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Crypto Trading Platform Voyager Digital Sees 1578% Sequential Surge In Q3 Revenue

Voyager Digital Ltd (OTC: VYGVF) announced results for the third quarter ended March 31 on Tuesday. The crypto-asset platform’s quarterly revenues surged 1578% sequentially, quarter-over-quarter. read more.....»»

Category: blogSource: benzingaMay 26th, 2021

3 Important Points From IDC Semiconductor Forecast & 4 Picks

There were three encouraging points in IDC???s latest global semiconductor sales forecast for 2021. There were three encouraging points in IDC’s latest global semiconductor sales forecast for 2021.First, the research firm now expects global semiconductor sales to grow 17.3% in 2021, on top of the 10.8% growth in 2020. The end markets driving this strength are mobile phones, notebooks, servers, automotive, smart home, gaming, wearables and Wi-Fi access points.5G is clearly the main driver of semi revenues into the mobile phone market. So that segment is expected to grow 128%, with total mobile semiconductor revenues up 28.5%. And that’s still stronger than X86 server chips, which will see revenue growth of 24.6%. Sales into the notebook market will be up 11.8% while game consoles, smart home, and wearable semis will grow a respective 34%, 20% and 21%. And automotive semiconductor revenues will increase 22.8%.Which brings us to the second important takeaway. IDC expects the shortages in the auto market to be mitigated by year-end. We all know how crazy that has been. That has been a major factor holding back the sector, caught in between soaring demand and depleted inventory.Overall, the firm sees front-end manufacturing beginning to meet consumption (which is healthy despite the COVID scare) in the third quarter as foundries step in to fill gaps, but cautions that back-end constraints and material shortages remain. The market is currently not expected to normalize until the middle of 2022 with the possibility of overcapacity by year-end as new fabs come online. Still, the semiconductor market will grow at a CAGR of 5.3% through 2025, which is a good bit stronger than the typical 3-4% growth historically.And third, semiconductor wafer prices increased in the first half of 2021, with further increases in the cards, driven by increased material cost and opportunity cost at mature processes. So stronger pricing and much higher volumes will generate bigger gains for players.Semiconductor stocks worth buying today are-MaxLinear, Inc MXLMaxLinear is a fabless company that designs products incorporating radio frequency (RF), high-performance analog, mixed-signal, digital signal processing (DSP), security engines, data compression and networking layers, and power management for high-speed communication systems.Its communications systems-on-chip (SoC) solutions are used in broadband (51% revenue share in 2020), mobile and wireline infrastructure (16%), connectivity (15%), and industrial and other multi-market (18%) applications.The company has been taking share and growing its silicon content in the broadband segment, as its customers upgrade their infrastructure to support bandwidth-intensive services and accommodate a swelling subscriber base. Supply constraints are expected to improve in the fourth quarter and management expects continued share gains over the next several years.  Overall, its new product pipeline, design win momentum, strategic agreements, lean channel inventories and strong demand should drive continued strength in bookings and sales.  Analysts are also highly optimistic about this company. They currently expect its earnings to grow 169.3% in 2021 and 16.2% in 2020 on the back of revenue growth of 80.3% and 10.4%, in the two years, respectively.The Zacks Rank #1 (Strong Buy) stock is trading at 19.6X P/E, well below the median value of 30.0X over the past year and the S&P 500’s 21.4X.Semtech Corporation SMTCSemtech is a global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The end applications for its products are in the infrastructure (data centers, passive optical networks, base stations, optical networks, servers, carrier networks, switches and routers, cable modems, wireless local area network and other communication infrastructure equipment), high-end consumer (smartphones, tablets, wearables, desktops, notebooks, and other handheld products, wireless charging, set-top boxes, digital televisions, monitors and displays, digital video recorders and other consumer equipment) and industrial (Internet of Things ("IoT"), analog and digital video broadcast equipment, video-over-IP solutions, automated meter reading, smart grid, wireless charging, military and aerospace, medical, security systems, automotive, industrial and home automation and other industrial equipment) markets.In its 2021 fiscal year ending January, its end market exposure was as follows: Enterprise Computing (31% revenue share), Industrial and Other (26%), High-End Consumer (26%) and Communications (18%).The company is seeing strong momentum in the business with design win momentum, platform strength, growing bookings, and a book-to-bill above 1. Moreover, there is huge demand on the horizon with 5G demand coming out of China as well as buildouts in North America and Europe.A favorable product mix is also driving the gross margin.The Zacks Rank #1 stock is trading at 28.7X P/E, which is not cheap per se but below its median level of 46.0X over the past year. Given its growth prospects (45.7% earnings growth in the current year on revenue growth of 23.6%, followed by 19.5% earnings growth next year on revenue growth of 10.2%) and estimate revision trend, shares are only likely to move higher.Analog Devices, Inc. ADIThe company is an original equipment manufacturer of analog, mixed signal and digital signal processing (DSP) integrated circuits.Its end market exposure is as follows: Industrial applications in instrumentation, defense/aerospace, energy management and healthcare comprises a 53% share; internet infrastructure, broadband and wireless applications making up the communications segment accounts for another 21%; infotainment, electrification, autonomous, ADAS and safety applications in automotive comprise 14% and feature-rich portable devices and prosumer video/audio equipment in consumer accounting for the rest.ADI is seeing strength in consumer, industrial and automotive end-markets and design win momentum. Its acquisition of Maxim will expand its TAM in these markets as well as in communications (5G) while adding to its bottom line this year.The 30.6% earnings growth in its fiscal year ending October is expected to come off revenue growth of 29.9%. Revenue growth is expected to accelerate the following year to 40.6% with earnings growth decelerating to 12.8%.At 24.9X earnings, the shares of this Zacks Rank #2 (Buy) stock are close to its median value of 24.8X over the past year. But given the strong momentum in its business, buying the shares still makes sense.NXP Semiconductors N.V. NXPIThe company offers high performance mixed signal and standard product solutions leveraging RF, analog, power management, interface, security and digital processing technologies for application in the automotive, wireless infrastructure, lighting, industrial, mobile, consumer and computing markets.NXP has significant exposure to the automotive end market, which accounted for 44% of its revenue in 2020 and fairly broad exposure to other markets: Industrial & IoT and Communication Infrastructure & Others generated 21% each of its revenue last year while the mobile end market accounted for 14%.The company is currently expected to grow its revenue by 26.7% this year and 6.9% next year. Earnings are expected to grow 31.3% and 10.5%, respectively, in the two years.The Zacks Rank #2 stock trades at a 19.5X P/E, which is below its median level of 23.5X over the past year as well as the S&P 500’s 21.4X. So valuation supports buying the shares.One-Month Price PerfornanceImage Source: Zacks Investment Research Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Analog Devices, Inc. (ADI): Free Stock Analysis Report Semtech Corporation (SMTC): Free Stock Analysis Report NXP Semiconductors N.V. (NXPI): Free Stock Analysis Report MaxLinear, Inc (MXL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 24th, 2021

