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Conan O'Brien's next show is heading to HBO Max

Igor Bonifacic
·Contributing Writer
·1 min read

After a ten year run on TBS, Conan O’Brien is leaving late-night television for a streaming platform — though he won’t be going far. On Tuesday, WarnerMedia announced that it’s ordered a new weekly variety series starring the comedian for HBO Max. As Variety points out, the series doesn’t have a name yet, nor an exact release date. However, a likely good bet is that it’ll get off the ground once Conan’s TBS run ends in June 2021.

“In 1993 Johnny Carson gave me the best advice of my career: ‘As soon as possible, get to a streaming platform,'” O’Brien said. “I’m thrilled that I get to continue doing whatever the hell it is I do on HBO Max, and I look forward to a free subscription.”

With the announcement, it suddenly seems like comedy is the next big area of competition between streaming platforms. Just last month, Apple announced it’s working on a series with Jon Stewart. Time Warner has proactive on that front, recently adding several Comedy Central classics such as Key & Peele and Chappelle’s Show to the HBO Max library. But it’s safe to say shifting Conan to the platform is one of its biggest moves yet.

Latest Stories

  • When Tesla Joins the S&P 500, You Know It’s Game Over

    (Bloomberg Opinion) -- In an anecdote often attributed to President John F. Kennedy’s father, the moment he knew to get out of the 1920s stock market boom was when he started receiving share tips from his shoeshine boy. You can make a similar argument about the moment that leading equity indexes finally give their blessing to an up-and-coming stock. The latest and most dramatic instance of that will happen next month, when the S&P 500  will admit Tesla Inc. through its club doors for the first time.Take Yahoo Inc. The archetypal dotcom business found its way into America’s prime share index in December 1999, just four months before a collapse in internet stocks that took the U.S. more than a decade to recover from. New admissions in the mid-2000s were rich with real estate plays such as CBRE Group Inc., Boston Properties Inc., and Kimco Realty Corp. Those companies were then hammered by the subprime and 2008 financial crises. Is this time really going to be any different?To be sure, it looks like Tesla is on more solid footing than two years ago, when regulators were lobbing fraud charges against Elon Musk and the company was, in his words, “single-digit weeks” away from bankruptcy. Its elevation to the S&P 500 had been predicted ever since second-quarter results chalked up a fourth consecutive period of profit, passing one crucial criterion that keeps a lot of startups out of the index.Looked at from the more exacting perspective of operating cash, it’s doing even better. The $2.4 billion inflow in the third quarter alone was more than total operating cash in the decade through September 2019. The auto industry as a whole seems to be performing remarkably well in the grip of Covid-19, with the S&P’s automobile and parts sub-index Monday hitting its highest level in more than two years.Tesla is already the 11th-largest company by market capitalization on U.S. exchanges, worth about as much as the world's three biggest carmakers Toyota Motor Corp., Volkswagen AG and General Motors Co. put together. Casual investors are likely to see their index-tracking funds turn them into indirect Tesla shareholders whether they like it or not. So what’s not to like?The lingering question is around valuation. Tesla is past the point where it’s at imminent risk of demise, but it’s still very hard to justify the price put on the stock. Returns on equity are only just pulling even with the broader automobiles sub-index. Even analyst estimates that they’ll rise north of 20% over the coming years will only bring them in line with what were, until recently, considered normal levels for an industry that’s been out of favor with investors for years.That sort of pedestrian financial performance is hard to square with Tesla’s eye-wateringly expensive stock. The median price of S&P 500 constituents is 20.89 times blended forward 12-month earnings. Tesla’s price-earnings ratio is 113, which would be enough to give it the richest rating on the index after Under Armour Inc., Boeing Co., and SBA Communications Corp. Comparing forward Ebitda to enterprise value, just six companies have higher valuations than Tesla’s 49.51 times multiple.It’s very hard to see how Tesla will be able to justify those valuations in the long term. That’s the case even if you agree with the most bullish analysts and assume the company will be producing about $10 billion a year of net income by 2022 or 2023, compared with $556 million over the past 12 months. On those numbers, a 20 times price-earnings multiple would produce a business worth not much more than half of Tesla’s current $387 billion market cap.That’s the true lesson for newcomers to the big indexes. For every Yahoo or AOL Inc. that turns into a parable of market excess, there’s a Kimco or CBRE that survives but never recaptures the magic that propelled it into the limelight. Yahoo’s 1999 hype ultimately fell victim to the better search technology being developed by a then little-known startup called Google. The race to dominate electric vehicles over the coming decade will scarcely be less competitive. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Warren Buffett dumps all his Costco stock — 3 reasons why that is a big surprise

