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<p><em><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>This is a preview of Apple's earnings, which will hit after the market closes today, from Neil Cybart an independent analyst who writes at Above Avalon. <a href="http://www.aboveavalon.com/subscribe/">Sign up for his daily email on Apple here</a>.</em></p><ul><li><span style="line-height: 1.5em;">Apple will likely report a 2Q15 beat to consensus EPS of $2.14 on strong revenue growth (up 24% from last year) and margin trends (41.0% vs. 39.3% last year).</span></li><li><span style="line-height: 1.5em;">The iPhone will be the primary focus as investors look for any indication of continued above average sales trends compared to previous iPhone cycles.</span></li><li><span style="line-height: 1.5em;">While recent iPhone sales share in the U.S. and Europe appear slightly ahead of previous years, strong sales in China will be the primary driver behind 35% growth in iPhone unit sales.</span></li><li><span style="line-height: 1.5em;">In addition to earnings, Apple is expected to announce an updated capital return program.</span></li><li><span style="line-height: 1.5em;">The Mac and iPad are becoming less of a factor for earnings as those two product categories now represent a smaller percentage of Apple's overall business.</span></li><li><span style="line-height: 1.5em;">It will be difficult to get Apple Watch sales expectations from guidance, but management may give commentary on how the Watch launch is proceeding.</span></li><li><span style="line-height: 1.5em;">Similar to last quarter, the impact from a strong dollar will be reflected in management's revenue and margin guidance for 3Q15.  </span></li></ul><p><strong><strong><strong><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></strong></strong>iPhone: The Big Story for the Foreseeable Future</strong></p><p>Representing close to 70% of Apple's quarterly revenue and 80% of gross profit, the iPhone will likely remain the primary focus for Apple investors until new Apple products gain enough momentum to account for a bigger piece of the financial pie. While there is nothing inherently wrong with this situation, it does serve as a reminder that the iPad and Mac are becoming less of a factor on earnings day. The following exhibits highlight the changing revenue and gross profit mix over the past two years as the iPhone's share has grown, while iPad and Mac share have declined.  </p><p><strong>Exhibit 1: Apple's Shifting Revenue Mix (2Q13 vs. 2Q15)</strong></p><p><strong><strong><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div><strong><strong>Exhibit 2: Apple's Shifting Gross Profit Mix (2Q13 vs. 2Q15)</strong></strong><strong><strong><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></strong></strong></strong></strong></p><p>I estimate Apple sold 60 million iPhones last quarter, which would represent 37% growth from last year. On last quarter's earnings call, management noted that global iPhone supply/demand remained out of balance for most of January. Accordingly, I am assuming Apple sold as many units as it was able to produce for one-third of the quarter (24 million units in January). Once supply/demand was in equilibrium in February, I am running with a 20-25% reduction in shipments (19 million units in February and 17 million in March). Apple will need to ship millions of iPhones just to get channel inventory into an acceptable range, but management noted this will be done over time. As shown in Exhibit 3, I would consider iPhone sales between 57 million and 63 million to be relatively in-line with my estimate and not causing much change to my forward iPhone estimates. </p><p><strong>Exhibit 3: iPhone Unit Sales Expectation Meter (2Q15)</strong></p><p><strong><strong><strong><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></strong></strong>Capital Return Program Revision Expectations</strong></p><p>The board is expected to announce an increase to the quarterly cash dividend and additional authorization for the share buyback program. Last month, I went into detail on prospects for both the <a href="http://www.aboveavalon.com/notes/2015/3/21/analyzing-apples-expected-cash-dividend-increase-in-april">quarterly cash dividend increase </a>and <a href="http://www.aboveavalon.com/notes/2015/3/26/setting-the-stage-for-a-larger-apple-share-buyback-program">share repurchase program</a>. I expect the quarterly cash dividend to be increased approximately 8% to $0.50/share to $0.51/share. The share buyback authorization will likely be increased $35 to $45 billion, bringing total authorization to $125 to $135 billion. It will be important to watch for any change in commentary and tone regarding the capital return program, especially as Apple is currently near the maximum buyback pace that it can sustain given its U.S. free cash flow and debt issuances. Consensus already expects a pretty significant change to the buyback ($30-$40 billion increase), so it may take an increase of more than $40 billion to move the stock specifically related to the buyback news.</p><p><strong>Guidance</strong></p><p>I currently have $47 billion of revenue estimated for 3Q15. A revenue guidance range of $43-$46 billion would suggest that my estimates are on track. Apple's guidance will include Apple Watch revenue, although the data will be lumped in with the "Other Products" category. I still think it will be possible to arrive at some conclusions as to how many watches Apple sold since the Watch will make up a good portion of "Other Products". While it remains very difficult to judge Watch supply over the next two months (3Q15), I would expect the Watch to contribute around $2 billion of revenue from April 24th to the end of the quarter in June. </p><p><strong>iPad and Mac: No Significant Changes</strong></p><p>As discussed by management, there won't be much change to continued weak iPad sales momentum. The entire tablet category is facing increased competition from larger smartphones. The iPhone 6 and 6 Plus, in addition to a strong MacBook line-up, continues to pressure iPad sales. I expect iPad unit sales to decline 22% to 12.8 million, which would track close to the decline seen last quarter (18%). iPad channel inventory was already at sufficient levels coming into 2Q15. The iPad is still in the process of finding its normal sales run-rate, but that level may still be quite a bit lower than current sales levels. For perspective, the iPad is outselling the Mac by nearly three-to-one. </p><p>Mac sales will likely continue to follow the 10-20% growth experienced over the past five quarters as the current product mix resonates with consumers that want a more powerful machine compared to the iPad Air or iPhone 6/6 Plus. </p><p><strong><strong><strong><strong>Exhibit 4: iPad Unit Sales Expectation Meter (2Q15)</strong><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></strong></strong>Exhibit 5: Mac Unit Sales Expectation Meter (2Q15) </strong></p><p><strong><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div>Other Thoughts</strong></p><p>Given the current point in the iPhone cycle, it's fair to assume the average selling price will decline a bit (to around $650 from $687), but some of this decline should be offset by an increase in profit margins. Apple's guidance will reflect the impact from the stronger dollar, but with trends stabilizing in recent weeks, management may be able to get a better handle on foreign currency trends.</p><p>Similar to last quarter, all eyes will be on iPhone on Monday. For every one million iPhones sold, Apple EPS is impacted by $0.04/share. The difference between 55M and 60M iPhone unit sales explains most of the Street's EPS estimate variation. It looks increasingly likely that China will once again prove to be the quarter's primary revenue driver.</p><p><em>This report was produced by Neil Cybart on April 22, 2015 and is not meant to be used as investment advice. </em><em>I publish a daily email about Apple called AAPL Orchard. Click <a href="http://www.aboveavalon.com/subscribe/">here</a> for more information and to subscribe. </em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/charge-iphone-faster-apple-battery-life-2015-2">How to supercharge your iPhone in only 5 minutes</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9hdGRuczob3nOr91AW6QS6gV7dw6BzKX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

APPLE EARNINGS PREVIEW: Get ready for massive iPhone sales this afternoon...