Futures Slide Alongside Cryptocurrencies Amid China Crackdown

Futures Slide Alongside Cryptocurrencies Amid China Crackdown US futures and European stocks fell amid ongoing nerves over the Evergrande default, while cryptocurrency-linked stocks tumbled after the Chinese central bank said such transactions are illegal. Sovereign bond yields fluctuated after an earlier selloff fueled by the prospect of tighter monetary policy. At 745am ET, S&P 500 e-minis were down 19.5 points, or 0.43%, Nasdaq 100 e-minis were down 88.75 points, or 0.58% and Dow e-minis were down 112 points, or 0.33%. In the biggest overnight news, Evergrande offshore creditors remain in limbo and still haven't received their coupon payment effectively starting the 30-day grace period, while also in China, the State Planner issued a notice on the crackdown of cryptocurrency mining, will strictly prohibit financing for new crypto mining projects and strengthen energy consumption controls of new crypto mining projects. Subsequently, the PBoC issued a notice to further prevent and dispose of the risks from speculating on cryptocurrencies, to strengthen monitoring of risks from crypto trading and such activities are illegal. The news sent the crypto space tumbling as much as 8% while cryptocurrency-exposed stocks slumped in U.S. premarket trading. Marathon Digital (MARA) drops 6.5%, Bit Digital (BTBT) declines 4.7%, Riot Blockchain (RIOT) -5.9%, Coinbase -2.8%. Big banks including JPMorgan, Citigroup, Morgan Stanley and Bank of America Corp slipped about 0.5%, while oil majors Exxon Mobil and Chevron Corp were down 0.4% and 0.3%, respectively, in premarket trading.Mega-cap FAAMG tech giants fell between 0.5% and 0.6%. Nike shed 4.6% after the sportswear maker cut its fiscal 2022 sales expectations and warned of delays during the holiday shopping season. Several analysts lowered their price targets on the maker of sports apparel and sneakers after the company cut its FY revenue growth guidance to mid-single- digits. Here are some of the biggest U.S. movers today: Helbiz (HLBZ) falls 10% after the micromobility company filed with the SEC for the sale of as many as 11m shares by stockholders. Focus Universal (FCUV), an online marketing company that’s been a favorite of retail traders, surged 26% in premarket trading after the stock was cited on Stocktwits in recent days. Vail Resorts (MTN) falls 2.7% in postmarket trading after its full-year forecasts for Ebitda and net income missed at the midpoint. GlycoMimetics (GLYC) jumps 15% postmarket after announcing that efficacy and safety data from a Phase 1/2 study of uproleselan in patients with acute myeloid leukemia were published in the journal Blood on Sept. 16. VTV Therapeutics (VTVT) surges 30% after company says its HPP737 psoriasis treatment showed favorable safety and tolerability profile in a multiple ascending dose study. Fears about a sooner-than-expected tapering amid signs of stalling U.S. economic growth and concerns over a spillover from China Evergrande’s default had rattled investors in September, putting the benchmark S&P 500 index on course to snap a seven-month winning streak. Elaine Stokes, a portfolio manager at Loomis Sayles & Co., told Bloomberg Television, adding that “what they did is tell us that they feel really good about the economy.” While the bond selloff vindicated Treasury bears who argue yields are too low to reflect fundamentals, others see limits to how high they can go. “We’d expected bond yields to go higher, given the macro situation where growth is still very strong,” Sylvia Sheng, global multi-asset strategist with JPMorgan Asset Management, said on Bloomberg Television. “But we do stress that is a modest view, because we think that upside to yields is still limited from here given that central banks including the Fed are still buying bonds.” Still, Wall Street’s main indexes rallied in the past two session and are set for small weekly gains. European equities dipped at the open but trade off worst levels, with the Euro Stoxx 50 sliding as much as 1.1% before climbing off the lows. France's CAC underperformed at the margin. Retail, financial services are the weakest performers. EQT AB, Europe’s biggest listed private equity firm, fell as much as 8.1% after Sweden’s financial watchdog opened an investigation into suspected market abuse. Here are some of the other biggest European movers today: SMCP shares surge as much as 9.9%, advancing for a 9th session in 10, amid continued hopes the financial troubles of its top shareholder will ultimately lead to a sale TeamViewer climbs much as 4.2% after Bankhaus Metzler initiated coverage with a buy rating, citing the company’s above-market growth AstraZeneca gains as much as 3.6% after its Lynparza drug met the primary endpoint in a prostate cancer trial Darktrace drops as much as 9.2%, paring the stock’s rally over the past few weeks, as a technical pattern triggered a sell signal Adidas and Puma fall as much as 4% and 2.9%, respectively, after U.S. rival Nike’s “large cut” to FY sales guidance, which Jefferies said would “likely hurt” shares of European peers Earlier in the session, Asian stocks rose for a second day, led by rallies in Japan and Taiwan, following U.S. peers higher amid optimism over the Federal Reserve’s bullish economic outlook and fading concerns over widespread contagion from Evergrande. Stocks were muted in China and Hong Kong. India’s S&P BSE Sensex topped the 60,000 level for the first time on Friday on optimism that speedier vaccinations will improve demand for businesses in Asia’s third-largest economy. The MSCI Asia Pacific Index gained as much as 0.7%, with TSMC and Sony the biggest boosts. That trimmed the regional benchmark’s loss for the week to about 1%. Japan’s Nikkei 225 climbed 2.1%, reopening after a holiday, pushing its advance for September to 7.7%, the best among major global gauges. The Asian regional benchmark pared its gain as Hong Kong stocks fell sharply in late afternoon trading amid continued uncertainty, with Evergrande giving no sign of making an interest payment that was due Thursday. Among key upcoming events is the leadership election for Japan’s ruling party next week, which will likely determine the country’s next prime minister. “Investor concerns over the Evergrande issue have retreated a bit for now,” said Hajime Sakai, chief fund manager at Mito Securities Co. in Tokyo. “But investors will have to keep downside risk in the corner of their minds.” Indian stocks rose, pushing the Sensex above 60,000 for the first time ever. Key gauges fell in Singapore, Malaysia and Australia, while the Thai market was closed for a holiday. Treasuries are higher as U.S. trading day begins after rebounding from weekly lows reached during Asia session, adding to Thursday’s losses. The 10-year yield was down 1bp at ~1.42%, just above the 100-DMA breached on Thursday for the first time in three months; it climbed to 1.449% during Asia session, highest since July 6, and remains 5.2bp higher on the week, its fifth straight weekly increase. Several Fed speakers are slated, first since Wednesday’s FOMC commentary set forth a possible taper timeline.  Bunds and gilts recover off cheapest levels, curves bear steepening. USTs bull steepen, richening 1.5bps from the 10y point out. Peripheral spreads are wider. BTP spreads widen 2-3bps to Bunds. In FX, the Bloomberg Dollar Spot Index climbed back from a one-week low as concern about possible contagion from Evergrande added to buying of the greenback based on the Federal Reserve tapering timeline signaled on Wednesday. NZD, AUD and CAD sit at the bottom of the G-10 scoreboard. ZAR and TRY are the weakest in EM FX. The pound fell after its rally on Thursday as investors looked ahead to BOE Governor Andrew Bailey’s sPeech next week about a possible interest-rate hike. Traders are betting that in a contest to raise borrowing costs first, the Bank of England will be the runaway winner over the Federal Reserve. The New Zealand and Aussie dollars led declines among Group-of-10 peers. The euro was trading flat, with a week full of events failing “to generate any clear directional move,” said ING analysts Francesco Pesole and Chris Turner. German IFO sentiment indeces will “provide extra indications about the area’s sentiment as  businesses faced a combination of delta variant concerns and lingering supply disruptions”. The Norwegian krone is the best performing currency among G10 peers this week, with Thursday’s announcement from the Norges Bank offering support In commodities, crude futures hold a narrow range up around best levels for the week. WTI stalls near $73.40, Brent near $77.50. Spot gold extends Asia’s gains, adding $12 on the session to trade near $1,755/oz. Base metals are mixed, LME nickel and aluminum drop ~1%, LME tin outperforms with a 2.8% rally. Bitcoin dips after the PBOC says all crypto-related transactions are illegal. Looking to the day ahead now, we’ll hear from Fed Chair Powell, Vice Chair Clarida and the Fed’s Mester, Bowman, George and Bostic, as well as the ECB’s Lane and Elderson, and the BoE’s Tenreyro. Finally, a summit of the Quad Leaders will be held at the White House, including President Biden, and the Prime Ministers of Australia, India and Japan. Market Snapshot S&P 500 futures down 0.3% to 4,423.50 STOXX Europe 600 down 0.7% to 464.18 German 10Y yield fell 8.5 bps to -0.236% Euro little changed at $1.1737 MXAP up 0.4% to 201.25 MXAPJ down 0.5% to 643.20 Nikkei up 2.1% to 30,248.81 Topix up 2.3% to 2,090.75 Hang Seng Index down 1.3% to 24,192.16 Shanghai Composite down 0.8% to 3,613.07 Sensex up 0.2% to 60,031.83 Australia S&P/ASX 200 down 0.4% to 7,342.60 Kospi little changed at 3,125.24 Brent Futures up 0.4% to $77.57/bbl Gold spot up 0.7% to $1,755.38 U.S. Dollar Index little changed at 93.14 Top Overnight News from Bloomberg China Evergrande Group’s unusual silence about a dollar-bond interest payment that was due Thursday has put a focus on what might happen during a 30-day grace period. The Reserve Bank of Australia’s inflation target is increasingly out of step with international counterparts and fails to account for structural changes in the country’s economy over the past 30 years, Westpac Banking Corp.’s Bill Evans said. With central banks from Washington to London this week signaling more alarm over faster inflation, the ultra-stimulative path of the euro zone and some of its neighbors appears lonelier than ever. China’s central bank continued to pump liquidity into the financial system on Friday as policy makers sought to avoid contagion stemming from China Evergrande Group spreading to domestic markets. A more detailed look at global markets courtesy of Newsquawk Asian equity markets traded mixed with the region failing to fully sustain the impetus from the positive performance across global counterparts after the silence from Evergrande and lack of coupon payments for its offshore bonds, stirred uncertainty for the company. ASX 200 (-0.4%) was negative as underperformance in mining names and real estate overshadowed the advances in tech and resilience in financials from the higher yield environment. Nikkei 225 (+2.1%) was the biggest gainer overnight as it played catch up to the prior day’s recovery on return from the Autumnal Equinox holiday in Japan and with exporters cheering the recent risk-conducive currency flows, while KOSPI (-0.1%) was lacklustre amid the record daily COVID-19 infections and after North Korea deemed that it was premature to declare that the Korean War was over. Hang Seng (-1.2%) and Shanghai Comp. (-0.8%) were indecisive after further liquidity efforts by the PBoC were offset by concerns surrounding Evergrande after the Co. failed to make coupon payments due yesterday for offshore bonds but has a 30-day grace period with the Co. remaining quiet on the issue. Finally, 10yr JGBs were lower on spillover selling from global counterparts including the declines in T-notes as the US 10yr yield breached 1.40% for the first time since early-July with the pressure in bonds also stemming from across the Atlantic following a more hawkish BoE, while the presence of the BoJ in the market today for over JPY 1.3tln of government bonds with 1yr-10yr maturities did very little to spur prices. Top Asian News Rivals for Prime Minister Battle on Social Media: Japan Election Asian Stocks Rise for Second Day, Led by Gains in Japan, Taiwan Hong Kong Stocks Still Wagged by Evergrande Tail Hong Kong’s Hang Seng Tech Index Extends Decline to More Than 2% European equities (Stoxx 600 -0.9%) are trading on the back foot in the final trading session of the week amid further advances in global bond yields and a mixed APAC handover. Overnight, saw gains for the Nikkei 225 of 2.1% with the index aided by favourable currency flows, whilst Chinese markets lagged (Shanghai Comp. -0.8%, Hang Seng -1.6%) with further liquidity efforts by the PBoC offset by concerns surrounding Evergrande after the Co. failed to make coupon payments due yesterday for offshore bonds. As context, despite the losses in Europe today, the Stoxx 600 is still higher by some 1.2% on the week. Stateside, futures are also on a softer footing with the ES down by 0.4% ahead of a busy Fed speaker schedule. Back to Europe, sectors are lower across the board with Retail and Personal & Household Goods lagging peers. The former has been hampered by losses in Adidas (-3.0%) following after hours earnings from Nike (-4.2% pre-market) which saw the Co. cut its revenue guidance amid supply chain woes. AstraZeneca (+2.1%) sits at the top of the FTSE 100 after announcing that the Lynparza PROpel trial met its primary endpoint. Daimler’s (+0.1%) Mercedes-Benz has announced that it will take a 33% stake in a battery cell manufacturing JV with Total and Stellantis. EQT (-6.5%) sits at the foot of the Stoxx 600 after the Swedish FSA announced it will open an investigation into the Co. Top European News EQT Investigated by Sweden’s FSA Over Suspected Market Abuse Gazprom Says Claims of Gas Under-supply to Europe Are ‘Absurd’ German Sept. Ifo Business Confidence 98.8; Est. 99 German Business Index at Five-Month Low in Pre-Election Verdict In FX, the rot seems to have stopped for the Buck in terms of its sharp and marked fall from grace amidst post-FOMC reflection and re-positioning in the financial markets on Thursday. Indeed, the Dollar index has regained some poise to hover above the 93.000 level having recoiled from 93.526 to 92.977 over the course of yesterday’s hectic session that saw the DXY register a marginal new w-t-d high and low at either end of the spectrum. Pre-weekend short covering and consolidation may be giving the Greenback a lift, while the risk backdrop is also less upbeat ahead of a raft of Fed speakers flanking US new home sales data. Elsewhere, the Euro remains relatively sidelined and contained against the Buck with little independent inspiration from the latest German Ifo survey as the business climate deteriorated broadly in line with consensus and current conditions were worse than forecast, but business expectations were better than anticipated. Hence, Eur/Usd is still stuck in a rut and only briefly/fractionally outside 1.1750-00 parameters for the entire week, thus far, as hefty option expiry interest continues to keep the headline pair in check. However, there is significantly less support or gravitational pull at the round number today compared to Thursday as ‘only’ 1.3 bn rolls off vs 4.1 bn, and any upside breach could be capped by 1.1 bn between 1.1765-85. CAD/NZD/AUD - Some payback for the non-US Dollars following their revival, with the Loonie waning from 1.2650+ peaks ahead of Canadian budget balances, though still underpinned by crude as WTI hovers around Usd 73.50/brl and not far from decent option expiries (from 1.2655-50 and 1.2625-30 in 1.4 bn each). Similarly, the Kiwi has faded after climbing to within single digits of 0.7100 in wake of NZ trade data overnight revealing a much wider deficit as exports slowed and imports rose, while the Aussie loses grip of the 0.7300 handle and skirts 1.1 bn option expiries at 0.7275. CHF/GBP/JPY - The Franc is fairly flat and restrained following a dovish SNB policy review that left in lagging somewhat yesterday, with Usd/Chf and Eur/Chf straddling 0.9250 and 1.0850 respectively, in contrast to Sterling that is paring some hawkish BoE momentum, as Cable retreats to retest bids circa 1.3700 and Eur/Gbp bounces from sub-0.8550. Elsewhere, the Yen has not been able to fend off further downside through 110.00 even though Japanese participants have returned to the fray after the Autumn Equinox holiday and reports suggest some COVID-19 restrictions may be lifted in 13 prefectures on a trial basis. SCANDI/EM/PM/CRYPTO - A slight change in the pecking order in Scandi-land as the Nok loses some post-Norges Bank hike impetus and the Sek unwinds a bit of its underperformance, but EM currencies are bearing the brunt of the aforementioned downturn in risk sentiment and firmer Usd, with the Zar hit harder than other as Gold is clings to Usd 1750/oz and Try down to deeper post-CBRT rate cut lows after mixed manufacturing sentiment and cap u readings. Meanwhile, Bitcoin is being shackled by the latest Chinese crackdown on mining and efforts to limit risks from what it describes as unlawful speculative crypto currency trading. In commodities, WTI and Brent are set the conclude the week in the green with gains in excess of 2% for WTI at the time of writing; in-spite of the pressure seen in the complex on Monday and the first-half of Tuesday, where a sub USD 69.50/bbl low was printed. Fresh newsflow has, once again, been limited for the complex and continues to focus on the gas situation. More broadly, no update as of yet on the Evergrande interest payment and by all accounts we appear to have entered the 30-day grace period for this and, assuming catalysts remain slim, updates on this will may well dictate the state-of-play. Schedule wise, the session ahead eyes significant amounts of central bank commentary but from a crude perspective the weekly Baker Hughes rig count will draw attention. On the weather front, Storm Sam has been upgraded to a Hurricane and is expected to rapidly intensify but currently remains someway into the mid-Atlantic. Moving to metals, LME copper is pivoting the unchanged mark after a mixed APAC lead while attention is on Glencore’s CSA copper mine, which it has received an offer for; the site in 2020 produced circa. 46k/T of copper which is typically exported to Asia smelters. Elsewhere, spot gold and silver are firmer but have been very contained and remain well-within overnight ranges thus far. Which sees the yellow metal holding just above the USD 1750/oz mark after a brief foray below the level after the US-close. US Event Calendar 10am: Aug. New Home Sales MoM, est. 1.0%, prior 1.0% 10am: Aug. New Home Sales, est. 715,000, prior 708,000 Central Bank Speakers 8:45am: Fed’s Mester Discusses the Economic Outlook 10am: Powell, Clarida and Bowman Host Fed Listens Event 10:05am: Fed’s George Discusses Economic Outlook 12pm: Fed’s Bostic Discusses Equitable Community Development DB's Jim Reid concludes the overnight wrap WFH today is a bonus as it’s time for the annual ritual at home where the latest, sleekest, shiniest iPhone model arrives in the post and i sheepishly try to justify to my wife when I get home why I need an incremental upgrade. This year to save me from the Spanish Inquisition I’m going to intercept the courier and keep quiet. Problem is that such speed at intercepting the delivery will be logistically challenging as I remain on crutches (5 weeks to go) and can’t grip properly with my left hand due to an ongoing trapped nerve. I’m very glad I’m not a racehorse. Although hopefully I can be put out to pasture in front of the Ryder Cup this weekend. The big news of the last 24 hours has been a galloping global yield rise worthy of the finest thoroughbred. A hawkish Fed meeting, with the dots increasing and the end of QE potentially accelerated, didn’t quite have the ability to move markets but the global dam finally broke yesterday with Norway being the highest profile developed country to raise rates this cycle (expected), but more importantly a Bank of England meeting that saw the market reappraise rate hikes. Looking at the specific moves, yields on 10yr Treasuries were up +13.0bps to 1.430% in their biggest daily increase since 25 February, as both higher real rates (+7.9bps) and inflation breakevens (+4.9bps) drove the advance. US 10yr yields had been trading in a c.10bp range for the last month before breaking out higher, though they have been trending higher since dropping as far as 1.17% back in early-August. US 30yr yields rose +13.2bps, which was the biggest one day move in long dated yields since March 17 2020, which was at the onset of the pandemic and just days after the Fed announced it would be starting the current round of QE. The large selloff in US bonds saw the yield curve steepen and the long-end give back roughly half of the FOMC flattening from the day before. The 5y30y curve steepened 3.4bps for a two day move of -3.3bps. However the 2y10y curve steepened +10.5bps, completely reversing the prior day’s flattening (-4.2bps) and leaving the spread at 116bp, the steepest level since first week of July. 10yr gilt yields saw nearly as strong a move (+10.8bps) with those on shorter-dated 2yr gilts (+10.7bps) hitting their highest level (0.386%) since the pandemic began.That came on the back of the BoE’s latest policy decision, which pointed in a hawkish direction, building on the comment in the August statement that “some modest tightening of monetary policy over the forecast period is likely to be necessary” by saying that “some developments during the intervening period appear to have strengthened that case”. The statement pointed out that the rise in gas prices since August represented an upside risks to their inflation projections from next April, and the MPC’s vote also saw 2 members (up from 1 in August) vote to dial back QE. See DB’s Sanjay Raja’s revised rate hike forecasts here. We now expect a 15bps hike in February. The generalised move saw yields in other European countries rise as well, with those on 10yr bunds (+6.6bps), OATs (+6.5bps) and BTPs (+5.7bps) all seeing big moves higher with 10yr bunds seeing their biggest climb since late-February and back to early-July levels as -0.258%. The yield rise didn’t stop equity indices recovering further from Monday’s rout, with the S&P 500 up +1.21% as the index marked its best performance in over 2 months, and its best 2-day performance since May. Despite the mood at the end of the weekend, the S&P now starts Friday in positive territory for the week. The rally yesterday was led by cyclicals for a second straight day with higher commodity prices driving outsized gains for energy (+3.41%) and materials (+1.39%) stocks, and the aforementioned higher yields causing banks (+3.37%) and diversified financials (+2.35%) to outperform. The reopening trade was the other main beneficiary as airlines rose +2.99% and consumer services, which include hotel and cruiseline companies, gained +1.92%. In Europe, the STOXX 600 (+0.93%) witnessed a similarly strong performance, with index led by banks (+2.16%). As a testament to the breadth of yesterday’s rally, the travel and leisure sector (+0.04%) was the worst performing sector on this side of the Atlantic even while registering a small gain and lagging its US counterparts. Before we get onto some of yesterday’s other events, it’s worth noting that this is actually the last EMR before the German election on Sunday, which has long been signposted as one of the more interesting macro events on the 2021 calendar, the results of which will play a key role in not just domestic, but also EU policy. And with Chancellor Merkel stepping down after four terms in office, this means that the country will soon be under new management irrespective of who forms a government afterwards. It’s been a volatile campaign in many respects, with Chancellor Merkel’s CDU/CSU, the Greens and the centre-left SPD all having been in the lead at various points over the last six months. But for the last month Politico’s Poll of Polls has shown the SPD consistently ahead, with their tracker currently putting them on 25%, ahead of the CDU/CSU on 22% and the Greens on 16%. However the latest poll from Forschungsgruppe Wahlen yesterday suggested a tighter race with the SPD at 25, the CDU/CSU at 23% and the Greens at 16.5%. If the actual results are in line with the recent averages, it would certainly mark a sea change in German politics, as it would be the first time that the SPD have won the popular vote since the 2002 election. Furthermore, it would be the CDU/CSU’s worst ever result, and mark the first time in post-war Germany that the two main parties have failed to win a majority of the vote between them, which mirrors the erosion of the traditional big parties in the rest of continental Europe. For the Greens, 15% would be their best ever score, and exceed the 9% they got back in 2017 that left them in 6th place, but it would also be a disappointment relative to their high hopes back in the spring, when they were briefly polling in the mid-20s after Annalena Baerbock was selected as their Chancellor candidate. In terms of when to expect results, the polls close at 17:00 London time, with initial exit polls released immediately afterwards. However, unlike the UK, where a new majority government can immediately come to power the day after the election, the use of proportional representation in Germany means that it could potentially be weeks or months before a new government is formed. Indeed, after the last election in September 2017, it wasn’t until March 2018 that the new grand coalition between the CDU/CSU and the SPD took office, after attempts to reach a “Jamaica” coalition between the CDU/CSU, the FDP and the Greens was unsuccessful. In the meantime, the existing government will act as a caretaker administration. On the policy implications, it will of course depend on what sort of government is actually formed, but our research colleagues in Frankfurt have produced a comprehensive slidepack (link here) running through what the different parties want across a range of policies, and what the likely coalitions would mean for Germany. They also put out another note yesterday (link here) where they point out that there’s still much to play for, with the SPD’s lead inside the margin of error and with an unusually high share of yet undecided voters. Moving on to Asia and markets are mostly higher with the Nikkei (+2.04%), CSI (+0.53%) and India’s Nifty (+0.52%) up while the Hang Seng (-0.03%), Shanghai Comp (-0.07%) and Kospi (-0.10%) have all made small moves lower. Meanwhile, the Evergrande group missed its dollar bond coupon payment yesterday and so far there has been no communication from the group on this. They have a 30-day grace period to make the payment before any event of default can be declared. This follows instructions from China’s Financial regulators yesterday in which they urged the group to take all measures possible to avoid a near-term default on dollar bonds while focusing on completing unfinished properties and repaying individual investors. Yields on Australia and New Zealand’s 10y sovereign bonds are up +14.5bps and +11.3bps respectively this morning after yesterday’s move from their western counterparts. Yields on 10y USTs are also up a further +1.1bps to 1.443%. Elsewhere, futures on the S&P 500 are up +0.04% while those on the Stoxx 50 are down -0.10%. In terms of overnight data, Japan’s August CPI printed at -0.4% yoy (vs. -0.3% yoy expected) while core was unchanged in line with expectations. We also received Japan’s flash PMIs with the services reading at 47.4 (vs. 42.9 last month) while the manufacturing reading came in at 51.2 (vs. 52.7 last month). In pandemic related news, Jiji reported that Japan is planning to conduct trials of easing Covid restrictions, with 13 prefectures indicating they’d like to participate. This is likely contributing to the outperformance of the Nikkei this morning. Back to yesterday now, and one of the main highlights came from the flash PMIs, which showed a continued deceleration in growth momentum across Europe and the US, and also underwhelmed relative to expectations. Running through the headline numbers, the Euro Area composite PMI fell to 56.1 (vs. 58.5 expected), which is the lowest figure since April, as both the manufacturing (58.7 vs 60.3 expected) and services (56.3 vs. 58.5 expected) came in beneath expectations. Over in the US, the composite PMI fell to 54.5 in its 4th consecutive decline, as the index hit its lowest level in a year, while the UK’s composite PMI at 54.1 (vs. 54.6 expected) was the lowest since February when the country was still in a nationwide lockdown. Risk assets seemed unperturbed by the readings, and commodities actually took another leg higher as they rebounded from their losses at the start of the week. The Bloomberg Commodity Spot index rose +1.12% as Brent crude oil (+1.39%) closed at $77.25/bbl, which marked its highest closing level since late 2018, while WTI (+1.07%) rose to $73.30/bbl, so still a bit beneath its recent peak in July. However that is a decent rebound of roughly $11/bbl since its recent low just over a month ago. Elsewhere, gold (-1.44%) took a knock amidst the sharp move higher in yields, while European natural gas prices subsidised for a third day running, with futures now down -8.5% from their intraday peak on Tuesday, although they’re still up by +71.3% since the start of August. US negotiations regarding the upcoming funding bill and raising the debt ceiling are ongoing, with House Speaker Pelosi saying that the former, also called a continuing resolution, will pass “both houses by September 30,” and fund the government through the first part of the fiscal year, starting October 1. Treasury Secretary Yellen has said the US will likely breach the debt ceiling sometime in the next month if Congress does not increase the level, and because Republicans are unwilling to vote to raise the ceiling, Democrats will have to use the once-a-fiscal-year tool of budget reconciliation to do so. However Democrats, are also using that process for the $3.5 trillion dollar economic plan that makes up the bulk of the Biden agenda, and have not been able to get full party support yet. During a joint press conference with Speaker Pelosi, Senate Majority Leader Schumer said that Democrats have a “framework” to pay for the Biden Economic agenda, which would imply that the broad outline of a deal was reached between the House, Senate and the White House. However, no specifics were mentioned yesterday. With Democrats looking to vote on the bipartisan infrastructure bill early next week, negotiations today and this weekend on the potential reconciliation package will be vital. Looking at yesterday’s other data, the weekly initial jobless claims from the US for the week through September 18 unexpectedly rose to 351k (vs. 320k expected), which is the second week running they’ve come in above expectations. Separately, the Chicago Fed’s national activity index fell to 0.29 in August (vs. 0.50 expected), and the Kansas City Fed’s manufacturing activity index also fell more than expected to 22 in September (vs. 25 expected). To the day ahead now, and data highlights include the Ifo’s business climate indicator from Germany for September, along with Italian consumer confidence for September and US new home sales for August. From central banks, we’ll hear from Fed Chair Powell, Vice Chair Clarida and the Fed’s Mester, Bowman, George and Bostic, as well as the ECB’s Lane and Elderson, and the BoE’s Tenreyro. Finally, a summit of the Quad Leaders will be held at the White House, including President Biden, and the Prime Ministers of Australia, India and Japan. Tyler Durden Fri, 09/24/2021 - 08:12.....»»

