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Senate OK’s Biden anti-inflation act that boosts taxes on corporate income, stock buybacks
rarrarorro The U.S. Senate narrowly passed President Joe Biden’s Inflation Reduction Act on Sunday, aiming to cut government deficits and consumer medical bills while boosting climate-change spending, increasing corporate income taxes and creating a new 1% levy on stock buybacks. The measure passed on a party-line 51-50 vote, with all Democrats and Democratic-leaning independents in the evenly divided Senate supporting the bill and all Republicans opposing. Democratic Vice President Kamala Harris cast the tie-breaking 51st vote in favor of the measure. Plans call for the bill to soon go before the U.S. House, where Democrats have a slightly larger majority. Democrats claim the measure will fight inflation by cutting the federal government’s deficit some $300B over 10 years while reducing consumer prices on some medical insurance, pharmaceuticals and energy costs. “Today, Senate Democrats sided with American families over special interests, voting to lower the cost of prescription drugs, health insurance, and everyday energy costs and reduce the deficit, while making the wealthiest corporations finally pay their fair share,” Biden said in a statement following the measure’s passage. “I ran for president promising to make government work for working families again, and that is what this bill does — period." The president said the measure will cap Medicare recipients’ out-of-pocket prescription-drug costs at $2,000 a year, while subsidies to so-called Obamacare will reduce 13 million Americans’ annual medical-insurance premiums by $800. The measure also grants Medicare the ability for the first time to negotiate some bulk discounts with drug companies for pharmaceuticals – something many private companies currently do. It also caps Medicare patients’ insulin bills to $35 a month and provides subsidies for green-energy programs like U.S. manufacturing of solar panels, wind turbines and electric cars. Democrats plan to pay for the increased spending and deficit reduction through such measures as creating a 15% minimum corporate income-tax rate for large companies, some of which currently manage to pay zero. Additionally, the measure would impose a new 1% tax on corporate stock buybacks. However, party leaders removed a plan to increase taxes on private-equity executives’ so-called “carried interest” payments after centrist Arizona Democratic Sen. Kristen Sinema – whose support the party needed – announced that she wouldn’t support that. Democrats also removed a plan to extend the $35-a-month cap on insulin payments to consumers who have private insurance instead of Medicare. The Senate’s parliamentarian ruled that such an item couldn’t go into a budget-reconciliation measure, the type of bill that Democrats put together to avoid a possible Republican filibuster. The GOP had opposed to broad insulin-price cap, as well as the overall measure that ultimately passed. Senate Minority Leader Mitch McConnell (R-Ky.) slammed the bill as “another reckless taxing and spending spree” by Democrats. “Their response to the runaway inflation they’ve caused is a bill that experts say will not meaningfully cut inflation at all,” McConnell said in a statement following the proposal’s passage. “Democrats have proven over and over they simply do not care about middle-class families’ priorities. They have spent 18 months [since Biden took office] proving that. They just spent hundreds of billions of dollars to prove it again.”
