Raphael Stevens

Marqeta Headquarters in Oakland, Calif.Yalonda M. James | San Francisco Chronicle | Hearst Newspapers via Getty ImagesMarqeta has become one of the hottest businesses in digital commerce, even though few consumers have ever heard of it.Its name is about to become much more familiar. On Friday, the company filed to go public and, in its prospectus to investors, disclosed annualized revenue growth in the first quarter of 123% to $108 million, while its net loss narrowed to $12.8 million from $14.5 million a year earlier.in 2020, annual revenue more than doubled to $290.3 million, and the company recorded a loss of $47.7 million.Founded in 2010 and based in Oakland, California, Marqeta sells payment technology that’s designed to detect potential fraud and ensure that money is properly routed. The company issues customized physical cards, which look like credit and debit cards, which contractors from DoorDash or Instacart use to make point-of-sale purchases from restaurants or supermarkets.Many of Marqeta’s top customers are coming off record years as the pandemic pushed commerce to mobile devices. In addition to meal-delivery companies, Marqeta powers Square’s debit card for small business owners and its popular Cash App for peer-to-peer payments. Affirm and Klarna, which provide small-dollar lending to consumers for purchases like bikes and TVs, use Marqeta’s technology to move money with their installment loans.Larry Albukerk, who brokers pre-IPO stocks at EB Exchange, said Marqeta shares have been trading on the secondary market for $33 to $35 a share. Based on a total of 484.4 million Class A and Class B shares, as listed in the prospectus, that values the company at about $16 billion to $17 billion.A year ago Marqeta raised capital at a valuation of about $4.3 billion.”It’s definitely one of the hottest companies in the private markets,” said Alburkerk, who also owns some Marqeta shares. “It’s been a steady performer for the last two years and recently has become one of the most sought-after stocks to buy pre-public.”Albukerk said Marqeta is up there with Stripe and Plaid in terms of fin-tech stocks that investors are seeking, but Marqeta is the only one of the three that trades regularly because the other two companies are more restrictive with ownership transfers.Marqeta competes on one end of the payment technology market with legacy vendors like Fiserv and FIS, and on the other end with modern vendors like Adyen and Stripe. Where Marqeta most differentiates itself is in its card-issuing service, which allows clients to create a very specialized physical or virtual card for heir business partners.The company says in the risk factors sections of its prospectus that its expansion in 2020 mirrored that of its clients in e-commerce and food and grocery delivery. As the economy reopens, spending patterns could change.”Our net revenue growth in recent periods has increased, as additional consumers have shifted to using these services,” the company said. “If this trend in consumer demand and spending patterns slows or reverses as shelter-in-place restrictions ease and as the pandemic subsides, our net revenue growth may be adversely affected.”Marqeta ranked 33rd on CNBC’s Disruptor 50 list last year.WATCH: Marqeta CEO Jason Gardner on partnership with Goldman More

In this articleSTZAfter pledging to invest in minority enterprises, Constellation Brands made its first move, taking a stake in a Black-owned rosé company.Constellation, through its venture capital arm, is now backing La Fête du Rosé as part of its push to support Black, Latinx and minority-owned firms with $100 million by 2030.The company’s goal is to grow the reach of rosé, which is popular among women, La Fête du Rosé founder Donae Burston told CNBC’s Jim Cramer on Friday.”That’s been our mission since Day 1, to make rosé far more inclusive,” he said in an interview on “Mad Money.” “We wanted to definitely change that narrative and bring more people into the fold, not only just men but also people of color.”La Fête du Rosé — French for “the rosé party” — was launched in 2019 by Donae Burston, a 15-year beverage industry veteran who developed the brand to target millennial and Generation Z consumers. The drink draws inspiration from the rosé culture in the French peninsula of Saint Tropez.While the size of the investment was undisclosed, Burston said the funds will be used to expand staff and production.Burston appeared alongside Constellation Brands CEO Bill Newlands, who said his company was spurred into action to address the fact that women and people of color are underrepresented in the industry. Constellation Brands’ portfolio of wine and spirits includes Corona and Modelo.”In a recent 5 year period, only 1% of venture funds went to Black entrepreneurs, and we decided we were going to help fix that issue and really create some change,” Newlands said. “In our judgment, you can do good and do good business.”La Fête du Rosé also donates some of its profits to programs that provide travel experiences to disadvantaged kids.”Travel was the thing that changed my life post-graduate, so we wanted to give those same opportunities back to underserved youth and underprivileged kids,” Burston said.Questions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer’s world? Hit him up! Mad Money Twitter – Jim Cramer Twitter – Facebook – InstagramQuestions, comments, suggestions for the “Mad Money” website? [email protected] More