Category: blogSource: zerohedgeSep 24th, 2021

FireEye (FEYE) Plans to Change Corporate Name to Mandiant

Pursuant to its pending Product business and brand name sale agreement with consortium led by Symphony Technology Group, FireEye (FEYE) intends to change its corporate name to Mandiant Inc. FireEye FEYE on Wednesday announced that it plans to change its corporate name to Mandiant Inc. at the annual Cyber Defense Summit (CDS) 2021 to be held on Oct 4. The cybersecurity solution provider’s Nasdaq ticker symbol will also change to MNDT and start trading on Oct 5.FireEye’s latest move is pursuant to its pending asset and brand name sale agreement. Notably, on Jun 2, the company had announced that it will sell its product business, including the FireEye name, to a consortium led by the private-equity firm Symphony Technology Group (STG) in an all-cash transaction worth $1.2 billion.The transaction will separate FireEye’s digital forensics and incident response arm, Mandiant, from its network, email, and cloud security products. With this transaction, the company undoes its 2014 acquisition, which brought Mandiant solutions and FireEye products together.Markedly, FireEye had acquired Mandiant in 2014 for $1 billion and appointed the latter’s founder Kevin Mandia as the combined company’s CEO. The deal will make Mandiant an independent publicly-traded company focusing on cyber-incident response and the cybersecurity testing market.FireEye, Inc. Price and Consensus FireEye, Inc. price-consensus-chart | FireEye, Inc. QuoteGrowing Traction of Mandiant SolutionsFireEye has been witnessing strong adoption of its Mandiant solutions. Notably, its MandiantConsulting services recorded 26% year-over-year revenue growth in the second quarter of 2021. Moreover, the overall Mandiant Solutions billings surged 44%, year on year, during the quarter.The company had been focusing on expanding the capabilities of Mandiant. In this connection, it acquired Respond Software, a cybersecurity investigation automation company, in a cash-stock deal worth $186 million, last November.The buyout integrated Respond’s cloud-based machine learning with Mandiant Advantage’s expertise to deliver automated investigation alerts at machine speed to customers.Also, the acquisition of Respond Software has enabled Mandiant Advantage to include controls-agnostic AI-driven XDR capabilities, supported by the platform’s front-line intelligence, to help customers identify attacks and respond on time.Further, the deal will help scale Mandiant’s existing Managed Defense resources by using cloud-based correlation and intelligent data science models to deliver faster and better security outcomes.Earlier, in October 2020, the company unveiled the Mandiant Advantage Platform, which includes Threat Intelligence, Security Validation, Managed Defense, and Consulting services. Notably, the company recorded a 27% sequential increase in the Mandiant Advantage user community in second-quarter 2021.Zacks Rank & Stocks to ConsiderFireEye currently carries a Zacks Rank #4 (Sell).Better-ranked stocks in the broader technology sector include Microsoft MSFT, Cadence Design Systems CDNS, and NVIDIA NVDA, all carrying a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The long-term earnings growth rate for Microsoft, Cadence Design, and NVIDIA is currently pegged at 11.1%, 11.7%, and 17.7%, respectively. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Microsoft Corporation (MSFT): Free Stock Analysis Report NVIDIA Corporation (NVDA): Free Stock Analysis Report Cadence Design Systems, Inc. (CDNS): Free Stock Analysis Report FireEye, Inc. (FEYE): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksSep 23rd, 2021

