Latest news with #WinterOlympic
Yahoo
34 minutes ago
- Business
- Yahoo
Nintendo Switch 2 Sets Record as Fastest-Selling Console in US
(Bloomberg) -- Nintendo Co.'s new Switch 2 console sustained its blistering start to sales globally by setting a new record for the fastest-selling video game device in US history. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital The Japanese company sold 1.6 million units of its $450 console in the US in June, the highest launch month for any console in the country, according to market tracker Circana. The previous high was 1.1 million units for Sony Group Corp.'s PlayStation 4 in 2013. The Switch 2 performance helped more than triple overall game hardware spending, Circana said. Americans spent $978 million on new devices and accessories, from all brands, setting an all-time high for June in a year that saw otherwise declining spending. The new device, of existential importance to Nintendo and its family of game franchises, has been an instant hit with users in its most important markets. At home in Japan, the Switch 2 has also become the fastest-selling console ever, according to the latest Famitsu retail data. Still, Mat Piscatella, executive director at Circana, sounded a note of caution for Nintendo's long-term prospects. 'Launch buyers of any new video game product will be, by nature, the most enthusiastic and least price sensitive,' he wrote in an online post. 'Have to wait until holiday at the earliest before getting a better read on how pricing will work with the more mass market buyer.' Nintendo's bet on a single hardware platform with the original Switch — combining its mobile and home consoles into one — added pressure on the company to get both hardware and software right. It responded by delivering a string of hits that sustained the Switch's popularity, and it's off to a strong start with the Switch 2 as well. Its July 17 release of Donkey Kong Bananza was greeted by positive critical reviews and looks set to power further sales deep into the summer. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P. Sign in to access your portfolio
Sydney Morning Herald
9 hours ago
- Sport
- Sydney Morning Herald
Has the Kangaroos jersey lost it's aura?: Freddy & the Eighth
Andrew Johns and Brad Fittler CLASH over which jersey means more, the Australian or Origin jersey? Winter Olympic silver medalist Matt Graham joins the show. The boys look into the crystal ball to predict the top 8 for 2025. Plus, we look back at some vintage sprays from Des Hasler and Craig Bellamy.
The Age
9 hours ago
- Sport
- The Age
Has the Kangaroos jersey lost it's aura?: Freddy & the Eighth
Andrew Johns and Brad Fittler CLASH over which jersey means more, the Australian or Origin jersey? Winter Olympic silver medalist Matt Graham joins the show. The boys look into the crystal ball to predict the top 8 for 2025. Plus, we look back at some vintage sprays from Des Hasler and Craig Bellamy.
Yahoo
16 hours ago
- Business
- Yahoo
Figma's Auction-Like IPO Set Up to Capitalize on Strong Demand
(Bloomberg) -- Figma Inc. is running its IPO more like an auction than a traditional listing, in an effort to wring the most out of its highly anticipated public debut. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital The San Francisco-based company is asking prospective investors in its initial public offering to precisely state the number of shares they wish to buy and at what price, according to a person familiar with the matter. Figma and some of its backers are seeking to raise as much as $1.03 billion in the listing. Though numerous tech companies including DoorDash Inc. and Airbnb Inc. deployed the approach in their debuts during the Covid era, capitalizing on the frenzied dealmaking that drove IPO volume to record highs, it fell out of favor as the market slowed. Its re-emergence may be a sign that the US IPO market is heating up once again. 'Figma wants to show that it is a hot deal and encourage the right investors to pay up for it, and right now they are the only game in town,' said David Erickson, adjunct professor of business at Columbia Business School and a former co-head of global equity capital markets at Barclays Plc. Investors seeking to participate in typical IPOs submit market orders, which are settled at the best available price. For hot tech IPOs like Figma's, some investors submit jumbo orders with no specific price limit, in the hope of getting a large allocation. Such tactics can inflate the apparent level of demand for shares, potentially making it harder for bankers to settle on an offering price. Figma's approach of requiring limit orders is designed to give the company more granular information on what investors believe the stock is worth, the person said, asking not to be identified as the information isn't public. The design software firm's IPO is expected to price on July 30, Bloomberg News has reported. The structure was first reported by International Financing Review. A spokesperson for Figma declined to comment. An auction-like process may theoretically have allowed a company like Circle Internet Group Inc. to capture more of the hidden enthusiasm for its stock that was revealed after its IPO priced in June. The stablecoin issuer's shares skyrocketed 168.5% in their debut session and are now more than 500% above the IPO price — implying that many investors would have paid more than the $31 per share set prior to its trading debut. In Figma's case, its approach may also help the company get closer to matching the $20 billion valuation at which Adobe Inc. had agreed to buy the company in 2022, before it was abandoned in late 2023 following regulatory concerns. Five tech firms whose IPOs used the strategy in 2020 and 2021 rose in their first session, according to data collected by University of Florida finance professor Jay Ritter. While DoorDash and Airbnb remain standout successes, even after surging on their first trading day, Unity Software Inc., ACV Auctions Inc. and Marqeta Inc.'s shares all trade below their IPO prices, data compiled by Bloomberg show. Figma's listing is being led by Morgan Stanley, Goldman Sachs Group Inc., Allen & Co. and JPMorgan Chase & Co. The company plans for its stock to trade on the New York Stock Exchange under the symbol FIG. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P.
Yahoo
16 hours ago
- Business
- Yahoo
Enphase Sees 20% Drop in US Home Solar Market on Tax Credit Loss
(Bloomberg) -- Enphase Energy Inc., a major US solar equipment company, sees the nation's residential market shrinking 20% next year as tax credits for homeowners end under President Donald Trump's sweeping economic legislation. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital While some analysts have predicted even steeper declines, the estimate from Enphase marks one of the first big projections from an industry player since Trump's spending bill was passed. The company is among the first US solar companies to report earnings this quarter. Enphase Chief Executive Officer Badri Kothandaraman warned Tuesday that residents who want to install solar and home batteries will have to move toward financing the systems with third-party leases, which will still qualify for tax incentives next year. 'I expect the lease market to be increasing a little bit and the cash and loan market to decrease by a lot' next year, he said during the company's second-quarter earnings call. The yanking of federal government support is hitting the industry after home solar installers had already been facing headwinds, including persistently high interest rates that have made it more expensive for residents to buy panels. Two major home solar financiers have filed for bankruptcy so far this year. Trump's new tax-and-spending law passed earlier this month will eliminate tax incentives for residential solar purchases by year end. However, companies that lease panels can claim the incentive through 2027. Analysts at BloombergNEF expect residential solar installations to increase about 13% this year compared with last year as homeowners rush to take advantage of expiring tax credits. However, BNEF sees the market shrinking by 35% in 2026. To adjust, Enphase will pivot toward working with more leasing companies as well as focus on reducing customer acquisition and installation costs, Kothandaraman said. Enphase shares fell about 7% in after-market trading after the company forecast third-quarter revenue that missed analyst estimates. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P.
