37.53k followers • 20 symbols Watchlist by Yahoo Finance
This basket lists stocks that investors interested in tech should have in their portfolios — including FANG stocks and rising stars that just had IPOs.
Alibaba Group Holding Limited
PayPal Holdings, Inc.
Advanced Micro Devices, Inc.
Activision Blizzard, Inc.
Electronic Arts Inc.
Match Group, Inc.
The Trade Desk, Inc.
Zillow Group, Inc.
Stocks abruptly turned negative Thursday as fears over the economic outlook following an increase in coronavirus cases resurged. The Dow and S&P 500 wiped out their week to date gains.
NIO's stock has risen fivefold just since early April, and shareholders have higher hopes than ever that the electric-vehicle company can do in China what Tesla (NASDAQ: TSLA) has done in the U.S. market. The event that spurred the latest move higher in NIO shares was its release of second-quarter vehicle delivery volume figures.
One is financial technology, where online payments leader PayPal Holdings (NASDAQ: PYPL) is up 69% through Thursday's close. PayPal is even more attractive now than it was before COVID-19 hit the scene, when it was already an outstanding business offering innovative e-commerce solutions. On May 1, PayPal recorded the most transactions in its history -- including Black Friday and Cyber Monday.
A niche e-commerce player and a leader in video streaming have been overlooked by Wall Street so far in 2020.
(Bloomberg Opinion) -- When you return to the gym, your workout will be noticeably different than before the coronavirus lockdown. Don’t plan on pumping iron for more than an hour, or taking a shower. And you can probably forget those trendy boxing classes that have you making contact with your fellow gym-goers.Welcome to the new world of fitness, which will be characterized by social distancing, obsessively wiping down equipment and, for those who don’t want to brave the gym, sessions with a virtual coach on a Peloton bike at home.The Covid-19 pandemic has hit something that we largely take for granted: our health. So people are now likely to spend even more of their incomes on well-being, including staying in shape. But with a plethora of choices, from Zoom yoga to ballet barre via Instagram Live, not all of this money may find its way into the traditional fitness sector.That is likely to lead to a shakeout of an industry that has seen the number of global facilities roughly double over the past 15 years. Many clubs could now close or shrink. Those best placed to survive are the trendy boutiques that can successfully pivot to providing digital content and the no-frills operators that can appeal to cash-strapped fitsters. Some fitness fans can’t wait to get back to the gym. For others, being in close proximity to other people engaging in sweaty exercise is the last place they will feel comfortable. And for now, workout chains remain closed in some parts of the U.S. Clubs in England will be able to open from July 25. Where gyms are trading, they’re limiting the number of people inside at any one time and offering “busyness trackers” on their apps, so customers can decide the best time to visit. At peak hours, people may be asked to book ahead of time, or keep their workouts to an hour. As for showers it’s a mixed picture, depending on particular clubs and locations. Many people are choosing to get changed at home anyway.For gyms, in addition to contending with costly measures to contain the spread of the virus and keep customers feeling safe, it’s a changing landscape in terms of where their customers are and what they may want.Because many fitness centers are located in business districts, there may be far less demand when they reopen as working from home becomes entrenched. Virgin Active, owned by investment holding company Brait SE, whose clubs are mostly in metropolitan areas, looks particularly exposed here. And the new routines people have embraced while at home may lend themselves to working out in one’s kitchen or bedroom, rather than going to the gym at all. Consequently, clubs could face a wave of cancellations.Already, months of closure and higher reopening costs have taken their toll. Bodybuilder favorite Gold’s Gym International Inc. and 24 Hour Fitness Worldwide Inc. have filed for bankruptcy protection. But it is not just the legacy gyms, already caught in the ultimate barbell economy between chic boutiques and budget operators, that are feeling the burn.The boutiques, such as those that specialize in cycling, yoga or Pilates, face unique and acute challenges. The economics of many of these businesses are built around cramming lots of class participants into a tiny space — the kind of set-up people are likely to want to avoid.These fitness outposts are experimenting with ways of