BlackBerry Reports Second Quarter Fiscal Year 2022 Results

Revenue exceeds expectations and Company adds deep cybersecurity industry experience to drive growth - Total company revenue of $175 million. - IoT revenue of $40 million. - Cyber Security revenue of $120 million. - Licensing & Other revenue of $15 million. - Positive operating cash flow of $12 million. - Non-GAAP loss per basic and diluted share of $0.06; GAAP loss per basic and diluted share of $0.25. A non-cash accounting adjustment to the fair value of the convertible debentures, as a result of market and trading conditions, accounts for approximately $0.12 of GAAP loss per share. WATERLOO, ON, Sept. 22, 2021 /PRNewswire/ -- BlackBerry Limited (NYSE:BB, TSX:BB) today reported financial results for the three months ended August 31, 2021 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated). "Revenue for all businesses beat expectations this quarter.  The Cyber Security business unit delivered robust sequential billings and revenue growth and the IoT business unit performed well in the face of global chip shortage pressures," said John Chen, Executive Chairman & CEO, BlackBerry. "We are already seeing benefits from establishing the two key business units and are delighted to appoint John Giamatteo as President of Cyber Security.  Giamatteo, who was previously President and Chief Revenue Officer at McAfee, adds leading industry expertise. In IoT, design activity for our QNX products remains very strong, demonstrating both our industry leadership position and secular trends, such as ECU consolidation. In Cyber Security we received strong third-party validation of the effectiveness of our AI-driven, prevention-first suite of products, illustrating progress made with recent product launches." Second Quarter Fiscal 2022 Financial Highlights Total company revenue for the second quarter of fiscal 2022 was $175 million. Total company non-GAAP gross margin was 65% and GAAP gross margin was 64%. IoT revenue for the second quarter of fiscal 2022 was $40 million, with gross margin of 83% and ARR of $89 million. Cyber Security revenue for the second quarter of fiscal 2022 was $120 million, with gross margin of 59% and ARR of $364 million. Licensing and Other revenue for the second quarter of fiscal 2022 was $15 million as negotiations for the sale of a portion of the patent portfolio continue. Gross margin was 60%. Non-GAAP operating loss was $30 million. GAAP operating loss was $141 million, primarily due to a non-cash accounting adjustment to the fair value of the convertible debentures, resulting from market and trading conditions, of $67 million. Non-GAAP loss per share was $0.06 (basic and diluted). GAAP loss per share was $0.25 (basic and diluted). Total cash, cash equivalents, short-term and long-term investments were $772 million. Net cash generated from operating activities was $12 million. Business Highlights & Strategic Announcements BlackBerry has design wins with 24 of the world's leading 25 Electric Vehicle (EV) automakers. This has increased from 23 of the top 25 last quarter following an EV win with Daimler. BlackBerry IVY™ to deliver highly secure vehicle-based payments, leveraging direct access to vehicle sensor data and edge processing to create a "digital fingerprint". Delivered through a partnership with Car IQ. Nobo Technologies selects BlackBerry QNX® Neutrino® as foundation for new Digital Cockpit Controller for Great Wall Motors' Haval G6S SUV. Great Wall Motors is China's largest producer of SUV vehicles. sTraffic, Korea's leading solution developer for transportation infrastructure systems, selects QNX® OS for Safety as the foundation for their train traffic management system that includes unmanned train operations. BlackBerry launches BlackBerry® Jarvis 2.0® composition analysis tool. Delivered as a more user-friendly SaaS offering, Jarvis 2.0 empowers OEMs to validate and ensure the quality of their multi-tiered software bill of materials. BlackBerry awarded highest AAA rating by SE Labs in breach test of BlackBerry® Protect (EPP) and BlackBerry® Optics (EDR). The breach test adopted a range of real-world hacker tactics and BlackBerry's AI-driven products delivered complete prevention and detection with zero false positives. BlackBerry® UEM integrates with Microsoft 365, delivering BlackBerry's industry-leading security to Microsoft's productivity products. BlackBerry® AtHoc® critical event management platform used as foundation for autonomous flood risk and clean water monitoring solution. BlackBerry updates SecuSUITE capabilities to protect group phone calls and messages for governments and businesses from high risk eavesdropping. Appointment of New Cyber Security Business Unit PresidentBlackBerry has appointed John Giamatteo as President of the Cyber Security business unit.  With this strategic hire the company adds significant industry experience. Giamatteo will join the company on October 4th and report to Executive Chairman and CEO John Chen.  He will be responsible for business unit strategy, engineering, and go-to-market. Giamatteo brings to BlackBerry over 30 years of experience with technology companies. Most recently he served as President and Chief Revenue Officer of McAfee, where he was responsible for sales, marketing, and customer success.  During his time with McAfee, he delivered strong double-digit growth across its Enterprise, SMB and Consumer businesses as well as significant margin expansion across the portfolio.  Prior to that he served as Chief Operating Officer at AVG Technologies, a leading provider of Internet and mobile security. Giamatteo also held leadership positions with Solera Holdings, RealNetworks, Inc. and Nortel Network Corporation. "I'm excited to be joining BlackBerry and to be leading the Cyber Security business unit.  Never has the threat of cyberattacks been higher, nor more in the minds of management," said Giamatteo. "BlackBerry's AI-driven, prevention-first technology is well placed to scale to meet the constantly evolving cybersecurity needs of companies everywhere.  I'm very positive about the opportunities that we have as a company." Tom Eacobacci, BlackBerry's President and COO, has decided to pursue other opportunities and will leave the Company on October 29th.  BlackBerry thanks Tom for his hard work and contributions in his time at the Company. OutlookBlackBerry will provide fiscal year 2022 outlook in connection with the quarterly earnings announcement on its earnings conference call. The earnings call transcript will be made available on our website and on SEDAR. Use of Non-GAAP Financial MeasuresThe tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the company to comparable U.S. GAAP measures and an explanation of why the company uses them. Conference Call and WebcastA conference call and live webcast will be held today beginning at 5:30 p.m. ET, which can be accessed by dialing +1 (877) 682-6267 or by logging on at BlackBerry.com/Investors. A replay of the conference call will also be available at approximately 8:30 p.m. ET by dialing +1 (800) 585-8367 and entering Conference ID #6149337 and at the link above. About BlackBerryBlackBerry (NYSE:BB, TSX:BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including more than 195M vehicles.  Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy, and is a leader in the areas of endpoint security, endpoint management, encryption, and embedded systems.  BlackBerry's vision is clear - to secure a connected future you can trust. BlackBerry. Intelligent Security. Everywhere.  For more information, visit BlackBerry.com and follow @BlackBerry.   Investor Contact:BlackBerry Investor Relations+1 (519) 888-7465investor_relations@blackberry.com Media Contact:BlackBerry Media Relations+1 (519) 597-7273mediarelations@blackberry.com This news release contains forward-looking statements within the meaning of certain securities laws, including under the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding BlackBerry's plans, strategies and objectives including its expectations with respect to increasing and enhancing its product and service offerings.  The words "expect", "anticipate", "estimate", "may", "will", "should", "could", "intend", "believe", "target", "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by BlackBerry in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that BlackBerry believes are appropriate in the circumstances, including but not limited to, BlackBerry's expectations regarding its business, strategy, opportunities and prospects, the launch of new products and services, general economic conditions, the ongoing COVID-19 pandemic, competition, and BlackBerry's expectations regarding its financial performance.  Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following factors: BlackBerry's ability to enhance, develop, introduce or monetize products and services for the enterprise market in a timely manner with competitive pricing, features and performance; BlackBerry's ability to maintain or expand its customer base for its software and services offerings to grow revenue or achieve sustained profitability; the intense competition faced by BlackBerry; the occurrence or perception of a breach of BlackBerry's network cybersecurity measures, or an inappropriate disclosure of confidential or personal information; the failure or perceived failure of BlackBerry's solutions to detect or prevent security vulnerabilities; the impact of the COVID-19 pandemic; BlackBerry's continuing ability to attract new personnel, retain existing key personnel and manage its staffing effectively; BlackBerry's dependence on its relationships with resellers and channel partners; litigation against BlackBerry; network disruptions or other business interruptions; BlackBerry's ability to foster an ecosystem of third-party application developers; BlackBerry's products and services being dependent upon interoperability with rapidly changing systems provided by third parties; BlackBerry's ability to obtain rights to use third-party software and its use of open source software; failure to protect BlackBerry's intellectual property and to earn expected revenues from intellectual property rights; BlackBerry being found to have infringed on the intellectual property rights of others;  the substantial asset risk faced by BlackBerry, including the potential for charges related to its long-lived assets and goodwill; BlackBerry's indebtedness; tax provision changes, the adoption of new tax legislation or exposure to additional tax liabilities; the use and management of user data and personal information; government regulations applicable to BlackBerry's products and services, including products containing encryption capabilities; the failure of BlackBerry's suppliers, subcontractors, channel partners and representatives to use acceptable ethical business practices or comply with applicable laws; regulations regarding health and safety, hazardous materials usage and conflict minerals; acquisitions, divestitures and other business initiatives; foreign operations, including fluctuations in foreign currencies; the fluctuation of BlackBerry's quarterly revenue and operating results; the volatility of the market price of BlackBerry's common shares; adverse economic, geopolitical and environmental conditions. These risk factors and others relating to BlackBerry are discussed in greater detail in BlackBerry's Annual Report on Form    10-K and the "Cautionary Note Regarding Forward-Looking Statements" section of BlackBerry's MD&A (copies of which filings may be obtained at www.sedar.com or www.sec.gov). All of these factors should be considered carefully, and readers should not place undue reliance on BlackBerry's forward-looking statements. Any statements that are forward-looking statements are intended to enable BlackBerry's shareholders to view the anticipated performance and prospects of BlackBerry from management's perspective at the time such statements are made, and they are subject to the risks that are inherent in all forward-looking statements, as described above, as well as difficulties in forecasting BlackBerry's financial results and performance for future periods, particularly over longer periods, given changes in technology and BlackBerry's business strategy, evolving industry standards, intense competition and short product life cycles that characterize the industries in which BlackBerry operates. BlackBerry has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.   BlackBerry Limited Incorporated under the Laws of Ontario (United States dollars, in millions except share and per share amounts) (unaudited) Consolidated Statements of Operations  Three Months Ended Six Months Ended August 31, 2021 May 31, 2021 August 31,2020 August 31, 2021 August 31, 2020 Revenue $ 175 $ 174 $ 259 $ 349 $ 465 Cost of sales 63 60 60 123 123 Gross margin 112 114 199 226 342 Gross margin % 64.0 % 65.5 % 76.8 % 64.8 % 73.5 % Operating expenses Research and development 58 57 57 115 114 Selling, marketing and administration 83 73 79 156 169 Amortization 45 46 46 91 92 Impairment of goodwill — — — — 594 Impairment of long-lived assets — — 21 — 21 Debentures fair value adjustment 67 (4) 18 63 19 253 172 221 425 1,009 Operating loss (141) (58) (22) (199) (667) Investment loss, net (1) (2) (5) (3) (5) Loss before income taxes (142) (60) (27) (202) (672) Provision for (recovery of) income taxes 2 2 (4) 4 (13) Net loss $ (144) $ (62) $ (23) $ (206) $ (659) Loss per share Basic $ (0.25) $ (0.11) $ (0.04) $ (0.36) $ (1.18) Diluted $ (0.25) $ (0.11) $ (0.04) $ (0.36) $ (1.18) Weighted-average number of common shares outstanding (000s) Basic 568,082 567,358 558,882 567,724 558,365 Diluted 568,082 567,358 558,882 567,724 558,365 Total common shares outstanding (000s) 566,995 566,248 556,468 566,995 556,468   BlackBerry Limited Incorporated under the Laws of Ontario (United States dollars, in millions) (unaudited) Consolidated Balance Sheets As at August 31, 2021 February 28, 2021 Assets Current Cash and cash equivalents $ 291 $ 214 Short-term investments 416 525 Accounts receivable, net of allowance of $9 and $10, respectively 121 182 Other receivables 23 25 Income taxes receivable 9 10 Other current assets 50 50 910 1,006 Restricted cash equivalents and restricted short-term investments 27 28 Long-term investments 38 37 Other long-term assets 13 16 Operating lease right-of-use assets, net 57 63 Property, plant and equipment, net 44.....»»

Category: earningsSource: benzingaSep 22nd, 2021

ALTCOINS TO BUY: Crypto experts share the best investing opportunities they"re seeing outside of bitcoin

Insider has talked to several experts about which altcoins they like most, why they're bullish, and what they recommend others should be buying now. In this photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph Jack Taylor/Getty Image Thousands of cryptocurrencies now exist. It can be difficult to pick winners in such a saturated space. Insider has asked several experts about where they see the biggest opportunities in altcoins. See more stories on Insider's business page. Cryptocurrencies have exploded in popularity over the last several months. Of course, the most popular remains bitcoin.But some other smaller cryptos are gaining serious steam as well, as the concept of digital currencies continues to seep into the public consciousness.However, it can be difficult to know which cryptocurrencies to invest in, or whether you should in the first place. There are currently thousands of different types of coins on the market. And some - like dogecoin, which was founded as a joke - don't appear to be serious. Others, like some built on the Ethereum blockchain, appear to have better use cases. And overall, there are legitimate concerns over whether the altcoin boom is unsustainable and will soon come crashing down.Crypto is an esoteric domain - its intricacies can be difficult to understand, especially for those new to the space.To help cut through the noise, Insider has talked to several experts about which altcoins - cryptocurrencies other than bitcoin - they believe have the best upside. These experts also described the fundamentals and technicals that make these altcoins attractive. Their views are shared in the articles below.imghed with link and appendage blurb Coach JV, crypto investor and founder of 3T Warrior Academy. Coach JV 4 altcoins to buy: A 12-year banking veteran says the biggest generational wealth transfer that's about to take place will trigger a 'parabolic' bull run in crypto. He explains how he's maximizing gains on the cryptos he's holding.John Vasquez quit a 12-year banking career to dive into crypto full-time.He's betting that the massive wealth transfer from baby boomers to their younger heirs will lead to a crypto boom.Vasquez, known as Coach JV on social media, explained what people should know about crypto before investing and the altcoins he's buying. Adrian Zduńczyk. Adrian Zduńczyk 5 altcoins that could surge 10-100x in the coming 'legendary' altcoin season that outshines bitcoin, according to a crypto technical analyst who's holding themCrypto technical analyst Adrian Zduńczyk says some altcoins due to outperform bitcoin in a "legendary" way. Zduńczyk is the founder and CEO of the Birb Nest, a trading platform. He shared five altcoins with us that he thinks could surge 10-100 times. Matthew Sigel is the head of digital assets research at VanEck. VanEck The head of digital assets research at an $81 billion money manager breaks down 3 drivers fueling the $2 trillion crypto market's latest bull run - and shares 3 competing altcoins to ethereum, including one that could nearly double in the next yearEthereum is the second-biggest cryptocurrency at the moment, sitting behind bitcoin. But it has problems like expensive transaction fees. Matthew Sigel, head of digital asset research at VanEck, shares three altcoins to rival ether. Evergrande is China's second-biggest property developer. Noel Celis/Getty Images A trader who warned of the 2017 and 2021 bitcoin bull market tops shares 4 altcoins he's bullish on for the long-term - but breaks down why Evergrande's crisis is keeping him away from crypto at the momentThe looming debt crisis of Chinese real estate developer Evergrande sent shockwaves through global equity markets in September - and crypto was not spared.Given the recent sell-offs, Goodman said he was keeping his money on the sidelines in the crypto space until prices appear to be in an uptrend again. He shared four projects he thinks can do well in the longer-term. STR/NurPhoto via Getty Images Bitcoin is ready for a 'monster run' up to $85,000 if it clears a key resistance level, a crypto evangelist predicts - and shares 7 altcoins he's bullish on nowEthereum's major upgrade in early August led to a 9.6% intraday price spike, and investors haven't yet sold the positive news. That's one reason why David Gokhshtein is bullish. He also told us his theses for six smaller altcoins he owns. A local business in El Salvador that accepts bitcoin payments. Alex Pena/Anadolu Agency via Getty Images Why crypto crashed: 4 experts break down what Tuesday's sudden drop might mean for the altcoin season and NFT frenzy - and share 12 high-quality tokens that are likely to continue rallying toward the year's endVarious cryptos tumbled on Tuesday September 7 as El Salvador officially adopted bitcoin as legal tender. By the following morning, more than $3.25 billion in crypto positions had been liquidated over 24 hours, affecting more than 300,000 traders, according to Bybit. We asked experts what was driving the sell-off, and where they recommended buying dips. Dogecoin is a 'meme' cryptocurrency, seemingly created as a joke Yuriko Nakao/Getty The chief economist of a blockchain data firm breaks down why the current dogecoin rally has more legs to run - and lays out why 'anything is possible' for the altcoin, including reaching $1When dogecoin rose over 12,000% to $0.68 earlier this year, it shocked the investing community. It has since cooled off, though its price has picked up in recent weeks. It now sits around $.027. What will it do next? Chainalysis chief economist Philip Gradwell broke down why he think it will go to $1. crypto coins circle Nurphoto WATCH: Crypto analyst David Grider and venture capital investor Ria Bhutoria discuss state of the market, under-the-radar altcoins, and outlook on regulationInsider recently hosted a live webcast featuring two crypto experts. They broke down their views on everything from the recent slump to the possibility of regulation. Lyn Alden is the founder of Lyn Alden Investment Strategy Lyn Alden Investment Strategy Bitcoin to $100,000 and ether to $5,000: Famed investment strategist Lyn Alden explains her bullish predictions for the largest cryptos in 2022, and why there are only 2 altcoins worth watchingLyn Alden says most altcoins are "smoke and mirrors." But there are at least two with interesting technologies that are worth watching. Marnie Griffiths/Getty A crypto evangelist explains why he's going 'all in on altcoins' - and shares why he's worried about bitcoin whales taking over that marketAs some altcoins have shown, there is potential for huge appreciation in crypto outside of bitcoin. David Gokhshtein is one investor that's looking to take advantage of these opportunities. He shared two altcoins he's bullish on. Mack Lorden, left, and Lucas Dimos are TikTok crypto influencers. Mack Lorden and Lucas Dimos 2 crypto traders and TikTok influencers share their 6 go-to altcoins for riding out crypto bear markets - including one that's up more than 11,000% since its launch in 2017The broader crypto space just went through a rough patch after huge gains earlier this year. Like any asset class, it has its bull and bear markets. When crypto bear markets do come, crypto influencers Mack Lorden and Lucas Dimos told us that six altcoins in particular help them hedge losses. Many investors are excited about the Ethereum network's uses. SOPA Images/Getty Images The head of institutional coverage at crypto trading platform FalconX shares 9 Ethereum-tied digital tokens to take advantage of the DeFi revolution - and breaks down why Ethereum still has 'significant' upsideMany altcoins are built on top of the Ethereum blockchain. Aya Kantorovich, the head of institutional coverage at crypto exchange FalconX, shared nine coins built on top of the ethereum blockchain that she thinks have solid use cases."I personally always like coins with application," Kantorovich said.Read the original article on Business Insider.....»»