<p class="source"><span><a href="https://youtu.be/uecPZvDPQgg">Screenshot via IIHS</a></span></p><p class="caption">A Tesla Model S, post-crash.</p>Tesla is pushing back on a crash-test agency's findings on the company's best-selling car, the Model S.<p>The Insurance Institute for Highway Safety (IIHS) announced Wednesday night that the Model S earned an "acceptable" rating, the second-best designation, in a test designed to simulate an offset frontal collision at 40 mph.</p><h2>Here's what a version of that crash test looks like:</h2><p>The IIHS said that, during the test, the Model S's seat belt did not prevent the driver's head from hitting the steering wheel hard through the deployed air bag.</p><p>A Tesla spokesperson disputed the IIHS' findings in an emailed statement to Business Insider on Wednesday night:</p><p>The IIHS is a research affiliate within the insurance industry. It claims that offset frontal collisions account for roughly 25% of deaths and injuries in frontal collisions.</p><p>The Model S was among six large vehicles the IIHS tested, which included the Mercedes-Benz E-Class and Toyota Avalon. Both of those cars received the agency's highest rating in the offset crash.</p><p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/bizarre-flintstones-house-sold-28-million-bay-area-california-2017-6">The bizarre and controversial 'Flintstones House' reportedly sold for $2.8 million</a></h3>                                    Please enable Javascript to watch this video

Tesla responds to newly released Model S crash-test rating

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Ford</span></p></div><p></p></div></div></p><ul class="summary-list"><li>The new cars that owners keep the longest are mostly sports cars and SUVs, <a href="https://www.iseecars.com/used-car-finder#section=studies&amp;study=cars-kept-longest-2019">according to a study</a> by  iSeeCars.com.</li><li>The only car on the list that isn't a sports car or SUV is the Toyota Avalon, a full-size sedan.</li><li>The longest retained new car is the Toyota Land Cruiser, which owners keep for an average of 11.4 years.</li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p>The new cars that owners keep the longest before reselling are mostly sports cars and SUVs, <a href="https://www.iseecars.com/used-car-finder#section=studies&amp;study=cars-kept-longest-2019">according to a study</a> by car search engine iSeeCars.com.</p><p>Most owners keep their new cars for an average of 8.4 years, but the ten vehicles on the list averaged 9.7 to 11.4 years.</p><p>Almost all the sports cars on the list - with the exception of the Porsche 911 in the coupe body style - are the convertible versions. iSeeCars CEO Phong Ly claims this is because convertibles are the least-driven type of car and typically amass 60% fewer miles than the average car. </p><p><em><strong>Read more: <a href="https://www.businessinsider.com/10-cars-owners-give-up-resell-used-first-year-ownership-2019-9">The 10 cars owners ditch after less than a year more than any other, according to data </a></strong></em></p><p>"Sports cars typically aren't daily drivers and don't accrue high mileage as a result, so it takes them longer to show signs of wear and tear," Ly said in a <a href="https://www.iseecars.com/used-car-finder#section=studies&amp;study=cars-kept-longest-2019">prepared statement</a>. "Because sports cars aren't typically used as primary vehicles, owners likely aren't as concerned with having the latest and greatest technology and safety features."</p><p>iSeeCars.com analyzed over 5 million cars to identify which models were kept the longest before being sold by their original owners between January 1, 2014 and December 31, 2018. Cars owned for less than five years were excluded from the data set. </p><p>Check out the new cars owners keep the longest:</p><p class="tagline">Get the latest Ford stock price<a href="http://markets.businessinsider.com/stock/f-Quote"> <strong>here.</strong></a></p>

This list of the 10 new cars owners keep the longest reveals just how much American love their SUVs and sports cars

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Lucas Jackson</span></p><p class="caption">Traders on the floor of the New York Stock Exchange.</p></div><p></p></div></div></p><ul><li><strong>A handful of large bank stocks are cheaply valued right now. Some strategists say that bodes poorly for the broader market.</strong></li><li><strong>The financials sector is the third-largest sector in the S&amp;P 500, with a 13% weighting, behind technology (20%) and health care (15%).</strong></li><li><strong>Banking conditions can be indicative of consumers' spending, lending, deal-making, and other economic activity.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> and <a href="https://markets.businessinsider.com/stocks/c-stock">Citi</a> shares are trading at a relatively low price-to-book ratio, a measure of their valuations that compares a stock's current price against its book value.</strong></li></ul><p>Bank stocks are flashing what some on Wall Street see as a huge economic warning sign.</p><p>Take Goldman Sachs, trading below the value of its assets at a level not seen in six years. Its plunging price-to-book ratio mirrors some of its big bank peers. While the bank has its own issues - it's embroiled in a scandal that may command billions in fines - some see a bigger, gloomier picture.</p><p>"Fear of an economic slowdown in the US are being reflected in the P/B of financials," said Sam Rines, chief economist at Avalon Advisors, a Houston, Texas-based investment firm. "In my opinion, it is one of the more obvious ways the market participants are signaling their opinion about the timing of a recession. And they are telling us it is coming soon."</p><p>Goldman Sachs is trading at a price-to-book ratio of 0.81, near its lowest level in six years. Citigroup, meanwhile, is trading at a ratio of 0.70, <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> at 0.84, <a href="https://markets.businessinsider.com/stocks/barclays-stock">Barclays</a> at 0.49, and <a href="https://markets.businessinsider.com/stocks/cs-stock">Credit Suisse</a> at 0.63. The price-to-book ratio offers investors a look at a stock's valuation by comparing its current price to the value of the company's assets. </p><p>Goldman Sachs, specifically, has plunged 25% in three months amid the ongoing investigation <a href="https://www.businessinsider.com/1mdb-timeline-the-goldman-sachs-backed-malaysian-wealth-fund-2018-12">into the bank's dealings in Malaysia</a> and the Federal Reserve <a href="https://www.businessinsider.com/federal-reserve-interest-rate-statement-december-2018-2018-12">tempering its interest-rate hiking cycle</a> for the coming year.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Business Insider/Andy Kiersz, data from Bloomberg</span></p></div><p></p></div></div></p><p>Financials is the third-largest sector in the S&amp;P 500, with a 13% weighting, behind technology (20%) and health care (15%). Banking conditions can be indicative of consumers' spending, lending, deal-making and other economic activity.</p><p>While current economic data is not backing up the likelihood that a recession is imminent, financial markets are pricing one in, Rines told Business Insider in an email. Investors' fears of the Federal Reserve hiking too quickly and the flattening yield curve, which typically negatively impacts banks' net interest margins, are other factors weighing on the group, he said.</p><p><em><strong>Read more:</strong> <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-disconnect-sp-500-10-year-2018-12-1027832470">'Something is wrong': 2 major US markets are out of whack</a></em></p><p>"Simply, there are numerous 'ifs' hanging around the sector," Rines said. "The current valuations make sense if a recession is imminent or if the Fed is committing a policy error or if there are a wave of defaults coming. As these fears dissipate, the P/B should begin to reflect these realities."</p><p>More broadly, banks tend to act reliably as a leading indicator for the stock market, said Matt Maley, an equity strategist at Miller Tabak. That was evident in how the <a href="https://markets.businessinsider.com/etfs/spdr-s&amp;p-bank-etf">KBW Bank ETF (KBE)</a>, a popular bank-tracking exchange-traded fund, rallied ahead of the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> in 2009, rolled over ahead of the S&amp;P 500 in 2015, and took off ahead of the S&amp;P 500 in the wake of the 2016 US presidential election. The KBE has now lost 21% in three months.</p><p>"This year, the group's under-performance earlier in the year foreshadowed the recent decline in the broad market," Maley told Business Insider in an email. </p><p>"What worries me is that the group looked like it was trying to stabilize, but the fact that it has fallen so sharply in the last week or so does not bode well for the broader market next year. Of course, the banks could finally be getting washed-out, but we'd have to see A LOT more upside follow-through if the banks are going to rally in a meaningful way."</p><p>When it comes to valuation, he said, there is "no question" that the group is very cheap when measured by book value. Theoretically, this juncture should offer a solid buying opportunity for investors. However, he believes investors aren't jumping in just yet because the banks "usually don't bottom until the economy does."</p><p><strong>Now read:</strong></p><ul><li><strong><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-best-performing-etfs-2018-2018-12-1027835446">Wild volatility, cybersecurity, and medical devices: These were the 11 best-performing ETFs of 2018</a></strong></li><li><strong><a href="https://markets.businessinsider.com/news/stocks/tech-stocks-heres-which-ones-got-hit-the-hardest-2018-12-1027835447">Tech stocks got mauled this year - here's which ones got hit the hardest</a></strong></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/2019-market-outlook-blackrock-kate-moore-on-trade-war-possible-recession-2018-12">The equity chief at $6.3 trillion BlackRock weighs in on the trade war, a possible recession, and offers her best investing advice for a tricky 2019 landscape</a></h3>        <div>                    </div>    </div>

