Tag Archives: markets

AMD Inventory Is Rallying Once more. This is Why This Time.

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Subsequent Insurance coverage Mentioned to Search $2.25 Billion Worth in Funding

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CapitalG logo on a mobile device.

Photographer: Google. It has a income of 117 billion {dollars}. (Photograph by Alexander Pohl/NurPhoto through Getty Pictures

Subsequent Insurance coverage is in talks to boost new capital in a spherical that values the insurance coverage expertise startup at about $2.25 billion, in line with individuals acquainted with the matter.

Alphabet Inc.’s CapitalG is in talks to guide the roughly $250 million funding spherical for the Palo Alto, California-based firm, the individuals mentioned, asking to not be recognized as a result of the matter is personal.

The spherical would about double Subsequent Insurance coverage’s valuation from its final fundraising. It final raised $250 million in October from German reinsurer Munich Re, which gave it a valuation of greater than $1 billion.

The spherical hasn’t been finalized and its phrases may nonetheless change.

Representatives for Subsequent Insurance coverage and CapitalG didn’t reply to requests for remark.

Subsequent Insurance coverage, which caters to small companies, can be backed by buyers together with Redpoint Ventures, Nationwide Mutual Insurance coverage Co. and American Categorical Ventures.

On-line insurance coverage firm Hippo Enterprises Inc. closed a funding spherical in July valuing it at $1.5 billion. Shares of Lemonade Inc., a New York-based, venture-backed insurer that went public in July, have gained 88% since then.

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Apple has quietly dropped 22% from its peak, giving up $500

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Properly, that was quick.

It took simply 12 buying and selling periods for Apple to plunge greater than 20% from its all-time excessive, shedding over half a trillion in market capitalization.

The tech big has misplaced 22.6% from its intraday report excessive of $137.98 from Sept. 2, shedding round $532 billion in market worth. Apple’s quick and livid decline adopted its large run-up in August forward of its 4-for-1 inventory cut up, whereas the steep losses additionally got here as Apple’s current product occasion — its first in 2020 — did not stay as much as the hype.

The Tim Prepare dinner-led big on Tuesday introduced a bunch of recent {hardware} and a few new software program, together with Apple Watch Sequence 6, the brand new iPad Air, a brand new health service and new service bundles referred to as Apple One. Nonetheless, Apple didn’t announce any new iPhones. Additionally, the most important factor lacking from Apple One’s bundle that might make it far more engaging: A {hardware} tie-in to the iPhone.

Tony Sacconaghi, senior analysis analyst at Bernstein, referred to as the occasion “comparatively underwhelming.”

“We consider it may very well be tough to maneuver customers from aggressive music, video or gaming providers, the place they’re usually entrenched,” Sacconaghi stated in a notice. “We proceed to consider that Apple ought to look to extra creatively bundle its {hardware} + providers into built-in subscription bundles.”

Apple’s weak point prior to now few weeks additionally got here amid a broad sell-off within the tech sector as buyers rotated out of the market-leading high-fliers. The tech-heavy Nasdaq Composite has plunged into correction territory, down greater than 10% from its report excessive. Some buyers consider the sell-off within the tech darlings comes from considerations over lofty valuations which have run up too far, too quick.

Earlier than the current sell-off, shares of Apple surged 21.4% in August alone because the announcement of the inventory cut up sparked a knee-jerk rally. The transfer baffled many on Wall Avenue as such a company motion doesn’t have an effect on the corporate’s fundamentals or the intrinsic worth of the present possession. 

Nonetheless, some analysts see Apple rebounding from right here given its megacap place and historical past of high quality merchandise.

Loup Enterprise’s Gene Munster stated the important thing takeaway from the Apple occasion is how the corporate is “masterfully upselling its shoppers.”

“They will get away with it and the reason being that they’ve a few of the world’s greatest merchandise,” Munster stated on CNBC’s “Quick Cash” on Tuesday. “They do have nice merchandise and shoppers see the commerce off, the value premium relative to worth.”

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Dollar tramples yen and safe-haven status, gold gains

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NEW YORK (Reuters) – The strong dollar got stronger on Thursday, rising to a three-year high against a basket of trading partner currencies, after a steep slide in the Japanese yen called into question its safe-haven status while the rally in U.S. equities took a pause.