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  • 'The Squad' pushes Biden to cancel student debt — here's how they'd personally benefit

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  • NIO earnings: Chinese EV maker beats on revenue in the 3rd quarter

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  • Electric Car Maker Nio Beats Q3 Forecasts, Guides High While Deliveries Continue Slowing

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  • Buffett's Berkshire bets on Big Pharma, invests in four drugmakers

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  • Washington aims to pass SECURE Act 2.0 with more changes to the retirement system

    As the 116th Congress winds down, Capitol Hill is gridlocked on pretty much every issue but there is hope of bipartisan compromise on the issue of retirement. 

  • Soros Regrets Early Investment in Peter Thiel’s Palantir

    (Bloomberg) -- Soros Fund Management, which revealed that it owned 18.46 million shares of Palantir Technologies Inc., said it made the investment in the data-mining company in 2012 and wouldn’t do the same again today.“SFM made this investment at a time when the negative social consequences of big data were less understood,” the firm said in a statement Tuesday. “SFM would not make an investment in Palantir today.”George Soros’s investment firm disclosed the holding in its latest 13F regulatory filing late Friday with the U.S. Securities and Exchange Commission. The position was worth $175 million at the end of the quarter.Soros explained in a note posted on the Open Society Foundations website that the money manager who originally made the investment is no longer employed with the investment firm. The position in Palantir was converted into publicly traded shares when Palantir, co-founded by Peter Thiel, became listed on the New York Stock Exchange in September.Soros has sold all the shares it’s permitted to sell at this time and will keep selling, according to the statement. “SFM does not approve of Palantir’s business practices,” the firm said.Soros, 90, has used his vast wealth to become one of the world’s largest funders of groups promoting justice, democracy, human rights and progressive politics through his Open Society Foundations. He’s poured billions into his philanthropic efforts, and most of his firm’s assets now belong to the foundations rather than to the Soros family.In recent years he’s taken a more aggressive stance on tech companies and artificial intelligence. He has slammed Facebook Inc. and Google, comparing the social-media giants to gambling companies that foster addiction among users and saying they exploit the data they control. In 2019, at the World Economic Forum in Davos, Switzerland, Soros warned of the “mortal danger” of China’s use of AI to repress its citizens under the leadership of Xi Jinping.Over the years the financier’s investments have conflicted with this philanthropic philosophy. His funds have at various times owned stakes in gun manufacturers and coal companies.Palantir relies on contracts from government entities, including the U.S. Department of Defense and the Central Intelligence Agency, for much of its revenue. The company has drawn criticism from human rights activists for selling software that facilitates the deportation of immigrants and aggressive policing. Its data-scraping has also raised concerns among privacy advocates.The stock has more than doubled in value since it went public.(Updates with Soros warning on artificial intelligence in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Tuesday's Market Minute: Costco Announces $10/Share Special Dividend

    Costco Wholesale Corporation (NASDAQ: COST) shares are trading higher in Tuesday's premarket session after announcing a special dividend of $10 dollars per share Monday after-hours. The dividend will be about $4.4B in total and will be eligible to all shareholders as on December 2, payable on December 11. Costco stated this new dividend will be funded by existing cash.Following the announcement, the company's CFO Richard Galanti said, "This special dividend, our fourth in eight years, is our latest step to reward shareholders. Our strong balance sheet allows us to pay this dividend, while preserving financial and operational flexibility to continue to grow our business globally."Although this is the company's first declaration of a special dividend since April 2017, the retailer did declare a quarterly dividend of $0.70 a share, up by 5 cents, back in April 2020. In 2017, Costco declared a special dividend of $7 per share, preceded by the $5 dollar per share dividend announced in 2015. Costco closed 0.25% higher Monday for a price of $379.79, which puts the stock up over 29% year-to-date and over 6% this month.Only about 2% of companies in the Russell 3000 Index have paid special dividends so far this year. Following pandemic-related market volatility, several companies have announced the suspension or withholding of their dividend. Some of these companies include Wells Fargo & Co (NYSE: WFC), Dick's Sporting Goods Inc (NYSE: DKS), Gap Inc (NYSE: GPS), Boeing Co (NYSE: BA), Carnival Corp (NYSE: CCL), and Las Vegas Sands Corp. (NYSE: LVS) - just to name a few. Across all U.S. markets, common dividend payments were down over $42B from the same period one year ago.See more from Benzinga * Click here for options trades from Benzinga * Monday's Market Minute: Optimism Abounds * Friday's Market Minute: Growth Vs Value Inflection Point(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Analysts Say These 3 Stocks Are Their Top Picks for 2021

