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<ul class="summary-list"><li><keyword id="11669983" type="UNKNOWN" weightage="60" keywordseo="Five9">Five9</keyword> soared as much as 15% early Monday following a deal to be acquired by <keyword id="10296" type="ENTERTAINMENT" weightage="60" keywordseo="Zoom">Zoom</keyword> Video Communications. </li><li>Zoom shares were lower after announcing the $14.7 billion all-stock transaction. </li><li>Zoom's deal will serve as its entry into the $24 billion call center market. </li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/fivn-stock">Five9</a> jumped as much as 15% on Monday on a deal by <a href="https://markets.businessinsider.com/stocks/zm-stock">Zoom Video Communications</a> to buy the cloud-based call center software maker in an all-stock transaction valued at $14.7 billion, building on Zoom's business which has boomed during the coronavirus pandemic. <a href="https://investors.five9.com/news-releases/news-release-details/zoom-acquire-five9">Zoom in a joint statement</a> said the deal will be its entry into the $24 billion contact center market and will boost its presence with enterprise customers. Five9 has more than 2,000 customers worldwide and it said it facilitates billions of customer engagements each year. Five9 stockholders will receive 0.5533 Class A shares of Zoom for each share of Five9 they own. Five9 climbed 7.8% after stepping up by 15% to $196.99 in premarket trading. Shares of the company, which went public in April 2014, were on course to trade at all-time highs. The stock has risen by about 50% over the past 12 months. Meanwhile, Zoom stock was down 2% early Monday but has picked up 35% over the last year alongside its leap in business as millions of people worldwide took up <keyword id="467791" type="PERSON" weightage="60" keywordseo="Videoconferencing">videoconferencing</keyword> for work and studying remotely because of the COVID-19 health crisis. The company, based in San Jose, California, in March posted a 326% spike in revenue to $2.65 billion. "Enterprises communicate with their customers primarily through the contact center, and we believe this acquisition creates a leading customer engagement platform that will help redefine how companies of all sizes connect with their customers," Eric Yuan, Zoom's founder and CEO, said in a statement. Zoom and Five9 expect the deal to close in the first half of 2022, subject to approval by Five9's shareholders, among other conditions.

Five9 spikes as Zoom announces massive $14.7 billion deal to acquire cloud-based call center operator

<ul class="summary-list"><li><keyword id="10296" type="ENTERTAINMENT" weightage="60" keywordseo="Zoom">Zoom</keyword> is a potential investor in a <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> deal that could take <keyword id="3328070" type="PERSON" weightage="60" keywordseo="CVENT">Cvent</keyword> public, Bloomberg reported.</li><li>The video-conferencing group is apparently vying for a 10% stake.</li><li>Zoom recently announced a $14.7 billion deal to acquire Five9 in its biggest acquisition yet.</li></ul><a href="https://markets.businessinsider.com/stocks/zm-stock">Zoom</a> is in discussions to invest in a $5 billion blank-check deal that would take event-management software company Cvent public, <a href="https://www.bloomberg.com/news/articles/2021-07-21/zoom-is-said-in-talks-to-invest-in-cvent-blank-check-deal">Bloomberg reported</a> on Wednesday. The popular video-conferencing app is a potential investor in Dragoneer Growth Opportunities Corp. II, which is merging with Cvent in a transaction that values the cloud-based company at more than <a href="https://www.wsj.com/articles/event-management-software-co-cvent-nears-5b-plus-spac-deal-11626808970">$5 billion including debt</a>.Zoom is trying to secure 10% of the equity being raised to support the deal, Bloomberg said, citing sources. The investment could complement Zoom's burgeoning live-events strategy.The company has been expanding its business through a series of recent product launches. On Wednesday, it announced the launch of a platform for hosting interactive and immersive virtual <keyword id="6385705" type="UNKNOWN" weightage="60" keywordseo="events">events</keyword> - <a href="https://investors.zoom.us/news-releases/news-release-details/zoom-elevates-platform-experience-launch-zoom-apps-and-zoom">Zoom Events</a>. Other new products include Zoom Phone, Zoom Room, and Zoom for Home.Its software can also be used to administer chats, talks, and meet-ups on <a href="https://www.cvent.com/en/event-management-software/cvent-zoom-integration">Cvent's managing platform</a>. Zoom declined to comment on its potential investment.During 2020, the app became so popular that it was used for everything from graduation ceremonies to reunions, happy hours, and engagement parties. It recently went a step further to diversify beyond video chat by making its <a href="https://www.businessinhttps://markets.businessinsider.com/news/stocks/five9-stock-price-soars-zoom-video-cloud-billion-deal-transaction-2021-7">biggest acquisition yet</a>, the near-$15 billion purchase of cloud contact center software-maker Five9. Analysts say it could be looking at <a href="https://www.businessinsider.com/analysts-companies-zoom-could-acquire-collaboration-ai-calendar-2021-7">11 other companies</a> including Calendly, Twilio, and 8x8 to move beyond video calls.Zoom's stock price has surged more than 35% in the past 12 months, and is up 4% so far this year.Read More: <a href="https://www.businessinsider.com/crypto-investing-spac-deals-upcoming-watch-lex-sokolin-blockchain-analyst-2021-7" target="_blank" rel="noopener noreferrer">The head economist at a blockchain fintech firm names 2 of the most promising crypto SPAC deals on his radar - and explains why blank-check companies can be better alternatives to buying cryptocurrencies</a>

Zoom may invest in a $5 billion SPAC deal to take event-manager Cvent public, report says

<ul><li>The most popular stocks owned by <keyword id="11931680" type="UNKNOWN" weightage="60" keywordseo="hedge-funds" source="Orion">hedge funds</keyword> have suffered their worst performance relative to the S&amp;P 500 on record, according to Goldman Sachs.</li><li>One-day earnings declines in popular stocks like Netflix and Roku drove the underperformance.</li><li>Amid the carnage in high-flying growth stocks, hedge funds are rotating away from growth and into value.</li></ul>Hedge funds are positioning themselves for a different kind of <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword> after <a href="https://markets.businessinsider.com/news/stocks/facebook-meta-stock-apple-idfa-ios-privacy-change-social-media-2022-2">one-day earnings declines in popular names</a> drove significant underperformance, according to a Tuesday note from <a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs.</a>The bank found that the most popular hedge fund long positions suffered their worst 12-month return relative to the S&amp;P 500 on record. Goldman started tracking the data in 2002 and created a VIP index that consists of hedge fund managers' "very important positions.""Since early 2021 our hedge fund VIP basket has lagged the S&amp;P 500 by 21 percentage points, the worst 12-month stretch in the basket's 20-year history. Year-to-date the basket has returned -12% vs. -9% for the S&amp;P 500," Goldman said.Popular hedge fund stocks that drove the underperformance include <a href="https://markets.businessinsider.com/stocks/fb-stock">Meta Platforms</a>, <a href="https://markets.businessinsider.com/stocks/nflx-stock">Netflix</a>, <a href="https://markets.businessinsider.com/stocks/pypl-stock">PayPal</a>, and <a href="https://markets.businessinsider.com/stocks/roku-stock">Roku</a>, which all experienced single-day declines of more than 20% after reporting earnings results. "An unusually large share of US equity market cap have experienced 20%+ single-day declines in early 2022," Goldman observed."In recent decades, this magnitude of market cap experiencing such sharp declines has only been exceeded during the tech bubble unwind in 2000 to 2002, during the financial crisis, and during the COVID sell-off in March 2020," Goldman said.The earnings blow-ups have helped drive a "great positioning rotation" out of growth stocks and into value stocks among hedge funds, according to the note. Hedge funds now have the smallest tilt to growth stocks since 2011, with cuts to exposure in technology and consumer discretionary sectors. At the same time, exposure to energy, financials, industrials, and materials sectors has surged.Six tech stocks dropped out of Goldman's VIP hedge fund list this quarter, including <a href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a>, <a href="https://markets.businessinsider.com/stocks/dell-stock">Dell Technologies</a>, <a href="https://markets.businessinsider.com/stocks/estc-stock">Elastic</a>, <a href="https://markets.businessinsider.com/stocks/fivn-stock">Five9</a>, <a href="https://markets.businessinsider.com/stocks/sq-stock">Block</a>, and <a href="https://markets.businessinsider.com/stocks/xlnx-stock">Xilinx</a>. Meanwhile, one energy stock and several financial stocks were added to the list, including <a href="https://markets.businessinsider.com/stocks/lng-stock">Cheniere Energy</a>, <a href="https://markets.businessinsider.com/stocks/c-stock">Citigroup</a>, and <a href="https://markets.businessinsider.com/stocks/schw-stock">Schwab</a>, according to the note. Despite the ongoing rotation from growth to value, the top five stocks in Goldman's hedge fund VIP basket remain <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, Meta Platforms, and <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>.<div type="image" title="Goldman note" height="462" width="814" msid="89780196" hostid="261"></div>