A critical corner of the stock market is reflecting fears that the economy is slowing down

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated 25 paise to 82.46 against the US dollar in early trade on Monday, weighed down by firm crude oil prices and a negative trend in domestic equities.<br /><br />At the interbank foreign exchange, the domestic unit opened weak at 82.44 against the dollar, then fell to 82.46, registering a decline of 25 paise over its last close.<br /><br />On Friday, the rupee settled at 82.21 against the dollar.<br /><br />The <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, rose 0.48 per cent to 102.99.<br /><br />Brent crude futures, the global oil benchmark, advanced 5.50 per cent to USD 84.28 per barrel.<br /><br />"... Appreciation in rupee shall remain limited to 81.50-81.80 zone where importer can target buying and upside shall for now remain protected towards 82.70-82.90 region for this week," CR Forex Advisors MD-Amit Pabari said.<br /><br />"With a holiday shortened week, highlights would be the RBI policy due on April 6 and US payrolls due on April 7," Pabari added.<br /><br />The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24.<br /><br />The RBI has already increased the repo rate by a total of 250 basis points since May in a bid to contain inflation though it has continued to remain above the central bank's comfort zone of 6 per cent for most of the time.<br /><br />In the domestic equity market, the 30-share BSE Sensex was trading 64.56 points or 0.11 per cent lower at 58,926.96. The broader NSE Nifty declined 9.60 points or 0.06 per cent to 17,350.15.<br /><br />Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 357.86 crore, according to exchange data. <br /><br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

Weighed down by crude prices, Rupee falls 25 paise to 82.46/USD

<ul><li>Shares of One 97 Communications have dropped another to ₹1298 at 12:13 p.m.</li><li>The company is currently sitting on a market cap of $11.2 billion, a significant drop from the $19.9 billion valuation of the issue.</li><li>Zomato, which was valued at $5.8 billion in the private market in February 2021, is now valued at $16.4 billion in the public market.</li></ul>The public listing of One 97 Communications — the parent company of digital payments giant <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> — has eroded $10 billion from the company’s valuation in the first two days of its debut on the stock market.<br /><br />The shares of Paytm were trading at ₹1298 at 12:13 p.m. on November 22, representing a drop of 17%. The company is currently sitting on a market cap of ₹84,032 crore ($11.2 billion).<br /><br />Notably,  global investment bank Macquarie had set the target price for Paytm at ₹1,200, which is 44% below the issue price of ₹2,150 . <br /><br /><keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword>, commenting on the same report, <a href="https://www.youtube.com/watch?v=Q-VNvhlcyr8">told</a> CNBC TV18, “somebody who has not met us and has an opinion on us, is not my opinion to keep an opinion on that. I don’t comment on opinions, I comment on facts.” <br /><br />"We are a wholesome meal ‘Thalli’ (platter) with different varieties, while Macquarie is looking for a business model of pizza," he <a href="https://www.zeebiz.com/market-news/news-exclusive-what-did-paytm-md-ceo-says-after-weak-listing-know-his-opinion-on-macquarie-report-171119">told </a>ZeeBusiness.<br /><br />Shares of One 97 Communications — the parent company of digital payments giant Paytm — have dropped another 4.69% on November 22, trading at ₹1,490 at 9:34 a.m.<br /><br />The company is currently sitting on a market cap of ₹96,330 crore ($12.9 billion). The company’s shares had tanked 27% on the first day of listing on November 18. The company’s market cap dropped by nearly $7 billion on the first day of listing itself. <br /><br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Timeline<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation in private market<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$16 billion<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation at issue price of ₹2,150 <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$19.9 billion<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Day 1 of listing<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$13.3 billion <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Day 2* of listing<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.7 billion<br /><br /></td></tr></tbody><tbody></tbody></table><em>Source: Company, Stock Exchange</em><br /><em>*The data will be updated once the market closes at 3:30 p.m. </em><br /><br />Food delivery firm Zomato, which was valued at $5.8 billion in the private market in February 2021, is now valued at $16.4 billion in the public market.<br /><br />Several industry experts — including Manoj Dalmia of Proficient Equities, Scenes by Avalon’s Shashank Udupa, TaxationHelp.in’s Neha Nagar — have pinned Paytm’s expensive valuation, lack of a focused business model, limited promoters in India and analysts ratings as some of the factors behind the company’s bad performance in stock market on day one. <br /><br />You can read more on why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp <a href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">here</a>.<br /><br />Sharma-led Paytm shared a list of business updates from October 2021, on Sunday night. It seems to have not made much of a difference for retail investors. <br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metrics<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">October 2020<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">October 2021<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gross Merchandise Value (GMV)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹36,000 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹83,200 crore <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Monthly Transacting Users (MTU)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.7 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.3 crore<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Devices Deployed (Point-of-Sales and Soundbox)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">400,000<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,400,000<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Number of loans disbursed through Paytm<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.2 million<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.3 million <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value of loan disbursed through Paytm<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">120 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">627 crore<br /><br /></td></tr></tbody><tbody></tbody></table>Source: Paytm<br /><br /><strong>SEE ALSO</strong><br /><a 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Paytm is inching closer to Macquarie's target of ₹1200