hanging onto their members. In a particularly fanciful example, SoulCycle Inc. is offering some outdoor classes in the Hamptons this summer that cost $50 for a single class. In such a posh location, there may be plenty of takers, but that’s hardly a model that can be replicated across the country. And outdoor classes will lose their appeal in the dead of winter.That is why some gyms, both boutiques and big-box outlets, are turning to digital content. Yogaworks Inc., for example, is live-streaming more than 100 daily classes from teachers at their studios all over the U.S. If this becomes really popular, it’s not hard to imagine the company needing to upend its business model, perhaps by reducing its roster of instructors, closing underperforming brick-and-mortar studios and hiring more technologists.Going online is far from a sure bet. It’s a highly competitive space that includes everything from free workouts on YouTube to Nike Inc.’s activity app and subscription programs like Glo and Daily Burn. In the U.K. alone, David Minton of the Leisure Database Company said he counted more than 600 Instagram Live workout classes in one day.It also puts operators in more direct competition with trendy home-workout programs such as the Mirror, which was just acquired by yoga-wear maker Lululemon Athletica Inc. for $500 million, and Peloton Interactive Inc., which has seen such explosive demand for its stationary bikes that it paused advertising back in March while it moved to accelerate its supply chain.The budget sector, which has been booming on both sides of the Atlantic, is not immune to the new pressures either. It faces a future with higher hygiene-related costs, such as the more regular and intensive cleaning of equipment. These may be difficult to accommodate when clubs are typically charging only about 20 pounds ($25) a month. Even so, companies such as Planet Fitness Inc. in the U.S. and Basic-Fit NV in Europe, as well as U.K. operators The Gym Group Plc and Pure Gym Group Plc, are probably best placed. Their clubs tend to be large, and many are located in suburban areas. In some cases, members are younger, and so may be less cautious about coming back. Pure Gym found that when its clubs reopened in Switzerland, people under 30 were three times more likely to return than those over 50. Yes, some people may ditch their subscriptions as the hard economic impact of the lockdowns hits. But no-frills clubs may also benefit from cash-strapped fitness fans trading down.The result is that even the most nimble, well-situated competitors will have to work up more of a sweat to compete in the Covid-19 era. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. posted monthly revenue that suggested June-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the pandemic and U.S. curbs on No. 2 customer Huawei Technologies Co.Apple Inc.’s main iPhone chipmaker reported sales of NT$120.88 billion ($4.1 billion) for June on Friday. That likely means TSMC’s revenue grew about 29% to NT$310.7 billion last quarter, based on previously reported figures, beating the NT$308.8 billion analysts expect on average.TSMC, a barometer for the industry thanks to its heft in the global supply chain, had previously lowered its 2020 revenue outlook to reflect potentially the biggest global economic crisis since the Great Depression. But it said at the time it still expects robust demand for the semiconductors in datacenters hosting an unprecedented surge in online activity during the pandemic. Executives forecast revenue growth of about 30% in the June quarter while sticking to a goal of $15 billion to $16 billion for capital spending in 2020, up from last year’s $14.9 billion.What Bloomberg Intelligence SaysSales of Asian contract chipmakers TSMC, SMIC and others may beat consensus in 2H despite the longer-than-expected Covid-19 pandemic, due to rising semiconductor demand for cloud processing and video conferencing amid social-distancing requirements.\- Charles Shum, analystClick here for the research.In the longer term, the chipmaker will still have to contend with uncertainty as Covid-19 spreads across the globe, particularly as signs emerge of a second wave. TSMC however is considered relatively more resistant to a downturn thanks to a commanding position in the production of high-end chips needed for everything from datacenters and gaming to video streaming.It’s also the primary producer of cutting-edge chips for Huawei, but the Trump administration’s ban on the use of American chipmaking gear for the Chinese company threaten a business relationship that accounts for about 14% of TSMC’s revenue.Read more: Huawei Sees Dire Threat to Future From Latest Trump SalvoFor 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.