08 Августа, 2022г., 03:18
Communications stocks gain in week, with AMC, Roku leading way forward
vasabii In a week where the broader market eked out a gain despite declining in four of the five sessions, Communications stocks were again on the upside among sectors. The S&P 500 rose 0.4% for the period, a bit of a comedown after last week's strong 4.3% gain. But while sectors like Energy and Healthcare declined, Communication Services stocks rose 1.7% for this week, and the Communication Services Select Sector SPDR Fund (XLC) rose by 1.3% over that period. And large-cap advancers were led by the once and future meme stock, movie theater operator AMC Entertainment (NYSE:AMC), which put the button on a week of five straight advances with an 18.9% gain Friday. The stock rose 52.3% for the week, all told, and Thursday after the bell brought earnings - and news of a new preferred stock issue that could theoretically upend the company's capital structure in the future. Other top advancers included some favorite dogs of 2022. Last week, Roku (NASDAQ:ROKU) capped a week where it reported downbeat earnings and fell 26%; it rebounded this week to a 25.6% gain. Third-best among large-cap stocks was Pinterest (PINS), which reported earnings Monday featuring revenues in line with expectations and an important vote of confidence from top investor Elliott Management. The stock rose 15.8% for the week. Turning to decliners, advertising giant NYSE:WPP topped large caps by falling 8.4% for the week - all of that on Friday, after its earnings outlook was seen as disappointing compared to rivals. Formula One Group (NASDAQ:FWONA) (FWONK) also joined top losers by falling more than 7% for the week - like WPP, mostly on Friday after it reported its own earnings. And Match Group (MTCH) did it own earnings reset Wednesday after it missed revenue forecasts and issued a downbeat outlook for the second half in revenues. The stock fell 7.5% for the week. The top five gainers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more): AMC Entertainment (AMC), +52.3%; Roku (ROKU), +25.6%; Pinterest (PINS), +15.8%; Sea Limited (SE), +14.7%; Roblox (RBLX), +14.7%. The five worst performers over the past five sessions among large-cap Communication Services stocks and larger ($10B market cap or more): WPP (WPP), -8.4%; Formula One Group Series A (FWONA), -7.6%; Match Group (MTCH), -7.5%; Formula One Group Series C (FWONK), -7.2%; Rogers Communications (RCI), -5.8%.
07 Августа, 2022г., 03:18
UCO and LABU among ETF weekly movers
Gainers: Direxion Daily S&P Biotech Bull 3x Shares ETF (LABU) +44%. Axs 2X Innovation ETF (TARK) +22%. ProShares Trust II - ProShares UltraPro 3x Short Crude Oil ETF (OILD) +22%. Bank of Montreal Microsectors Travel 3X Inverse (FLYU) +20%. BMO MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) +19%. Losers: Axs 2X Innovation ETF (OILU) -54%. BMO MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) -38%. Bank of Montreal Microsectors Travel 3X Inverse (FLYD) -35%. ProShares Trust II - ProShares Ultra Bloomberg Crude Oil (UCO) -22%.
07 Августа, 2022г., 03:18
Fintech stocks take spotlight in weeks' financial winners, insurers slide
cemagraphics Fintechs comprised three of the five biggest financial gainers (market cap of over $2B) in the week ended August 5, while insurers dipped the most amid a slew of corporate earnings. Singapore-based fintech and delivery app Grab Holdings (NASDAQ:GRAB) was the top dog, surging 29.2% in the past week as investors' risk appetite for growth-oriented assets appeared to widen. Up next was consumer lending platform SoFi Technologies (NASDAQ:SOFI) +26.2%, which climbed after the company lifted its full-year revenue and adjusted EBITDA guidance after Q2 earnings exceeded Wall Street expectations. Upstart (NASDAQ:UPST) +21.7%, an artificial intelligence-powered consumer lending platform, took the third slot amid a broad boost in fintech names. It's expected to announce Q2 earnings on August 8. Mortgage insurer Enact Holdings (ACT) +13.8% rose after Q2 earnings; and Brazil-based investment brokerage XP (XP) +11.5% perked up. For the stocks that fell the most, multi-line insurer Assurant (NYSE:AIZ) -11.7% dipped after its Q2 top and bottom lines fell short of the Street consensus; Property and casualty insurer Assured Guaranty (AGO) -11.5% slid after its second quarter results were dented by unrealized losses in its investment portfolio; Lincoln National (LNC) -10.5% decreased despite stronger than expected Q2 earnings; Markel (MKL) -10%, another P&C insurer, fell after its Q2 loss highlighted a $1.55B net investment loss; and The Hanover Insurance Group (THG) -7.1% slipped even after Q2 earnings came in better than expected. Previously, (August 5) the U.S. economy added 528K jobs.