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Associated Press</span></p><p class="caption">President Donald Trump waves as he steps off Air Force One after arriving, Friday, June 7, 2019, at Andrews Air Force Base, Md.  (AP Photo/Alex Brandon)</p></div><p></p></div></div></p><ul><li><strong>Ongoing US-China trade tensions are still a major wildcard that investors have to grapple with, strategists and economists warn, even as markets respond positively to</strong><strong> the Mexico tariff suspension.</strong></li><li><strong>"Potent risks" surrounding trade talks around the G-20 summit later this month are still on the table, one strategist said Monday. </strong></li><li><strong><a href="https://markets.businessinsider.com/">Visit Markets Insider's homepage for more stories</a>.</strong></li></ul><p>President Trump's announcement that his administration <a href="https://www.businessinsider.com/trump-suspends-mexico-tariffs-deal-reached2019-6">suspended tariffs on Mexican goods</a> shouldn't be interpreted as a sign risk has evaporated from the marketplace, strategists and economists warned clients Monday.</p><p>Trump's late Friday announcement boosted global stocks and depressed traditionally safe-haven assets like <a href="https://markets.businessinsider.com/commodities/gold-price">gold</a> and <a href="https://markets.businessinsider.com/bonds">US Treasurys</a>. Equity markets in the US jumped, with the <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones Industrial Average</a> rising 170 points, while popular exchange-traded funds tracking the price of <a href="https://markets.businessinsider.com/etfs/vaneck-vectors-gold-miners-etf">gold</a> underperformed the market.</p><p>Auto stocks like <a href="https://markets.businessinsider.com/stocks/gm-stock">General Motors</a> and <a href="https://markets.businessinsider.com/stocks/f-stock">Ford</a>, highly exposed to volatility across the US-Mexico <a href="https://markets.businessinsider.com/news/stocks/trump-mexico-tariff-announcement-what-it-means-for-stocks-2019-5-1028246373">supply chain</a>, outperformed, along with the <a href="https://markets.businessinsider.com/etfs/vaneck-vectors-semiconductor-etf">semiconductor</a> space. </p><p>But trade tensions with key trading partner China remain a headwind, investment advisors said. In addition, <a href="http://www.sca.isr.umich.edu/">consumer confidence</a> has already taken a hit. And uncertainty tied to how talks at the <a href="https://www.businessinsider.com/g-20-talks-trade-finance-as-japan-readies-for-osaka-summit-2019-6">G-20 summit in Japan</a> later this month will pan out looms over the market.</p><p>"Potent risks are still on the horizon," Vinay Viswanathan, a derivatives strategist at Macro Risk Advisors, told investors Monday in a note, pointing to trade talks around the summit later this month. </p><p>Those risks, combined with the VIX - the market's "fear gauge" - rising <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-federal-reserve-rate-cut-hopes-fuel-rally-2019-6-1028264356">alongside stocks</a> Friday, led Viswanathan to recommend investors hedge their exposure to stocks with a strategy that would protect against downside.</p><p><em><strong>Read more: </strong><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-world-stocks-surge-after-trump-nixes-mexico-tariffs-2019-6-1028265772">Global stocks are surging after Trump cancels Mexico tariffs</a></em></p><p>His recommendation was emblematic of other warnings sent out across Wall Street.</p><p>"Policy volatility has not dissipated over the weekend," Sam Rines, the chief economist at Avalon Advisors, told clients on Monday. "With Mexico scratched off the list (for now), it is worth remembering that China and the EU are still in the tariff mix."</p><p>Domestically focused small-cap stocks are particularly vulnerable at this juncture despite the absence of an immediate Mexico tariff threat, said Lori Calvasina, the head of US equity strategy at RBC Capital Markets in New York.</p><p>"Though tariffs on Mexico appear to be off the table, thanks to a deal with Mexico over the weekend, we still see risk of downward revisions to Small Cap estimates due to the escalation of the tariffs on China and the damage that has likely been done to corporate confidence over the past month due to uncertainty over the direction of trade policy generally," she said in a Monday note to clients.</p><p><strong><em>A bonus just for you: </em></strong><em><a href="https://www.businessinsider.com/subscription/try-prime?ms?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/subscription/try-prime?ms&amp;source=gmail&amp;ust=1560024205474000&amp;usg=AFQjCNFzhEWYdarGFF3EKwry6eU0i_uoEQ">Click here to claim 30 days of access to Business Insider PRIME</a></em></p><p>The stock market will "remain choppy" until the next corporate earnings season when businesses have taken tariffs into consideration, Calvasina added.</p><p>On an industry-specific level, select stocks in the energy space could benefit from the tariffs' suspension as US gasoline exports to Mexico comprise 60% of total exported gasoline, Credit Suisse told investors. US refiners like <a href="https://markets.businessinsider.com/stocks/vlo-stock">Valero</a> and <a href="https://markets.businessinsider.com/stocks/pbf-stock">PBF Energy</a>, which both surged Monday, are two names on which the firm is particularly bullish.</p><p>Other investment experts expressed skepticism Monday that markets could sustain more Trump- and trade war-induced volatility. </p><p>"Phew, a self-imposed supply chain crisis averted," Peter Boockvar, the chief investment officer at Bleakley Advisory Group in New Jersey, told investors Monday.</p><p>"What a relief but I gotta tell ya, now that the threat of tariffs can be thrown around like nothing, I don't believe a multinational business with factories and supply needs globally can ever rest easy until this stops."</p><p><em><strong>Now read more markets coverage from Markets Insider and Business Insider:</strong></em></p><p><em><a href="https://www.businessinsider.com/trade-war-us-china-winner-and-loser-stanley-druckenmiller-2019-6">'We're going to get rolled': Billionaire investor Stanley Druckenmiller breaks down why the US is headed for devastating losses to China in the trade and tech wars</a></em></p><p><em><a href="https://markets.businessinsider.com/news/stocks/beige-book-federal-reserve-system-business-deals-with-labor-shortage-2019-6-1028257830?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">The job market is so hot that one restaurant 'moved to counter service and disposable utensils' to stay open</a></em></p><p><em><a href="https://markets.businessinsider.com/news/stocks/trade-war-tariff-news-businesses-comment-on-delays-in-investment-2019-6-1028265116">We just got the latest evidence Trump's trade war is throwing a wrench in business plans</a></em></p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-k2-harder-climb-mt-everest-2017-9">Mount Everest is not the hardest mountain to climb - here's what makes K2 so much worse</a></h3>        <div>                    </div>    </div>

Stocks are popping on Trump's Mexico tariff suspension. But the market's still littered with major risks, experts warn.