The most popular hedge fund stocks have suffered their worst-ever performance relative to the S&P 500 after a series of earnings shocks, Goldman Sachs says

<a href="https://www.businessinsider.com/facebook-says-it-has-special-team-taking-down-taliban-content-2021-8?r=US&amp;IR=TIR=T"></a>Good morning and welcome to <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/click/611b74e5096c7276b08047c8/aHR0cDovL25ld3NsZXR0ZXIuYnVzaW5lc3NpbnNpZGVyLmNvbS9qb2luLzRucC8xMC10aGluZ3MtaW4tdGVjaD9ucl9lbWFpbF9yZWZlcmVyPTEmdXRtX3NvdXJjZT1TYWlsdGhydSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jb250ZW50PTEwX3RoaW5nc190ZWNo/60f1465ac0b58916ea251076B1cafe839" target="_blank" rel="noopener">sign up here</a>. ​​Plus, download Insider's app for news on the go - <a href="https://newsletter.businessinsider.com/click/611b74e5096c7276b08047c8/aHR0cHM6Ly9hcHBzLmFwcGxlLmNvbS9hcHAvYXBwbGUtc3RvcmUvaWQ1NTQyNjA1NzY_cHQ9Mzg1NzU4JmN0PTA2MjkyMDIxX25ld3NsZXR0ZXJzJm10PTgmbnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD0xMF90aGluZ3NfdGVjaA/60f1465ac0b58916ea251076B4e5486e5" target="_blank" rel="noopener">click here for iOS</a> and <a href="https://newsletter.businessinsider.com/click/611b74e5096c7276b08047c8/aHR0cHM6Ly9wbGF5Lmdvb2dsZS5jb20vc3RvcmUvYXBwcy9kZXRhaWxzP2lkPWNvbS5mcmVlcmFuZ2UzNjAubXBwLmJ1c2luZXNzaW5zaWRlciZyWyUyNUUyJTI1ODAlMjVBNl1lcnMlMjUyNnV0bV9tZWRpdW0lMjUzRGVtYWlsJTI1MjZ1dG1fdGVybSUyNTNEMDYyOTIwMjElMjUyNmFuaWQlMjUzRGFkbW9iJm5yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9MTBfdGhpbmdzX3RlY2g/60f1465ac0b58916ea251076B7a1379d4" target="_blank" rel="noopener">here for Android</a>.Let's get started.1. The Taliban is banned on Facebook and YouTube, but not on Twitter. Facebook told us it has <a href="https://www.businessinsider.com/facebook-says-it-has-special-team-taking-down-taliban-content-2021-8?r=US&amp;IR=TIR=T">a team dedicated to removing content</a> supporting or praising the Taliban, while other platforms have taken a less hardline approach. <a href="https://www.businessinsider.com/facebook-taliban-ban-youtube-twitter-policies-afghanistan-2021-8">Here's how social media platforms are dealing with the Taliban after it seized Kabul on Sunday.</a>2. Some white-collar workers are secretly balancing two full-time jobs and earning up to $600,000. The WSJ found that some people are taking advantage of remote work by holding down two full-time jobs - <a href="https://www.businessinsider.com/second-jobs-secret-salary-income-money-remote-work-overemployed-2021-8">and not telling either employer.</a>3. Amazon is losing another high-profile exec. Amazon's VP of grocery <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword>, product, and supply chain - and Jeff Bezos' last "shadow" advisor - is leaving the company in a continuation of its biggest leadership shakeup to date. <a href="https://www.businessinsider.com/amazon-loses-grocery-vp-wei-gao-jeff-bezos-shadow-advisor-2021-8">More on Amazon's continuing executive exodus.</a>4. A lead engineer at Jeff Bezos' Blue Origin has left to join Elon Musk's SpaceX. The engineer was working on Blue Origin's moon lander, and will be leaving after three years at the company - in a move that adds to <a href="https://www.businessinsider.com/jeff-bezos-elon-musk-rivalry-history-timeline-2020-7">the CEOs' 15-year-feud.</a> <a href="https://www.businessinsider.com/blue-origin-lead-engineer-quits-spacex-nasa-moon-lander-fight-2021-8">More on his departure here.</a>5. Rivian has positioned itself as the top contender to become the next Tesla. The electric-vehicle startup is preparing to roll out its first two cars, a truck and an SUV. Here's how the brand has generated excitement - <a href="https://www.businessinsider.com/ev-startup-rivian-next-tesla-rj-scaringe">and $11 billion in funding.</a>6. Fanatical Bitcoin investors are looking to take a larger role in politics. Following the government's push for more stringent crypto tax rules, investors like Ashton Kutcher, Elon Musk, and Jack Dorsey are positioning themselves to get more involved in politics. <a href="https://www.businessinsider.com/ashton-kutcher-elon-musk-jack-dorsey-bitcoin-become-political-force-2021-8">Here's what they're doing.</a>7. Apple workers are taking to Twitter to address workplace misconduct. One engineer, who is on leave after publicly alleging sexism, said co-workers kept a scoreboard on how they could make her "life a living hell." <a href="https://www.businessinsider.com/apple-employee-ashley-gjvik-allegations-harassment-bullying-2021-8">Take a look at what else she's said.</a>8. Google's Pixel 5a 5G delivers speedy performance and flagship cameras on a budget. The new phone is similar to last year's but with a few key differences - including a bigger screen and less storage. <a href="https://www.businessinsider.com/google-pixel-5a-5g-release-date-price-specs">Read our full review for specs, pricing, and how to preorder.</a>9. A new generation of leaders is transforming healthtech and digital healthcare. From an exec at Amazon Pharmacy to a director at Google Health and Fitbit Research, we selected <a href="https://www.businessinsider.com/30-leaders-under-40-changing-healthcare-in-2021">30 people under 40 who are shaping the future of health.</a>10. It looks like Salesforce went after the same mega-acquisition as Zoom. A new SEC filing shows Zoom was competing against Salesforce when it acquired Five9, a cloud-based call-center software company - <a href="https://www.businessinsider.com/salesforce-five9-zoom-rbc-contact-center-tools-acquisitions-2021-8">and it hints at who the $242 billion cloud giant could buy next.</a>