07 Августа, 2022г., 03:18
Materials Sector Weekly Round-up: Quaker tops list on earnings beat; Balchem at bottom
Taiyou Nomachi The S&P 500 Materials index closed this trading week with a slight dip of 0.58%. The Materials Select Sector SPDR (NYSEARCA:XLB) also registered a similar drop. A look at the sector's YTD price performance against S&P 500: Copper price rose on Friday following a strong US jobs report suggesting the economy may not be in a recession. Copper (HG1:COM) for delivery in September grew 2.8% on the Comex market in New York, reaching $3.58 per pound. Prices recovered from three consecutive days of losses driven by weak global factory data and flaring U.S.-China tensions after U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan. Gold futures finished sharply lower on Friday, as the U.S. jobs report was "bad news for gold bulls," showing employers hired far more workers than expected in July, which propelled U.S. Treasury yields and the dollar higher. Comex gold for December delivery (XAUUSD:CUR) closed -0.9% to $1,791.20/oz, but gold gained 0.5% for the week based on the front-month contract, while Comex silver (XAGUSD:CUR) settled -1.8% for the week at $19.842/oz. Other base metals had a mixed run, with LME aluminium, nickel, tin showing modest gains, while zinc and lead contracting on Friday. Lumber futures (LB1:COM) tumbled 10% for the week, settling at a new 2022 low of $479.20 per thousand board feet. The commodity has fallen close to its 52-week trading low as the housing market showed continued signs of cooling. Take a look at this week's top gainers among basic material stocks ($2B market cap or more): Quaker Chemical (KWR) +18.66%; Quaker posted better-than-expected Q2 results and raised its dividend this week. Mp Materials (MP) +15.11%; MP's Q2 adjusted earnings comfortably beat expectations and revenues nearly doubled as demand and prices rose for rare earth materials. Sigma Lithium (SGML) +13.68% Summit Materials (SUM) +11.05%; Summit's Q2 earnings beat estimates, but revenues fell short. Cemex (CX) +9.02%; Shares continued their rally this week after Q2 results beat estimates despite higher energy costs and supply chain headwinds. Here are the top decliners for the week: Balchem (BCPC) -6.84% Scotts Miracle-Gro (SMG) -6.33%; Scotts swung to a loss in its Q3 results this week, and it issued mixed guidance for the full year. Sociedad Quimica y Minera de Chile (SQM)-6.08% Innospec (IOSP) -5.90%; Shares fell even as the company posted Q2 earnings and revenues that beat estimates. SSR Mining (SSRM) -5.19%; SSR reported its Q2 numbers, revising its cost guidance higher even as its production guidance remained unchanged. Other materials ETFs to watch: iShares Global Timber & Forestry ETF (WOOD), Materials Select Sector SPDR ETF, Vanguard Materials ETF (VAW), iShares Global Materials ETF (MXI), SPDR S&P Metals and Mining ETF (XME), VanEck Vectors Gold Miners ETF (GDX), iShares MSCI Global Gold Miners ETF (NASDAQ:RING), Global X Copper Miners ETF (COPX).
07 Августа, 2022г., 03:17
Senate bill seeking CFTC oversight over bitcoin, ether could ‘free up billions’ of dollars
designer491 A bill introduced by a handful of U.S. senators looking to empower the Commodity Futures Trading Commission to regulate bitcoin (BTC-USD) and ethereum (ETH-USD) would deem the two largest cryptocurrencies by market cap as so-called digital commodities in a move that could “potentially free up billions of capital” into them, said Marcus Sotiriou, an analyst at digital asset broker GlobalBlock. If the proposed bipartisan legislation, aka the Digital Commodities Consumer Protection Act, were to take effect, “it would mean that these [BTC and ETH] are the only cryptos that are not able to be classified as securities, which would remove a significant concern for side-lined institutions,” Sotiriou wrote in a note on August 4. The key part of this bill is that bitcoin (BTC-USD) and ether (ETH-USD) would not be classified as securities. Generally, if a digital token were categorized as a security, crypto exchanges such as Coinbase Global (COIN), for example, would likely find themselves burdened since they would have to then register with the Securities and Exchange Commission for listing securities, and would have to pay fines if they didn’t, Sotiriou explained to Seeking Alpha via email. “Therefore, the Ethereum (ETH-USD) token’s price would likely fall due to exchanges delisting it, to avoid facing fines for breaking securities laws,” he added. Meanwhile, Senate Agriculture Committee Chairwoman Debbie Stabenow (D-MI) and Sen. John Boozman (R-AR), both of whom are sponsoring the measure among a total of four senators, are seeking to close regulatory gaps