<ul class="summary-list"><li><keyword id="13391518" type="UNKNOWN" weightage="60" keywordseo="palm-springs" source="Orion">Palm Springs</keyword> has more than 130 <keyword id="11898228" type="UNKNOWN" weightage="60" keywordseo="hotels" source="Orion">hotels</keyword> and resorts, including charming bungalows and casitas.</li><li>After staying in nearly all of them, these are the best places to book in Palm Springs.</li></ul><p>My husband and I love Palm Springs so much, we've long dreamed of buying a home here. So far, the ever-soaring real-estate prices haven't allowed it to happen, but along the way, I realized that's a good thing.</p><p>Why? Because we seriously love Palm Springs hotels. We consider them to be among the most magical properties on earth for their dreamy settings, stellar design, and luxe amenities. And unlike your own home, they come with room service.</p><p>The city has more than 130 hotels and resorts, ranging from boutique bungalows to larger-scale hotels with standout rooms at a range of price points. Since I've been visiting the desert for more than 20 years, I've stayed at nearly all of them, both as part of my own <keyword id="11896628" type="UNKNOWN" weightage="100" keywordseo="travel" source="Orion">travel</keyword>s and for my work as a travel writer reviewing hotels. The following is my list of the best Palm Springs hotels, ones I recommend to friends and book time and again myself.</p><p>They have enviable rooms, rejuvenating spas, chef-driven food, and sparkling pools where the pace is dictated by the sun's blazing heat, and cocktails and caftans are the order of the day. When it's too hot to move, just order another and pull up a floatie.</p><div type="image" title="An outdoor pool at a hotel." height="4000" width="6000" msid="90232929" hostid="261"></div><p><strong>Avalon Palm Springs</strong></p><p><a href="https://www.avalon-hotel.com/palm-springs" target="_blank" rel="nofollow noopener sponsored">Avalon Palm Springs</a> is a chic Hollywood Regency-style hotel that is long my first go-to choice. The design even inspired my entire wedding decor.</p><p>It's highly manicured and style-minded but still manages a relaxed vibe with 67 Spanish-style rooms, including 13 villas. Score one of these if you can, though they start at several hundred dollars a night. </p><p>There are three pools including one flanked by cabanas with a stunning mountain backdrop and another secluded option for families — but this isn't usually where I take my kids as it earns a few raised eyebrows.</p><p>The petite but sweet Spa Estrella and Chi Chi poolside restaurants round out the offerings in this well-located, ultra-walkable spot.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Favalon-hotel-and-bungalows-palm-springs.html" rel="nofollow sponsored">Book Avalon Palm Springs</a></p><div type="image" title="An outdoor pool surrounded by palm trees and umbrellas stationed behind lounge chairs." height="3996" width="5328" msid="90232932" hostid="261"></div><p><strong>Parker Palm Springs</strong></p><p>While it's typically one of the more expensive offerings, the <a href="https://www.parkerpalmsprings.com/?" target="_blank" rel="nofollow noopener sponsored">Parker Palm Springs</a> is an icon that's worth the splurge. The hip, mid-century property sprawls over leafy grounds with cheeky interiors designed by Jonathan Adler.</p><p>Find two outdoor pools (one for adults, and one kid-friendlier), plus two restaurants, a fitness center, tennis courts, a spa, and a salon. Everywhere you look — starting with the famous cinder-block entrance wall — is a design treasure and an Instagram gold mine.</p><p>Rooms range from standard to generous villas that feel sexy and sophisticated, but I found my twins were welcome even as toddlers.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.hotels.com%2Fho686748096%2Fparker-palm-springs-palm-springs-united-states-of-america%2F" rel="nofollow sponsored">Book Parker Palm Springs</a></p><div type="image" title="An outdoor pool at a hotel surrounded by palm trees." height="4000" width="6000" msid="90232934" hostid="261"></div><p><strong>Saguaro Palm Springs</strong></p><p>You'll recognize <a href="https://thesaguaro.com/palm-springs/" target="_blank" rel="nofollow noopener sponsored">Saguaro Palm Springs</a>, a boutique hotel by its cheerful, LGBTQ-friendly, and meant for Insta rainbow-painted facade. The atmosphere is equally jovial, and often draws a crowded party atmosphere, so stay elsewhere if what you seek is R&amp;R.</p><p>That said, you'll often see this hotel at a bargain price, even on holiday weekends, and rooms feature Mexican-inspired furniture, bright colors, and balconies or patios.</p><p>The on-site El Jefe Mexican restaurant is a must, and there is a lively pool with two hot tubs. One summer weekend, I could hardly find a place to stand while a DJ spun for a rowdy, hard-drinking crowd. That said, if an affordable party is what you seek, you'll likely do no better than Saguaro.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fthe-saguaro.html" rel="nofollow sponsored">Book Saguaro Palm Springs</a></p><div type="image" title="An outdoor pool at a resort." height="4000" width="5333" msid="90232936" hostid="261"></div><p><strong>Korakia Pensione</strong></p><p>Stumbling onto <a href="https://www.korakia.com/" target="_blank" rel="nofollow noopener sponsored">Korakia Pensione</a> feels like a discovery. This small, under-the-radar, Mediterranean-style resort is housed in two restored historic villas across the street from each other.</p><p>The residential property sits on one and a half acres with bungalows, guesthouses, gardens, and pools shaded by bougainvillea vines and Moroccan fountains. A distinctive keyhole-shaped entrance feels like entering the gateway to an oasis — because it is. During one visit, I fondly remember eating popsicles poolside and watching Marilyn Monroe movies from an alfresco set up on a hot summer night.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fkorakia-pensione.html" rel="nofollow sponsored">Book Korakia Pensione</a></p><div type="image" title="The pool at Margaritaville" height="968" width="1290" msid="90232937" hostid="261"></div><p><strong>Margaritaville Palm Springs</strong></p><p>Longtime fans of the former Riviera Hotel were more than a little shocked to see the property transform into a more mass-market-feeling <a href="https://www.margaritavilleresorts.com/margaritaville-resort-palm-springs" target="_blank" rel="nofollow noopener sponsored">Margaritaville</a> — the first one on the West Coast. </p><p>But the new hotel still incorporates the original property's historic midcentury aesthetic, now blended with Margaritaville's signature beachy vibe, for an overall attractive pick for families, bachelorettes, couples, and parrot heads.</p><p>There are 398 renovated rooms, island-inspired food and beverages, and the St. Somewhere Spa (the largest resort spa in the city). When it comes to a property that's this family-friendly, laid back, and affordable, there's really no match in Palm Springs.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fmargaritaville-resort-palm-springs.html" rel="nofollow sponsored">Book Margaritaville Palm Springs</a></p><div type="image" title="Three lounge chairs in front of an outdoor pool." height="3333" width="4444" msid="90232939" hostid="261"></div><p><strong>Kimpton Rowan </strong></p><p><a href="https://www.rowanpalmsprings.com/" target="_blank" rel="nofollow noopener sponsored">Kimpton Rowan</a> is a good bet if you're more into a traditional contemporary hotel stay over quaint casitas. Here, there's a buzzy lobby, 153 well-appointed guest rooms and suites, plus a small but glam rooftop pool (the only one like it in the area), a bar, and two chef-driven restaurants. From here you can walk to everything on Palm Canyon Drive downtown. </p><p>Also, unlike many independent properties on this list, Kimpton is part of IHG, offering the chance to earn and redeem points.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fkimpton-rowan-palm-springs.html" rel="nofollow sponsored">Book Kimpton Rowan</a></p><div type="image" title="An outdoor pool behind a small house." height="3653" width="4871" msid="90232941" hostid="261"></div><p><strong>Casa Cody </strong></p><p><a href="https://www.casacody.com/" target="_blank" rel="nofollow noopener sponsored">Casa Cody</a> has a very secret-garden vibe, with one and a half acres of meandering pathways, bougainvillea, native plants, and fruit trees tucked within walking distance of downtown Palm Springs. </p><p>There are 30 rooms and suites within historic structures, including four freestanding homes, and revamped interiors honoring the hotel's Spanish Colonial Revival spirit. Don't miss Saturday morning yoga, evening tea, and on-site citrus picking.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fpalm-springs-175-south-cahuilla-road.html" rel="nofollow sponsored">Book Casa Cody</a></p><div type="image" title="An outdoor pool surrounded by palm trees behind a hotel." height="3024" width="4032" msid="90232944" hostid="261"></div><p><strong>Sonder at V Palm Springs </strong></p><p>Once just called the V Palm Springs, this property now goes by <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.sonder.com%2Fdestinations%2Fpalm_springs%2FSonder-at-V-Palm-Springs-ADA-Private-Room%2Fc31515%3Fsleeps%3D1" target="_blank" rel="nofollow noopener sponsored">Sonder at V Palm Springs</a>, as part of Sonder's model of contactless hospitality with self-service tech. </p><p>I've stayed here when I need a budget-friendly option on holiday or event weekends and still felt part of the action without spending a ton. It's stylish with a lively pool and less of the see-and-be-seen posturing that can be part of so many other desert hotels.</p><p>There are 143 rooms that surround two pools, as well as the newly opened Gigi's Mediterranean restaurant, and a hotel gym.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fsonder-at-v-palm-springs.html" rel="nofollow sponsored">Book Sonder at V Palm Springs</a></p><div type="image" title="People lounging in and around an outdoor pool behind a hotel." height="4000" width="5333" msid="90232945" hostid="261"></div><p><strong>Ace Hotel &amp; Swim Club</strong></p><p>The <a href="https://acehotel.com/palm-springs" target="_blank" rel="nofollow noopener sponsored">Ace Hotel &amp; Swim Club</a> is the grande dame of hipster hotels in Palm Springs. Set in a former motel, it's where shag haircuts meet desert weekends, with two outdoor pools and an outdoor fireplace. </p><p>Guest rooms are curated with macramé wall hangings, amenities from Rudy's Barbershop, and some have patios with hammocks.</p><p>Eat at the on-site King's Highway restaurant, a former Denny's turned foodie haven, along with the adjacent Amigo Room bar for cocktails and an old-school-style photo booth. I've come here for Coachella, DJ pool parties, birthdays with friends, and trips with my husband — and it's always a good time amid a cool-kid environment.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Face-and-swim-club.html%3F" rel="nofollow sponsored">Book Ace Hotel &amp; Swim Club</a></p><div type="image" title="The outside of a small bungalow surrounded by palm trees." height="4000" width="5333" msid="90232947" hostid="261"></div><p><strong>L'Horizon Palm Springs</strong></p><p>I often travel to Palm Springs with my kids, but this is the spot to stay for a grown-folks-only weekend. Indeed, only guests 21-and-up are allowed. </p><p><a href="https://lhorizonpalmsprings.com/" target="_blank" rel="nofollow noopener sponsored">L'Horizon Palm Springs</a> offers an ultra-luxurious boutique experience. Built in 1952 by the famous architect William F. Cody, L'Horizon was a celeb hot spot in the midcentury heyday and maintains that same vibe after a multimillion-dollar reimagining.</p><p>There are 25 bungalows with private patios and outdoor showers over three acres that come stocked with top-end touches like Frette linens, Le Labo toiletries, and marble baths. So.Pa restaurant is wonderful.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fl-39-horizon-resort-amp-spa.html" rel="nofollow sponsored">Book L'Horizon Palm Springs</a></p><div type="image" title="A hotel as seen through an archway with mountains and palm trees in the background." height="3674" width="4899" msid="90232951" hostid="261"></div><p><strong>Triada Palm Springs</strong></p><p>With its Mediterranean-style architecture, tranquil fountains, and tiled courtyards, the Triada feels like a boutique secret just a few blocks from downtown.</p><p>But it's actually a Marriott Bonvoy property, making this a good choice for members looking for a design-forward stay while still showing brand loyalty, with access to two on-site pools, a small gym, and a lobby restaurant </p><p>Standard rooms feature bold pops of color that brighten an otherwise small space, but for about $40 to $50 more, it's worth it to upgrade to a Casita suite with a kitchen, living area, and private patio, while still costing less than many other options on this list. </p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.marriott.com%2Fen-us%2Fhotels%2Fpspak-triada-palm-springs-autograph-collection%2Foverview%2F" rel="nofollow sponsored">Book Triada Palm Springs</a></p><p><a href="https://www.insider.com/everything-you-need-to-know-about-traveling-to-palm-springs-california" target="_blank" rel="noopener"><em>View Insider's comprehensive guide to visiting </em><em>Palm Springs</em><em>.</em></a></p><p><em>Emily Hochberg contributed reporting to this article.</em></p>