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., February 6, 2020. REUTERS/Lucas Jackson

Gold prices hit their highest level in seven years as investors sought safe-haven assets after a rise in the number of new coronavirus cases in South Korea and the price of oil rose, supported by China’s efforts to bolster its virus-weakened economy.

The dollar has surged almost 2% since Tuesday against the yen, reaching its highest in almost 10 months, and the greenback climbed to near three-year highs against the euro.

The dollar index of the world’s most-traded currencies rose 0.12% to its highest level since May 2017.

The index is up 3.6% this year. It also gained to its best levels of the year against China’s offshore yuan and MSCI’s index of emerging-market currencies.

A host of reasons were cited for the dollar’s move, ranging from the outperformance of the U.S. economy and corporate earnings to potential recessions in Japan and the euro zone.

A run of dire economic news out of Japan has stirred talk the country is already in recession and that Japanese funds were dumping local assets in favor of U.S. shares and gold.

“The strongest explanation (for the yen’s decline) is a widespread selling by Japanese asset managers amid growing fears about the health of Japan’s economy,” said Raffi Boyadijian, investment analyst at XM.

The yen’s slide is unusual because the exchange rate with the dollar has been unraveling from its close correlation to the price of gold and U.S. Treasury yields, a development that must be watched, he said.

“This raises question marks about whether the yen is losing some of its shine as the world’s preferred safe-haven currency,” Boyadijian said.

China reported a drop in new virus cases and announced an interest rate cut to buttress its economy. But South Korea recorded an increase in new cases, Japan reported two deaths and researchers said the pathogen seemed to spread more easily than previously believed.

A rally that had lifted major U.S. and European stock indexes to record highs this week lost steam, as investors fretted about the spread of the coronavirus outside of China.

MSCI’s gauge of stocks across the globe shed 0.84% and emerging market stocks lost 0.95%.

The pan-European STOXX 600 index lost 0.62%.

The Dow Jones Industrial Average fell 283.03 points, or 0.96%, to 29,065. The S&P 500 lost 30.99 points, or 0.92%, to 3,355.16 and the Nasdaq Composite dropped 131.33 points, or 1.34%, to 9,685.85.

Morgan Stanley’s multibillion-dollar buyout for E*Trade Financial boosted the discount brokerage’s shares.

E*Trade jumped 24.4% after Morgan Stanley offered to pay $13 billion in an all-stock deal, the biggest acquisition by a Wall Street bank since the financial crisis.

Morgan Stanley’s shares fell 3.6%.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.5% overnight, led by drops in Hong Kong’s Hang Seng and South Korea’s KOSPI.

Spot gold rose 0.3% to $1,616.74 an ounce, after hitting its highest since February 2013 at $1,622.19.

Oil prices rose further after a U.S. report showed a draw in gasoline inventories and a much smaller-than-anticipated rise in crude stocks.

U.S. gasoline stockpiles fell 2 million barrels in the week to Feb. 14. Analysts had estimated an increase of 400,000 barrels.

Data from the U.S. Energy Information Administration (EIA) showed that crude inventories rose only 414,000 barrels last week, compared with a 2.5 million-barrel rise that analysts had expected in a Reuters poll. [EIA/S]

Brent crude futures rose 58 cents to $59.70 a barrel and West Texas Intermediate gained 91 cents to $54.20 a barrel.

Demand for safe-haven U.S. Treasury debt was robust, driving the 30-year bond yield below the psychologically significant 2% level to its lowest since September 2019.

The 30-year bond last rose 39/32 in price to push its yield down to 1.9626%.

Benchmark 10-year notes last rose 17/32 in price to yield 1.5135%.

Reporting by Herbert Lash; additional reporting by Ritvik Carvalho in London; editing by Jonathan Oatis

Our Standards:The Thomson Reuters Trust Principles.

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Buy or Sell: Stock ideas by experts for September 06, 2019



ET Now spoke to various experts and here’s what they have to recommend for today’s trading session.