in the crypto space by putting the derivatives regulator at the forefront of monitoring bitcoin (BTC-USD) and ether (ETH-USD) as well as digital commodity platforms, including trading facilities, brokers and custodians. “One in five Americans have used or traded digital assets — but these markets lack the transparency and accountability that they expect from our financial system. Too often, this puts Americans’ hard-earned money at risk,” Stabenow said in a statement after unveiling the bill on Aug. 3. “That’s why we are closing regulatory gaps and requiring that these markets operate under straightforward rules that protect customers and keep our financial system safe.” As headlines over the past year have shown, SEC Chair Gary Gensler has been quite vocal about wanting to apply traditional disclosure and anti-fraud provisions to cryptos. While he previously contended that bitcoin (BTC-USD) is a commodity, Gensler told CNBC early in 2022 that "it's about bringing it [crypto] into the securities laws and, unfortunately, way too many of these are trying to say 'well, we're not a security, we're just something else.'" In April, Gensler said he sees a nearly zero chance that crypto platforms don't trade any securities. Of note, the $1T crypto space is largely unregulated and certainly doesn’t fall under a singular regulatory regime. There hasn’t yet been any cryptos to have a legal status as a commodity or a security, so the Stabenow-Boozman bill is something that crypto exchanges and custodians are likely paying close attention to, Sotiriou said. Executives in the crypto industry have been striving for regulatory clarification to further advance their businesses while complying with rules. But the uncertain regulatory backdrop is hindering that vision. A raft of high-profile players at the end of last year urged Congress to shed more light on federal supervision. Specifically, Charles Cascarilla, the CEO of blockchain firm Paxos, spoke before a House of Representatives committee, saying "the uncertain state of digital asset regulation is hampering the industry’s dynamism." Lawmakers in recent weeks have been racing to advance legislation ahead of midterm elections in November. Towards the end of July, for instance, Senators Patrick Toomey (R-PA) and Kyrsten Sinema (D-AZ) introduced a bill that would end taxes on small crypto transactions. In the past week, Sen. Elizabeth Warren (D-MA), who is known for her anti-crypto campaign, called for the Office of the Comptroller of the Currency to make it more difficult for Wall Street banks to offer crypto-related services to its clients, Bloomberg reported, citing a draft copy of a letter. She ultimately wants the OCC to team up with the Federal Reserve and the Federal Deposit Insurance Corporation to form a new and improved approach to crypto in a way that safeguards consumers and supports the “soundness of the banking system,” the letter read. Warren is asking her Senate colleagues to support her letter of which a final version was planned to be sent to Acting Comptroller Michael Hsu, Bloomberg said, noting an aide of Warren. While legal concerns about crypto are increasingly looming, some Wall Street banks are still showing interest in the space despite a cyclical market slump that has a ways to go before breaching 2021's heights. The latest case occurred when BlackRock (BLK), the world's largest asset manager, teamed up with Coinbase (COIN) on August 4 to allow its institutional clients to trade bitcoin (BTC-USD). Previously, (May 27) Senator Cynthia Lummis’ crypto bill addressed regulatory blind spots. 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07 Августа, 2022г., 03:12
Biotech poised for H2 recovery as stocks rise amid quarterly results, M&A activity
Bill Oxford The biotech industry for the first half of the year had seen better six-month periods in the past, but the situation appears to have changed beginning in July. From Jan. 1 to June 20, 2022, the SPDR S&P Biotech ETF (XBI) and iShares Nasdaq Biotechnology ETF (IBB) had returns of, -35% and -23%, respectively. However, from July 1 to August 5, the returns were, respectively, 10% and 6%. Part of the reason for the upswing were strong quarterly results that were released in July and the start of August for many of the top biotechs. For example, Amgen (NASDAQ:AMGN) beat on the top and bottom lines, Gilead Sciences (NASDAQ:GILD) also had beats and raised its full-year guidance, and Moderna (NASDAQ:MRNA) not only had beats, but also announced a $3B stock buyback. The biotechs with the biggest first half returns were Lantheus Holdings (LNTH) 129%, Veru (VERU) 92%, and Vertex Pharmaceuticals (VRTX) 28%. Although many biotech companies are still down