    The year is winding down, and it’s time for Wall Street’s analysts to start flagging their top picks for the coming year. It’s a time-honored tradition, in most walks of life, to take a sometimes tongue-in-cheek look at what lies ahead, and to start giving advice on the say-so of a metaphorical crystal ball.Analysts have been analyzing each stock carefully, looking at its past and current performance, its trends on a variety of time frames, management’s plans – the analysts take everything into account. Their recommendations provide valuable direction for building a resilient portfolio in the new year.As normal, TipRanks has collected and collated the data on the top picks, and made it available for investors’ use. The stock choices, and their data, make for some interesting choices. Let's take a closer look. UTZ Brands (UTZ)UTZ Brands is a familiar label in the eastern US. The company is known for its range of snack foods, of the salty variety rather than sweet. The company’s line of foods, including pretzels, potato chips, snack mixes, and popcorn, are frequent choices in vending machines. In August, UTZ (then known as Utz Quality Foods) has completed a business combination agreement with Collier Creek, a special purpose acquisition company. The combination brought the venerable snack company into the public trading domain. More recently, UTZ posted strong Q3 results and reported that it has entered an agreement to buy competing snack company Truco. The quarterly results were released first, on November 5, showing $248 million in net sales, a year-over-year gain of 24%, along with a 23% yoy gain in gross profit. One week later, UTZ and Truco announced a $480 million acquisition agreement, which will bring the ‘On the Border’ brand of tortilla chips and salsas into UTZ product line.Covering this stock for Oppenheimer is 5-star analyst Rupesh Parikh, who sees a clear path forward for the company. “[Following] the company's announcement on 11/12 to acquire Truco Enterprises, [we] overall look very favorably upon the deal economics, synergy opportunity, leverage to the attractive tortilla category including ancillary products (salsa and queso), and compelling growth prospects for the brand," Parikh opined. "We believe the company is well positioned to drive at least 3-4% organic sales growth and 6-8% EBITDA growth with upside optionality from strategic acquisitions," the analyst concluded. To this end, UTZ remains Parikh's top small-cap food pick. The analyst rates the stock an Outperform (i.e. Buy) along with a $24 price target. This figure implies a 28% upside from current levels. (To watch Parikh’s track record, click here)Overall, Wall Street loves this stock, earning a stellar analyst consensus rating -- Strong Buy. Out of 7 analysts tracked by TipRanks in the last 3 months, 6 are bullish on UTZ, while only one remains sidelined. With a return potential of ~16%, the stock's consensus target price stands at $21.71. (See UTZ stock analysis on TipRanks)RingCentral, Inc. (RNG)From salty snacks we move on to telecom tech. RingCentral is a cloud-based business communications company. The company’s products are software platform packages that combine telephone and computer systems. The flagship product platform, RingCentral Office, allows compatibility of the communications system with other popular business apps including DropBox, Google Docs, Outlook, and Salesforce. RNG also offers unique features necessary for communications systems: call forwarding, phone extensions, vid calling, and screen sharing.Much of the modern business world is about problem solving, and RingCentral does just that for its customers – and the results are clear in the revenues and stock performance. The top line number has been increasing through 2020, with the Q3 revenues coming in at $303 million for a 9.3% sequential gain. The shares