mobile application following the closing of the acquisition, and that LOVOO’s headquarters will remain in Dresden, Germany.

The Company has extended offers to all of LOVOO’s 97 full time employees.

LOVOO’s Co-Founder and CEO Benjamin Bak has agreed to assist with the transition for six months after closing.

Effective upon closing, Florian Braunschweig, current COO and Co-Founder, has agreed to take over leadership of LOVOO as the new General Manager and Managing Director. The rest of the LOVOO management team is expected to remain in place.


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MGT Capital Higher on Funding

Cryptocurrency firm MGT Capital jumps after completing funding for mining expansion

Cryptocurrency firm MGT jumps after completing funding for mining expansion. See Stockwinners.com Market Radar for details

Shares of Bitcoin miner and cybersecurity developer MGT Capital (MGTI) are higher after the firm announced that it completed its $2.4M financing to expand its Bitcoin mining operations.

McAFEE CONNECTION

In November of 2016, the company announced that John McAfee, the colorful founder of software company McAfee Associates was appointed CEO.

McAfee, who had previously served as the company’s executive chairman, said, “The advancements in personal and enterprise technologies have exposed us to a greater number of cybersecurity threats than ever before.”

According to a statement from the firm, MGT with the help of McAfee has made several key acquisitions of exciting new technologies and has created one of the largest Bitcoin mining operations in the U.S.

This past March, MGT completed the development of its Bitcoin mining pool.

McAfee commented, “Our mining pool is a natural outgrowth of our investment in Blockchain technology as a foundation for future cybersecurity products. Large and respected Bitcoin mining operators will rapidly take over the enormous transaction processing requirements necessary for all companies to secure themselves in the near future.

In late June, the company announced an agreement with Bit5ive to aid in a pilot program to mine the latest cryptocurrency fad Ethereum.

“We are more convinced each day of the growth and value of digital currencies, and our company is uniquely positioned to be a leading provider of processing power to relevant blockchains. The addition of Ethereum and Ethereum Classic to our crypto mining strategies is expected to be very profitable for us,” said McAfee.

Last week MGT announced that McAfee had been appointed Chief Cybersecurity Visionary of MGT, with Robert Ladd, who had been serving as president, will reassume the role of Chief Executive Officer, and that H. Robert Holmes, a long time independent director, will reassume the position of chairman of the board.

PRICE ACTION

Shares of MGT Capital (MGTI) are off earlier highs, up 3.64% to $2.28 per share in late Wednesday’s morning trading.


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