Jerry West may be the man whose silhouette graces the National Basketball Association logo, but he’s also the man responsible for making Kobe Bryant a Los Angeles Laker.The eight-time NBA champion spoke to CNBC’s “The News with Shepard Smith” about his relationship with the former Lakers superstar and his thoughts about his late friend, who will be inducted into the Basketball Hall of Fame on Saturday.”I’ll remember [Bryant] as someone that I loved like a brother. The playful moments with him, some of the funny things and exchanges we had. Watching him when he first started to what he became,” West told CNBC.Bryant, 41, his daughter Gianna, 13, and seven other people died Jan. 26, 2020, in a helicopter crash near Calabasas, California.West, a former player and 14-time NBA All-Star, went on to coach the Lakers and eventually moved to the team’s front office. He was behind the Lakers’ dynasty in the ’80s and is the proud owner of eight championship rings over his lifetime. He is also the man who is credited with bringing Bryant to the Lakers after orchestrating a draft-day trade with the Charlotte Hornets.West saw Bryant’s talent for basketball early on and didn’t shy away from the 17-year-old, despite his only playing in high school.Jerry West and Kobe Bryant greet before the game between the Golden State Warriors and the Los Angeles Lakers on December 18, 2017 at STAPLES Center in Los Angeles, California.Andrew D. Bernstein | NBAE via Getty Images”We just fell in love with him. From the time we worked him out in Los Angeles, and particularly the second time we worked him out … from then on was like, I love this, how do we get this guy?”The two developed a bond throughout the years. West said his son would drive Bryant around and his wife would cook him Italian food for dinner.”He was one of the greatest players we’ve ever seen, but he also was one of the very smartest players we’ve ever seen,” said West.While Bryant achieved so much on the court, West also was proud of his off-court contributions, particularly when it came to helping women’s basketball.Bryant helped give a voice to the Women’s National Basketball Association and its players, often attending games with his daughter.”He was a bright light” for women basketball players, West said. “Whatever he did turned to gold, and I think that’s who he was as a person.”On Saturday, Bryant’s idol, Michael Jordan, will be inducting him into the Hall of Fame. From a young age, Bryant looked up to Jordan and even tried to model his game after him.”This will be a historic night to honor an iconic player who is no longer with us, and it just doesn’t seem right, to be honest with you,” said West. “To have his idol there introducing him … I think we all feel a little bit robbed because of that.” More

In this articleFIVNFive9 shifted into a new gear of growth after cloud services became the standard for businesses, CEO Rowan Trollope said on CNBC Friday.The digital transformation has forced organizations to rethink their customer relations strategies, he said, leading to a 45% growth in revenue last quarter for Five9, a cloud contact center platform.”The evangelism phase for cloud software is really over,” he told Jim Cramer on “Mad Money.” “We’re not having to convince customers that cloud is an acceptable option anymore. They’re just diving in.”Demand for cloud services and technology stocks surged as society switched to remote work and school during Covid-19 restrictions last year. As more businesses went online, they began to transition away from traditional touch-tone call center operations to include automated and text services.Trollope said Five9 signed two of its largest deals during the period, which is expected to generate more than $20 million together annually.”AI and automation are leading the day right now with large customers,” who are looking to be more efficient, he said. “The contact center has become the new front door for a lot of companies, especially as they look to leverage digital channels.”Five9’s business has steadily accelerated since the start of the pandemic. The company reported $137.88 million of revenue in the first quarter, up from 27.6% the year prior. Growth was 38.6% in the fourth quarter and 33.9% in the third quarter.Shares of Five9 rallied 3% on Friday to close at $164.50. The stock has fallen 17% from its highs in March as part of a broader pullback in tech stocks.Questions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer’s world? Hit him up! Mad Money Twitter – Jim Cramer Twitter – Facebook – InstagramQuestions, comments, suggestions for the “Mad Money” website? [email protected] More

