• Advanced Micro Devices (AMD) Outpaces Stock Market Gains: What You Should Know
    Zacks

    Advanced Micro Devices (AMD) Outpaces Stock Market Gains: What You Should Know

    Advanced Micro Devices (AMD) closed at $51.43 in the latest trading session, marking a +0.74% move from the prior day.

  • ByteDance Is Seeking a New CEO for Its TikTok Business
    Bloomberg

    ByteDance Is Seeking a New CEO for Its TikTok Business

    (Bloomberg) -- Chinese internet giant ByteDance Inc. is seeking a new chief executive officer for its TikTok business, a hugely popular video app that American politicians have targeted as a potential security threat.The company has interviewed candidates in recent months for the CEO role, which would be based in the U.S., according to people familiar with the matter, who asked not to be named because the search is private. In one potential scenario, the new CEO would oversee TikTok’s non-technical functions, including advertising and operations, while current TikTok chief Alex Zhu would continue to manage the majority of product and engineering out of China, one person said. The hiring process is ongoing and the envisioned role could still change depending on who is selected, the people added.Zhu, who co-founded a predecessor to TikTok called Musical.ly, took over the business last year, though ByteDance also has a Chinese version of TikTok called Douyin, which is run by a different management team. The eventual corporate structure involving Zhu and the new CEO is still unclear, the people said, and Bytedance has hired executive search firm Heidrick & Struggles to help lead the process.A spokesman for TikTok declined to comment. Heidrick & Struggles didn’t respond to a request for comment.The new hire won’t affect the role of Vanessa Pappas, who currently oversees TikTok’s U.S. operations from Los Angeles, one person said. In a blog post Wednesday, Pappas wrote that TikTok has opened a new Culver City office with plans to “scale our local operations,” and now has more than 400 U.S. employees.“While we are a global company, having a permanent office in LA speaks to our commitment to the U.S. market and deepens our bonds with the city, and the talent and companies, that call it home,” she wrote.Beijing-based ByteDance, led by CEO Yiming Zhang, has built TikTok and Douyin into some of the world’s most popular apps with more than a billion users between them who share short video clips of things like lip-syncing and dance videos. That has made ByteDance the most valuable tech startup in the world, challenging the dominance of U.S. companies like Facebook Inc. and Snap Inc.The app is growing fast and drawing a lot of attention from advertisers and competitors. Snap CEO Evan Spiegel said over the weekend he thought TikTok alone could grow to be larger than Instagram, which has more than 1 billion active users and has been the go-to social media destination for young people in the U.S.With rising tensions between China and the U.S., however, American politicians have warned the app represents a national-security threat. The Committee on Foreign Investment in the U.S., better known as CFIUS, has begun a review of ByteDance’s 2017 purchase of the business that became TikTok, Bloomberg News reported in November.ByteDance is weighing a range of options to address those concerns, from an aggressive legal defense to the sale of a stake in TikTok, Bloomberg News reported in December. A representative for the company said at the time there have been no discussions about any partial or full sale of TikTok.“I remain deeply concerned that any platform or application that has Chinese ownership or direct links to China, such as TikTok, can be used as a tool by the Chinese Communist Party to extend its authoritarian censorship of information outside China’s borders and amass data on millions of unsuspecting users,” U.S. Senator Marco Rubio, a Republican from Florida, wrote in a letter to the Treasury Department, which chairs CFIUS.The hiring of a new U.S. CEO may be aimed at resolving those security concerns, the people said. It’s possible ByteDance is searching for a candidate who could help address questions in Washington or for someone with the skills to lead an independent business if it faces pressure to separate TikTok from the Chinese parent. It’s unclear how much autonomy this new CEO would have. A number of successful tech companies are led by CEOs who also have influence over product direction, including Facebook, Snap and Twitter.ByteDance would prefer to maintain full control of the business if possible, given its soaring popularity and profit potential, Bloomberg News reported earlier. It may argue that TikTok presents no security threat or that the U.S. has no legal standing over the business.TikTok has said it strives to create a safe and positive online environment. “We are not influenced by any foreign government, including the Chinese government; TikTok does not operate in China, nor do we have any intention of doing so in the future,” the company said in October.(Updates with detail on search company in the third paragraph.)\--With assistance from Zheping Huang.To contact the reporters on this story: Kurt Wagner in San Francisco at kwagner71@bloomberg.net;Sarah Frier in San Francisco at sfrier1@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Jillian Ward, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Cirrus Logic (CRUS) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
    Zacks

