Yext Inc
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Information Technology : Software | Small Cap Growth
Company profile

Yext, Inc. is a provider of an answer platform. The Company is engaged in organizing businesses facts to deliver relevant, actionable answers to consumer questions throughout the digital ecosystem. Its platform lets businesses structure the facts about their brands in a database called the Knowledge Graph. Its platform is built to leverage the structured data stored in the Knowledge Graph to deliver a search experience on a business or organization's own Website, as well as across over 200 service and application providers, which it refers to as its Publisher Network, and includes Amazon Alexa, Apple Maps, Bing, Cortana, Facebook, Google, Google Assistant, Google Maps, Siri, and Yelp. The Company's platform offers various features, including Listings, Pages, and Search, along with its other features and capabilities. The Company also offers field user support, which includes one-on-one training, review of content based on brand guidelines, and other support services.

Day's Change
3.88 (40.42%)
B/A Size
Day's High
Day's Low
(Heavy Day)

Today's volume of 21,950,504 shares is on pace to be much greater than YEXT's 10-day average volume of 1,316,654 shares.


'Net worth of median household is basically nothing,' says Carl Icahn. 'We have some major problems in our economy.'

8:37 pm ET March 14, 2023 (MarketWatch)

By Mark DeCambre

'A lotta people in our economy aren't doing well, obviously,' says Icahn

That was Wall Street billionaire investor Carl Icahn, speaking to CNBC's Closing Bell on Tuesday, in the aftermath of emergency action taken by the government to mitigate the impact of one of the largest bank failures in U.S. history.

The co-founder of Icahn Enterprises says that his investment portfolio is set up for more pain in the U.S. economy, which he notes is being buffeted by rapidly rising interest rates and escalating concerns about its overall health, as the Federal Reserve attempts to prevent inflationary pressures from becoming entrenched.

The Fed's rate hikes are intended to cool economic growth by raising borrowing costs and tamping down demand, but the ill effects of those interest-rate increases appear to be surfacing in pockets of the economy.

Banks have been on a wild ride since late last week.

Blame it on the failure of a slate of banks, notably Silicon Valley Bank (SIVB) and Signature Bank (SBNY). Those institutions have raised concerns about the ability of companies, and money-center financial institutions in particular, to operate effectively in this suddenly higher-rate regime.

Banks should be benefiting from a climate of rising rates because they borrow on a short-term basis and provide longer-term loans at higher rates, pocketing the rate differential.

Apparently, not all banks have been managing risks well and the celerity of the increase in interest rates, along with likely tactical missteps, may be part of the problem.

Shares of the SPDR S&P Regional Banking ETF (KRE), which covers the regional banks segment of the broader S&P 500 , tumbled 10% on Monday, after falling 4.4% on Friday following the seizure by California regulators and the Federal Deposit Insurance Corp. of SVB Financial Group, which operated Silicon Valley Bank.

Over the weekend, the Fed announced a new emergency loan program to bolster the capacity of the banking system and the government announced that all SVB depositors would get their money back.

Stock-market investors in the Dow Jones Industrial Average and S&P 500 have been tempest-tossed since the events took shape late last week, with industry participants still on the lookout for possible spillover to other areas of the market.

For his part, Icahn has been concerned about the economy after a historic stretch of easy money helped to underpin asset bubbles in everything from crypto to tech and meme stocks.

Based on his interview with CNBC, the legendary Icahn sees the business climate on a less-than-solid footing.

He said the median household net worth is "practically nothing."

However, it isn't clear exactly how accurate his figures are -- though Americans have been contending with the challenges of rising prices and continue to do so for services as the impact of the COVID pandemic subsides.

The median net worth for American families, for example, stands at around $121,760, according to data from a survey conducted by the Federal Reserve's survey of consumer finances in 2019, the latest available data. That was up nearly 18% from the previous survey in 2016.

That said, according to a report from Bankrate conducted last year, 56% of Americans would be unable to cover an unexpected $1,000 bill with savings.

Those are just some measures of America's fiscal health but the overall picture has darkened for many as prices remain elevated and companies announce layoffs.

Meta Platforms Inc. (META) said it plans to lay off 10,000 more employees as it focuses on a "year of efficiency." The Facebook parent had already announced plans to slash more than 11,000 jobs in an initial round of cuts back in November.

Icahn sees conditions getting worse before they get better and it may be worthwhile for investors to take heed.

-Mark DeCambre


This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

March 14, 2023 20:37 ET (00:37 GMT)

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