10 things in tech you need to know today

In a bid to make people safe from spam and scam calls, <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> has announced a new feature named <keyword id="9470829" type="COMPANY" weightage="20" keywordseo="verified-calls">Verified Calls</keyword> on its Phone app. It comes pre-loaded on several Android phones and will be available for download later this week on more Android devices in select countries, including India. The ‘Verified Calls' shows the caller's name, logo, reason for calling and a verification symbol indicating that the business has been authenticated by Google. "This is done in a secure way and Google doesn't collect or store any personally identifiable information after verification," the company said in a statement on Tuesday. Verified Calls is initially rolling out in the US, Mexico, Brazil, Spain and India, with more countries to come. A 2019 report by the US Federal Trade Commission (FTC) found that phone calls were the number one way people reported being contacted by scammers. While most people said they hung up on those calls, those who lost money reported a median loss of $1,000. "We've been piloting Verified Calls for a few months, and the early results indicate that it improves the likelihood of someone answering a call," Google said. For instance, banks calling to alert a customer about a possible fraudulent transaction can increase answer rates by stating the call reason. "We also have existing partners — including Neustar, Five9, Vonage, Aspect, Bandwidth, Prestus, Telecall, and JustCall — ready to help brands improve their answer rates by using Verified Calls," Google said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-removes-6-malicious-apps-infected-with-joker-malware/articleshow/77890027.cms">Google removes 6 malicious apps infected with Joker malware</a>

Google introduces Verified Calls to help identify business callers in India

Wasatch Global InvestorsKen Korngiebel manages the Wasatch Micro Cap fund, the number-one small-cap mutual fund of the past 20 years.<ul class="summary-list"><li>Ken Korngiebel heads the <a href="https://www.morningstar.com/funds/xnas/wmicx/quote">Wasatch Micro Cap</a> fund, which has consistently crushed its peers for years and is the top-rated small-cap stock fund of the past 20 years, according to Kiplinger.</li><li>Korngiebel told Business Insider he has a "Do Not Touch" list of winning stocks he has no plans to sell even though they've enjoyed huge runups.</li><li>Because of the rules of his fund and the nature of small-cap investing, Korngiebel generally invests with a five-year time horizon. But there are a few companies he says he could hold "forever."</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Successful investors might have strict rules, but they also know it's worth making an exception if it's great enough.At the <a href="https://wasatchglobal.com/wasatch-micro-cap-fund/">Wasatch Micro Cap fund</a>, Ken Korngiebel has to invest at least 80% of his money in small companies - generally ones valued at $1.5 billion or less. For the most part that means he's buying stocks based on what he expects over the next five years.But a few are going to stick around long after they outgrew that designation. He says they've earned a spot on his "Do Not Touch" list because their growth means that if he sells the shares, he can't buy them back later. While he often sells winners when the time is right, he has no plans to part with them.Korngiebel, who has run the fund since 2017, is taking over from a long line of winners himself: Kiplinger ranks Wasatch Micro as the <a href="https://www.kiplinger.com/tool/investing/T041-S001-top-performing-mutual-funds/index.php?table_select=SmStock">best small-cap fund of the past 20 years</a>. He's maintained that level, with a five-star rating from Morningstar over the past few years. The fund beat 98% of its peers last year with a 42.2% return. "I would hold indefinitely if it's a company I love and think is a future dominator," he told Business Insider in an exclusive interview. "If we can hold forever that would be awesome, and so long as that investment thesis is intact, then we're going to hold the stock."Here are three of those stocks, and the reasons he is still enthusiastic about each. In addition to being optimistic about their growth and future profits, Korngiebel highlights their management teams as a key reason for these investments.<h2>(1) Five9</h2><a href="https://markets.businessinsider.com/stocks/fivn-stock">Five9</a> provides cloud software for call centers, and its stock is up 1,676% in the last five years to bring its valuation to more than $4 billion, well out of small-cap range.Korngiebel says it's doing a very good job managing the complex transition of becoming a larger company, praising Chairman Mike Burkland, who was CEO for almost a decade, and recent replacement Rowan Trollope. And he thinks Five9 has room for a lot of dramatic growth."It's a market that has been slow to adopt the cloud. It's probably 10% to 15% penetrated, so there is a large installed base that still needs to migrate from on-premise to the cloud," he said. "It's got fantastic economics to the business model. It's got a great management team. And it's got less competitive intensity now than it was, say, four or five years ago. That's an example of characteristics that I would die to invest in all day long."<h2>(2) Medallia</h2><a href="https://markets.businessinsider.com/stocks/mdla-stock">Medallia</a> makes software that helps companies track the satisfaction of their customers and their employees, and Korngiebel says companies are only beginning to realize how vital that data is."This is, I think, a really exciting, huge market that has burst onto the scene in the last four or five years," he said. "They're seen as mission critical because this directly influences the revenue growth and the customer retention metrics that are so important to maintaining a healthy business."Within that growing industry, he says the company has built up a big advantage by winning numerous big banks and airlines as customers, making it "the leader by far" in its industry.Korngiebel says he first invested in the company before it went public at about $6 per share, far below its IPO price of $21 and its current level of $30. One reason for that is his belief in the track record of CEO Leslie Stretch."The best predictor of future success is past success," he said. "Looking at somebody's track record of accomplishment, I think, is important to understand what the likelihood of future success would be."<h2>(3) FreshPet</h2>Shares of pet food retailer <a href="https://markets.businessinsider.com/stocks/frpt-stock">FreshPet</a> have rocketed about 700% in four years. Korngiebel says it helps that pets love the product, but another reason is the "phenomenal" management team including CEO Billy Cyr and president Scott Morris, who have successfully increased awareness of their brand and gotten customers to spend more - with a lot of room for improvement remaining."This is an example of a management team that is more skilled than the market cap of the company at the time we invested in it," he said. "When we bought it, the debate was can they get to $300 million [in revenue], and the market had its doubts. Then it was $500 million. And now the debate is, is this a $1 billion-plus annual revenue opportunity?" <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-camel-milk-is-so-expensive-2019-12">Camel milk can cost $30 a litre. Why is it so expensive?</a></h3>

Ken Korngiebel manages the best small-cap fund of the last 20 years, making his living in the riskiest part of the market. Here's how he does it - and the 3 stocks he'll never sell.