    Cirrus Logic (CRUS) Earnings Expected to Grow: What to Know Ahead of Next Week's Release

    Cirrus Logic (CRUS) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Is Epizyme (EPZM) Outperforming Other Medical Stocks This Year?
    Zacks

    Is Epizyme (EPZM) Outperforming Other Medical Stocks This Year?

    Is (EPZM) Outperforming Other Medical Stocks This Year?

  • Investing.com

    Roku Slips, but Analyst Sees Gains Ahead Amid International Push

    Investing.com – Roku struggled to turn positive Wednesday, but one analyst sees further gains ahead as the company shows signs of progress in expanding internationally.

  • Evoke Pharma's NDA Resubmission for Gimoti Gets FDA Acceptance
    Zacks

    Evoke Pharma's NDA Resubmission for Gimoti Gets FDA Acceptance

    The FDA receives Evoke Pharma's (EVOK) refiling of new drug application for its pipeline candidate Gimoti, which is being developed to treat diabetic gastroparesis.

  • AMD's 'NVIDIA Killer' High-End GPU Rumored for 2020 Launch
    Zacks

    AMD's 'NVIDIA Killer' High-End GPU Rumored for 2020 Launch

    AMD aims to capitalize on the high-end graphics card market with the upcoming new GPU, rumored for launch in 2020.

  • Biotech Stock Roundup: Updates From HZNP & CLVS, BioNTech to Acquire Neon
    Zacks

    Biotech Stock Roundup: Updates From HZNP & CLVS, BioNTech to Acquire Neon

    A low-key week for the biotech sector with a few pipeline and regulatory updates.

  • Synaptics (SYNA) Soars to 52-Week High, Time to Cash Out?
    Zacks

    Synaptics (SYNA) Soars to 52-Week High, Time to Cash Out?

    Synaptics (SYNA) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.

  • Is the Options Market Predicting a Spike in Epizyme (EPZM) Stock?
    Zacks

    Is the Options Market Predicting a Spike in Epizyme (EPZM) Stock?

    Investors need to pay close attention to Epizyme (EPZM) stock based on the movements in the options market lately.

  • Top Ranked Growth Stocks to Buy for January 22nd
    Zacks

    Top Ranked Growth Stocks to Buy for January 22nd

    Top Ranked Growth Stocks to Buy for January 22nd

  • Will GSX Techedu Continue to Surge Higher?
    Zacks

    Will GSX Techedu Continue to Surge Higher?

    As of late, it has definitely been a great time to be an investor in GSX Techedu.

  • Why You Should Retain Reliance Steel (RS) in Your Portfolio
    Zacks

    Why You Should Retain Reliance Steel (RS) in Your Portfolio

    Reliance Steel (RS) is gaining from strong demand across aerospace and automotive markets, and its strategic acquisitions.