(Bloomberg) -- The TikTok-tivists are at it again.Thousands of users of the popular video app flocked to the Apple App Store in the last few days to flood U.S. President Donald Trump’s 2020 campaign app with negative reviews. On Wednesday alone 700 negative reviews were left on the Official Trump 2020 app and 26 positive ones, according to tracking firm Sensor Tower.TikTok fans are retaliating for Trump’s threats to ban the app, which is owned by China’s Bytedance Ltd. and is hugely popular in the U.S., especially among teens. The thought of taking away a key social and entertainment hub in the midst of the Covid-19 pandemic has led to outrage.“For Gen Z and Millennials, TikTok is our clubhouse and Trump threatened it,” said Yori Blacc, a 19-year-old TikTok user in California who joined in the app protest. “If you’re going to mess with us, we will mess with you.”Blacc said the movement gained steam Wednesday when a popular TikTok user, DeJuan Booker, called on his 750,000 followers to seek revenge. He posted a step-by-step primer on how to degrade the app’s rating, notching 5.6 million views. “Gen Z don’t go down without a fight,” said Booker, who goes by @unusualbeing on TikTok. “Let’s go to war.”The Trump campaign said the effort hasn’t had any impact.“TikTok users don’t affect anything we do. What we do know is that the Chinese use TikTok to spy on its users,” said Tim Murtaugh, director of communications for the Trump Campaign. ByteDance has always denied such accusationsThe efforts to push the app low enough so that Apple will remove it from the app store may be misguided. Apple doesn’t delete apps based on their popularity. The App Store may review those that violate its guidelines or are outdated, but not if their ratings sink. A similar tactic was tried in April to protest Google Classroom by kids frustrated with quarantine home-schooling.But young people are looking for ways to make their voices heard, even if some of them can’t yet vote. Last month, many young people organized through TikTok to sign up to attend Trump’s first post-shutdown campaign rally in Tulsa, Oklahoma, but then didn’t show up. The Trump campaign denied the online organizing effort contributed to lower-than-expected attendance.Nearly 60% of Gen Zers are opposed to a TikTok ban, according to a survey conducted from Tuesday to Thursday of 2,200 adults by Morning Consult Brand Intelligence. Across all ages, about a third of Americans have never heard of TikTok, while a third have a favorable impression and a third have an unfavorable view of the app, the survey found.Apple didn’t immediately respond to a request for comment. TikTok experienced connectivity issues on Thursday, according to Downdector, which measures web traffic, but the company said it had resolved them later the same day.Trump’s re-election smartphone app is a big part of the president’s unrivaled digital operation and was meant to circumvent tech companies like Facebook Inc. and Twitter Inc. and give the campaign a direct line to supporters. The app has helped the campaign engage Trump’s die-hard supporters, especially in the midst of the coronavirus pandemic, by feeding them his latest tweets and promoting virtual events. Supporters can donate to the president’s campaign or earn rewards for recruiting friends like VIP seats to rallies or photos with the president.The Official Trump 2020 app has been downloaded more than 500,000 times on Google’s Android store as of June 15. Apple doesn’t publish information on downloads.Reviews with titles such as “Terrible App” or “Do Not Download!” have been flooding the App Store since late June. Official Trump 2020 now has more than 103,000 one-star reviews for an overall rating of 1.2.But the uptick of activity has also caused the app to rise in rankings. Users have to download the app to review it, vaulting it to second place on the Apple store from No. 486 on Tuesday, according to Sensor Tower.“Do I think that this is going to fundamentally change the election? No,” said Tim Lim, a veteran Democratic digital strategist. “But it goes to show that they are just as susceptible to these mass actions as anyone else. Trump is starting to see what it feels like to have a massive online army committed to defeating him.”Trump earlier this week said his administration is considering banning TikTok as one way to retaliate against China over its handling of the coronavirus. Trump’s comments came after Secretary of State Michael Pompeo told Americans not to download the app unless they want to see their private information fall into “the hands of the Chinese Communist Party.” Bytedance is also facing a U.S. national security review for its acquisition of startup Musical.ly. It has denied allegations that it poses a threat to U.S. national security.Trump didn’t offer specifics about a potential decision and Pompeo seemed to walk back the idea of a ban in a later statement, saying that the U.S. efforts to protect American consumers’ data don’t relate to any one particular company.Many TikTok users say they care less about potential Chinese snooping and more about Trump taking away their digital hangout. In the U.S., TikTok has been downloaded more than 165 million times, according to Sensor Tower.“I don’t believe Trump is trying to take TikTok away because of national security, but more to retaliate against activism on the app and all the videos about him that drag him through the mud,” said Darius Jackson, an 18-year-old TikTok user in Champaign, Illinois, who asked his followers Wednesday to give Trump’s app a one-star rating.“This is the first year I’ll be able to vote and I think activism on TikTok is going to make a big difference,” Jackson said.(Updates with Trump campaign response from sixth paragraph. A previous version of the story corrected the spelling of the Illinois city in the penultimate paragraph.)For 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.
Britain is betting that satellite operator OneWeb will help it boldly go into a post-Brexit era. The British government and Indian telecoms conglomerate Bharti Enterprises said last week they would together put up $1 billion to buy OneWeb, which filed for bankruptcy after its biggest backer, SoftBank Group, declined to provide fresh funding. The deal offers a new lease of life for the venture, which was founded by U.S. entrepreneur Greg Wyler with the vision of providing "internet everywhere for everyone" via 648 low Earth orbit satellites.