Category: worldSource: nytSep 22nd, 2021

Robinhood is launching its long-awaited crypto wallet next year and will begin testing the feature with users starting in October

The uncapped waitlist for the crypto wallet will be released on Wednesday ahead of the launch. Rivals Coinbase and Gemini already offer their own. Jakub Porzycki/NurPhoto via Getty Images Robinhood is launching its crypto wallet early next year. It will test the wallet as part of an "alpha program" in October, Robinhood crypto COO Christine Brown told Insider. The uncapped waitlist for the wallet will be released on Wednesday ahead of the launch, she added. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Robinhood Markets is launching its long-awaited cryptocurrency wallet early next year after the online brokerage firm fine-tunes the new product based on user feedback, cryptocurrency chief operating operator Christine Brown told Insider. The firm will test the new product as part of an "alpha program" in October. Alpha testing will enable Robinhood to give some users early access to pre-released versions of the app while receiving real-time comments."We're building in public," Brown told Insider. "We're going to have a handful of select customers come in and build alongside us ... We're giving them the ability to actually shape what we end up releasing later on."The feedback they gather, Brown said, will be shared in the company's blog. The uncapped waitlist for the cryptocurrency wallet will be released on Wednesday ahead of the launch, she added.Robinhood's users have been waiting for a cryptocurrency wallet feature, and rivals Coinbase and Gemini already offer their own. Robinhood Although Robinhood users can trade cryptocurrencies, a wallet will allow them to manage their holdings within the app. At the moment, users cannot store, manage, or swap digital assets in and out of their accounts, making exchanges like Kraken and CEX.IO more attractive for crypto traders. But beginning October, some users will be able to store and secure their crypto on the investing app and receive supported cryptocurrencies into their account.Though it has lagged some rivals in the space, chief product officer Aparna Chennapragada said the phased rollout of the wallet was deliberate. The popular trading app, she said, was prioritizing three things backed by research: general accessibility, product safety, and customer feedback. "Robinhood has always been about broadening the access and expanding access to the market so we want to develop the product in a way that works for everybody," Chennapragada told Insider, adding that the wallet is meant for both "crypto nerds" and beginners. With the new feature, she said Robinhood is building towards its vision of being a one-stop-shop service where users can trade stocks and cryptocurrencies. CEO Vlad Tenev announced in July that the company was aware of the demand for a wallet, and users could expect one at some point. In March, he promised the company would get one to users "as fast as possible."Robinhood, which says it will maintain commission-free crypto trades, said nearly 60% of its users bought or sold digital assets on its platform, and that many new customers made their first trade in crypto, rather than stocks.The platform also launched its recurring crypto investment feature on Wednesday. It allows users to automatically invest in tokens on a set schedule.Digital assets made up 51% of Robinhood's transaction-based revenue in the second quarter of this year, with dogecoin trades making up 62% of crypto revenue, the company said.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 22nd, 2021

September"s Weakness Provides Good Entry Point: Top 6 Picks

We have narrowed down our search to six U.S. corporate bigwigs that have strong growth potential for the rest of 2021. These are: AAPL, AMD, QCOM, DE, GS, NKE. Wall Street is offering a good entry point to investors as the typical September syndrome has already set the trading pattern. Historically, September is the worst-performing month on Wall Street. We are in the middle of this month, and the three major stock indexes — the Dow, the S&P 500 and the Nasdaq Campsite — are down 2.2%, 2% and 1.4%, respectively, month to date.On the contrary, U.S. stock markets have saw an impressive rally in the first eight months of this year. The tech-heavy Nasdaq Composite ended in red only in May. The blue-chip index Dow dropped in January and fell marginally in June.The S&P 500 ended the first eight months of 2021 with its strongest year-to-date gain since 1997. The broad-market index also ended in the positive zone for seven months in a row, since a 10-month winning run ended in December 2017.Nevertheless, the recent weakness in U.S. stock markets provides a good entry point to those market participants who were skeptical about the high valuation in markets without a meaningful correction for nearly a year.At this stage, investors should eye a handful of U.S. corporate behemoths (market capital > $100 billion) with a favorable Zacks Rank that have seen a noticeable decline in their stock prices in September.These companies have a very strong business model, globally acclaimed brand value and a robust financial position supported by their sheer size and scale of operations across the world. Investment in these stocks should be prudent going forward.U.S. Economy on Solid Recovery PathFirst, the economic effect of the Delta variant of coronavirus may not be as severe as last year when there was no vaccine. The nationwide deployment of vaccines on an emergency basis boosted the confidence of both consumers and businesses.Second, notwithstanding disappointing job additions in August, weekly jobless claims data for the last two and a half months are clearly indicating that the struggling labor market is recovering gradually. Despite a little increase in initial claims in the last report of the week ended Sep 11, in absolute terms, the number stayed at the pandemic-era low.Third, some recently released economic data have shown early indications that U.S. inflation may have picked up though it is likely to remain elevated for the rest of 2021.The consumer price index (CPI) and core CPI for August and July, the producer price index (PPI) and core PPI for August and July, the price index reported in the ISM manufacturing PMI of August and July and the core PCE inflation of July have shown that inflation seems to be dwindling.Fourth, U.S. retail sales rebounded in August after a sharp decline in July. Solid consumer spending defying the spread of the Delta variant of coronavirus has surprised many financial experts. The positive momentum is likely to continue as several market researchers have predicted strong holiday retail sales this year.Fifth, retail sales consist of a major part of U.S. consumer spending. Importantly, consumer spending is the largest driver of the U.S. economy comprising nearly 2/3rd of the GDP. Personal savings of Americans are around an astonishing $2 trillion. The sky-high savings are allowing people to indulge in their demands that were pent up during lockdowns and are in turn compelling businesses to expand their scale of operations.Sixth, the U.S. GDP growth rate in 2021 is expected to be the highest in 37 years. Moreover, our current estimate has shown that total earnings of the S&P 500 index will climb 26.1% year over year on 13.7% higher revenues.Seventh, a growing U.S. economy, nationwide COVID-19 vaccination, a higher wage rate, robust job openings, record personal savings, an extremely low interest rate regime and an impressive stock market (despite September’s volatility) are likely to act as the drivers for Wall Street.Our Top PicksWe have narrowed down our search to six U.S. corporate bigwigs that have strong growth potential for the rest of 2021 and have seen positive earnings estimate revision in the last 60 days. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The chart below shows the price performance of our six picks in the past three months.Image Source: Zacks Investment ResearchThe Goldman Sachs Group Inc. GS has an impressive earnings surprise history, having outpaced the Zacks Consensus Estimate in the trailing four quarters. A solid position in announced or completed mergers & acquisitions globally is likely to drive its investment banking revenues in the near term.Business diversification moves, including digital platforms and fee-based revenue sources, will offer earnings stability. Steady capital deployment activities are tailwinds. Backed by a solid capital position, Goldman has consistently enhanced shareholders’ wealth.The Zacks Rank #2 company has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for current-year earnings improved 0.2% over the last 7 days. The stock price has slid 5.3% month to date.Deere & Co. DE is likely to benefit from growth in non-residential investment and strong order activity from independent rental companies. Focus on investing in new products equipped with the latest technology and features to help make farming automated and to expand in precision agriculture should drive growth in the long haul.The Zacks rank #2 company has an expected earnings growth rate of 17.4% for next year (ending October 2022). The Zacks Consensus Estimate for next-year earnings improved 5.8% over the last 30 days. The stock has slipped 7.7% month to date.Apple Inc.'s AAPL Services and Wearables businesses are expected to drive top-line growth in fiscal 2021 and beyond. Although Apple’s business primarily runs around its flagship iPhone, the Services portfolio has emerged as the company’s new cash cow. Its focus on autonomous vehicles and augmented reality/virtual reality technologies presents growth opportunities in the long haul.The Zacks Rank #1 company has an expected earnings growth rate of 2.2% for next year (ending September 2022) after estimated 70.4% growth in the current year (ending September 2021). The Zacks Consensus Estimate for next year improved 0.2% over the last 30 days. The stock price has fallen 3.8% month to date.Advanced Micro Devices Inc. AMD is riding on robust performance from the Computing and Graphics, and Enterprise Embedded and Semi-Custom segments. It is benefiting from strong sales of its Ryzen and EPYC server processors, owing to the increasing proliferation of AI and Machine Learning in industries like cloud gaming and the supercomputing domain.Moreover, the growing clout of 7-nanometer products in the data center vertical, driven by work-from-home and online learning trends, is a key catalyst. Management raised its 2021 guidance for revenues and gross margin on the back of strong growth across all businesses.The Zacks Rank #2 company has an expected earnings growth rate of 93.8% for the current year. The Zacks Consensus Estimate for current-year earnings improved 15.2% over the last 60 days. The stock price has dropped 6.6% month to date.Qualcomm Inc. (QCOM) is well-positioned to benefit from a solid 5G traction with greater visibility to meet its long-term revenue targets. For calendar-year 2021, 5G handsets are expected to witness 150% year-over-year growth at the midpoint to about 450-550 units.Qualcomm has raised the bar for driverless cars with the launch of the first-of-its-kind automotive platform — Snapdragon Ride — which enables automakers to transform their vehicles into self-driving cars using AI.The Zacks Rank #2 company has an expected earnings growth rate of 10.7% for next year (ending September 2022). The Zacks Consensus Estimate for earnings next year improved 0.1% over the last 30 days. The stock price has declined 8.5% month to date.NIKE Inc. NKE provided strong guidance for fiscal 2022 and set long-term targets for fiscal 2025, driven by the momentum in its business as it comes out of the pandemic. For fiscal 2022, the company anticipates revenue growth in the low double digits, surpassing $50 billion, driven by strong customer demand across its operating segments. It expects to benefit from robust digital growth, scaling NIKE-owned physical retail concepts and growing with partners.This Zacks Rank #2 company has an expected earnings growth rate of 20.8% for the current year (ending May 2022). The Zacks Consensus Estimate for current-year earnings improved 1.2% over the last 60 days. The stock has fallen 5.1% month to date. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report QUALCOMM Incorporated (QCOM): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report NIKE, Inc. (NKE): Free Stock Analysis Report Deere & Company (DE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

What Makes InterDigital (IDCC) a Solid Investment Bet Now?

With healthy fundamentals, global footprint, diversified product portfolio, and ability to penetrate different markets, InterDigital (IDCC) appears to be a solid investment option at the moment. Earnings estimates for the current fiscal for InterDigital, Inc. IDCC have increased 275% over the past 60 days and the same for the next fiscal has moved up 30.4%, implying robust inherent growth potential. With healthy fundamentals, this Zacks Rank #2 (Buy) stock appears to be a solid investment option at the moment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Growth DriversHeadquartered in Wilmington, DE, InterDigital is a pioneer in advanced mobile technologies, which enable wireless communications and capabilities. The company engages in designing and developing a wide range of advanced technology solutions, which are used in digital cellular as well as wireless 3G, 4G, and IEEE 802-related products and networks.Given the rise in coronavirus cases with the spread of the Delta variant, countless people have largely been confined to the safety of their homes. This has increased the dependency on wireless equipment providers like InterDigital, with digital sustainability becoming the norm of the day.Additionally, more and more companies are increasingly offering the work-from-home option to employees to ensure their safety and wellbeing. Several firms are also providing a secure and connected workplace setup through quick onboarding and enablement services to support the seamless continuity of businesses and enable employees to fulfill their professional obligations. This, in turn, is likely to create new revenue-generating opportunities for the company, as humans become solely dependent on the digital platform to stay connected not only for their professional lives but also for online education, shopping, dining, and entertainment.InterDigital’s global footprint, diversified product portfolio, and ability to penetrate different markets are impressive. Apart from a strong portfolio of wireless technology solutions, the addition of technologies related to sensors, user interface, and video to its offerings is likely to drive considerable value, given the massive size of the market it offers licensing technologies to.Driven by healthy demand trends, the company has issued bullish guidance for third-quarter 2021. Management currently expects third-quarter revenues between $119 million and $121 million, reflecting the operating leverage of the company’s business model. This includes recurring revenues of $89-$91 million, indicating a sequential increase of $15 million driven by a fixed price license agreement signed during the quarter. The Zacks Consensus Estimate for revenues is pegged at $120 million.InterDigital’s commitment to licensing its broad portfolio of technologies to wireless terminal equipment makers, which allows it to expand its core market capability, is laudable. It has leading companies, such as Huawei, Samsung, LG, and Apple, under its licensing agreements. The company is also focused on pursuing agreements with unlicensed customers in the handset and consumer electronics markets. InterDigital aims to become a leading designer and developer of technology solutions and innovation for the mobile industry, IoT, and allied technology areas by leveraging its research and development capabilities, technological know-how, and rich industry experience. At the same time, it intends to enhance its licensing revenue base by adding licensees and expanding into adjacent technology areas that align with its intellectual property position.The stock has a long-term earnings growth expectation of 15%. It delivered an earnings surprise of 536%, on average, in the trailing four quarters. The stock has gained 19% over the past year compared with the industry rally of 26.5%. With a modest dividend of 2%, InterDigital currently appears to be an enticing investment option.Image Source: Zacks Investment ResearchOther Key PicksSome other top-ranked stocks in the industry are Clearfield, Inc. CLFD, sporting a Zacks Rank #1, and Nokia Corporation NOK and Qualcomm Incorporated QCOM, carrying a Zacks Rank #2.Clearfield delivered a trailing four-quarter earnings surprise of 49%, on average.Nokia has a long-term earnings growth expectation of 1.5%. It delivered an earnings surprise of 202.7%, on average, in the trailing four quarters.Qualcomm has a long-term earnings growth expectation of 21%. It delivered an earnings surprise of 13.5%, on average, in the trailing four quarters. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report QUALCOMM Incorporated (QCOM): Free Stock Analysis Report Nokia Corporation (NOK): Free Stock Analysis Report InterDigital, Inc. (IDCC): Free Stock Analysis Report Clearfield, Inc. (CLFD): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksSep 21st, 2021