  • Predicting Future Trends Is Hard. More Money Than Ever Is Trying
    Bloomberg

    Predicting Future Trends Is Hard. More Money Than Ever Is Trying

    (Bloomberg) -- For investors chasing “the next big thing,” there’s an oft-repeated warning: Predicting the future can lose you millions, even when you get it right.For every iPad there’s a Newton. For every Facebook there’s a MySpace.Yet as the decade begins, more cash than ever has flowed into thematic funds, which hunt for tomorrow’s winners based on today’s emerging trends. Assets under management doubled in three years to reach $175.2 billion at the end of December, according to data from Morningstar Inc.Already in 2020 there are signs the growth will continue: Lazard Asset Management launched a new offering this month, the latest addition to an increasingly crowded field currently ruled by firms including Pictet Asset Management and Nikko Asset Management’s venture with ARK Invest.Whether in electric vehicles, medical research or energy, riding macro waves of disruption is not for the faint of heart. Transformational trends don’t always look that way in the early days, while the pace of change can be punishing and unpredictable. An early Pictet bet on the first wave of clean energy was stymied by development costs. ARK Invest is currently raising eyebrows with its ultra-optimistic view of Tesla Inc.Yet these days even traditional active managers are taking on more thematic exposure within their portfolios, according to Kenneth Lamont, senior research analyst at Morningstar in London.“All of this bodes well for growth in the space in the coming decade,” he said.Here’s a snapshot of some of the biggest funds in the thematic-investing world, plus the latest arrival:Nikko AM ARK Disruptive Innovation FundThe five trends targeted by this fund will converge to create a boom unseen since the second industrial revolution in the late 19th century, according to Renato Leggi, a portfolio manager at ARK Invest. He sees a parallel with history and simultaneous advances in electricity, the telephone and the internal combustion engine.“Companies associated with these platforms should generate more than $50 trillion worth of business value and wealth creation over the next 10 to 15 years,” said Leggi. “If you look at the current value today, these companies are estimated at less than $6 trillion.”One key criteria ARK looks for: The cost decline associated with the technologies should be at a tipping point -- making it affordable to the wider public.CPR Asset Management Global Disruptive Opportunities FundThe mega trends that CPR focuses on include demographic and social changes, globalization, technological revolution and environmental challenges.The firm estimates that by 2050, the world’s population will total 9.7 billion and the number of people aged 60 and older will more than double. This will foment a 50% rise in energy consumption by 2030. It also expects 50% of patients with chronic conditions to rely on virtual health assistants by 2022.Thematic investing “offers higher and sustainable growth opportunities that we want to benefit from over the longer term,” said Estelle Menard, deputy head of global thematic equities at the firm. “It’s storytelling. Once people understand the themes, they are more likely to invest.”CPR AM Silver Age FundCPR’s Silver Age Fund seeks to invest in sectors that benefit from the aging population. The components provide a glimpse at the diversity of thematic funds: Top holdings include digital and pay TV provider Vivendi, anti-aging cream manufacturer L’Oreal, and pharmaceutical giant Roche Holding.Since inception in 2009 it has generated an average annualized return of 11.3%, compared with about 7.8% for the MSCI Europe Index.Pictet Asset Management Global Megatrend SelectFor Hans Peter Portner, head of the thematic equities team at Pictet, the future is being shaped by a series of so-called mega trends. The firm focuses on 14 highlighted by the Copenhagen Institute for Futures Studies, including demographic development, urbanization and globalization.But investors must stay alert: Themes within these trends are constantly evolving.“We launched our fund at the peak of the first wave of investment in clean energy when this technology was not cost-efficient yet,” Portner said. “These assets depreciated quite a lot. We had to re-position the strategy to protect our clients’ investment by going more into energy efficiency.”Since inception in 2008 it has generated an average annualized return of 11.5%, outperforming the MSCI World Index over that period, though it has underperformed on a five-year basis.Lazard AM Global Thematic Focus FundLazard announced their thematic group back in 2003. The latest offering has a broad remit that will see it ride themes like digitization, environmental threats, societal anxieties and more.The fund aims to fully integrate ESG concerns and will be run by the team behind Lazard’s Global Thematic Equity strategy, which the firm says outperformed the MSCI All-Country World Index by over 800 basis points in 2019.To contact the reporter on this story: Anchalee Worrachate in London at aworrachate@bloomberg.netTo contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Cecile Gutscher, Yakob PeterseilFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • It’s a Big Day for the Loonie, with the Bank of Canada and Monetary Policy in Focus
    FX Empire

    It’s a Big Day for the Loonie, with the Bank of Canada and Monetary Policy in Focus

    The Bank of Canada and the Loonie are in focus, with economic data on the lighter side elsewhere…