so far in 2022, that could change as management for many companies provided a sanguine outlook for the remainder of the year, including some guidance raises. Although jitters related to the COVID-19 pandemic remain, they appear to be less of a concern. And for some companies -- notably Moderna (MRNA), BioNTech (BNTX), and Novavax (NVAX) -- COVID will be a boon for business. Incidentally, those three companies were among the worst biotech performers in H1 2022, with returns of, respectively, -44%, -42%, and -64%. Another more recent public health concern -- monkeypox -- is likely to boost the fortunes of other players. This includes Bavarian Nordic (OTCPK:BVNKF) (OTCPK:BVNRY), the maker of the monkeypox vaccine Jynneos and SIGA Technologies (SIGA), which manufactures the smallpox antiviral Tpoxx (tecovirimat). Although M&A activity in the industry in the first half of the year was modest, it looks likely to pick up, a prospect that could raise fortunes of some companies. The biggest deal then was the announcement in May of Pfizer's (NYSE:PFE) acquisition of Biohaven Pharmaceutical (BHVN) for ~$12B. A recent PwC report found that through June 10, the $61.7B in life sciences and pharma deal year to date was a 57% decline from the the same period in 2021. However, PwC sees more dealmaking in the back half of the year. "Increased scrutiny from the [FTC] around larger deals could mean that 2022 will be a year of bolt-on transactions in the $5 to $15 billion range as pharma companies take multiple shots on goal in order to make up for revenues lost to generic competition in the remainder of the decade." The professional services firm added that large pharma is likely looking at earlier stage companies in an attempt to fill pipeline gaps that could start in 2024. "After some of the transformational deals that took place in 2021, expect pharma and life sciences companies to look for strategies to unlock value quickly." Already, the second half of the year has seen a handful of large deals with some of them coming from large biotechs. On Thursday, Amgen (AMGN) announced a $3.7B deal to buy autoimmune disorders drugs biotech ChemoCentryx (CCXI). The same day, Gilead (GILD) said it would buy privately held biotech MiroBio for $405M. In a bid to bolster its presence in diabetes, Vertex in July said it would acquire privately held biotech ViaCyte for $320M. The biggest deal so far in the second half may be imminent. On Aug. 5, The Wall Street Journal reported that Pfizer (PFE) was in late-stage talks to buy Global Blood Therapeutics (GBT) for ~$5B.
07 Августа, 2022г., 03:12
M&A glides Atlas to top industrial gainer, while earnings play spoilsport for losers
sharply_done/E+ via Getty Images While acquisition news drove the top two industrial stocks in this week's gainers, it was earnings that had a say in impacting the losing stocks, other than Kanzhun which found itself as the worst performer in the list. For the week ending Aug. 5, seven out of the 11 sectors in the S&P 500 were in the green. The S&P 500 posted its strongest monthly performance since November 2020, rising +9.11% for July. For the first week of August, The SPDR S&P 500 Trust ETF (SPY) was (+0.36%), making gains for three weeks in a row now. However, YTD, the ETF is -12.95%. The Industrial Select Sector SPDR (XLI) also rose for the third week straight and closed (+0.50%). But, YTD, XLI is in the red -9.16%. The top five gainers in the industrial sector (stocks with a market cap of over $2B) all gained more than +18% each this week. However, YTD, only two out of these five stocks are in the green. Atlas Air Worldwide (NASDAQ:AAWW) +31.62%. The airfreight operator gained on reports that an investor group led by funds managed by affiliates of Apollo Global Management, with affiliates of J.F. Lehman and Hill City Capital were going to acquire the company for $102.50 per share in cash, at an enterprise value of ~$5.2B. The deal was officially announced on Aug. 4, the same day the company also reported its Q2 results. The SA Quant Rating on the shares is Hold, which takes into account factors such as valuation and profitability, among others things. The rating is in contrast to the average Wall Street Analysts' Rating of Buy, wherein 1 analyst each gives the stock a Strong Buy, and Buy rating, respectively while four tag it as Hold. YTD, the stock is up +5.88%, one of the only two stocks, among this week's top five gainers, which in the green for this period. Nikola (NKLA) +29.42%. The stock gained throughout the week, starting Aug. 1 (+7.88%) after announcing that it was acquiring Romeo Power in an all-stock deal. The stock also rallied on Nikola's stockholders approving the issuance of additional shares. The stock continued its momentum after Q2 results beat estimates and the company said that it was on track to deliver 300-500 production Tre BEV trucks in 2022. However YTD, the stock has shed -18.44%, and it was among the worst five industrial stocks (in this segment) in H1 (-51.82%). The SA Quant Rating on the stock is Hold, with Profitability having a factor grade of F and Growth with A+ factor grade. The average Wall Street Analysts' Rating concurs, with a Hold rating of its own, wherein 6 out of 7 analysts tag it as Hold. The chart below shows YTD price-return performance of the top five gainers and SP500: Joby Aviation (JOBY) +20.40%. The Santa Cruz, Calif.