In this articleDELOWHDWMTVFCAMATADIInvestors will get to learn more about the pandemic’s ongoing impact on the consumer economy as retailers prepare to issue quarterly earnings reports, CNBC’s Jim Cramer said Friday.The industry will have its time in the spotlight on Wall Street after the Commerce Department on Friday said that retail sales were unchanged in the month of April coming off a 10.7% increase in March.”Next week’s about the consumer spending, whether at home, outside, or in the mall,” the “Mad Money” host said. “Before you bet on which retailer’s doing the best, you need to account where their stocks are coming from, because some of them have run too much while others still have room to play catch up.”Cramer gave his game plan for the week ahead. Earnings-per-share projections are based on FactSet estimates:Zoom In IconArrows pointing outwardsMonday: Lordstown Motor, Fisker earningsLordstown MotorQ1 2021 earnings release: before market; conference call: 10 a.m.Projected losses per share: 28 centsProjected revenue: $0″Lordstown’s a former market darling that was trading at $31 less than four months ago, but management had been excessively promotional when touting their preorder numbers,” Cramer said, “and since then the stock has plunged to $7.”FiskerQ1 2021 earnings release: after market; conference call: 5 p.m.Projected losses per share: 19 centsProjected revenue: $0″I think they’ll have a better story to tell about their electric SUV, the Ocean, though I don’t know if it’s going to matter,” he said.Tuesday: Walmart, Home Depot, Macy’s, Take-Two Interactive earningsWalmartQ1 2022 earnings release: 7 a.m.; conference call: 8 a.m.Projected EPS: $1.21Projected revenue: $132.16 billion”There’s been a lot of chatter that the company’s doing well, but e-commerce execution has fallen hopelessly behind Amazon,” Cramer said. “I’ve gotta tell you, I haven’t been able to confirm that grim outlook and I remain convinced that Walmart’s worth owning.”Home DepotQ1 2021 earnings release: 6 a.m.; conference call: 9 a.m.Projected EPS: $3.08Projected revenue: $34.75 billion”This may be the most successful do-it-yourself renovation and gardening season in ages,” he said. “Home Depot has a nasty habit of having its stock run into the quarter, so if it has a good day Monday, the stock might sell off after the quarter and that’s your chance to pounce.”Macy’sQ1 2021 earnings release: before market; conference call: 8 a.m.Projected losses per share: 39 centsProjected revenue: $4.36 billion”I fear that much of whatever gain it might have has been stolen by today’s 14% advance,” Cramer said. “I expect still one more slightly better-than-expected set of numbers, with a positive undertone.”Take-Two InteractiveQ4 2021 earnings release: after market; conference call: 4:30 p.m.Projected EPS: 68 centsProjected revenue: $661 million”The stock’s fallen nearly 50 points from where it was trading just before it reported a pretty good quarter last time. I think it can run here,” the host said.Wednesday: Lowe’s, Target, TJX, Analog Devices, Cisco earningsLowe’sQ1 2021 earnings release: before market; conference call: 9 a.m.Projected EPS: $2.60Projected revenue: $23.73 billion”I think a rejuvenated Lowe’s, under the leadership of [CEO] Marvin Ellison, is taking share from Home Depot,” Cramer said.TargetQ1 2021 earnings release: before market; conference call: 8 a.m.Projected EPS: $2.18Projected revenue: $21.61 billion”Target can’t stop putting up good numbers after reasserting itself as the dominant fun discounter,” he said.TJXQ1 2022 earnings release: 9:30 a.m.; conference call: 11 a.m.Projected EPS: 30 centsProjected revenue: $8.59 billion”TJX quietly makes great money and this time should be no different,” the host said.Analog DevicesQ2 2021 earnings release: 7 a.m.; conference call: 10 a.m.Projected EPS: $1.45Projected revenue: $1.61 billionCiscoQ3 2021 earnings release: after market; conference call: 4:30 p.m.Projected EPS: 82 centsProjected revenue: $12.57 billion”I think they’ll both make us feel real good about the business,” Cramer said. “I expect a very positive outlook.”Thursday: Kohl’s, Ralph Lauren, Petco, Hormel, Applied Materials, Palo Alto Networks earningsKohl’sQ1 2021 earnings release: before market; conference call: 9 a.m.Projected EPS: 8 centsProjected revenue: $3.35 billion”It’s too daunting after that huge rally,” Cramer said. “I’ve been not the best on Kohl’s. … Suffice it to say that other people know Kohl’s better than I do.”Ralph LaurenQ4 2021 earnings release: 8 a.m.; conference call: 9 a.m.Projected losses per share: 72 centsProjected revenue: $1.21 billion”Ralph Lauren’s going more youthful and upscale,” he said. “It’s a good move, and I predict upgrades into the quarter.”PetcoQ1 2021 earnings release: 7:15 a.m.; conference call: 8:30 a.m.Projected losses per share: 9 centsProjected revenue: $1.27 billion”I think they’ll be able to capitalize on the pandemic pet boom,” the host said. “The stock jumped nearly 9% today, so it could, again, get away before the quarter.”Hormel FoodsQ2 2021 earnings release: before market.; conference call: 9 a.m.Projected EPS: 41 centsProjected revenue: $2.42 billion”They recently bought one of the most undermanned, underspent brands in the history of the supermarket, Planters nuts, and I bet they tell a great story about how the acquisition’s already paying off,” he said.Applied MaterialsQ2 2021 earnings release: after market; conference call: 4:30 