Bank Stock Roundup: Expansion Plans of USB, JPM, C & Asset Cap on WFC in Focus

Business expansion efforts and solid economic growth will keep aiding major banks like Citi (C), JPMorgan (JPM) & U.S. Bancorp (USB). Wells Fargo (WFC) continues to face lawmakers' ire over its mishandling of business practices. Over the past five trading sessions, the performance of major bank stocks depicted an optimistic stance. At the end of the two-day FOMC meeting, the Federal Reserve hinted at tapering its bond-buying program “soon” which many have interpreted as their next meeting in November.This symbolic tightening of monetary policy was cheered by investors as this goes on to signal that the central bank is confident of economic recovery and won't let inflation get too high. Thus, yields on both 10-year and 30-year Treasury bonds have risen over the past week despite continued concerns over the increase in cases due to the Delta variant of the COVID-19 virus. The rate on the 10-year Treasury bond stands at 1.44% while that for the 30-year Treasury bond is 1.95%.Thus, the steepening yield curve, as well as expectation of solid economic growth, will benefit major banks’ net interest margins amid a low interest rate environment. Though the Fed kept the short-term rates unchanged this time, there has been increasing expectations of a rate hike as soon as in the second half of 2022.This, in turn, will support major banks’ top-line growth. With banks’ financials directly tied to the health of the economy, investors are now expecting improved profitability for major banks in the quarters ahead.Now talking about bank-specific developments, the key theme during the past five trading sessions was business expansion (domestic and international). As major banks face revenue growth challenges owing to low rates and muted loan demand, they are undertaking measures to further diversify operations and fuel top-line growth through opportunistic buyouts.Another major news that dominated bank investors’ sentiments was Wells Fargo’s WFC persistent issue related to the $1.95-billion asset cap. The Fed Chair Jerome Powell noted that the central bank is closely watching the remedial efforts by the bank to mend its "widespread and pervasive" problems. Image Source: Zacks Investment Research(Read: Bank Stock Roundup for the Week Ending Aug 13, 2021)Important Developments of the Week1. U.S. Bancorp USB has entered into a definitive agreement to acquire MUFG Union Bank’s core retail banking operations from Mitsubishi UFJ Financial Group for a cash-and-stock transaction valued at $8 billion, in a bid to boost its presence on the West Coast. The deal, expected to close in the first half of 2022, will fortify the company’s presence in California, Washington, and Oregon.2. JPMorgan JPM has acquired the college financial planning platform, Frank. The entire business of Frank, including its Easy FAFSA, Classfinder College Course Marketplace, Scholarships & Employment tools, and Financial Education and Careers content, is being acquired. The acquisition adds to the many deals inked by the bank over the past few months in a bid to compete with technology firms.3. JPMorgan has launched its digital retail bank Chase in the U.K. As planned, currently a smartphone app has been launched, which offers only current accounts. However, eventually, JPMorgan intends to provide savings as well as current accounts along with a wide range of banking services and loan products through the digital-only bank.4. In order to help the bank trim costs and streamline its post-trade processes, Citigroup C recently entered into a a strategic partnership with Snowflake to reassess and reform the processes across financial services transactions. Snowflake’s Financial Services Data Cloud aids firms to boost their top-line growth and steer innovation while alleviating any risk.5. Wells Fargo’s looming $1.95-billion asset cap is likely to stay put “until the firm has comprehensively fixed its problems,” Federal Reserve Chair Jerome Powell said in the September FOMC press conference when asked about Senator Warren’s letter last week that urged the Fed to break up the Wall Street biggie.6. JPMorgan has increased its regular quarterly dividend. The bank announced a dividend of $1 per share, representing a hike of 11.1% from the prior payout. JPMorgan has a track record of increasing its dividends since 2011. From paying 5 cents a share as the quarterly dividend during the 2008 financial crisis, the company has come a long way in terms of capital strength.Price PerformanceHere is how the seven major stocks performed: Image Source: Zacks Investment ResearchOver the past five trading days, both Capital One and U.S. Bancorp recorded maximum gains, with their shares rallying 4% each. Also, shares of both Wells Fargo and Bank of America have gained 2.9% during the same period.Over the past six months, shares of Capital One and Wells Fargo have jumped 37% and 25.8%, respectively, while PNC Financial has gained 15.8%.What’s Next?Over the next five trading days, unless there is any change in the macroeconomic/global situation, the major bank stocks are likely to perform in a similar fashion. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wells Fargo & Company (WFC): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Citigroup Inc. (C): Free Stock Analysis Report U.S. Bancorp (USB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 24th, 2021

The Trade Desk (TTD) Gains But Lags Market: What You Should Know

The Trade Desk (TTD) closed the most recent trading day at $76.40, moving +1.08% from the previous trading session. The Trade Desk (TTD) closed at $76.40 in the latest trading session, marking a +1.08% move from the prior day. The stock lagged the S&P 500's daily gain of 1.21%.Coming into today, shares of the digital-advertising platform operator had lost 5.6% in the past month. In that same time, the Computer and Technology sector gained 1.28%, while the S&P 500 lost 0.9%.Wall Street will be looking for positivity from TTD as it approaches its next earnings report date. In that report, analysts expect TTD to post earnings of $0.16 per share. This would mark year-over-year growth of 23.08%. Meanwhile, our latest consensus estimate is calling for revenue of $283.6 million, up 31.23% from the prior-year quarter.For the full year, our Zacks Consensus Estimates are projecting earnings of $0.78 per share and revenue of $1.17 billion, which would represent changes of +13.04% and +40.36%, respectively, from the prior year.Any recent changes to analyst estimates for TTD should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. TTD is currently a Zacks Rank #2 (Buy).In terms of valuation, TTD is currently trading at a Forward P/E ratio of 97.52. This valuation marks a premium compared to its industry's average Forward P/E of 27.71.Meanwhile, TTD's PEG ratio is currently 4.24. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Internet - Services industry currently had an average PEG ratio of 4.01 as of yesterday's close.The Internet - Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 171, which puts it in the bottom 33% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Trade Desk Inc. (TTD): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksSep 23rd, 2021

Ready to invest in Bitcoin? Here are 4 steps to get started

Here's everything you need to know about how to invest in bitcoin, from choosing an exchange and crypto wallet, to picking the right trading strategy. There are a variety of ways to invest in bitcoin, even if you aren't a professional day trader or regularly play the currency markets. Alyssa Powell/Insider Table of Contents: Masthead Sticky Bitcoin investing involves choosing an exchange, verifying your identity, and withdrawing to a wallet. Investing in bitcoin is risky since it's a volatile and speculative asset. Experts recommend using a buy-and-hold strategy when buying bitcoin, in order to average out rises and falls. Visit Insider's Investing Reference library for more stories. More than a decade into its existence, Bitcoin doesn't seem to be going away. The cryptocurrency has attracted good and bad headlines as it's worked its way through multiple peaks over the years, and despite a reputation for volatility, it continues to attract new investors with its promise of market-beating returns.Here's what to know about investing in Bitcoin.What to know about Bitcoin Bitcoin is a cryptocurrency. This means it's a form of electronic money that secures and validates transactions via the use of cryptography. In Bitcoin's case, people and organizations known as "miners" use computing hardware to calculate a code - known as a "hash" - that encrypts the data contained in transactions. This data is collected into "blocks," which are linked together in a blockchain that cannot, in theory, be changed once written.On an economic level, Bitcoin's creator - the pseudonymous Satoshi Nakamoto - created it in 2008 as a form of "sound money," akin to digital gold."What makes Bitcoin so special is that it has a finite supply of 21 million coins, with only a couple million left to be mined," explains Edward Moya, chief market strategist at OANDA's MarketPulse. "Simple supply and demand for Bitcoin is the main reason why prices have skyrocketed over the past year."Despite having a fixed maximum supply, Bitcoin has shown remarkable volatility throughout most of its life with major fluctuations in its price.Such swings make Bitcoin a highly speculative asset, one that should be considered only by traders willing to stomach a fair amount of risk. That said, at least some analysts suspect that its volatility will gradually decline over time, as its market grows and reduces its destabilizing reliance on leverage.Step 1: Choose a crypto exchange For most people, the best place to buy Bitcoin is on a crypto exchange. These are online platforms dedicated to facilitating trades in cryptocurrency, usually by offering trading pairs (e.g., USD to Bitcoin) and usually by matching buyers with sellers.In the US, the leading crypto exchange by volume and customer base is Coinbase. That said, other reputable - and regulated - crypto-exchanges include Kraken, Gemini, eToro, and Crypto.com.More inexperienced traders may wish to try a more general trading platform such as Robinhood. These have the benefit of being more user-friendly than the average crypto exchange, although their major downside is that many don't let users withdraw their bitcoin.Quick tip: New investors should check the fees charged by exchanges, since these can vary quite widely. They should also check for the minimum account balance required by their chosen platform, since certain exchanges impose a minimum. Others also set minimums for account deposits via bank transfer.Step 2: Choose a payment methodExchanges also vary in terms of the payment methods they support. Most major platforms do offer the option of linking your bank account for wire and ACH transfers, as well as the option of linking a debit card. Some also let you pay via PayPal, with Coinbase also supporting Apple Pay.Quick tip: Most bank transfer deposit options incur no fees. Nonetheless, certain special services (e.g., FedWire via Silvergate or Synapse) may require a small charge (e.g., $1 or $5), while using PayPal to deposit money into your exchange incurs a 2.5% charge with Coinbase, for instance.Regardless of the option you choose, you will have to verify your identity when first signing up for an account and registering a payment method. In the US, you're usually required to submit a scan of a state-issued ID, such as a driver's license or identification card.Depending on where you are and on your chosen platform, you may also be required to provide scans of additional documentation (such as your passport), as well as being asked to submit a proof of address.Step 3: Place your order Once you're verified and have deposited cash into your account, you can then begin buying Bitcoin. This process varies according to the exchange you use, with some exchanges offering a process that simply involves clicking a Buy or Sell button and then specifying how much Bitcoin you want to buy (or sell).In general, most crypto exchanges offer at least three basic order types:Market order: the option to choose if you simply want to buy Bitcoin at its current price. This type of order is usually completed in a matter of seconds, depending on the time of day.Stop order: an order where you specify the price at which you will buy or sell Bitcoin. This type is good if you want to make sure you sell Bitcoin before it falls too sharply. This type of order can take some time to execute, depending on how quickly the market moves.Limit order: instructs the exchange to execute a buy or sell order at a specific price or better. In contrast to stop orders, limit orders are visible to the market and can take longer to fill.Again, executing any one of these options usually involves clicking a Buy, Trade, or New order button on an exchange's home screen. You'll then be able to choose from the above three (and more advanced) options, before clicking a Submit button or something equivalent.Quick tip: All exchanges will let you buy a fraction of a bitcoin (BTC). So while the price of 1 BTC may seem prohibitively expensive right now, you will be able to choose to buy 0.1 BTC, 0.01 BTC or whatever else you type into the exchange's interface.How to buy Bitcoin with PayPalPayPal has enabled its US-based customers to buy Bitcoin (and other cryptocurrencies) since October 2020. But before you can purchase Bitcoin, you'll have to agree to their terms and conditions and then set up a PayPal Balance account first. From the home screen, click the button that looks like a bar graph. Jasmine Suarez/Insider Click Bitcoin. PayPal also offers the option to buy Ethereum, Litecoin, and Bitcoin Cash. Jasmine Suarez/Insider Scroll down and select how much you'd like to purchase. Then click Buy. PayPal provides preset amounts of Bitcoin you can purchase. Jasmine Suarez/Insider Quick tip: When you press the Buy button for the first time, you'll have to prove your identity (if you haven't done so on PayPal already). This involves providing your name, physical address, date of birth, and taxpayer identification number, and may also include submitting a copy of your ID and showing proof of address.Step 4: Store your crypto in a safe place While bigger exchanges are becoming safer, hacks and fraud remain a big problem for the industry. This is why investors with significant sums in Bitcoin are advised to consider storing their cryptocurrency themselves."Experienced traders that are very good with cybersecurity might prefer to own their wallets, as this gives you the ability to move your cryptocurrencies whenever you want to and not be subject to an exchange. The saying 'Not your keys, not your coins' was popular last year, as many exchanges got hacked or shut down," says Moya.This means transferring your Bitcoin from the exchange you use to your own cryptocurrency wallet. Such wallets come in two forms:Cold wallets: also known as hardware wallets, these are small devices that store your Bitcoin address' private key, which is necessary to transfer Bitcoin out of the address. They do not connect to the internet and are therefore considered safer than online, software-based alternatives.Hot wallets: also known as software wallets, these are apps that can be used through your phone, desktop computer, or web browser. They also store the private key of your Bitcoin address, but because they do connect to the internet, they aren't considered quite as safe as hardware/cold wallets.Software wallets aren't quite as secure as hardware wallets, but the leading varieties do still offer a range of security features, such as two-factor authentication and compatibility with hardware wallets.Selling bitcoin While many traders turn to Bitcoin in the hope of making big money fast, pretty much every analyst advocates a long-term, buy-and-hold strategy. This is largely because holding for a longer period of time tends to average out gains and losses, providing a greater probability of a significant positive return by the time you sell your Bitcoin."In my opinion, it is better to buy and hold, perhaps allocating a small portion of your portfolio to cryptocurrencies, focusing on the ones typically held by institutional investors, such as Bitcoin and Ethereum at the moment," says Nikolaos Panigirtzoglou, an analyst at JPMorgan Chase & Co.Likewise, many analysts also recommend adopting a dollar-cost-averaging (DCA) strategy, largely because this is another way of averaging out peaks and troughs."The best strategy for newcomers would be to [trade] Bitcoin on the DCA approach [...] you'll just buy a tiny bit on a monthly or weekly basis, not looking at the price movements at all," says Michaël van de Poppe, the CEO and founder of cryptocurrency consultancy, Eight.However, Moya warns that even with a long-term hold strategy, new traders are generally advised to enter the world of Bitcoin investing with the mindset that they could lose most of their money. "A new investor should only apply a very low, single-digit percentage of their trading portfolio to cryptocurrencies. Despite the many bullish calls for Bitcoin or Ethereum, massive plunges have happened in minutes. New investors may want to consider buying and holding a basket of cryptocurrencies, with an approach of scaling into positions," he says.A longer-term approach is also beneficial from a tax perspective, since Bitcoin is classified as property in the US, and therefore liable to capital gains tax when sold. Quick tip: You'll have to pay capital gains tax if you sell bitcoin after holding it for more than one year. But if you hold for less than a year, your gains are taxed as ordinary income. Investors with an annual income of $40,000 or less pay no capital gains tax on Bitcoin profits, whereas those in the next bracket pay 15%.The financial takeawayBitcoin is an interesting and exciting technological innovation, representing a form of decentralized electronic money that doesn't require a central authority (such as the Federal Reserve) to operate. It's also exciting from an investment perspective, with its high annual returns (in most years) making it one of the best-performing assets of the past decade, even if its volatility means it has suffered more than a few dramatic falls.While investing in Bitcoin may seem complicated, starting off is as simple as picking a reputable exchange and setting up an account. Once you've verified your identity and deposited some money, you're then good to go, with most exchanges offering a range of order types in addition to the ability to simply buy Bitcoin.When you've acquired a significant sum of Bitcoin, most experts recommend withdrawing it to your own cold (i.e., hardware) wallet. They also recommend a buy-and-hold strategy, so that you can iron out market dips and also avoid having your profits taxed as ordinary income.A bitcoin IRA lets you profit from the cryptocurrency's potential gains in a tax-advantaged wayAltcoins are the alternative digital currencies to bitcoin - here's what they are and how they workWhat is Ethereum? What to know before investingWhat to know about non-fungible tokens (NFTs) - unique digital assets built on blockchain technologyRead the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 23rd, 2021