<ul class="summary-list"><li>Malinowski for months failed to disclose dozens of big-dollar stock trades.</li><li>Many trades occurred during the early weeks of the COVID-19 pandemic.</li><li>A <keyword id="11940274" type="UNKNOWN" weightage="60" keywordseo="blind-trust" source="Orion">blind trust</keyword> will help him "avoid any conflict of interest or appearance of any such conflict."</li></ul>Rep. <keyword id="11940273" type="UNKNOWN" weightage="60" keywordseo="tom-malinowski" source="Orion">Tom Malinowski</keyword> - beset by ethics questions involving his personal finances - is ceding most control over his seven-figure stock fortune.The New Jersey Democrat has created and shifted financial assets into a blind trust after <a href="https://www.businessinsider.com/tom-malinowski-stock-trades-congress-transparency-new-jersey-2021-3">Insider earlier this year revealed</a> he violated the federal STOCK Act by not disclosing dozens of financial transactions, including a flurry of stock purchases and sales during the initial days of the COVID-19 pandemic.The blind trust, which Malinowski detailed in a <a href="https://www.documentcloud.org/documents/21048289-rep-tom-malinowski-blind-trust">25-page document</a> filed August 17 with congressional officials, is operated by an independent trustee. The trustee will buy and sell <keyword id="6362476" type="UNKNOWN" weightage="60" keywordseo="investments" source="Orion">investments</keyword> on Malinowski's behalf "without any participation in, or knowledge of, such decisions" by Malinowski himself, according to the terms of the trust.The trust formation documents indicate Malinowski has put between $1.56 million and $3.9 million worth of stock and financial funds into the trust.Malinowski's stock holdings that will initially enter the trust include exercise equipment company Peloton Interactive, Devon Energy Corp., and Five9 Inc., a <a href="https://www.five9.com/contact-center-services">call contact center company</a> recently <a href="https://www.businessinsider.com/salesforce-five9-zoom-rbc-contact-center-tools-acquisitions-2021-8">purchased</a> by Zoom.Read more: <a href="https://www.businessinsider.com/tom-malinowski-stock-trades-congress-transparency-new-jersey-2021-3">Democratic Rep. Tom Malinowski, a champion for transparency, failed to disclose dozens of stock transactions worth at least $671,000 in violation of federal law</a>After Insider's report in March on Malinowski's STOCK Act violations, the congressman <a href="https://www.businessinsider.com/tom-malinowski-stocks-ethics-congress-investing-makets-2021-6">continued to trade individual stocks</a> well into the spring.Those trades also proved problematic, as Malinowski <a href="https://www.businessinsider.com/harley-rouda-california-congress-stock-act-tom-malinowski-2021-7">disclosed them after a federal deadline</a> - again in violation of the STOCK Act.By then facing multiple <a href="https://www.businessinsider.com/tom-malinowski-stock-trades-congress-ethics-complaint-2021-3">ethics</a> <a href="https://www.businessinsider.com/harley-rouda-california-congress-stock-act-tom-malinowski-2021-7">complaints</a> and an ethics investigation, the congressman directed his financial advisor to stop the buying and selling and said he'd create a blind trust for his assets.Malinowski's trust establishment document states that he authorized the trust "to avoid any conflict of interest, or appearance of any such conflict, which may arise from his duties and powers" as a congressman.Amanda Osborne, Malinowski's spokesperson, declined to comment Tuesday, referring Insider to comments the lawmaker made about the trust in July, after the House Ethics Committee approved his request to establish one."I'm going well above what the law requires in setting up a blind trust, but I've come to believe it's what the law should require," Malinowski <a href="https://www.nj.com/politics/2021/07/nj-rep-malinowski-puts-holdings-in-blind-trust-following-criticism-for-stock-trading.html">told</a> NJ Advance Media on July 20. "There's nothing wrong with being invested in the stock market but when you're a lawmaker, even if you take a totally hands-off approach, the perception of conflicts of interest is inevitable."Malinowski is almost certainly paying a significant sum of money to create a blind trust managed by financial professionals.How much? That's unknown, as the "trustee fee schedule" page included in the trust documents Malinowski filed with congressional officials is redacted.The Jackson Hole Trust Company of Wyoming will serve as custodian of Malinowski's blind trust. The trust will terminate when Malinowski leaves congressional office or upon the congressman's "death or incompetence" - whichever occurs first, according to the trust formation document.<h2><div type="image" title="Sen. Rand Paul of Kentucky" height="1000" width="1333" msid="85607721" hostid="261"></div></h2><h2>Numerous STOCK Act violations in 2021</h2>Insider and other news organizations have this year identified numerous members of <keyword id="11893699" type="UNKNOWN" weightage="60" keywordseo="congress" source="Orion">Congress</keyword> who've failed to properly report their financial trades as mandated by the STOCK Act.The 2012 law was designed to combat insider trading among elected officials and force lawmakers to be more transparent about their personal financial dealings. Members who've violated it recently include:<ul><li>Sen. <a href="https://www.businessinsider.com/dianne-feinstein-senate-california-stock-purchase-disclosure-2021-1">Dianne Feinstein</a>, a Democrat of California</li><li>Sen. <a href="https://www.businessinsider.com/republicans-congress-stock-law-tommy-tuberville-pat-fallon-blake-moore-2021-7">Tommy Tuberville</a>, a Republican of Alabama</li><li>Sen. <a href="https://www.washingtonpost.com/politics/2021/08/11/rand-paul-gilead-stock/">Rand Paul</a>, a Republican of Kentucky</li><li>Rep. <a href="https://www.businessinsider.com/pat-fallon-congress-texas-stock-trades-boeing-2021-6">Pat Fallon</a>, a Republican of Texas</li><li>Rep. <a href="https://www.businessinsider.com/rep-katherine-clark-a-top-pelosi-ally-violated-the-stock-act-2021-8">Katherine Clark</a>, a Democrat of Massachusetts</li><li>Rep. <a href="https://www.thedailybeast.com/texas-rep-dan-crenshaw-decided-the-covid-19-pandemic-was-the-perfect-time-to-buy-and-not-disclose-stocks">Dan Crenshaw</a>, a Republican of Texas</li><li>Rep. <a href="https://www.businessinsider.com/sean-patrick-maloney-dccc-congress-stock-sale-ethics-complaint-2021-4">Sean Patrick Maloney</a>, a Democrat of New York</li><li>Rep. <a href="https://www.businessinsider.com/rep-blake-moore-violated-federal-law-with-late-stock-disclosures-2021-7">Blake Moore</a>, a Republican of Utah</li><li>Rep. <a href="https://www.businessinsider.com/congress-stocks-lori-trahan-debbie-wasserman-kathy-castor-tuberville-malinowski-2021-7">Debbie Wasserman Schultz</a>, a Democrat of Florida</li><li>Rep. <a href="https://www.businessinsider.com/congress-stocks-lori-trahan-debbie-wasserman-kathy-castor-tuberville-malinowski-2021-7">Kathy Castor</a>, a Democrat of Florida</li><li>Rep. <a href="https://www.businessinsider.com/congress-stocks-lori-trahan-debbie-wasserman-kathy-castor-tuberville-malinowski-2021-7">Lori Trahan</a>, a Democrat of Massachusetts</li><li>Rep. <a href="https://www.businessinsider.com/stock-act-violation-congress-bustos-pfluger-chabot-frankel-ethics-2021-8">Steve Chabot</a>, a Republican of Ohio</li><li>Rep. <a href="https://www.businessinsider.com/stock-act-violation-congress-bustos-pfluger-chabot-frankel-ethics-2021-8">Cheri Bustos</a>, a Democrat of Illinois</li><li>Rep. <a href="https://www.businessinsider.com/stock-act-violation-congress-bustos-pfluger-chabot-frankel-ethics-2021-8">August Pfluger</a>, a Republican of Texas</li><li>Rep. <a href="https://www.businessinsider.com/diana-harshbarger-congress-stocks-violation-stock-act-trades-tennessee-2021-8">Diana Harshbarger</a>, a Republican of Tennessee</li></ul>Former Rep. Harley Rouda, a Democrat of California who's attempting a comeback, also <a href="https://www.businessinsider.com/transparency-group-files-complaint-against-harley-rouda-for-tardy-disclosures-2021-7">failed to properly disclose</a> stock trades.Rep. Lois Frankel, a Democrat of Florida, likewise appears to have violated the STOCK Act with disclosures a few days late, though her <a href="https://www.businessinsider.com/stock-act-violation-congress-bustos-pfluger-chabot-frankel-ethics-2021-8">office has disputed that</a>.Sen. Jeff Merkley, a Democrat from Oregon, in March <a href="https://www.congress.gov/117/bills/s564/BILLS-117s564is.pdf">introduced a bill</a>, named the "Ban Conflicted Trading Act." The bill, which has not received a hearing, would prohibit members of Congress from trading individual <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword>. Sen. Elizabeth Warren, a Massachusetts Democrat, and Rep. Pramila Jayapal, a Washington Democrat, have told Insider they plan to file <a href="https://www.businessinsider.com/elizabeth-warren-ban-congress-trading-stocks-investing-tom-malinowski-nhofe-2021-5">separate</a> <a href="https://www.businessinsider.com/pramila-jayapal-washington-elizabeth-warren-stock-ban-congress-2021-6">bills</a> also aimed at curtailing lawmakers' stock trades.Some federal lawmakers voluntarily abstain from trading stocks. Others trade only in bonds, mutual funds, exchange-traded funds, and other garden-variety investments.Like Malinowski now, a few, <a href="https://www.businessinsider.com/peloton-federal-john-hickenlooper-virginia-foxx-tobacco-jon-ossoff-2021-6">such as Sen. Jon Ossoff</a>, a Georgia Democrat, have placed their assets in <a href="https://www.ethics.senate.gov/public/_cache/files/286a4cf9-5aab-40ef-9a6c-bf2278e79e38/qualified-blind-trusts-guide---october-2020.pdf">blind trusts</a>.