recovered easily from the mid-winter COVID swoon, and the stock is trading up 76% so far this year.On the negative side, RingCentral operates at a net loss, and that net loss has been deepening even as revenues rose and the stock appreciated. The Q3 EPS loss came in at 24 cents.James Fish, 5-star analyst with Piper Sandler, wrote the review on RNG, and he is upbeat about the company’s future. “RingCentral is winning new customers and expanding with existing given its ability to converge across the communication software stack, including with contact center… we continue to recommend RingCentral as one of our 'core 4' in our coverage and a name to own for the next few years,” Fish commented. As a result, Fish reiterates RNG as his Top Pick. The analyst rates the stock an Overweight (i.e. Buy) alongside a $362 price target. At current levels, that indicates a possible 21% upside for the coming year. (To watch Fish’s track record, click here)Overall, RingCentral has 10 recent reviews, including 9 Buys and 1 Hold, making the analyst consensus view a Strong Buy. The average price target is $337.22, which suggests a 13% upside from the current trading price of $297.79. (See RNG stock analysis on TipRanks)DraftKings, Inc. (DKNG)The world of fantasy sports helps bring fans into the games, and now that the pro leagues have resumed play – albeit for abbreviated seasons, in deference to the coronavirus – DraftKings, which take fantasy leagues online, has been making gains. In addition to fantasy league creation, DraftKings offers sports betting, and the company’s online model has fit in well with the social distance restrictions put in place to combat the ongoing virus health crisis.In the third quarter, whose results were reported earlier this month, DraftKings had plenty of good news. Revenue, at $133 million, beat the forecast by $1 million, and the net loss per share was not as deep as analysts had feared. The company reported a key metric – monthly unique players – surpassing 1 million, an important milestone. Looking ahead, DraftKings revised its fiscal 2020 guidance upward, by 5.7% at the midpoint of the range, to $540 million to $560 million. The midpoint for 2021 revenue expectations is even more bullish, at $800 million.As noted, these gains come as the major sports leagues have returned to play. But that is not the only key here. DraftKings operates in 19 states plus DC – the jurisdictions which permit legal online sports betting. But an additional 8 states are in various stages of legalizing DraftKings’ niche, and the company looks forward to expanding its operations.Summing up the prospects for DraftKings, Rosenblatt analyst Bernie McTernan writes, “[DKNG] remains a top pick in our Consumer Tech coverage. 3Q results will continue the positive revenue estimate revisions given the better than expected guide for '20E and '21E. We are at the high end of the '21E range which we believe is achievable given our expectation for at least MI and VA coming online."The analyst added, "New state launches will pressure near-term adj. EBITDA but encouragingly the company indicates NJ, their most mature market, is in a similar spot where they had previously hoped it would be for its ramp in profitability.”McTernan rates DKNG a Buy, and his $65 price target implies a robust 41% one-year upside. (To watch McTernan’s track record, click here)All in all, there 19 reviews on record for DraftKings, including 13 Buys and 6 Holds, giving the stock a Moderate Buy rating from the analyst consensus. The shares are currently priced at $46.24 and have an average price target of $59, making the upside potential for the year ahead 38%. (See DKNG stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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  • I am 66 years old, retired, and now need to go back to work full time — how can I start over?