p.m.Projected EPS: $1.51Projected revenue: $5.4 billion”They’ll have to deal with analyst hecklers tearing apart every sentence, if not every word, because of a sudden plunge in some of those semiconductors,” Cramer said. “I think that’s a total exaggeration, but it won’t stop the analysts from being skeptical.”Palo Alto NetworksQ3 2021 earnings release: after market; conference call: 5 p.m.Projected EPS: $1.29Projected revenue: $1.06 billion”Who doesn’t want a cyber-security play when a bunch of hackers just shut off the supply of gasoline to the east coast? I bet they have excellent numbers,” he said.Friday: Deere, VF Corp, Foot Locker earningsDeereQ2 2021 earnings release: before market; conference call: 10 a.m.Projected EPS: $4.51Projected revenue: $10.57 billion”It will be a blowout. It’ll be an upside surprise,” Cramer said, “unless the grain complex collapses beforehand … so be sensitive to the commodity chatter, but understand that we’re looking at the strongest agriculture cycle in a decade.”VF CorpQ4 2021 earnings release: 6:55 a.m.; conference call: 8:30 a.m.Projected EPS: 28 centsProjected revenue: $2.51 billion”This apparel company’s been inconsistent and the stock will be hostage to Kohl’s and Target,” he said.Foot LockerQ1 2021 earnings release: before market; conference call: 9 a.m.Projected EPS: $1.07Projected revenue: $1.86 billion”I think it could have a gap up before getting hit with concerns that there’s just been too much of a good thing and not enough woe, so it’s time to go,” the host said.Disclosure: Cramer’s charitable trust owns shares of Take-Two Interactive and Walmart.DisclaimerQuestions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer’s world? Hit him up! Mad Money Twitter – Jim Cramer Twitter – Facebook – InstagramQuestions, comments, suggestions for the “Mad Money” website? [email protected] More

kate_sept2004 | E+ | Getty ImagesPutting away enough savings for retirement has always been a struggle for many Americans.One reason workers tend to fall short: they often dip into the money they have set aside for their golden years.Now, some experts and lawmakers are discussing one idea that could help workers avoid that – by enabling employers to offer emergency savings plans.The programs would work similarly to retirement savings programs many employers already offer, allowing employees to save for unforeseen events alongside the long-term funds dedicated to their later years.The idea surfaced at a recent Senate hearing on retirement security. The discussion painted a grim picture of where some Americans are with regard to retirement preparation.More from Personal Finance:A Roth IRA could help you buy a home. Here’s what to knowWill your child’s school mandate Covid vaccinations?You don’t need to be ultra-wealthy to consider a prenup”We were facing a retirement crisis before Covid-19,” Sen. Patty Murray, D-Wash., said. “But, as with so many other things, this pandemic has just poured gasoline on the fire.””If we are going to rebuild our country stronger and fairer, we have to address the reality that for far too long, the ways we help families plan for the future have been stuck in the past,” she said.There are complex reasons why Americans have had so much trouble putting money away for the future.Many workers do not have access to retirement plans through their employers. Even those who do may find it tough to set aside money they could put to other more immediate needs.Studies also show Americans routinely struggle to come up with enough money to handle an unexpected expense.In fact, 40% of Americans would have difficulties covering a $400 expense, a 2018 Federal Reserve report found. A more recent survey from Bankrate.com released in January reported that fewer than 4 in 10 people could pay for a $1,000 expense out of savings.”Unfortunately, an alarming share of Americans have very little emergency savings or even none whatsoever,” Shai Akabas, director of economic policy at the Bipartisan Policy Center, said during his Senate testimony.One way to solve that would be extending the automatic enrollment features now offered for workplace retirement plans to emergency savings, Akabas said. That would enable employers to default their employees into a plan that automatically puts a portion of their paychecks aside for routine savings.Efforts to address this issue are already underway, including a $50 million emergency savings initiative launched by BlackRock in 2019. But there are challenges to getting such plans off the ground, such as low participation and regulatory barriers, Akabas said.Providing regulatory clarity along with reasonable consumer protections will open the door to this promising tool and with it, better savings outcomes.Shai Akabasdirector of economic policy at the Bipartisan Policy Center”Unfortunately, the law is unclear for employers that want to adopt automatic enrollment for these accounts,” Akabas said. “Providing regulatory clarity along with reasonable consumer protections will open the door to this promising tool and with it, better savings outcomes.”A bill to help employers experiment with offering these kinds of accounts is expected to be reintroduced