Bullish sentiment toward crypto assets increases with 8 of 10 people seeing bitcoin bounce above $56,000 by year"s end, says Voyager Digital

Cryptocurrency-asset broker Voyager said 85% of respondents to its sentiment survey believe bitcoin is now in a bull market. Bitcoin. Edward Smith/Getty Images Bitcoin is poised to rise above $56,000 by year's end, a wide majority of survey respondents told Voyager Digital. The cryptocurrency-asset broker also found that more people are bullish in bitcoin vs. the prior quarter. The uptick in bullish crypto sentiment comes in the face of increased regulatory scrutiny. See more stories on Insider's business page. Crypto investors have grown more optimistic about the price outlook for bitcoin and other digital assets in the last quarter, even in the face of more regulatory scrutiny, a new survey from Voyager Digital shows. According to the cryptocurrency-asset broker's third-quarter sentiment survey results sent to Insider, 8 out of 10 are bullish on bitcoin over the next three months. That's an uptick from the second quarter, when 7 out of 10 respondents held a bullish view on the market. The latest survey also found 8 out of 10 see bitcoin topping $56,000 by the end of 2021, representing a 27% rise from Thursday's price at around $44,000."As our user base continues to grow and digital asset adoption increases, our survey results suggest that a greater number of investors see Bitcoin as a better store of value compared to more traditional asset classes such as stocks, real estate, and government bonds," Steve Ehrlich, Voyager's founder and CEO, said in the survey statement."This is significant when you consider that over a fifth (22%) of respondents have been investing in crypto for over two years," and that it's likely many of them will consider not having exposure to traditional asset classes again, he said. The results also showed 40% expect bitcoin to trade above $71,000 at some point in the fourth quarter, topping the all-time high of $64,863 reached in April. The prior sentiment survey released in June said 38% had expected bitcoin to finish the third quarter between $56,000 and $70,000. Among altcoins, 40% of investors surveyed by Voyager were bullish on Cardano's ada token followed by ethereum at 16%.Scrutiny of the crypto market continued during the third quarter as US regulators sought more avenues to oversee the market. The Treasury Department and other agencies are quickly moving to target stablecoins for tighter regulation, The New York Times reported Thursday.And Securities and Exchange Commissioner Gary Gensler likened stable coins to "poker chips" in an interview with the Washington Post this week.He has also called on lawmakers to give the agency authority to legally monitor crypto exchanges. Last week, he said those exchanges need to "come in and talk" to the agency, just days after clashing with trading platform Coinbase over a lending product. Coinbase has since dropped its plans for Lend. Meanwhile, big-money investors are shying away from bitcoin futures and pivoting to ethereum futures as expectations for bitcoin soften, according to JPMorgan analysts. They noted that in September, bitcoin futures on the Chicago Mercantile Exchange have traded below the price of an actual bitcoin.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 23rd, 2021

Elon Musk says dogecoin fees have to fall for it to become a viable form of payment, after AMC suggests it might accept the token for movie tickets

Musk has been relatively quiet about cryptocurrencies ever since he announced Tesla would no longer take bitcoin as payment for its electric vehicles. Elon Musk. Patrick Pleul/picture alliance via Getty Images Elon Musk says dogecoin fees would have to fall for it to become a viable payment option. His tweet came after AMC's CEO said the movie-chain operator may accept dogecoin for movie ticket payments. Musk's latest tweet suggests he isn't sure about adopting dogecoin for Tesla yet. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Tesla boss Elon Musk said Wednesday dogecoin fees would have to drop for it to become a feasible payment option, after movie-chan operator AMC's CEO hinted he might add it as a method to pay for tickets."Super important for Doge fees to drop to make things like buying movie tix viable," Musk said in a tweet.The billionaire CEO was responding to dogecoin creator Billy Markus, who is no longer developing the digital asset."Robinhood announcing wallets, AMC CEO not only talking about accepting dogecoin but saying it was the single most interacted with tweet he has ever made, the crypto market finally seeing some green," Markus had tweeted.Cryptocurrencies had a weak start to the week with the total value of the market falling below $2 trillion, as the fallout from Evergrande's debt crisis delivered a huge blow to risk appetite, sending roughly every asset class lower. Bitcoin tumbled 8% to around $43,000 on Monday, while dogecoin fell 13% to 22 cents.Most digital coins made some gains Wednesday, after Robinhood announced it would launch a crypto wallet by next year and AMC CEO Adam Aron responded to the Twitter poll he put out that sought input on accepting dogecoin in theaters. "It's clear that you think AMC should accept dogecoin," Aron said. "Now we need to figure out how to do that."Aron also appeared thrilled that Musk had liked his poll, and called him the "epitome of innovation."Musk has been relatively quiet about cryptocurrencies ever since announcing Tesla would suspend vehicle purchases using bitcoin due to its impact on the environment. He previously hinted at adopting dogecoin for the EV-maker instead, but his latest suggestion about lower fees seems like he still isn't sure.Dogecoin fees are made for the effort used in processing transactions on the blockchain. These fees can fluctuate, depending on how busy the network is. The dogecoin development team last month announced an update to the network, which claimed to enable upcoming fee reductions. Musk had reacted positively, calling it "good progress."Dogecoin was last trading at 22 cents on Thursday. It's up more than 4,500% so far this year, according to data from CoinDesk.Read More: Ahead of bitcoin's $3 billion options expiry this Friday, 5 experts told us how much the crypto and other leading altcoins can surge or fall from here: 'if markets bleed, they will bleed as a group.'Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 23rd, 2021

Marqeta (MQ) Joins Figure to Aid Buy Now, Pay Later Service

Marqeta (MQ) ties up with the fintech company Figure to launch the latter's Figure Pay app. Marqeta Inc. MQ forged an alliance with the fintech company Figure. With this deal, the company will enable the launch of the Figure Pay product, an all-in-one digital money app.Figure is a blockchain lending company, which targets the unbanked lot and describes itself as an alternative banking solution provider. Marqeta is a modern card issuing platform, which empowers its customers to create customized and innovative payment cards.For Buy Now, Pay Later lenders, merchant onboarding and scaling pose significant challenges. It is time consuming to cultivate technology relationships and complete integrations. Lenders are looking for faster and easier ways to onboard new merchants and provide their customers a better user experience. And this is where Marqeta, the global modern card-issuing platform, bridges the gap. Its lending solutions based on modern virtual cards work seamlessly with customers’ mobile wallets and merchants’ POS systems to fund purchases in real time.The Figure Pay product is an amalgam of services such as  providing users a fee-free deposit account, seamless money transfer to friends and family, an extensive rewards program and free access to a network of 55,000 ATMs. Most attractive feature of the app is is the Buy Now, Pay Later functionality, which allows a consumer to finance his purchases and pay for the same in tranches. The service is currently available in 26 states and will spread nationwide over time.BNPL services have been a huge hit among buyers so far, especially after the outbreak of COVID-19, which triggered financial distress. Moreover, users prefer BNPL over credit cards as they look to avoid the high costs involved. Others who do not qualify for credit cards prefer BNPL.The company’s chief revenue officer Darren Mowry said, “Our new survey shows that credit cards are providing consumers with the financial support they have needed throughout the pandemic, with American consumers far more engaged with credit card rewards programs than the UK or Australia. However, we are also seeing a shift in consumer behavior and growth in Buy Now, Pay Later use and alternative credit solutions that provide consumers with flexibility and lower interest rates.”Management informed that the company’s BNPL net revenues grew 350% year over year in the second quarter of 2021.Marqeta also extended its year-old partnership with Zip Co. in Australia, which provides BNPL services. Zip mentioned that its transaction volume has grown significantly in the past 12 months since partnering with Marqeta, which is a key component of BNPL. It helped the company significantly grow its customer base and capitalise on the in-store opportunity.The card issuer debuted trading on Nasdaq in June this year following an IPO. It offers card-issuing technology tools to help companies build and manage their own payment programs. Some of its biggest clients are Square Inc. SQ, DoorDash, Inc. DASH and Affirm Holdings, Inc. AFRM. It competes with other card issuers, such as Global Payments Inc. (GPN), Fiserv Inc. (FISV) and Adyen.Marqeta’s biggest revenue driver is interchange fees, which merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. The company has a big market at its disposal. Per The Nilson Report, $6.7 trillion of transaction volume conducted through U.S. issuers in 2020, and the company processed nearly $60 billion of the same, which makes up less than 1%. This shows that the company has a huge scope for further penetrating the market.The stock is worth retaining for the long term as rapid digitalisation of payments will be a catalyst for its growth. Since it started trading in June, the stock has declined 14.9%, almost in line with the industry’s decrease of 14.8%. Image Source: Zacks Investment ResearchThe stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Square, Inc. (SQ): Free Stock Analysis Report DoorDash, Inc. (DASH): Free Stock Analysis Report Affirm Holdings, Inc. (AFRM): Free Stock Analysis Report Marqeta, Inc. (MQ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 22nd, 2021

Marin Software stock is both the biggest gainer and most active after renewing Google revenue share deal

Shares of Marin Software Inc. were both the biggest gainers and most active on major U.S. exchanges in afternoon trading Wednesdasy, after the digital advertising disclosed that it renewed a revenue share agreement with Alphabet Inc.'s Google LLC. The stock rocketed 58.7% on volume of 114.6 million shares, which compared with the full-day average of about 4.6 million shares. The company said the agreement with Google, which is for Marin to develop its enterprise technology platform and software products, is effective Oct. 1. That takes the place of the current revenue share agreement, which was entered into in December 2018 and ends on Sept. 30. Marin said it will receive revenue payments from Google based on revenue generated on its platform, in connection with how much its clients spend on ads appearing on Google searches, as well as revenue generated on its platform based on how much its clients spend on search ads appearing on certain other search engines. The stock had skyrocketed 14-fold in eight sessions, from June 24 to a 5 1/2-year closing high of $24.14 on July 6, after the company announced an integration with Instacart Ads. The stock pulled back sharply since then, and closed Tuesday at $5.69. With Wednesday's gain, the stock was still up 437.5% over the past three months, while the S&P 500 has up 17.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchSep 22nd, 2021

Toast soars 65% in IPO debut, valuing restaurant technology company at $33 billion

The firm priced its IPO at $40 per share Tuesday evening, well above its expected range of $34-$36 per share. Toast filed for its IPO in August 2021. Toast Restaurant technology firm Toast soared as much as 65% in its IPO trading debut on Wednesday.Toast's trading debut valued the company at $33 billion, well ahead of its last private funding valuation of $5 billion.Toast priced its IPO at $40 per share, higher than its prior target range of $34-$36 per share.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Shares of Toast soared as much as 65% in its IPO debut on Wednesday, handing the restaurant technology platform a valuation of about $33 billion.The firm priced its IPO at $40 per share Tuesday evening, well above its expected range of $34-$36 per share, which was already raised from an initial target range of $30-$33 per share. Toast sold 21.7 million common shares in its trading debut, raising the firm $870 million in proceeds at a $20 billion valuation. Toast was founded in 2011 and offers a software platform dedicated to restaurants that integrates payments and helps manage business operations and online ordering & delivery functions, among other restaurant-specific tasks.The company had more than 48,000 restaurant locations using its software at the end of June, helping drive a 118% surge in year-over-year annual recurring revenue, according to its S-1 filed with the SEC. Toast generated $823.1 million in 2020 revenue, representing a 24% surge from the year prior. In the first six months of 2021, revenue jumped 105% from the year prior to $703.7 million. Despite the strong growth rates, Toast is not yet profitable. The company saw a net loss of $234.6 million in the first six months of 2021, and a loss of $248.2 million for all of 2020.Toast has come a long way from its last private funding round in February of 2020, right before the onset of the COVID-19 pandemic. The company raised $400 million at a $4.9 billion valuation, but soon had to pivot two months later due to the pandemic, in which it terminated 48% of its employees and reduced salaries.Toast trades on the New York Stock Exchange under the ticker "TOST." The stock hit a high of $65.97 in initial Wednesday trades.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 22nd, 2021

Here"s Why You Should Invest in Align Technology (ALGN) Now

Investors continue to be optimistic about Align Technology (ALGN) on robust second-quarter 2021 performance and raised guidance. Align Technology, Inc. ALGN has been gaining from its solid performance in the second quarter of 2021. Continued adoption of its digital platform is expected to drive its rally further. The raised full-year 2021 outlook buoys optimism. Yet, stiff competition and foreign exchange headwinds remain concerns.Over the past year, shares of this Zacks Rank #2 (Buy) company have outperformed the industry. The company has surged 130% compared with 36.5% growth of the industry and 36.6% rise of the S&P 500.The renowned medical device provider specializes in clear aligner therapy, intra-oral scanners, and CAD/CAM (computer-aided design/computer-aided manufacturing) digital services used in dentistry, orthodontics and dental record storage. It has a market capitalization of $56.12 billion. The company projects 26.6% growth for the next five years and expects to maintain its strong segmental performance. Further, the company surpassed estimates in the trailing four quarters, the average surprise being 87.27%.Let’s delve deeper.Impressive Q2 Results: Align Technology exited the second quarter of 2021, with better-than-expected results despite the challenging business environment. The company reported solid revenue growth in the quarter under review, reflecting continued momentum in both Clear Aligners and Systems and Services. Continued adoption of the company’s digital platform has also been a tailwind. The company is witnessing strong global growth in iTero business across all regions, with continued adoption of the iTero Element 5D Plus Series of next-generation scanners and imaging systems. Robust gross margin expansion and year-over-year improvement in operating income are encouraging.International Focus to Drive Growth: Align Technology has undertaken several strategies to drive adoption of Invisalign Technology that includes product/technology development, extending clinical effectiveness, extension of the Invisalign Technology brand along with boosting international growth.Image Source: Zacks Investment ResearchFor the international business, Invisalign shipments rose 12.7% and 149%, on a sequential and year-over-year basis, respectively. In EMEA, Invisalign case volumes were up 17% sequentially and 265% year over year, with strong broad-based growth across all markets. Further, Align Technology registered 76.2% year-over-year growth in digital scans used for Invisalign case submissions for its international business. For the Americas, the same was up 86.6% from the year-ago number.Raised Guidance: Align Technology, on the back of its impressive performance, has raised its financial outlook for 2021.The company now expects revenues for the year in the range of $3.85 billion to $3.95 billion, suggesting a rise of 56-60% from 2020. The previous guided range was $3.7-$3.9 billion. The company expects revenue growth in the second half of 2021 to exceed the mid-point of its long-term operating model target of 20% to 30%.However, Align Technology faces stiff competition from traditional orthodontic appliance (or wires and brackets) players such as 3M’s Unitek, Danaher Corporation’s Sybron Dental Specialties and Dentsply International.Furthermore, the substantial challenges arising from unfavorable foreign currency translation have been affecting Align Technology’s financials over the past few quarters.Estimate TrendsAlign Technology is witnessing a positive estimate revision trend for the current year. Over the past 60 days, the Zacks Consensus Estimate for its earnings has moved 5.5% north to $10.99.The Zacks Consensus Estimate for the company’s third-quarter fiscal 2021 revenues is pegged at $962.3 million, suggesting a 31.1% rise from the year-ago reported number.Other Key PicksA few similar-ranked stocks from the broader medical space are Envista Holdings Corporation NVST, BellRing Brands, Inc. BRBR and Biolase, Inc. BIOL, each carrying a Zacks Rank #2. You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.Envista Holdings has an estimated long-term earnings growth rate of 27%.BellRing Brands has an estimated long-term earnings growth rate of 29%.Biolase has a projected long-term earnings growth rate of 15%. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Align Technology, Inc. (ALGN): Free Stock Analysis Report Biolase, Inc. (BIOL): Free Stock Analysis Report Envista Holdings Corporation (NVST): Free Stock Analysis Report BellRing Brands, Inc. (BRBR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 22nd, 2021