-based air taxi company's stock gained the most on Aug. 4 (+12.99%), making it to the top five gainers' list, a much better performance compared to almost two months ago when it was among the worst five decliners. The SA Quant Rating on the stock is Sell, with Profitability having a factor grade of D- and Valuation with an F factor grade. However, the average Wall Street Analysts' Rating differs and gives the stock a Buy rating, with an Average Price Target of $8.4. Bloom Energy (BE) +19.13. The stock made it to the top 5 gainers list for the second week in a row. The San Jose, Calif.-based company, which provides power generation platform, gained among solar and green energy stocks after the U.S. Senate climate and energy plan looked set for passage. The average Wall Street Analysts' Rating on BE is Buy, contradicting an SA Quant Rating of Hold. YTD, BE has risen +9.90%, the only other stock besides AAWW among this week's top 5 gainers which is in the green. Another clean energy related stock, Plug Power (PLUG) +18.04% also gained on the climate bill news but the company' shares rose the most earlier in the week (Aug. 2 +9.37%). The week also saw Plug and New Fortress Energy sign an agreement to build a 120 MW industrial-scale green hydrogen plant near Beaumont, Texas. PLUG has been in and out of the top five gainers and losers in the past one month. The SA Quant Rating on the stock is Hold, which is in contrast to the average Wall Street Analysts' Rating of Buy, wherein 14 out of 28 analysts give the stock a Strong Buy rating. YTD, the share price has fallen -10.77%. This week's top five decliners among industrial stocks (market cap of over $2B) all lost more than -9% each. YTD, all these five stocks are in the red. Kanzhun (NASDAQ:BZ) -15.19%. The Chinese online recruitment platform's shares declined the most on Aug. 1 (-7.57%).The stock continued its volatility, and was back among the decliners after three weeks. BZ gained well in June (+30%) and w among the top five (in this segment). However, the stock was among the worst five decliners in the first week of May, having made to the top in the last week of April. Similar trends were seen in March. The SA Quant Rating on the stock is Hold, with Profitability having a factor grade of B- while Valuation having a factor grade of D. The average Wall Street Analysts' Rating differs and tags BZ as Buy, wherein 7 out of 11 analysts give the stock a Strong Buy rating. YTD, Kanzhun has lost -42.83%, the most among this week's decliners. Encore Wire (WIRE) -14%. The Texas-based company's stock pared off gains it made last week following its Q2 earnings results. The stock declined the most on Aug. 2 (-12.62%). The SA Quant Rating on the shares is Strong Buy, with Growth and Valuation both having a factor grade of B+. The average Wall Street Analysts' Rating concurs and also tags it as a Strong Buy. YTD, the stock has declined -16.78%. The chart below shows YTD price-return performance of the worst five decliners and XLI: Mercury Systems (MRCY) -13.62%. The Andover, Mass.-based aero/defense products maker saw its stock dip the most on Aug. 3 (-13.34%), the day after its FQ4 results missed analysts estimates. The stock was among the worst 5 decliners two weeks ago as well. YTD, MRCY has shed -7.43%. The average Wall Street Analysts' Rating is Buy, which differs with the SA Quant Rating of Hold on the stock. Atkore (ATKR) -10.46%. The stock declined -5.88% on Aug. 2 despite the company's Q3 results surpassing analysts estimates. The Harvey, Ill.-based electrical products maker was back in the worst five decliners list after over a month. The SA Quant Rating on the stock is Strong Buy, while the average Wall Street Analysts' Rating is Buy. YTD, Atkore has fallen -20.06%. Matson (MATX) -9.47%. The Honolulu, Hawaii-based shipping company's shares slumped -8.69% on Aug 2, after at Stifel downgraded the stock despite strong earnings in Q2. The average Wall Street Analysts' Rating is Buy, while the SA Quant Rating is Hold. YTD, Matson has declined -7.82%.
