(Bloomberg) — Investors could face more name confusion this week when ZoomInfo Technologies Inc. joins Zoom Video Communications Inc. on the Nasdaq Stock Market.ZoomInfo, which provides data on sales prospects, is expected to price its initial public offering on June 3 and begin trading under the ticker symbol ZI the following day. It will join three other publicly traded companies globally whose names begin with Zoom, the most well-known of which is the maker of video-conferencing software that has become a household name during the coronavirus pandemic.The surging popularity of Zoom Video, used daily by millions of people for remote face-to-face interactions, has fueled a three-fold rally in its stock this year. But for a brief time, it caused even bigger spikes in the shares of Zoom Technologies Inc, a Beijing-based company with few operations to speak of. That stock traded under the symbol ZOOM and had been moribund for years before Zoom Video’s IPO in April 2019 helped revive it.”The challenging part is we’re just running out of names that are distinctive,” said A.J. Ericksen, corporate partner at Baker Botts, in an interview. “So you’ll get some that sound alike and it gets even worse when you start with tickers — which was a big problem with Zoom Technologies. The retail investors start typing in ‘Zoom’ and get that.”ZOOM’s daily volume soared from about 30,000 shares on April 10, 2019, to nearly 1 million shares eight days later, while the stock price rose about five-fold over three trading days. Things were quieter until the coronavirus started to spread rapidly across the U.S. this spring, sparking a surge in Zoom video chats and sending shares of its doppelganger up more than 10-fold.That volatility captured the attention of the Securities and Exchange Commission, which halted trading in Zoom Technologies for two weeks on March 25. The regulator cited concerns about ticker confusion and a lack of public disclosures since 2015. Ultimately Zoom Technologies changed its ticker symbol from ZOOM to ZTNO.“I think it’s just going to be left to ‘buyer beware,’” Ericksen said.Of course, ZoomInfo has little in common with Zoom Technologies aside from its name. The Vancouver, Washington-based company has about 202,000 paying users, $293 million in revenue last year and is backed by Carlyle Group, according to a filing.It’s unclear whether Zoom Corp., a Japanese seller of video and sound recording devices, has also benefited from name confusion. Its stock rallied to a four-month high in April but has since fallen about 14%.Meanwhile, Zoom Video shares continue to chug higher. The stock has gained 27% since Friday, when it was added to the MSCI World Index. On Tuesday, the company nearly doubled its annual revenue forecast after a blowout first quarter in which customers with more than 10 employees jumped 354% compared with the same period a year ago.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.
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German travel operator TUI and Boeing Co (BA) have reached an agreement on a comprehensive package of measures to offset the financial impact of the grounding of the planemaker’s 737 MAX jets.The two-year compensation package includes a new delivery schedule for the 737 MAX aircraft of which the travel company had an order of 61. As a result, less than half of the originally planned 737 MAX aircraft will be delivered to TUI in the next two years with the timing also being delayed.The associated payment schedules have been adapted accordingly, TUI said in a statement. The financial terms of the agreement weren’t disclosed as its details are confidential. However, TUI said that the compensation deal covers a “significant portion of the financial impact, as well as credits for future aircraft orders”."We have reached a fair agreement that strengthens our long-standing relationship with Boeing,” TUI CEO Fritz Joussen said. “It supports our plan to downsize the aircraft fleet and reduce the capital requirements for aircraft investments in the Group."With its five airlines in Germany, the UK, Belgium, the Netherlands and Sweden, TUI is one of Boeing's largest European customers for the 737 aircraft. Temporary suspension of aircraft production had begun in January after the company grounded the 737 MAX jet last year following a second crash.The ailing planemaker said last week it restarted 737 MAX production at its factory in Renton, Washington, albeit at a low rate and is planning to gradually ramp up production this year.Boeing has been cutting jobs and streamlining operations as travel restrictions tied to the coronavirus pandemic have resulted in a deep cut in the number of commercial jets and services its customers need over the next few years. Last month, the planemaker reported that it did not receive a single order in April, while it was also grappling with 108 order cancelations for its grounded 737 MAX plane.Shares advanced 1.5% to $155.60 in Wednesday’s pre-market trading, trimming this year’s plunge to 53%.Susquehanna analyst Charles Minervino this week reiterated a Buy rating on the stock with a $175 price target, as he believes that a steady recovery in air travel off the lows seen in 2Q should lift demand for aftermarket services in the coming quarters.Overall Wall Street analysts are cautiously optimistic on Boeing shares. The Moderate Buy consensus is divided into 8 Buy, 11 Hold and 1 Sell rating. The $161.61 average price target implies 5.4% upside potential in the stock in the next 12 months. (See Boeing’s stock analysis on TipRanks).Related News: Boeing Cuts 6,770 Jobs In U.S.; CFRA Upgrades Stock To Buy Ryanair Cuts Traffic Target By Almost 50% For Coming Year, Seeks To Reduce Boeing Plane Deliveries Boeing Gets No Orders in April, Customers Cancel 737 MAX Jets More recent articles from Smarter Analyst: * Facebook And PayPal Invest In Indonesian App Gojek * Google In $5 Billion U.S. Lawsuit For Collecting Users’ ‘Private’ Internet Data * Alibaba Rolls Out Online Business Services As Covid-19 Boosts Digitalization Need * Glu Mobile Sinks On $100M Public Offering Announcement