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  • RBC Predicts Over 100% Rally for These 3 Stocks

    The news lately is focused on the advent of coronavirus vaccines. First Pfizer announced that it had a product in trials, which was showing a 90% efficacy rate, and now Moderna has joined the chorus, with a vaccine that is showing even higher effectiveness, on the order of 94.5%. Between the two news releases, investors are feeling confident; we may be out of the COVID woods sooner than has been anticipated.In a report on the new vaccine announcement, and what they mean for the financial markets, RBC’s analyst Brian Abrahams wrote, “A key focus for investors, and for society overall, has been how quickly immunity will spread throughout the population - either through infection or vaccination - such that transmission will begin to slow and we can start to return to some sense of normalcy. With [the] announcement of positive data from a second vaccine, this reaffirms the potential high protection rates from immunization and should enable a second supplier that can speed availability; we now see ‘herd immunity’ achievable one month sooner than our previous estimate.”Turning Abrahams’ outlook into tangible recommendations, RBC analysts are pounding the table on three stocks, with these pros seeing over 100% upside potential in store. Running the tickers through TipRanks’ database, we learned that all three have earned a “Strong Buy” consensus rating from the rest of the Street.Optinose, Inc. (OPTN)Optinose is a pharmaceutical company with a unique niche. The company focuses on developing medicinal treatments for the ears-nose-throat specialty. Optinose has one drug on the market, ONZETRA, and a second, XHANCE, in late-stage trials. Like many research-heavy pharmaceutical companies, Optinose operates a net loss. However, the recent Q3 report showed net revenue at $15.4 million (the highest in over year), beating Street estimates of $14.6 million.Along with the financial results, Optinose reported some sound operational developments from the third quarter. These included a promotion agreement with fellow pharma firm kaleo to promote XHANCE among healthcare providers and the announcement of a new drug in the pipeline. On a final note, the company had over $143 million in cash on hand as of September 30.With the price per share landing at $4.09, RBC analyst Randall Stanicky tells investors to get on board before it takes off. “Metrics provided for 3Q were encouraging with new scripts showing solid sequential growth on the back of greater refill activity, higher market share, and growing traction in high prescribing physicians. At the same time spend guidance was cut. The kaleo co-promotion recently kicked off with OPTN well funded setting shares for further recovery into 2021,” Stanicky noted.To this end, Stanicky rates OPTN an Outperform (i.e. Buy), and his $17 price target implies an impressive upside potential of 304% from current levels. (To watch Stanicky’s track record, click here)It turns out that the rest of the Street wholeheartedly agrees with the RBC analyst. With 5 Buys and no Holds or Sells, the message is clear: OPTN is a Strong Buy. The $17.80 average price target puts the upside potential above Stanicky's forecast at 337%. (See OPTN stock analysis on TipRanks)GoHealth (GOCO)Next up is another company in the healthcare sector. GoHealth is an insurance marketplace, working make enrollment easier for customers. The company focuses on the growing Medicare market, but also offers individual and family plans.GoHealth conducted its IPO earlier this year, in July, in what was the largest healthcare IPO of the year at that time. The company sold 4.6 million shares and raised $914 million, with an initial share price of $21, above the range originally set. The stock has dropped since then, losing almost half its value – but according to RBC, that sets the company up as a buying opportunity.A strong Q3 underlies that opportunity, as GOCO reported $163.4 million in net revenues for its first full quarter as a public company. This was a 52% gain year-over-year, and contributed mightily to the year-to-date revenues of $431.4 million. GOCO adjusted its full-year 2020 revenue guidance upward, to the $850 to $890 million range.RBC’s Frank Morgan wrote of GoHealth: “The company continues to benefit from the attractive Medicare Advantage market and leverage its expanding sales platform and technology investments to drive impressive growth and enhanced profitability. We believe the broader market opportunity and GOCO's operating capabilities provide an attractive set-up for next year and beyond.”In line with this positive outlook, Morgan rates the stock Outperform (i.e. Buy), and sets a $22 price target. His target indicates confidence in 101% upside growth for the year ahead. (To watch Morgan’s track record, click here)GoHealth’s Strong Buy consensus rating is supported by 5 Buy reviews and just 1 Hold. The stock has a $20 average price target, suggesting a robust upside of 81% over the next 12 months. (See GOCO stock analysis on TipRanks)ADT, Inc. (ADT)Last up is a company in the security sector. ADT is a well-known provider of electronic security, fire alarm systems, and other monitoring services in the residential and small business markets. The company’s blue signs are an easily recognizable indicator of its home protection services throughout the US.In its third quarter results, released this month, ADT started out by noting its record customer retention rate, a key point for any business, before giving three vital markers of financial performance. Quarterly revenue was down slightly year-over-year, from $1.301 billion to $1.299 billion, but the company’s net loss moderated from $182 million last year to $113 million in the current report. And finally, free cash flow improved year-over-year, from $459 million to $532 million.5-star analyst Seth Weber wrote the RBC report on this stock, and he liked what he saw. Summing up, Weber notes, “We like ADT’s high revenue visibility, improving returns, and significant free cash flow. We see value in ADT’s bigger push into commercial (faster growing/lower attrition/better returns in a normalized environment) and recent partnership announcement with Google (help capture more of fast growing smart home mkt), as well as other ongoing growth initiatives to help augment/diversify its legacy residential home security offerings.”These comments support Weber’s Outperform rating on ADT, as does his $15 price target, which implies a 101% one-year upside. (To watch Weber’s track record, click here.)ADT’s Strong Buy rating is based on 4 analyst reviews, which include 3 Buys and 1 Hold. Meanwhile, the average price target stands at $11.13, making the 12-month upside potential 47%. (See ADT stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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