🙏 Please buy Zendesk

A blow to Zendesk's delusions of grandeur | "You can't package life" | [TOGETHER WITH]( Hi {NAME}, here's what you need to know for June 27th in 3:11 minutes. 💸 If you’re a Finimize Premium member, do we have a deal for you: refer a friend, a dad, a neighbor, or even that guy who sniffs handles on the subway to Finimize Premium. They’ll get 50% off Finimize for a year, and you’ll get $30 in cash. Plus, you’ll be entered into a draw to win a lifetime subscription. Just share this link with them on mobile: [( Today's big stories - Software company Zendesk is going to be bought out for $10 billion - Stop the presses: our analyst has finally found something worth buying – [Read Now]( - FedEx’s quarterly earnings were stronger than expected, even if deliveries have taken a nosedive Icarus Effect [Icarus Effect] What’s Going On Here? Customer service software company Zendesk finally [agreed]( to be bought out for $10 billion on Friday. What Does This Mean? Zendesk has been getting on investors’ last nerve lately. First, a $4 billion agreement to buy SurveyMonkey-owner Momentive Global late last year was met with derision, and Zendesk’s stock subsequently plunged. That forced the company to drop the deal altogether in February. Then, that same month, a group of private equity (PE) firms offered to buy out the company for $17 billion, but Zendesk refused on the grounds that the bid was too low. Again, investors weren’t happy. And even though the company did then reach out to nearly 30 prospective buyers, it was hardly likely to find a better offer with tech valuations tumbling. After all that, Zendesk announced on Friday that it had agreed to be bought out by a group of private equity (PE) firms – among them Permira – for $10 billion. That’s around 34% more than it was worth before the deal was announced, but around 41% less than if it had accepted the first offer… Why Should I Care? The bigger picture: Let’s call the whole thing off. Zendesk embarked on this saga mostly because [activist investor]( Jana Partners has been pushing hard for change at the company, even [holding]( talks to replace the CEO earlier this month. Failing that, Jana was just keen to get a quick and dirty sale. That way, investors who have consistently been less than satisfied with the company could at least get a return on their investment. Zooming out: Taboo in Japan. Activist investors have also been putting pressure on Japanese conglomerate Toshiba, which is [reportedly]( fielding offers of as much as $22 billion to take the company private. That’s particularly notable given that PE firms generally aren’t well-received in Japan. So if those investors are able to close the deal, it would be the biggest they’ve ever pulled off in the country. You might also like: [How to work out what Zendesk is really worth.]( Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Icarus Effect&utm_campaign=daily-global-27-06-2022&utm_source=email) Analyst Take Finally, Something Worth Buying! [Finally, Something Worth Buying!]( [Photo of Reda Farran] Reda Farran, Analyst What’s Going On Here? It’s no secret that markets across the board have been slumping. Wherever you’ve been putting your money – [crypto](, [stocks](, [bonds]( – you’ve almost certainly been looking high and low to find any hint of a return. So when [one tried-and-tested indicator]( starts flashing a screaming buy signal, you might want to sit up and pay attention. That’s today’s Insight: [which asset is worth buying](, and why. [Read or listen to the Insight here]( SPONSORED BY BITCOIN.COM Your portal to the cryptoverse [Bitcoin.com]( is a go-to spot for crypto beginners who want to buy, sell or learn about crypto. So it only seems right that Bitcoin.com – which is trusted with over [30 million digital wallets]( – is launching its own native utility token: [Verse]( [Utility tokens]( were among the most traded cryptocurrencies over the last year, and this one’s already off to a strong start: Bitcoin.com just finished a [$33.6 million private sale]( of Verse. Verse is set to help power the [Bitcoin.com ecosystem]( that’s used by millions around the globe, and you can find out more about what this demand means for Verse in its [whitepaper](. You’re best getting pre-approved before limited Verse tokens go on sale, so [get whitelisted today](. [Discover Verse]( The Verse token sale is not available in the US and other [restricted jurisdictions](. Delayed Gratification [Delayed Gratification] What’s Going On Here? Logistics powerhouse FedEx [posted]( better-than-expected quarterly earnings late last week. What Does This Mean? The pandemic proved that you can package up treadmills, trampolines, and everything in between. But you can’t package up life, which is a sticking point for FedEx: the company’s been delivering fewer products as people opt to spend their money on travel, experiences, and entertainment. FedEx’s ground business – the main driver of the company’s growth – saw average daily package deliveries fall 5% last quarter from the same time last year. And its air freight business was MIA too, with daily deliveries down 11% as Chinese lockdowns took their toll. The good news is that those shortfalls were more than offset by higher prices, which were up 11% and 20% in each respective segment. That helped the company post a better-than-expected quarterly profit, and it rounded things off with an impressive yearly profit outlook too. Why Should I Care? The bigger picture: There’s no such thing as fashionably late. FedEx probably can’t keep hiking prices as long as demand keeps falling, meaning it’ll need to improve services and operations to squeeze out more profit instead. So it might want to take another look at its delivery success rate: data from ShipMatrix shows the courier’s now delivering 93% of packages on time. That’s up from 89% in December, sure, but arch-rival UPS consistently hits the high 90s. Zooming out: Britain heads for recession. There’s another reason demand for FedEx is falling: inflation is cutting the amount of disposable cash people have to spend. Just look at the UK, where data out on Friday [showed]( retail sales were 0.5% lower last month than the month before, even though shoppers spent 0.6% more ([tweet this](). Meanwhile, separate data showed that UK consumer confidence fell this month to the lowest level on record. Put them together, and some economists think there’s more of a chance that the country’s economy will shrink this quarter and slip into a recession. You might also like: [An investor’s guide to the impending recession (… or not)]( Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Delayed Gratification&utm_campaign=daily-global-27-06-2022&utm_source=email) 💬 Quote of the day [Tweet this]( 💬 Quote of the day “I ask no favor for my sex. All I ask of our brethren is that they take their feet off our necks.” – Ruth Bader Ginsburg (an American lawyer and jurist) [Tweet this]( 🤝 Work with us If your business shares our goal of changing the world of finance for the better, there’s no better place to showcase your mojo than this [spot in our daily newsletter](. You’ll get your message out to more than [one million engaged investors](, and speak directly to the very people who can help [take your business to the next level](. Interested? [Just drop us a line](. 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