I review hotels professionally and these 11 Palm Springs properties are among my all-time favorite places to stay

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP</span></p></div><p></p></div></div></p><ul class="summary-list"><li>Corporate profit margins have been on an unsustainable growth trajectory and are now poised to unwind, according to Rob Almeida, the global investment strategist at MFS Investment Management.</li><li>In a recent interview with Business Insider, he laid out why his colleagues have expressed this concern, and how he is investing for this eventuality in the portfolio he manages. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul><p>Rob Almeida is in constant communication with various portfolio managers from his perch as the global investment strategist at MFS Investment Management, which oversees $489.5 billion in assets.</p><p>One of the most common concerns they relay - and one he agrees with - is that <a href="https://www.businessinsider.com/next-stock-market-crash-recession-investors-ignoring-the-biggest-risk-2019-9">corporate profit</a> margins are unsustainable. </p><p>Almeida and his colleagues are leery of the disconnect between record-high profit margins on one hand and average revenue growth on the other. <a href="https://www.businessinsider.com/category/gdp">Gross domestic product</a> growth has also lagged far behind the pace of profit-margin expansion - and it's a sign to them that something is wrong.</p><p>"Absent some sort of normalization upward in the economy, this has to come down," Almeida said of margins during a recent interview with Business Insider.</p><p>The firepower behind soaring margins has consisted of financial engineering tactics that companies use to improve their numbers, Almeida said. These include share buybacks, cost controls, leverage, and other things he calls "non-core-business levers."</p><p>For example, companies have been able to simultaneously maximize margins and keep shareholders happy by keeping their costs in check. </p><p>"We generated above-average margins not by selling more and better dishwashers, but through cost optimization," Almeida said. </p><p>The heyday of such tactics is coming to an end, in his view.</p><p>That is because costs are rising, particularly the cost of labor as <a href="https://www.businessinsider.com/business-roundtable-ceos-say-companies-must-serve-more-than-shareholders-2019-8">companies come under pressure</a> to invest more in their employees.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/blackrock-rick-rieder-investing-advice-for-negative-yields-delivering-alpha-2019-9">BlackRock's bond chief breaks down the best way for US investors to profit from the growing $17 trillion pile of negative-yielding debt</a></em></p><p>Against this backdrop of rising costs, companies have the option of raising prices.</p><p>But that's not an easy proposition due to technology. It has lowered the barrier of entry for many business models and made mass production easier. It has also improved price discovery, such that customers can always purchase at the lowest price and sellers can easily undercut their competitors.</p><p>Companies could also make up for higher costs by selling more products. However, this move equally depends on the demand pull from consumers - and there's no guarantee of a resurgence on that end. </p><h2>Preparing for a profit slowdown</h2><p>While Almeida has clearly mapped out the road to lower profit margins, he is less certain about whether the reckoning will be an outright earnings recession. It could look more like a slog of slow earnings growth that jolts investors out of companies with the weakest value propositions and into those with the strongest. </p><p>"You've seen a lot of that incrementally this year, and I think that it picks up," Almeida said. </p><p>In addition to being the global investment strategist, he is lead portfolio manager of the <a href="https://markets.businessinsider.com/funds/mfs-diversified-income-fund;a">MFS Diversified Income Fund</a>. The fund has returned 10% and bested 96% of its peers over the past year, according to Bloomberg data.</p><p>What's worked includes shedding dividend-paying stocks and high-yield bonds, where he has an "almost maximum underweight," and allocating capital instead to Real Estate Investment Trusts. </p><p>REITS, Almeida said, have not pulled the same kind of financial levers that companies in other sectors have to maximize their profit margins. He also likes the sector because housing is an income-producing asset that is not as easy to duplicate as other consumer products.</p><p>His fund's top REIT holdings include <a href="https://markets.businessinsider.com/stocks/avb-stock">AvalonBay Communities</a>, <a href="https://markets.businessinsider.com/stocks/are-stock">Alexandria Real Estate Equities</a>, and <a href="https://markets.businessinsider.com/stocks/spg-stock">Simon Property Group</a>.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/raw-cookie-dough-never-eat-e-coli-salmonella-food-poisoning-2019-2">General Mills is recalling flour due to E. coli concerns, which is one of the reasons raw cookie dough isn't safe to eat</a></h3>        <div>                    </div>    </div>

A $490 billion investing firm is worried that record corporate profitability is unsustainable. Here's its how it's preparing for an 'inevitable' collapse.