Democratic Rep. Tom Malinowski puts his personal assets in a blind trust after violating federal stock disclosure laws

Hello!Welcome to this weekly roundup of stories from Matt Turner, Insider's co-Editor in Chief of <keyword id="6355515" type="UNKNOWN" weightage="60" keywordseo="business" source="Orion">business</keyword>. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?mt=8">click here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.What we're going over today:<ul><li>A new generation of leaders is <a href="https://www.businessinsider.com/30-leaders-under-40-changing-healthcare-in-2021">transforming the healthcare industry.</a></li><li>Cloud software's<a href="https://www.businessinsider.com/cloud-honeymoon-over-for-amazon-microsoft-helps-oracle-cisco-vmware-2021-8"> time in the spotlight may be waning</a>.</li><li>Gap's sales are up - and the retailer is poised to<a href="https://www.businessinsider.com/gap-making-comeback-with-marketing-and-products-2021-8"> cash in on its comeback.</a></li><li>You're not alone - there's a reason why <a href="https://www.businessinsider.com/working-from-home-made-us-all-paranoid-stressed-2021-8">working from home makes a lot of people paranoid</a>.</li></ul><a href="https://www.businessinsider.com/30-leaders-under-40-changing-healthcare-in-2021"></a>What's trending this morning:<ul><li>Over 300 Amazon staffers joined a Slack channel to criticize the company. Here's what workers are <a href="https://www.businessinsider.com/amazon-employees-slam-performance-reviews-pip-on-internal-slack-channel-2021-8">saying about its opaque performance-review system</a>. </li><li>There's over 60 key players leading Travis Kalanick's top secret startup CloudKitchens - but it's so hush-hush <a href="https://www.businessinsider.com/inside-cloudkitchens-key-executives-and-recent-departures-2021-7">they can't even add it to their resumes</a>.</li><li>Salesforce and Zoom were vying for the same mega-acquisition of Five9. This means we may know <a href="https://www.businessinsider.com/salesforce-five9-zoom-rbc-contact-center-tools-acquisitions-2021-8">what the $242 billion cloud giant could buy next</a>.</li><li>Google is shutting down its health division. <a href="https://www.businessinsider.com/google-health-shutting-down-david-feinberg-leaves-2021-8">Find out what Insider learned in a leaked memo.</a></li><li>Real-estate investors can tap into these new rankings of the <a href="https://www.businessinsider.com/where-to-buy-vacation-home-for-best-return-on-investment-2021-8">best areas to buy vacation rental properties right now.</a></li></ul><h3><a href="https://www.businessinsider.com/30-leaders-under-40-changing-healthcare-in-2021">The new leaders transforming the healthcare industry</a></h3>There's an elite group of doctors, scientists, executives, and founders who are rethinking and improving how we keep people healthy. Out of hundreds of nominations, these are <a href="https://www.businessinsider.com/30-leaders-under-40-changing-healthcare-in-2021">Insider's 30 under 40 set to revamp healthcare </a>- and here's a look at one of the featured leaders:Dr. Nworah Ayogu, 33, is defining the future of Amazon Pharmacy By the time Nworah Ayogu got his medical degree from Harvard University in 2015, he'd researched vaccines for brain tumors, helped stand up his hometown's first office of minority health, and codeveloped a service for infant care via text messages in Cape Town, South Africa.With an MBA also in hand, he went into residency at Columbia University already well acquainted with the limitations of medical care. Then, in 2017, he joined Cityblock Health, a tech-oriented health startup that cares for vulnerable populations.See the full list here:<ul><li><a href="https://www.businessinsider.com/30-leaders-under-40-changing-healthcare-in-2021">Meet the 30 young leaders forging a new future for the healthcare industry in 2021</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/apple-scaling-back-healthhabit-app-layoffs-2021-8">Apple is scaling back a key health project that grew out of its care clinics, and some workers could lose their jobs</a></li><li><a href="https://www.businessinsider.com/top-anthem-exec-explains-the-health-insurers-approach-to-primary-care-2021-8">A top Anthem exec explains why the $92 billion health-insurance giant is betting on a different primary-care strategy than rivals UnitedHealth and Humana</a></li></ul><h3><a href="https://www.businessinsider.com/cloud-honeymoon-over-for-amazon-microsoft-helps-oracle-cisco-vmware-2021-8">The honeymoon and hype may be over for cloud software </a></h3><a href="https://www.businessinsider.com/cloud-honeymoon-over-for-amazon-microsoft-helps-oracle-cisco-vmware-2021-8"><div type="image" title="Andy Jassy" height="1753" width="2334" msid="85535643" hostid="261"></div></a>Cloud customers are getting more cautious when approaching services like Amazon Web Services and Google Cloud. <a href="https://www.businessinsider.com/cloud-honeymoon-over-for-amazon-microsoft-helps-oracle-cisco-vmware-2021-8">A growing number of VCs and Wall Street firms</a> have cooled on restructuring their information technology and willingness to front the costs:<a href="https://www.businessinsider.com/amazon-earnings-q2-2021-revenue-eps-profit-2021-7">AWS</a>, the market leader, is on track to bring in $59 billion in revenue this year after posting growth of 37% over the previous quarter, and <a href="https://www.businessinsider.com/google-alphabet-earnings-q2-2021-revenue-eps-profit-analysis-2021-7">Google Cloud</a> had $4.6 billion in revenue last quarter, up 54% year over year. The numbers are impressive given that the <a href="https://www.businessinsider.com/microsoft-azure-amazon-web-services-cloud-slowdown-2019-10">clouds have at times struggled to show growth as their businesses mature</a>. In other words, while cloud is still a booming sector and will likely remain that way for some time to come, its hype may be wearing off as customers reassess the costs and benefits of restructuring their information technology. And that dynamic could create an opening for old-guard companies like <a href="https://www.businessinsider.com/category/cisco">Cisco</a>, <a href="https://www.businessinsider.com/category/oracle">Oracle</a>, and <a href="https://www.businessinsider.com/category/vmware">VMware</a>, whose data-center-focused products - not long ago written off as irrelevant because of cloud's dominance - seem more vital than ever. Read the full story here:<ul><li><a href="https://www.businessinsider.com/cloud-honeymoon-over-for-amazon-microsoft-helps-oracle-cisco-vmware-2021-8">The honeymoon is over for cloud computing</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/former-aws-exec-why-amazon-built-cloud-cost-management-tools-2021-8">A former Amazon manager explains how AWS first realized surprise cloud bills were a problem for its customers</a></li><li><a href="https://www.businessinsider.com/google-pay-payments-team-seeing-executive-exodus-turnover-caesar-sengupta-2021-8">Google's payments team is seeing an exodus of executives and employees. Some say they're frustrated with the slow pace of progress.