Bet on These 3 MedTech Growth Stocks for 2021 & Beyond

Stocks like West Pharmaceutical Services (WST), IDEXX Laboratories (IDXX) and Align Technology (ALGN) make great picks for the long term. The economic mayhem brought on by the coronavirus pandemic is barely showing any signs of easing. After a few months of some stability in the first half of 2021, the surge in the highly-transmissible Delta variant is haunting investors.Going by a Reuters report, the U.S. economic rebound has been impeded in the third quarter, partly because of the spread of the Delta variant. However, the growth outlook still stands at 4.2% for 2022 and 2.3% for 2023.Meanwhile, despite several temporary phases of market recovery over the past couple of months, the pessimism across major pandemic-battered industries in the United States is still looming large.Brighter Picture for MedTechOn Sep 9, the new mandate announced by President Joe Biden unveiled a series of steps to combat the rising pandemic concerns, including the announcement of a forthcoming federal rule that all businesses with 100 or more employees have to ensure that every worker is either vaccinated for COVID-19 or will have to submit weekly coronavirus testing results.Once the rule is implemented, several MedTech stocks, particularly companies in the field of testing and vaccines, are expected to report robust business gains. Also, this rule is expected to ease away the Delta-induced fear in the economy, which might again increase hospital and physician office visits, boosting demand for non-COVID elective procedures.Furthermore, a report by World Bank noted that the U.S. economy has been bolstered by massive fiscal support and growth is expected to reach 6.8% in 2021, the fastest pace since 1984.MedTech: A Comparatively Safe BetWhile theories about the impending new waves of coronavirus are still looming large, the MedTech space is expected to remain resilient on the transformation of business models according to changing demand pattern, inclination toward digital healthcare and a number of fiscal stimulus packages that the government has introduced of late.Despite the pandemic-induced crisis, many MedTech companies have raised their 2021 outlook on rise in diagnostic testing demand.In this line, Quest Diagnostics Incorporated DGX recently raised its full-year projection significantly. The company’s revenues for 2021 are now expected in the range of $9.84 billion to $10.09 billion versus the prior view of $9.54 billion to $9.79 billion.Ideal Strategy for MedTech InvestorsAmid the pandemic-induced market turmoil, when volatility peaks, it is always prudent to adopt a longer-term investing strategy and pick some growth-focused MedTech stocks which are fundamentally strong.Once the pandemic fades, these stocks with a robust long-term growth potential along with strong and sustainable financial performance can be the best bets.Here are a few MedTech companies with a Growth Score of A or B. Our research shows that stocks with a Growth Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2 (Buy), offer the best upside potential. You can see the complete list of today’s Zacks #1 Rank stocks here.3 Stocks to Bet OnWest Pharmaceutical Services, Inc. WST delivered robust performance in the second quarter of 2021 aided by solid organic sales growth in both of its base businesses and improving demand for products related to COVID-19 vaccines.  It continues to witness strong uptake of HVP components, which include Westar, FluroTec, Envision and NovaPure offerings, and Daikyo’s Crystal Zenith. A raised financial outlook for 2021 instills further optimism in the stock. Net sales for full-year 2021 are projected between $2.76 billion and $2.79 billion (up from the prior range of $2.63-$2.65 billion), while adjusted earnings per share for 2021 are anticipated in the band of $8.05 to $8.20 (up from the previous range of $6.95-$7.10).West Pharmaceutical Services, Inc. Price West Pharmaceutical Services, Inc. price | West Pharmaceutical Services, Inc. QuoteThis Zacks Rank #1 stock has a Growth Score of B. The stock’s return on equity (ROE) stands at an impressive 28.6% versus the industry’s 14.1%. In 2021, the company’s earnings are expected to grow 72.7%. It has an expected long-term earnings growth rate of 27.3%.IDEXX Laboratories, Inc.’s IDXX top line in the second quarter was driven by strong sales at the CAG, LPD and Water businesses. The company witnessed sturdy gains in CAG Diagnostics’ recurring revenues, supported by sustained strong global trends in pet healthcare. IDEXX, boosted by the ongoing business recovery and strong performance in the last-reported quarter, has raised its financial outlook for 2021.The company currently projects revenue growth for the year in the range of 17-18.5% on a reported and 14.5-16% on an organic basis. Further, IDEXX projects full-year earnings per share growth of 22-25% on a reported basis.IDEXX Laboratories, Inc. Price IDEXX Laboratories, Inc. price | IDEXX Laboratories, Inc. QuoteThis Zacks Rank #2 stock has a Growth Score of B. The stock’s Price/Sales ratio stands at 18.5% versus the industry’s 6.3%. In 2021, the company’s earnings are expected to grow 24.4%. It has an expected long-term earnings growth rate of 19.9%.Align Technology, Inc. ALGN exited the second quarter of 2021 with better-than-expected results despite the challenging business environment. Continued adoption of the company’s digital platform has also been a tailwind. The company is witnessing strong global growth in iTero business across all regions on the continued adoption of the iTero Element 5D Plus Series of next-generation scanners and imaging systems. Align Technology, on the back of its impressive performance, has raised its financial outlook for 2021. The company now expects revenue growth for the year in the range of 56-60% from 2020. Further, it expects revenue growth in the second half of 2021 to exceed the mid-point of its long-term operating model target of 20% to 30%.Align Technology, Inc. Price Align Technology, Inc. price | Align Technology, Inc. QuoteThis Zacks Rank #2 stock has a Growth Score of A. The stock’s Price/Sales ratio stands at a very impressive 16.4% versus the industry’s 3.3%. In 2021, the company’s earnings are expected to grow 109.3%. It has an expected long-term earnings growth rate of 26.6%. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Quest Diagnostics Incorporated (DGX): Free Stock Analysis Report Align Technology, Inc. (ALGN): Free Stock Analysis Report IDEXX Laboratories, Inc. (IDXX): Free Stock Analysis Report West Pharmaceutical Services, Inc. (WST): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 22nd, 2021

FedEx (FDX) Stock Down on Q1 Earnings Miss, FY22 View Dull

The freight unit of FedEx (FDX) performs admirably in the first quarter of fiscal 2022. FedEx Corporation’s FDX first-quarter fiscal 2022 (ended Aug 31, 2021) earnings (excluding 27 cents from non-recurring items) of $4.37 per share missed the Zacks Consensus Estimate of $4.96. The bottom line declined 10.27% year over year due to supply-chain disruptions and a tight labor market.Adding to its woes, the package delivery company lowered its earnings per share view for fiscal 2022 due to escalating costs and supply-chain issues. For fiscal 2022, FedEx now anticipates earnings per share, before the year-end MTM retirement plan accounting adjustment, and exclusion of the estimated TNT Express integration expenses and costs associated with business realignment activities, in the band of $19.75-$21 (earlier view: $20.50-$21.50).The midpoint of the revised guided range is $20.375, down from the Zacks Consensus Estimate of $21.27. Due to the disappointing bottom-line performance and the guidance cut, shares of the company fell 4.5% in after-hours trading on Sep 21.Quarterly revenues in the quarter came in at $22,003 million. As a saving grace, the top line outperformed the Zacks Consensus Estimate of $21,806.3 million and increased 13.88% year over year, primarily owing to higher volumes on the rise in demand for freight services. Operating income (on an adjusted basis) declined 9.1% year over year to $1.49 billion in the reported quarter. Operating margin (adjusted) also dipped to 6.8% from 8.5% in the year-ago period.FedEx Corporation Price, Consensus and EPS Surprise FedEx Corporation price-consensus-eps-surprise-chart | FedEx Corporation QuoteSegmental PerformanceQuarterly revenues at FedEx Express (including TNT Express) improved14% to $10,966 million owing to higher revenue per package and growth in FedEx International Priority and U.S. domestic express packages. Segmental operating income declined 20% year over year to $567 million. Segmental operating results were hurt by higher operating expenses due to labor shortages and coronavirus-related air network issues. Results were also dented by a decline in the U.S. average daily freight pounds due to a surge in the charter flights a year ago.FedEx Ground revenues increased 9% year over year to $7,677 million in the period under consideration owing to higher revenues per package apart from an uptick in commercial packages. Operating income came in at $671 million, decreasing 20% year over year. Segmental operating results were hurt by escalated labor costs and network inefficiencies stemming from staffing shortages. Operating results were also affected by higher expansion-related expenses.FedEx Freight revenues climbed 23% year over year to $2,251 million, driven by higher volumes and an enhanced revenue quality. The segment’s operating income ascended 42% to $390 million, courtesy of an intensified focus on revenue qualitative and cost-control initiatives. Average daily shipments in the unit increased 12% and revenue per shipment ascended 11% in the quarter under review.Capital expenditures in the quarter increased 10% to $1.57 billion due to the company’s investments pertaining to its strategies for profitable growth, service excellence and the modernization of its digital and IT platforms.OutlookFor fiscal 2022, FedEx anticipates earnings per share in the range of $18.25-$19.50 (earlier guidance: $18.90-$19.90), before the MTM retirement plan accounting adjustments. Effective tax rate, before the year-end MTM retirement plan accounting adjustment, is expected to be approximately 24% in fiscal 2022. Capital expenditures are still predicted to be $7.2 billion in fiscal 2022, indicating a rise from $5.88 billion incurred in fiscal 2021. The capital spending will primarily be aimed at capacity expansion at the Ground unit, fleet and facility modernization, and increased automation. Management expects labor shortages to persist in the remainder of 2021. Per Raj Subramaniam, FedEx’s president, chief operating officer and director, "Overcoming staffing and retention challenges is our utmost priority."Zacks Rank & Stocks to ConsiderFedEx currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Zacks  Transportation  sector are  Schneider National SNDR, Landstar System LSTR  and TFI International TFII, all carrying a Zacks Rank #2 (Buy), presently. You can see  the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Long-term expected earnings per share (three to five years) growth rate for Schneider National, Landstar and TFI International is pegged at 17.9%, 12% and 31.6%, respectively. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FedEx Corporation (FDX): Free Stock Analysis Report Landstar System, Inc. (LSTR): Free Stock Analysis Report Schneider National, Inc. (SNDR): Free Stock Analysis Report TFI International Inc. (TFII): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 22nd, 2021

Solana-based data network Pyth says a bug caused bitcoin"s price to crash 90% to $5,402 on its feed to DeFi developers

Pyth, a price-data platform used by some of Wall Street's crypto and finance leaders, showed a plunge of about 90% for bitcoin to $5,402 on Monday. STR/NurPhoto via Getty Images A bug caused bitcoin to plunge 90% on Solana-based network Pyth, which provides pricing data to DeFi developers. Pyth, which gets market data from CoinShares, FTX and other exchanges, briefly showed bitcoin at $5,402 on Monday. "Several Solana programs relying on Pyth prices were impacted by this incident," the network said. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Real-time market data provider Pyth Network said Wednesday a bug caused an error that caused its feed to DeFi developers to show a significantly incorrect price for bitcoin, impacting many solana-run projects.The network, connected to some of the biggest names in crypto and finance, showed a plunge of about 90% for bitcoin to $5,402 on Monday. Other platforms showed the token trading around $43,000, down 8%.Pyth, which launched on the solana blockchain, provides pricing data for DeFi developers' smart contracts by drawing on market activity data from exchanges and professional traders. Its data sources include Sam-Bankman Fried's FTX, CoinShares, Jane Street, Jump Trading Group, and Virtu Financial.In a Medium post explaining what went wrong, Pyth said the bitcoin pricing incident was caused by a combination of two factors: two data providers publishing a near-zero price for the token, and the network's aggregation logic tool giving too much weight to these contributions.The data providers ran into problems related to how decimals are handled, Pyth said. "Several Solana programs relying on Pyth prices were impacted by this incident," it said in the post."The impact was exacerbated due to some programs relying on the aggregate price feed without using the confidence (metric), which allowed liquidations to occur even though the published price was highly uncertain."One project built on solana, called Bonfida, tweeted on Monday that the price decline "caused a series of liquidation events on the Audaces protocol BTC-PERP market (unfortunately working as intended)." Audaces is a liquidation engine and Bonfida's perpetual futures platform.Core developers are making changes to reduce the chances of incorrect prices being generated by software errors, and they are improving monitoring tools, Pyth said.Bitcoin's price returned to normal on Pyth Wednesday, last displaying a level of $42,322. The digital asset lost ground this week, driven by market worries about the spillover of Evergrande's debt crisis.The error on Pyth's decentralized system came in for heavy backlash on Twitter, with some questioning how Pyth is still in operation. Twenty trading firms, exchanges, and market makers have partnered with the firm as data providers, according to Pyth's website. It added another well-known name to its roster Tuesday, when it announced a partnership with digital assets merchant bank Galaxy Digital to provide data for its DeFi traders.Read More: A trader who warned of the 2017 and 2021 bitcoin bull market tops shares 4 altcoins he's bullish on for the long-term - but breaks down why Evergrande's crisis is keeping him away from crypto at the momentRead the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 22nd, 2021