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Tesla</span></p><p class="caption">Nice, but not Mercedes-Benz nice.</p></div><p></p></div></div></strong></p><ul><li><strong>Nomura analyst Romit Shah published a bullish research note in which he advocated for <a href="http://www.businessinsider.com/category/tesla">Tesla's</a> growth in the luxury market.</strong></li><li><strong>But <a href="http://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> vehicles, while nice, aren't as luxurious as other premium carmakers. </strong></li><li><strong>Teslas are all-electric, long-range cars that are simply priced at a luxury level.</strong></li></ul><p><br />Over the past few years, Tesla analysts on Wall Street have started to compare the carmaker's Model S sedan with a competitive set of luxury vehicles from primarily Mercedes, BMW, Audi and Lexus, concluding that the Model S has achieved considerable market share against these other, better-established brands.</p><p>In a bullish research note published Friday, Nomura analyst Romit Shah - he has a $420 price target on Tesla's stock - takes a long-term look at Tesla prospects in the face of a bankruptcy narrative that's taken shape over the first half of 2018, as Tesla has bled cash and failed to hit its goals for the rollout of the Model 3 mass-market vehicle.</p><p>Shah sees Tesla doubling its market cap to $100 billion by 2020. Because the electric-vehicle market only makes up about 1% of global sales and is unlikely to also double in two years, Shah undertakes a neat trick: he sets Tesla against the existing <em>luxury</em> market and starts to find the share needed to vindicate his thesis.</p><p>Obviously, this requires that we abandon the idea that the Model 3 and the forthcoming Model Y crossover SUV are actually designed to sell for mass-market prices. Just as the Model S sedan and Model X SUV play in the $100,000-plus club, the Model 3 and Model Y need to be $50-60,000 purchases, not $35,000 cars.</p><p>Somewhat egged on by Tesla's own boosting of the Model S' luxury market success, some Tesla bulls have been picking up this theme. </p><h2>Tesla is a long-range electric car brand that sells its vehicles for a lot of money</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Bryan Logan/Business Insider</span></p><p class="caption">A Tesla Model S recharging.</p></div><p></p></div></div></p><p>The problem is that the Model S' sales can't entirely be attributed to traditional luxury buyers - those who have been choosing Mercedes, BMWs, Lexuses, and Audis for years. The Model S is an all-electric vehicle and is getting bought be people who want a long-range EV and are willing to pay the premium. In this sense, Tesla isn't taking luxury market share so much as being classified within that market because of how much the cars cost.</p><p>Cross-shopping the Model S with similar luxury sedans is problematic because, to put it bluntly, the Model S isn't that luxurious. It's a nice car, but the appointments are more Toyota Avalon or Buick LaCrosse than they are Mercedes S-Class. We test many luxury sedans at Business Insider, and I've sampled a variety of trim levels of the Model S. When you get up to the Model S' price point, there's no comparison: literally ALL the traditional luxury brands are far superior. </p><p>So if you're shopping for a luxury sedan, you have to make some serious compromises if you're choosing the Model S over a Mercedes, BMW, Audi, or Lexus. </p><p>In his note, Shah - who covers no other automakers and is essentially a technology analyst - wrote that he forecasts "10% share of global luxury by 2022 [for Tesla]" and that the "top 3 brands each have approx. 20% share<br />and appear to be ripe for the picking."</p><h2>The debate over whether Tesla can actually steal share from luxury brands</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Mercedes-Benz</span></p><p class="caption">Not scared yet.</p></div><p></p></div></div></p><p>This doesn't make sense. Tesla can't manufacture more than 100,000 Model S or Model X vehicles annually at its California factory and thus has no ability to supply even theoretically rising demand over the next few years. This means that growth has to come from Model 3 and that growth has to be <em>luxury</em> growth in a market where share barely budges year to year. </p><p>It's also an open question whether Tesla can achieve profits with growing sales; the company is 15 years old and has never been in the black for any length of time.</p><p>Now, Tesla could be pulling some mass-market buyers up into the luxury space, due to those buyers' enthusiasm for electric vehicles. But that's hardly a sustainable plan, given that the cheapest Model S comes with a monthly payment that's twice the US average of $500 (itself a historically elevated level). </p><p>Don't get your hopes up for the Model 3, either. At between $50-60,000, it's virtually impossible to get the monthly payment under $500, even if you stretch out the financing.</p><p>To Shah's credit, he's not in the "Tesla will take over the world" camp. His ambitions for the automaker are, given his analysis, limited to luxury expansion. But although Tesla appeals to some luxury customers, it's far from being a true luxury brand, unless price is your only guidepost.</p><p>And if it is, then Teslas are severely overpriced from what customers are getting.</p><p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tech-volatility-facebook-tesla-amazon-stock-earnings-larry-hatheway-gam-2018-4">A Wall Street chief economist explains what could be the saving grace for mega-cap tech companies</a></h3>        <div>                    </div>    </div>

Wall Street is getting one critical thing wrong about Tesla

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Hollis Johnson/Business Insider</span></p><p class="caption">The Tesla Model 3.</p></div><p></p></div></div></strong></p><ul class="summary-list"><li><strong>Consumer Reports has named <a href="https://www.businessinsider.com/category/tesla">Tesla</a>'s Model 3 sedan the most satisfying car.</strong></li><li><strong>Survey respondents rated their vehicles based on their driving experience, value, comfort, styling, audio, and climate systems.</strong></li><li><strong>Out of a possible 100 points, the <a href="https://www.businessinsider.com/category/tesla-model-3">Model 3</a> received 99 points for its driving experience, 84 points for comfort, and 67 points for value.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>'s Model S sedan also made the publication's top-10 list, ranking fifth.</strong></li></ul><p><a href="https://www.consumerreports.org/car-reliability-owner-satisfaction/10-most-satisfying-cars-owner-satisfaction/">Consumer Reports</a> has named Tesla's Model 3 sedan the most satisfying car. Tesla's Model S sedan also made the publication's top-10 list, ranking fifth.</p><p>The list was compiled based on survey data from the owners of over 500,000 vehicles. Respondents rated their vehicles based on their driving experience, value, comfort, styling, audio, and climate systems. Out of a possible 100 points, the Model 3 received 99 points for its driving experience, 84 points for comfort, and 67 points for value. Ninety-two percent of respondents said they would buy the Model 3 again.</p><p><em><strong>Read more: <a href="https://www.businessinsider.com/teslas-general-counsel-dane-butswinkas-leaves-after-2019-2">Tesla's General Counsel is out after just 2 months</a></strong></em></p><p>The following vehicles made the top-10:</p><ul><li>1. Tesla Model 3</li><li>2. Porsche 911</li><li>3. Genesis G90</li><li>4. Chevrolet Corvette</li><li>5. Tesla Model S</li><li>6. Toyota Avalon</li><li>7. Kia Stinger</li><li>8. Chevrolet Bolt</li><li>9. Toyota Prius</li><li>10. Dodge Challenger</li></ul><p>Tesla's vehicles have received a wide range of feedback from Consumer Reports and its subscribers. The automaker has topped the publication's ranking of the <a href="https://www.consumerreports.org/car-reliability-owner-satisfaction/car-brands-ranked-by-owner-satisfaction/">most satisfying auto brands</a> for three consecutive years, but was rated 27th of 29 brands in the publication's 2018 ranking of the <a href="https://www.businessinsider.com/tesla-falls-six-spots-in-consumer-reports-reliability-rankings-2018-10">most reliable auto brands</a>. The publication said the Model 3 was reported to have average reliability and placed Tesla's Model X SUV among its <a href="https://www.consumerreports.org/car-reliability-owner-satisfaction/10-least-reliable-cars/">10 least reliable vehicles</a>.</p><p>Consumer Reports gave the Model 3 its <a href="https://www.businessinsider.com/tesla-model-3-software-update-earns-consumer-reports-approval-2018-5">"Recommended Buy" rating</a> in 2018 after Tesla released a software update that addressed the publication's issues with the vehicle's braking distance. Consumer Reports has complimented the vehicle's handling and acceleration, while criticizing its touchscreen-based controls, ride stiffness, and rear seat comfort.</p><p>The Model 3 is the only Tesla vehicle that Consumer Reports recommends. It previously recommended the Model S, but the vehicle lost that recommendation <a href="https://www.consumerreports.org/car-reliability-owner-satisfaction/car-reliability-issues-models-lose-cr-recommendation-car-reliability-survey/">due to reliability issues</a>, the publication said.</p><p><em>Have a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com.</em></p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/tesla-executive-departures-list-2018-9" data-read-more-link="" data-e2e-name="read-more-link">Tesla's top lawyer is leaving the company after two months - here are all the key names who have departed in recent months</a></li><li><a href="https://www.businessinsider.com/elon-musk-doubles-down-on-claim-about-self-driving-tech-2019-2" data-read-more-link="" data-e2e-name="read-more-link">Elon Musk doubled down on a bold claim he made about how quickly Tesla vehicles will be able to drive themselves</a></li><li><a href="https://www.businessinsider.com/tesla-powerwall-rare-according-to-a-survey-2019-2" data-read-more-link="" data-e2e-name="read-more-link">Tesla's Powerwall is in high demand but difficult to get, according to a new survey</a></li><li><a href="https://www.businessinsider.com/tesla-deletes-standard-model-3-website-2019-2" data-read-more-link="" data-e2e-name="read-more-link">Tesla quietly deletes the Model 3 standard battery from its website, raising questions about the long-awaited base model</a></li></ul><p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/tesla-roadster-what-fans-should-know-electric-vehicles-cars-2019-2">Everything you need to know about Tesla's new Roadster</a></h3>        <div>                    </div>    </div>