</a></li></ul><h3><a href="https://www.businessinsider.com/gap-making-comeback-with-marketing-and-products-2021-8">The Gap comeback begins now</a></h3><a href="https://www.businessinsider.com/gap-making-comeback-with-marketing-and-products-2021-8"><div type="image" title="A Gap employee packs shopping in a bag while a customer pays" height="1869" width="2492" msid="85535644" hostid="261"></div></a>The once-iconic American retailer Gap has been in decline for decades. But its revenue rose dramatically year-over-year during the pandemic, which its CEO attributed partially to new marketing campaigns. Social media buzz and influencer hype may also helped, <a href="https://www.businessinsider.com/gap-making-comeback-with-marketing-and-products-2021-8">as well as activist marketing campaigns and revamped products</a>: The onetime American mall mainstay has been shutting physical stores for years, and plans to close more than 350 Gap and Banana Republic stores in North America by 2023. It's instead making a bigger bet on e-commerce. Gap is working to improve its mobile experience and email <a href="https://www.prnewswire.com/news-releases/gap-inc-taps-deg-as-its-global-email-agency-of-record-301074052.html">personalization</a> to drive sales. And it just launched <a href="https://www.marketingdive.com/news/gap-inc-further-streamlines-loyalty-across-brands/603800/">a loyalty program</a> to get people to <a href="https://www.retaildive.com/news/gap-inc-bright-rewards-members-spend-more-more-often/559240/">spend more across Gap Inc. brands.</a>Gap's reset coincided with the pandemic, when people were seeking<a href="https://www.nytimes.com/interactive/2020/08/06/magazine/fashion-sweatpants.html"> casual attire</a> and <a href="https://www2.deloitte.com/content/dam/Deloitte/us/Documents/consumer-business/us-cb-brand-power-in-times-of-covid-19.pdf">longstanding brands,</a> said Jason Goldberg chief commerce strategy officer at Publicis North America. E-commerce sales have helped offset in-store declines, <a href="https://www.marketingdive.com/news/gap-says-marketing-investments-are-supercharging-sales/600998/">growing 82%</a> in the first quarter. It's seeking more collaborations like its deal with Kanye West's <a href="https://www.refinery29.com/en-us/2020/06/9885588/kanye-west-yeezy-gap-collaboration">Yeezy</a>, which <a href="https://footwearnews.com/2021/business/earnings/gap-closing-uk-stores-kanye-yeezy-1203155597/">Wells Fargo</a> estimated could drive up to $990 million in incremental sales in fiscal 2022.Get the details on Gap's comeback:<ul><li><a href="https://www.businessinsider.com/gap-making-comeback-with-marketing-and-products-2021-8">Gap's sales are up for the first time in decades. Here's how the retailer is trying to cash in on the momentum by revamping its marketing and products.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/stitch-fix-stylists-speak-out-about-policy-changes-2021-8">In leaked internal messages, Stitch Fix stylists say corporate is 'gaslighting' them and ignoring pleas for help on new policies and schedules</a></li><li><a href="https://www.businessinsider.com/wedding-advertising-is-coming-back-davids-zola-tiffany-2021-7">Brands like David's Bridal and Zola are spending big on advertising as the $51 billion wedding industry surges</a></li></ul><h3><a href="https://www.businessinsider.com/working-from-home-made-us-all-paranoid-stressed-2021-8">Work-from-home paranoia is a real thing </a></h3><a href="https://www.businessinsider.com/working-from-home-made-us-all-paranoid-stressed-2021-8"><div type="image" title="working from home" height="750" width="1000" msid="85535645" hostid="261"></div></a>Research suggests that the loneliness of working from home can seep into feelings of vulnerability and paranoia, like the idea that coworkers and bosses could be chatting behind your back on private Slack channels. Navigating paranoia <a href="https://www.businessinsider.com/working-from-home-made-us-all-paranoid-stressed-2021-8">starts with getting out of your own head</a>:Paranoia at work isn't necessarily a bad thing. Stanford's Roderick Kramer <a href="https://pubmed.ncbi.nlm.nih.gov/12140855/">showed</a> it can be a reasonable and appropriate response to a threat. He coined the term "prudent paranoia" to refer to a certain kind of attentiveness whereby being suspicious of others' underlying motivations serves as a form of emotional intelligence and covert information gathering. Being "prudently paranoid" might give you an advantage in grasping social dynamics and predicting future outcomes. Problems occur when the paranoia becomes pathological - when you start reading into things that aren't there. Vanessa Bohns, a social psychologist and professor of organizational behavior at Cornell University, recommended getting off Slack. It's rife with opportunities for miscommunication, she said.Dig into WFH paranoia: <ul><li><a href="https://www.businessinsider.com/working-from-home-made-us-all-paranoid-stressed-2021-8">Working from home has made us all paranoid </a>Also Read:</li><li><a href="https://www.businessinsider.com/7-side-hustles-that-will-earn-6-figures-or-more-2019-12">The 24 best side hustles that could earn you 6 figures or more, and how to get them off the ground quickly from experts who have done it</a></li><li><a href="https://www.businessinsider.com/5-clues-to-look-for-in-job-descriptions-about-a-companys-culture-2021-8">5 ways to read a job description for clues into a future employer's culture</a></li></ul>Finally, here are some headlines you might have missed last week.- Matt <ul><li><a href="https://www.businessinsider.com/silicon-valley-broken-out-of-truly-transformative-tech-ideas-2021-7">Silicon Valley is falling apart - force feeding us lazy and derivative tech</a></li><li><a href="https://www.businessinsider.com/poshmark-reseller-college-student-daily-routine-side-hustle-2021-8">I'm a 20-year-old college student selling $34K on Poshmark. Here's the daily routine I follow to juggle resale and school.</a></li><li><a href="https://www.businessinsider.com/remote-bitcoin-mining-expert-compass-crypto-investing-strategy-adam-gitzes-2021-8">Adam Gitzes earns around $190 a day from remote bitcoin mining as a side hustle. He shares 2 reasons why it's 'a great time' to start - and his tips for finding success with it</a></li><li><a href="https://www.businessinsider.com/how-tiger-global-eclipsed-softbank-to-become-a-global-behemoth-2021-8">Hedge fund Tiger Global is blowing up the unwritten rules of startup investing right now with its speed, tons of cash, and hands-off approach</a></li><li><a href="https://www.businessinsider.com/amazon-employees-blast-the-companys-return-to-office-plans-2021-8">'This is turning into a circus': Amazon employees blast the company's latest return-to-office plans internally, calling for permanent remote work</a></li><li><a href="https://www.businessinsider.com/tv-tech-companies-that-could-replace-nielsen-2021-8">TV companies are at a boiling point with Nielsen over how it counts viewers and some are ready to move on. Here are 6 companies that could replace it.</a></li><li><a href="https://www.businessinsider.com/real-estate-investing-strategies-passive-income-2021-8">Maximize passive income from real estate investments with 3 easy strategies</a></li></ul>