  • Apple Is Raising TSMC Chip Orders to Meet Strong iPhone Demand
    Bloomberg

    Apple Is Raising TSMC Chip Orders to Meet Strong iPhone Demand

    (Bloomberg) -- Apple Inc. has asked chipmaking partner Taiwan Semiconductor Manufacturing Co. to increase its output of A-series processors this quarter in order to satisfy higher-than-anticipated iPhone demand, people familiar with the company’s plans said.The iPhone 11 and 11 Pro models were well received on their debut in the fall and their sales in China have been particularly strong, outselling 2018’s releases in a market that has otherwise been shrinking. Even without fifth-generation wireless networking, iPhone demand has been outperforming the market and Apple’s expectations, and the company asked assembly partners to increase their production of the latest generation.The most affordable iPhone 11 model, equipped with an LCD screen, was a particular driver for the increased demand, one person said.New Low-Cost IPhone Said to Enter Mass Production in FebruaryAlong with the popularity of existing models, Apple’s business with TSMC is also set for a boost from an imminent iPhone SE successor, a low-cost model that will begin mass production in February ahead of an official unveiling as soon as March, Bloomberg News reported. It will be built around the same processor as the iPhone 11 generation.TSMC spokeswoman Nina Kao said the company doesn’t comment on its business with any specific customer. An Apple spokeswoman declined to comment.The Taiwanese chipmaker recently reported earnings above most analysts’ expectations and it forecast another good quarter ahead. Though it faces potential headwinds from the threat of tightening U.S. sanctions on key customer Huawei Technologies Co., analysts believe additional demand from Apple and Advanced Micro Devices Inc. will replace any potential Huawei drop-off.\--With assistance from Mark Gurman.To contact the reporter on this story: Debby Wu in Taipei at dwu278@bloomberg.netTo contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Vlad SavovFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Novartis (NVS) Gets Approval for MS Drug Mayzent in Europe
    Zacks

    Novartis (NVS) Gets Approval for MS Drug Mayzent in Europe

    Novartis' (NVS) MS drug, Mayzent, obtains approval in Europe for the treatment of adult patients with secondary progressive multiple sclerosis.

  • Puma Biotech's (PBYI) Breast Cancer Drug Nerlynx Aids Growth
    Zacks

    Puma Biotech's (PBYI) Breast Cancer Drug Nerlynx Aids Growth

    Puma Biotech (PBYI) focuses on improving sales of its only marketed drug Nerlynx, which is approved for treating breast cancer. The drug's label expansion programs also look promising.

  • Inphi, iRobot, Netflix, Disney and Apple highlighted as Zacks Bull and Bear of the Day
    Zacks

    Inphi, iRobot, Netflix, Disney and Apple highlighted as Zacks Bull and Bear of the Day

    Inphi, iRobot, Netflix, Disney and Apple highlighted as Zacks Bull and Bear of the Day

  • Arconic's (ARNC) Shares Rise 17% in 6 Months: Here's Why
    Zacks

    Arconic's (ARNC) Shares Rise 17% in 6 Months: Here's Why

    Upbeat outlook and healthy growth prospects contribute to the rally in Arconic's (ARNC) shares.

  • Bull of the Day: Inphi Corporation (IPHI)
    Zacks

    Bull of the Day: Inphi Corporation (IPHI)

    Bull of the Day: Inphi Corporation (IPHI)

  • Coronavirus Jitters Surface as the Focus Shifts to Employment Numbers and the GBP
    FX Empire

    Coronavirus Jitters Surface as the Focus Shifts to Employment Numbers and the GBP

    More stats due out of the UK could test the Pound further this afternoon. Earlier in the day, the BoJ held rates steady.

  • Philips Inks Partnerships to Reduce Mortality Rates in Congo
    Zacks

    Philips Inks Partnerships to Reduce Mortality Rates in Congo

    Philips (PHG) partners with UNFPA and the Congo government to reduce maternal and newborn mortality rate in the country.