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Investors charge back into stocks on signs coronavirus spread is slowing

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LONDON (Reuters) – A drop in the number of new coronavirus cases and the Federal Reserve chairman’s optimistic view of the economy lifted world stocks for a third day on Wednesday and sparked a 2% rally in oil prices, on hopes the epidemic’s effects would be contained.

FILE PHOTO: An investor monitors share market prices in Kuala Lumpur, Malaysia, August 25, 2015. REUTERS/Olivia Harris.

China reported its lowest number of new coronavirus cases since late January, lending weight to a prediction from its senior medical adviser that the outbreak might be over by April. A continued decline in new cases would inflict would keep the epidemic from doing as much economic damage as initially feared,

Those reports encouraged investors to get back into equities at the expense of bonds, gold and the Japanese yen — safe-haven assets that benefited as the virus death toll mounted.

“The virus may retard the modest upturn in global trade and manufacturing output which we predict to unfold from the second quarter of 2020s. But it seems unlikely to derail it,” analysts at Berenberg told clients.

The damage to Western economies in particular “will likely be modest and mostly temporary,” the bank said.

MSCI’s global equity index rose 0.12% to stand just off Tuesday’s record highs .MIWD00000PUS. A pan-European equity index rose to a record as automobile stocks — which depend on exports to China — jumped 1.2% .SXAP.

Futures indicated Wall Street would extend gains from Tuesday, when the S&P 500 and Nasdaq posted record closing highs ESC1 [.N].

In Asia, mainland Chinese and Hong Kong shares rose almost 1% .CSI300. The offshore-traded yuan reached two-week highs CNH=D3. The Thai baht, Korean won and Taiwanese dollar, reliant on Chinese tourism and trade, gained 0.3% to 0.5% THB= KRW= TWD=. The yen slipped 0.3% JPY=EBS to a three-week low against the dollar.

Brent crude futures rose from 13-month lows, helped by the likelihood producers would cut output LCOc1. Brent is still down almost 20% from its peaks in early January.

Some noted it remained unclear whether the coronavirus had peaked. Some Chinese companies said they were laying off workers as supply chains for goods had ruptured.

“Evidence suggests the positive mood will continue, and we see some coordination in markets with oil rallying, base metals up and Treasuries coming under pressure,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. But “I am not ready to buy risk assets yet.”

U.S. RESILIENCE

Yields on U.S. Treasuries and German Bunds US10YT=RR rose 3 to 4 basis points. Ten-year U.S. yields are now 13 bps off the four-and-a-half-month lows hit late January though almost 30 bps below where they started 2020.

Yields had risen on Tuesday after U.S. Federal Reserve Chair Jerome Powell said the U.S. economy was “resilient”. Powell also said he was monitoring the coronavirus, because it could lead to disruptions that affect the global economy.

The dollar had risen to four-month highs against a basket of currencies .DXY but inched off those levels on Wednesday.

U.S. markets also got a boost from signs President Donald Trump might be re-elected in November, since centrist candidates for the Democratic nomination appear to be struggling .

“Trump had a great start into the U.S. election season. After the early end of the impeachment trial in the Senate and the Iowa caucus chaos for the Democrats, betting markets suggest that Trump has a 58% probability of winning re-election on 3 November,” Berenberg noted.

The day’s big currency mover was the New Zealand dollar NZD=D3, which rose 0.8% for its biggest daily gain since December, after the central bank dropped a reference to further rate cuts, suggesting its easing cycle might be over.

Additional reporting by Stanley White in Tokyo, editing by Larry King

Our Standards:The Thomson Reuters Trust Principles.

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New Jersey’s Pension Sold Apple, AT&T, and Microsoft Stock. Here’s What It’s Buying.

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Al Gore’s Apple Stock Is Now Worth $35 Million

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The Apple of Yesteryear Had a Dangerous Day

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Oyj!

The final time Nokia noticed its shares drop so sharply was again in 1991 when the Finnish cellphone pioneer was launching a blocky mannequin known as the Talkman, weighing in at over four kilos. Lower than a decade later, Nokia Oyj was king of the booming cellphone market with a market worth touching $290 billion—about 17 occasions what Apple was price on the time.

As…

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