The 30 young leaders, scientists, doctors, and entrepreneurs transforming the healthcare industry

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AccompanyAmy Chang is joining Cisco as part of a $270 million acquisition.</div></div></div><ul><li>Cisco is acquiring the AI relationship intelligence company Accompany for $270 million.</li><li>CEO Amy Chang was on Cisco's board of directors and resigned on Tuesday.</li><li>Cisco will integrate some of Accompany's profiling tools into its existing products like Webex.</li></ul> <a href="http://markets.businessinsider.com/stocks/csco-stock">Cisco</a> will acquire Accompany, an AI-based "relationship intelligence" tool, for $270 million, the company <a href="https://newsroom.cisco.com/press-release-content?type=webcontent&amp;articleId=1924375">announced Tuesday</a>.The deal is notable not only for the technology it brings to Cisco but because the CEO Amy Change was on Cisco's board of directors. Cisco said in a regulatory filing on Tuesday that Chang notified the company of her intention to resign "effective immediately," in light of the acquisition.The situation is likely to raise some eyebrows among investors. Accompany was last valued at $200 million, but that was three years ago, according to PitchBook data.Chang will join Cisco as SVP of its collaboration technology group, which includes its video conferencing and messaging service Webex. Cisco said that it plans to integrate some of Accompany's technology into the Webex platform. Chang founded Accompany in 2013 straight out of a role in Google's analytics group. The basic premise for the service is an app that makes it easy to prep for meetings. For all events scheduled on a calendar, the app compiles a digital dossiers of attendees and their companies.The product was initially targeted at executives, who often rely on human assistants to gain insights into the people they are meeting with. But it also has the potential to help users anticipate personality differences, identify common interests, or find ideal meeting locations - all pulled from company profiles, social media, and news stories. Accompany was even named in Business Insider's list of <a href="http://www.businessinsider.com/50-startups-to-boom-in-2018-according-to-vcs-2017-11#pymetrics-using-neuroscience-to-hire-people-and-avoid-unconscious-bias-49">startups that will boom</a> in 2018. In her new role, Chang will replace Rowan Trollope, who is leaving Cisco to join the call center software company Five9. The acquisition is expected to close in summer. Cisco's announcement comes hours after another acquisition deal for the company. Early Tuesday, Cisco announced its plans to sell its service provider video business to the private equity firm Permira. Cisco, which bought the business from Permira for $5 billion in 2012, sold it back for just $1 billion, according to <a href="https://www.bloomberg.com/news/articles/2018-05-01/permira-s-deal-for-cisco-s-video-arm-is-said-to-cost-1-billion">Bloomberg</a>. Get the latest Cisco stock price<a href="http://markets.businessinsider.com/stock/csco-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-over-exercise-does-body-brain-health-2018-4">What too much exercise does to your body and brain</a></h3> <div> </div> </div>

This woman quit Google to found an AI startup - now she's getting acquired by Cisco for $270 million

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Mike Windle/Getty ImagesSalesforce CEO Marc Benioff</div></div></div><ul><li>Software as a Service (SaaS) companies like Salesforce and Workday could see their enteprise values double by 2020 if they focus on growing margins, Morgan Stanley forecasts.</li><li>Among 32 companies with similar profiles, Morgan Stanley projects a 21% growth in annual revenue, and 40% growth collectively in terms of earnings before interest and taxes (EBIT) by 2022. </li><li>Salesforce (CRM), ServiceNow (NOW), Proofpoint (PFPT), RealPage (RP), Workday (WDAY), and Veeva Systems (VEEV) are forecast to see the biggest gains. </li></ul> Cloud-based software companies like Salesforce and Workday could see their values double in the next four years thanks to unique opportunities among this breed of tech companies to boost profit margins, according to the Morgan Stanley report published on Tuesday.Analysts at Morgan Stanley wrote that while Software as a Service (SaaS) stocks may look expensive to investors under most traditional valuation metrics (such as price-earnings ratios), this ignores the real potential of cloud-based software companies that have recurring-revenue businesses.<div title="Page 6">"Across our coverage group of 32 subscription-based models, we saw an average 30% revenue growth in 2017 (29% median)," the report says. That strong topline growth, combined with the improving efficiencies inherent in subscription software businesses translates into lots of room for operating margins to grow. Morgan Stanley has even coined a name for its SaaS company valuation model: Margin Medicine, which it defines as a framework for "for projecting efficiency improvements in subscription revenue models." Companies in this group could see 40% growth in terms of earnings before interest and taxes (EBIT). Collectively, these companies generate $3 billion in EBIT, which Morgan Stanley forecasts will grow to $16 billion in EBIT by 2022.Among the stocks Morgan Stanley marks as most likely to see gains are Salesforce (CRM), ServiceNow (NOW), Proofpoint (PFPT), RealPage (RP), and Workday (WDAY), and Veeva Systems (VEEV).<h2>5 key ingredients</h2>Morgan Stanley lists five factors that it believes will combine to provide a 30% point average boost in operating margins at SaaS companies:<ol><li>Sales and Marketing efficiency, as headcount growth slows </li><li>Shifting in revenue mix towards subscription revenue instead of professional services</li><li>Spreading R&amp;D investments across a broader group of customers</li><li>Savings in General and Administrative costs</li><li>Improving subscription renewal rates from <keyword id="6356323" type="ENTERTAINMENT" weightage="100" keywordseo="Enterprise">enterprise</keyword> customers</li></ol><div title="Page 8"><div><div>"Across our 32 recurring revenue software companies, we see significant room for revenue growth and profitability expansion," the report says. </div></div></div>With these gains, some of the SaaS companies could double in enterprise value, Morgan Stanley says.Here are the 32 companies included in its analysis: 8x8 Inc., AppFolio, Appian, Box, Cloudera, Coupa Software, Castlight Health, EllieMae, Five9, GoDaddy, HubSpot, Instructure, Mindbody, Medidata Solutions, MongoDB, New Relic, Proofpoint, Qualys, Q2 Holdings, RealPage, Red Hat, RingCentral, Salesforce.com, SendGrid, ServiceNow, Shopify, Sophos Group, Veeva Systems, Workday, Workiva, Yext, Zendesk.</div> Visit <a href="http://markets.businessinsider.com/">Markets Insider</a> for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. <a href="http://markets.businessinsider.com/">Go Now!</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/myths-earth-true-science-2016-4">5 common 'facts' about Earth that everyone gets wrong</a></h3> <div> </div> </div>

