Sep 29, 2017

Roku CFO on IPO timing and competition

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Shares of over-the-top device and services company Roku shares yesterday closed up a whopping 68% on their first day of trading. Via a quick chat with chief financial offer Steve Louden:

Why IPO now: "People are more comfortable today that streaming is a massive opportunity."

Competition: "We're the only purpose-built operating system for TV. All the others port over from a phone OS… People think of us as the Switzerland of the TV ecosystem, so we provide companies like Amazon or Netflix with audience and streaming hours. They view us as a partner."

Leaving lots of $ on the table: "I'm gratified to see the early trading, but my focus is on executing against long-term opportunities." (Read: No comment)

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 10:30 a.m. ET: 1,502,618 — Total deaths: 89,915 — Total recoveries: 339,775Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 432,554 — Total deaths: 14,829 — Total recoveries: 24,213Map.
  3. Business: The Fed will lend up to $2.3 trillion. — Another 6.6 million jobless claims were filed last week
  4. Federal government latest: Congress' $250 billion PPP injection could come too late for some businesses.
  5. Public health latest: Anthony Fauci said social distancing could reduce the death toll to 60,000.
  6. Poll: 1 in 10 Americans believe the economy will never return to normal.
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Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resulting economic shutdown.

DetailsArrowUpdated 13 mins ago - Economy & Business

Senate Democrats block Republicans' $250 billion PPP injection

Illustration: Sarah Grillo/Axios

Before the Paycheck Protection Program formally launched last Friday, we knew two things: The rollout would be rocky, and the initial $250 billion wouldn't be enough for America's small businesses.

The state of play: Banks and government officials have been working to smooth out the process. On Thursday, Senate Majority Leader Mitch McConnell's attempt to pump another $250 billion into the program via unanimous consent was blocked by Democrats, who are proposing an alternative.

Go deeperArrowUpdated 14 mins ago - Economy & Business