07 Августа, 2022г., 03:12
As Apple's App Store revenue slows, company looks to other avenues to boost growth
bedo Apple's (NASDAQ:AAPL) services business has been the proverbial apple of Wall Street's eye, seeing double-digit revenue growth for several years and margins estimated to be around 70%. But, with concerns that the segment is starting to slow, due in part to flatlining growth for the App Store, the tech giant is looking for other ways to boost growth in the valuable arena. On Friday, Apple (AAPL) announced that Apple Card users can get three months of Apple TV+ free, as part of a promote for Apple's (AAPL) new animated movie, Luck. There has been a considerable amount of buzz surrounding Luck, which is produced by Pixar legend John Lasseter. The movie, which carries a price tag of $140M, has scored well with fans, carrying a 75% audience score on Rotten Tomatoes, though it has fared far worse with critics at 49%. The offer is applicable for both new and existing Apple TV+ subscribers -- though it is not available for Apple One subscribers -- highlighting just how important Apple's (AAPL) services business is to the future of the company. It's unclear how much revenue, if any, Apple (AAPL) generates from Apple Card, but the credit card, issued by Goldman Sachs (GS), certainly helps keep customers locked into the Apple ecosystem. Apple TV+ has won more than its fair share of critical praise, including winning Best Picture at the 2022 Academy Awards for its heartwarming coming of age story, CODA. But again, it's unclear what level of revenue Apple TV+ drives for the company, just like the Apple Card. And while these two areas may be a bit of a black box for investors, Apple (AAPL) has continuously updated the total number of subscriptions it has, having ended the most recent quarter with more than 860M subscriptions across its services. Of these 860M, many include people who buy digital goods and services from the App Store. Investment firm Morgan Stanley recently noted that net revenue growth for the App Store rose just 1% year-over-year in July, with many key markets seeing declines. Apple's (AAPL) future growth may be tied to how fast it can grow its services business. Last month, Morgan Stanley analyst Erik Woodring said Apple (AAPL) could ultimately be worth $3T if it focused on "a more pronounced shift to a subscription-like model." Woodring added that when Apple (AAPL) discloses its year-end installed base, likely to occur in January 2023, that will be the "key catalyst" for the market to start moving towards this type of transformation. At the start of this year, Apple (AAPL) said it had roughly 1.8B active users. However, if Apple (AAPL) were to make a "formal shift" to a subscription model, Woodring said it "would perhaps have an even greater valuation impact." While that can be achieved in large part by how Apple (AAPL) sells its hardware like iPhones, iPads and Macs, its services business is a significant part of that, especially if it can get "sustained growth in spend per customer," Woodring noted. Woodring noted that users spend roughly $2 per day on Apple's (AAPL) products and services, or roughly half of the average cell phone bill from carriers like Verizon (VZ), AT&T (T) and T-Mobile (TMUS). With App Store revenue struggling in light of ongoing economic headwinds, regulatory issues and other factors, Apple (AAPL) has to look elsewhere for growth. And perhaps with just a little bit of Luck, Apple (AAPL) may get what it needs. Last month, Apple (AAPL) Chief Executive Tim Cook said the tech giant would be able to "accelerate" its sales, even during a time of economic uncertainty.