Tesla's Model 3 was named the most satisfying car by Consumer Reports

<ul><li>Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>.</li><li>Part of the sell-off in <keyword id="4326962" type="General" weightage="20" keywordseo="paytm-shares" source="Orion">Paytm shares</keyword> could also be a reflection of the market mood.</li><li>But, there is a lot more that the street is worried about.</li><li>Founder <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword> wants the market to be excited about Paytm as a superapp but many others have argued that a smartphone itself is a super app.</li><li>Check out the latest news and updates on<a href="https://www.businessinsider.in/stock-market"> Business Insider</a>.</li></ul>Two of India’s most-awaited tech IPOs, that of Zomato and Paytm, came with a lot of anxiety around the price at which the shares were being sold to the first lot of public investors. Zomato still made some money for those who got the shares in the initial public offering (IPO) but those who got shares in the Paytm IPO have lost 27% on the opening day. <br /><br />By noon, Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant Paytm. The overall market mood played a role in pushing down Paytm’s share price, Deven Choksey, managing director of KR Choksey Shares and Securities, told Business Insider. The sell-off seen earlier in the week intensified on Thursday (the day of Paytm’s market Debut) and 42 out of the Nifty 50 stocks were in the red. But that’s not the only reason why people sold Paytm shares. <br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation pre-IPO<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valution sought in IPO</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market cap, as on November 18<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.8 billion<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8.1 billion</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,21,731 crore ($16.3 billion)<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$16 billion<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$19.9 billion</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,01,399 crore ($13.6 billion)<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Companies, BSE<br /><br />It’s not that Paytm's advisors didn't see it coming. According to a Bloomberg report <a href="https://www.businessinsider.in/business/news/paytm-may-drop-its-pre-ipo-sale-as-advisors-recommend-lower-valuation/articleshow/87187525.cms">published in October</a>, Paytm was advised to go for a lower valuation than $20 billion in its pre-IPO round but the company decided to skip the round altogether. Even stock brokerage firm Macquarie had given Paytm a with an underperform rating, and projected that the stock may fall to as much as ₹1,200 (compared to an issue price of ₹2,150) any time in the next one year .<br /><br />Interestingly, Paytm was the highest valued Indian startup between 2019 to me this year. The company got a valuation of $19.9 billion in its public issue. The only smile that Paytm believers could steal was thanks to the meme fest on Twitter.<br /><br />                          <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778007" hostid="261"></div><br />The drop in Paytm’s share price led to a fall of the stock market. “Today’s fall in the market is also largely due to collateral damage, Paytm loss to investors,” Deven Choksey, managing director of KRChoksey Shares and Securities said.<br /><br />Manoj Dalmia, founder and director of Proficient Equities Private Limited also highlighted three reasons behind Paytm’s weak listing on the stock exchange. The issue ranges from high valuation to intense competition.<br /><br />These are some of the issues pointed out by Manoj Dalmia of Proficient Equities, Scenes by Avalon’s Shashank Udupa, TaxationHelp.in’s Neha Nagar<br /><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reason<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overvaluation <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The company is overvalued at a Price to Sales (P/S) value of 26 compared to its global peers, who have a P/S of 0.3-0.5<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Limited promoters in India<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nearly 75% of the promoters of Paytm are from other countries and are selling shares worth ₹10,000 crore, which is more than 50% of the issue.<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not a market leader<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm is not a market leader in any business it operates in.<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Analyst rating<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Falling grey market premium and Macquarie's downrating has pushed the stock into a downward momentum. <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lack of focused business model<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">It is present in all over the Fintech space but not doing well in any of them while the competition is rising from players like Google, Amazon, PhonePe. <br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Dalmia is not alone in his pessimism around Paytm’s near-term prospects. “Dabbling in multiple business lines inhibits PayTM from being a category leader in any business except wallets, which are becoming inconsequential with the meteoric rise in UPI payments. Competition and regulation will drive down unit economics and/or growth prospects in the medium term in our view,” Macquarie Research analysts Suresh Ganapathy and Param Subramanian said. <br /><br /><strong>ALSO WATCH: Even the biggest of conglomerates find it difficult to do more than two things right, market expert Saurabh Mukherjea told Business Insider. <br /></strong><br />                            <div type="Youtube" id="kSf5f3gXjKg" title="A ₹3,000-crore fund manager explains why he won&amp;#39;t buy RIL, why he sold ITC and bought HDFC Life" thumbUrl="https://i.ytimg.com/vi/kSf5f3gXjKg/mqdefault.jpg"></div><br />Paytm is one of the biggest digital payments companies in India with offerings across several digital modes of payments like unified payments interface (UPI), credit and debit cards payments. It also offers wealth management solutions through Paytm Money and banking services through Paytm Payments Banks.The company has 333 million total customers, 114 million annual transacting users and 21 million registered merchants. <br /><br />Paytm has a strong market share in digital payments via the unified payments interface (UPI) but the margin is zero in peer-to-peer payments and wafer thin when merchants get paid. <br /><br />In the personal finance space ⁠— where Paytm sells mutual funds, gold and stocks ⁠— it has a less than 1% market share and makes zero commission, according to Macquarie. In insurance, only one out of 100 policies are sold online and Paytm is pitted against an early bird like Policybazaar as well as legacy banks, which dominate the space.<br /><br />Paytm aims to make money from its lending business. “Since Paytm will largely be engaged in selling down these loans to partner banks or NBFCs (non-banking financial companies) balance sheets, the addressable fee pool is much lower,” said Macquarie, which pegged the potential market for buy now, pay later schemes to be anywhere between $45 billion and $50 billion by March 2026.<br /><br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778072" hostid="261"></div><br />Despite a massive user base, the company’s revenue has been marginally declining on a year-on-year (YoY) basis. The company reported a revenue of ₹3,186 crore, with net loss of ₹1,761 crore. “Loss-making businesses will find it hard to sustain premium valuations,” Choksey added.<br /><br />Ravi Singh, head of research and vice president at ShareIndia, noted that Paytm’s future growth is a key to watch for long term investors. “We advise the investors after looking at the overall valuations and earlier losses of Paytm, to book their positions and wait for 1700-1600 levels for fresh investment. Retail investors may remain cautious as the overall market is in profit booking zone pushing maximum stocks in downside territory,” he added. <br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778081" hostid="261"></div><br />“People ask me how do you raise money at such a high price? I say, I don’t raise money on a price but I raise money on a purpose,” founder and chief executive officer Vijay Shekhar Sharma. He wanted India to be as excited about his dream of a super app for anything that can be bought and sold online. <br /><br />But many others have argued that a smartphone itself is a super app. Another startup founder Kavin Mittal, the man behind the $1.4 billion Hike Messenger, had similar ambitions but found it to be a misguided goal and dropped the plan in January 2021. <br /><br />Will Sharma prove his detractors wrong with Paytm? Only time will tell. <br /><br /><strong>SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/stock-market/news/paytm-ipo-listed-at-discount-of-9-starts-trading-at-1955/articleshow/87772082.cms" data-type="tilCustomLink">India’s biggest IPO lists 9% below the IPO price and it may fall even further, warn analysts</a><br /><br /><a href="https://www.businessinsider.in/business/startups/news/paytm-shares-listing-below-ipo-price-but-experts-say-not-to-invest/articleshow/87762352.cms">Paytm is likely to list below IPO price and experts advice serious investors to wait a while before buying</a><br /><br /><a href="https://www.businessinsider.in/business/corporates/news/itc-reportedly-plans-to-spin-out-it-business-itc-infotech/articleshow/87758056.cms">ITC has a ₹2,500 crore IT business hiding in plain sight and that makes the street go Yippee!</a><br />

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