this year, Akabas said. That bipartisan proposal was backed by Sens. Cory Booker, D-N.J.; Todd Young, R-Ind.; and Tom Cotton, R-Ark., in the last Congress.Fidelity Investments is among the firms encouraging the adoption of such programs to help workers avoid early withdrawals from their retirement savings, Dave Gray, head of workplace retirement products at the firm, said during the Senate hearing.Last year, 1.6 million Fidelity customers took distributions from their retirement accounts under the CARES Act after the Covid-19 pandemic hit.”The substantial number of withdrawals demonstrates the need for emergency savings,” Gray said.Legislation could help spur the creation of emergency savings programs that allow participants to earn a match to their retirement plan by contributing to an emergency savings account, he said.Until then, experts recommend individuals and families put away savings so that they can handle unforeseen expenses when they crop up.”It generally doesn’t happen without having a forced savings into a separate account,” said certified financial planner Ted Jenkin, CEO of Atlanta-based Oxygen Financial.Workers should generally strive to have at least three to six months of cash in a bank account separate from the one for checking, either online or with a community bank, Jenkin said. More

Scott Olson | Getty ImagesIf you’re lucky — as in really, really lucky — that $2 Mega Millions ticket you’re holding could be worth $430 million by Saturday.That’s the face value of the jackpot heading into Friday night’s drawing. Yet whether you’d choose to receive the prize as an annuity spread over three decades or as a reduced lump sum of $291.1 million, it wouldn’t be as simple as swapping your ticket for the loot and carrying on with life as before.”That amount is absolutely life-changing,” said Walt Blenner, an attorney and founder of Blenner Law Group in Palm Harbor, Florida. “Everything about your life will change and there is no going back.”Zoom In IconArrows pointing outwardsIf someone wins Friday night, the jackpot would mark the 11th largest in the game’s history. Already this year, two Mega Millions jackpots have been won: a $1.05 billion windfall on Jan. 22 that went to a group of players in Michigan and a $96 million prize won by a New York couple on Feb. 16.Here are some mistakes to avoid to help you transition smoothly to having extreme wealth.OversharingBlenner recommends sharing the news only with your nuclear family.”Tell as few people as possible,” he said. “When word gets out, it spreads quickly.”The ultimate goal should be to protect your identity as best you can. Some states allow you to claim your prize anonymously, while others may let you set up a trust or entity to claim the money, thereby keeping your name out of the public eye.Otherwise, there can be a whirlwind of public attention — not all of which is guaranteed to be passing or innocent.When Blenner represented the winner of a $451 million Mega Millions jackpot in 2018, he had to emphasize the importance of disappearing before the public found out who won (in Florida, lottery winners cannot remain anonymous).They were hesitant, so he ended up telling them that ransom and kidnap insurance was available. That got through to them, and they rented a house 20 miles away under an alias.Rushing to claim the prizeWinners typically are given three months to a year to claim their prize, depending on the state where the winning ticket was purchased.In other words, there’s no need to rush immediately to lottery headquarters. And, generally, collecting your windfall takes some planning.More from Personal Finance:A Roth IRA could help you buy a home. Here’s what to knowWill your child’s school mandate Covid vaccinations?You don’t need to be ultra-wealthy to consider a prenupWhen Blenner helped the $451 million jackpot winner, the bank that was receiving the money needed to prepare for it: The federal government had to be notified that a large amount of cash was on its way and that it was not coming from a foreign country, Blenner said.Trying to go it aloneBefore you claim, you should assemble a team of experienced professionals, including an attorney, accountant and financial advisor, Blenner said. “You absolutely need a team around you,” he said. For instance, there may be ways to minimize your tax bill. While 24% is withheld from big lottery wins for federal taxes, the top marginal rate of 37% means you’d owe a lot more.For this Mega Millions jackpot, the withholding on the $291.1 million lump-sum option would result in nearly $69.9 million getting shaved off the top. There also are typically state taxes, which may be withheld or due at tax time.Someone on the team should also serve as a gatekeeper. That is, they can field requests from moochers or scammers or anyone else angling for a piece of your windfall.It’s worth noting that most people will never have to worry about these things. The chance of a single ticket hitting all six numbers drawn in Mega Millions is about 1 in 302 million. For Powerball — whose jackpot is $183 million for Saturday night’s drawing — your chance of winning the top prize is slightly better: 1 in 292 million. More