MORGAN STANLEY: Enterprise software companies like Salesforce and Workday could double in value by 2020

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Cisco Live/Business InsiderCisco CEO Chuck Robbins</div></div></div>Cisco is <a href="http://www.oregonlive.com/silicon-forest/index.ssf/2016/06/oregon_data_center_company_fil.html">being publicly blamed</a> for a bug in its switches that allegedly caused Peak Hosting to lose its biggest customer and, eventually, file for bankruptcy, according to legal documents and sources that discussed the situation with Business Insider.In June, Peak Hosting filed for Chapter 11 bankruptcy after its largest customer, Machine Zone, decided to leave the hosting provider, refused to pay $96 million in fees, and <a href="http://media.oregonlive.com/silicon-forest/other/Complaint%20MZ%20v.%20Peak.pdf">filed a breach of contract lawsuit.</a>Machine Zone was using Peak to host its popular "Game of War: Fire Age" game. The game experienced a number of outages between April 2015 and November 2015, including one that brought the game down for 10 hours in October, according to the breach-of-contract lawsuit Machine Zone filed. In the lawsuit, Machine Zone accused Peak of failing to meet its contractually obligated uptime and was suing to terminate the contract.But Peak countered by blaming a bug in Cisco's switch software, the legal documents say. It was this bug, and not Peak's mismanagement of the network, that caused the most severe outages, it argued. Therefore Machine Zone shouldn't be allowed to terminate the contract.Machine Zone, as you might expect, didn't buy that defense, and insisted that all sorts of other things were wrong with the network that couldn't be blamed on a Cisco bug. It sent someone to Peak to audit the hosting provider and came up with a laundry list of issues from how the room's fans were installed to how the facilities' wiring was arranged.And then, in December, <a href="http://www.cisco.com/c/en/us/td/docs/switches/datacenter/nexus3000/sw/release/602_U_6_5/n3k_rel_notes_6_0_2_u6_5.html">Cisco publicly acknowledged</a> that the bug did exist, <a href="http://www.bloomberg.com/news/articles/2016-09-08/cisco-s-network-bugs-are-front-and-center-in-bankruptcy-fight">reports Bloomberg's Jordan Robertson</a>. Unfortunately, that was a month after Machine Zone had sued, and Peak was headed down a financial spiral.Machine Zone's contract was for $4 million a month and accounted for about 80% of Peak Hosting's total business. Peak offered a standard nearly "five 9's" uptime guarantee, or 99.995% availability. That equates to downtime of less than 27 minutes per year, the legal filings say.After its contract with Machine Zone was contested, Peak closed seven data centers and laid off most of its staff, going from 185 people down to 50, <a href="http://media.oregonlive.com/silicon-forest/other/calvertdeclaration.pdf">it said in legal documents.</a><h2>No special treatment?</h2> One former Cisco employee, who confirmed Peak Hosting was a Cisco customer, wondered how closely Cisco was helping Peak if it really was suffering outages from a critical bug in Cisco's gear.This person tells Business Insider that when a customer has a problem of this scale, such as bringing down the network or threatening its relationship with its customers, and it can't be easily fixed by customer support, that problem can be escalated under <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0ahUKEwjmwYfT24DPAhUJ_mMKHVe6DKQQFggcMAA&amp;url=http%3A%2F%2Fwww.cisco.com%2Fweb%2Ftsweb%2Fpdf%2Fcisco-escalation-best-practices.pdf&amp;usg=AFQjCNEOKpl0V5krZ9cQaZId0xasmhgkfQ&amp;sig2=SkxPbIQzwHZAjOTLRTaw6g&amp;bvm=bv.131783435,d.cGc">the </a><a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0ahUKEwjmwYfT24DPAhUJ_mMKHVe6DKQQFggcMAA&amp;url=http%3A%2F%2Fwww.cisco.com%2Fweb%2Ftsweb%2Fpdf%2Fcisco-escalation-best-practices.pdf&amp;usg=AFQjCNEOKpl0V5krZ9cQaZId0xasmhgkfQ&amp;sig2=SkxPbIQzwHZAjOTLRTaw6g&amp;bvm=bv.131783435,d.cGc">Customer Assurance Program</a>, or CAP.A CAP trouble ticket is for the most serious issues and it involves daily reports, and a lot of handholding, sometimes to the highest levels of the company. If the customer is big enough and the problem is severe enough, even Cisco's CEOs is kept apprised of CAP customers, this person tells us.To get this special treatment, our source told us, either the customer has to know about it and ask for it, or somebody within Cisco has to advocate for it. The industry scuttlebutt is that if a bug in Cisco's gear really caused Peak's outage, and the situation went unsolved for months, Peak probably didn't get the CAP treatment. Otherwise, this person believes, "In all likelihood the problem would have been resolved much sooner."Cisco declined comment on the bug and the customer's level of support saying it does not comment on specific customer outages. Peak Hosting could not be reached for comment. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/lebron-james-eats-diet-workout-routine-2016-8">Here's the diet and workout routine LeBron James uses to stay in insane shape</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xvNXBmNTE6EFQ_c77STtfNluy222nDZf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Cisco is being blamed for putting 'Game of War' hosting provider into bankruptcy

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Annette Kyriakides/US Army/AFP/FileThis image made available by the United States Army shows Judge James Pohl presiding on October 20, 2004</div></div></div>A military judge at Guantanamo Bay has ordered the US government to turn over information on secret CIA interrogation centers connected to the trial of the alleged mastermind of the 2000 USS Cole bombing.
Judge James Pohl instructed the government to reveal names, dates and locations of "black sites" where Saudi suspect Abd Rahim al-Nashiri was held between his arrest in 2002 and his transfer to the notorious Guantanamo detention center in 2006.
Pohl's order was first reported by the Miami Herald newspaper.
Nashiri's lawyer Rick Kammen told AFP in an email that the order "directs the government to provide a huge amount of material pertaining to the RDI (Rendition, Detention, Interrogation) program."
Kammen said he did not know the US government's response to the order.
Speaking about the matter at a press conference related to preliminary hearings of alleged September 11, 2001 plotters, prosecutor Mark Martins said: "The ruling came out on Monday. I can't say what we're doing.
"We will comply with the ruling of law, with our discovery obligations, we take that very seriously."
Lawyers for the five 9/11 suspects being held at Guantanamo have said their clients were subjected to "enhanced interrogation techniques" at CIA sites and have requested a similar ruling in their cases.
Jay Connell, representing Ali Abd al-Aziz Ali, the nephew of self-proclaimed 9/11 mastermind Khalid Sheikh Mohammed, said Pohl had ordered release of nine categories of information.
These, he said, included a chronology of locations, the identities of the personnel involved, standard operating procedures and requests -- as well as subsequent approval -- to use enhanced interrogation techniques.
"It is important to know what happened, who did it, where did it happen, who authorized it, who knew about it and what was the results," Connell said.
Connell added he had so far not had access to any of the 10.2 million pages of documents related to the CIA's RDI program which had been made available to the US Senate's Intelligence Committee.
Nashiri faces the death penalty if convicted over the bombing of the US warship in Yemen 14 years ago which left 17 people dead. He is also accused in the attack on a French oil tanker, the Limburg, in 2002, which left one crew member dead.
<div class="nc_footer">
Copyright (2014) AFP. All rights reserved.
</div>

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