07 Августа, 2022г., 03:12
Tech Roundup: Pelosi, Taiwan, chips and AMTD Digital's wild stock-price swings
PonyWang/E+ via Getty Images August kicked off with more tech earnings reports, but a controversial trip by U.S. Speaker Nancy Pelosi and the wild ride of the newest meme stock poster child also managed to grab the attention of investors and Wall Street over the past week. Pelosi caused a stir when she went to Taiwan in what was the highest-level visit of a U.S. political leader to Taipei in 25 years. Chinese government officials voiced displeasure over Pelosi's visit, while the House Speaker made comments to assure Beijing that her visit didn't signal a change to the U.S. government's "One China" policy. While she was in Taiwan, Pelosi met with officials from Taiwan Semiconductor (TSM) and other chip companies, and discussed the Chips and Science Act that includes $52B in U.S. government support for the semiconductor industry. The chip sector was also busy with the quarterly results from Advanced Micro Devices (AMD). While AMD's (AMD) second-quarter results were upbeat, the company got taken to task a bit due to its slightly disappointing third-quarter outlook. Intel (INTC), which recently gave its own quarterly outlook that left something to be desired, was reportedly close to putting the wraps on a deal to spend $5B on a chip packaging and assembly plant in Italy. By the end of the week, memory chipmakers were on edge after Western Digital (WDC) gave a weaker-than-expected quarterly report and outlook. In addition to Western Digital (WDC) shares falling more than 5% on Friday, other companies either in, or with ties to the memory market such as Micron Technology (MU) and Nvidia (NVDA) ended the week in the red. Going back to Taiwan for a moment...Apple (NASDAQ:AAPL) reportedly told its suppliers in Taiwan to re-label any products they ship to China to say such items were made in "Taiwan, China" or "Chinese Taipei" in order to avoid scrutiny from Beijing officials. Apple (AAPL) also was in the crosshairs following a report that 15 current or former female employees accused Apple (AAPL) of having its human resources department retaliate against them after they made accusations of misconduct occurring at the company. Chinese Internet and e-commerce giant Alibaba (NYSE:BABA) got a boost during the week following upbeat first-quarter results, and the company saying it would "strive" to maintain its listing on the New York Stock Exchange after the U.S. Securities and Exchange Commission placed the company on a watchlist for possible delisting. One company that got an arguably excessive amount of attention from investors what one that for many had only become a "thing" since mid-July: AMTD Digital. (NYSE:HKD). The Hong Kong-based company, which develops digital platforms for industries such as banking and entertainment, went public on July 15 at $7.80 a share, and rose to as high as $2,555.30 a share on Wednesday, and ended the week at $721.23 a share on no real news from the company. In fact, AMTD (HKD) officials said in a statement that they knew of "no material circumstances, events nor other matters relating to our company's business and operating activities since the IPO date," and that they were aware their shares were "undergoing our initial stabilization."
07 Августа, 2022г., 03:12
Enstar Group Limited DEP SHS PFD D declares $0.4375 dividend
Enstar Group Limited DEP SHS PFD D (NASDAQ:ESGRP) declares $0.4375/share quarterly dividend, in line with previous. Forward yield 7.0% Payable Sept. 1; for shareholders of record Aug. 15; ex-div Aug. 12. See ESGRP Dividend Scorecard, Yield Chart, & Dividend Growth.
06 Августа, 2022г., 12:15
Ashland declares $0.335 dividend
Ashland (NYSE:ASH) declares $0.335/share quarterly dividend, in line with previous. Forward yield 1.29% Payable Sept. 15; for shareholders of record Sept. 1; ex-div Aug. 31. See ASH Dividend Scorecard, Yield Chart, & Dividend Growth.
06 Августа, 2022г., 12:15