Three Things to know today (April 7th)
Apr 7, 2020
1. Zoom (ZM) has gone from 10M to 200M daily users in just a few weeks (!), but that comes with growing pains. The stock is down -25% from recent highs.
By now, you’ve probably heard “let’s hop on a Zoom.” The video conferencing tool has exploded in usage amidst COVID-19 as millions now work from home. But because the platform was designed for enterprises (vs. consumers), it wasn’t built to defend against abuse (like “Zoom-bombing”, or crashing random group calls). Privacy and security concerns are now abound, and after factoring in its lofty valuation of 43x sales (!), we lean cautious on ZM’s stock.
2. JPMorgan Chase published CEO Jamie Dimon’s 2019 shareholder letter. It was a sobering take on the current state of affairs.
The bank CEO addressed the coronavirus pandemic and the impact it could have on the U.S. economy and JPMorgan. His thinking: “At a minimum, we assume that [the pandemic] will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008.” It’s a sobering but realistic take, in our view: the U.S. is likely already in a recession or will soon be in one, marked by slowdowns in output and elevated unemployment.
3. Facebook has emerged as the virtual society many still depend on through the COVID-19 crisis. Now it’s offering $100M to help small businesses through it.
In an interview, COO Sheryl Sandberg told the Wall Street Journal that social media is the new Main Street as stores are forced to close due the COVID-19. Facebook Live, Instagram, and Facebook Business are all being heavily used. Now the company is launching a $100M rescue fund to provide cash grants to small businesses around the world. Will this new social-distancing era represent the social network’s coming of age?
Cash Management
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