WeRide, a Chinese autonomous vehicle startup, said on Friday it has become the first autonomous company to start fully driverless vehicle testing in China, as the world's biggest auto market accelerates development of autonomous technologies. Three-year-old WeRide, backed by Nissan, Renault and Mitsubishi, said in a statement that it started tests on Wednesday on open roads in a designated area of Guangzhou after the southern Chinese city granted permission. In China, companies such as Toyota-backed Pony.ai, Baidu Inc, and Didi Chuxing are also testing autonomous cars, but all with one or two safety staff onboard.
(Bloomberg) -- South Korean e-commerce giant Coupang Corp. is buying the software of Hooq Digital Ltd., the Southeast Asian video streaming service owned by Singtel, Sony and Warner Bros that’s filed for liquidation, according to people familiar with the deal.Coupang has already struck a deal to acquire the assets, the people said, asking not to be named because the information hasn’t been announced.The deal ushers SoftBank-backed Coupang into a competitive but fragmented video streaming arena and pits it against the likes of Amazon.com Inc. and Netflix Inc. U.S. giants have emerged as frontrunners, squeezing out a number of domestic players with splashier local programming and fuller Hollywood slates. In a sign of accelerating consolidation, Tencent Holdings Ltd. recently agreed to buy the assets of Malaysian streaming platform iFlix Ltd. And last month, ride-hailing giant Gojek won funding from Golden Gate Ventures and other backers for its own video foray.Coupang, backed also by BlackRock Inc. and Sequoia Capital, has designs too on its own home market. Korea in recent years birthed blockbusters that captivated global audiences from “Parasite” to “Train to Busan,” yet Netflix and Alphabet Inc.’s Youtube remain dominant local players. South Korea’s government announced a plan last month to nurture five homegrown over-the-top or streaming service providers into global companies, and support their growth by expediting deals and investment in content.A Coupang representative declined to comment.Read more: Tencent Buys Assets of Struggling Streaming Platform IFlixHooq, a joint venture between Singapore Telecommunications Ltd., Sony Pictures Television Inc. and Warner Bros Entertainment Inc., filed for liquidation in March and discontinued service at the end of April. Set up in 2015, it offered movies and drama series across Singapore, the Philippines, Thailand, Indonesia and India, but ran into trouble during the pandemic.Coupang, widely regarded as South Korea’s Amazon, has been aggressively expanding into new businesses such as food delivery and digital payments, mirroring the U.S. giant by broadening its services. The Seoul-based company, founded in 2010 by Chief Executive Officer Bom Kim, was said to be valued at $9 billion in late 2018 and has been eyeing a public listing as early as next year, Bloomberg News reported in January.Buoyed by the growth in subscribers to its delivery service, sales at the startup rose to a record 7.15 trillion won ($5.9 billion) in 2019.Read more: Coupang Grew Revenue 64% in Boost For SoftBank’s Startup Cred(Updates with details on Asian market from the third paragraph)For 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.
The European Union (EU) expects concessions before its regulator allows Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) unit Google to acquire Fitbit (NYSE: FIT). According to a report from Reuters citing "people familiar with the matter," the U.S. tech giant will have to give up something in order for the deal to clear the European Commission's (EC) antitrust review process. One possible solution is that Google concretely promises that it will not misuse Fitbit user data by culling it to target advertising, the article's sources said.
(Bloomberg) -- Vanguard Group Inc., the New York Stock Exchange and Nasdaq Inc. are pushing back on an escalating risk to their bottom lines: threats from Capitol Hill and the Trump administration to dramatically curtail U.S. investments in Chinese companies.During a Thursday panel discussion hosted by the Securities and Exchange Commission, the firms’ executives questioned a bill under consideration in Washington that could lead to Alibaba Group Holding Ltd., Baidu Inc. and other Chinese businesses getting kicked out of American stock markets. The intent of the legislation is to force China to comply with U.S. accounting rules. But among the concerns raised was that it might just prompt companies to relocate to markets with less regulatory oversight.“Companies will likely move their listings,” said Rodney Comegys, a principal at Vanguard. “They’ll move their place from New York to Hong Kong.”The remarks are notable because Wall Street -- hesitant to get in the middle of rising tensions between the U.S. and Beijing -- has been mostly quiet about about Washington’s potential crackdown on Chinese companies.The bill in question cleared the Senate unanimously in May with a companion version now being reviewed by the House. It would trigger the de-listing of Chinese firms if they don’t allow their books to be examined by the U.S. Public Company Accounting Oversight Board for three straight years -- a requirement that China has long rejected. The legislation’s Republican and Democratic backers says it’s needed to protect U.S. investors from fraud.Read More: Citadel’s Ken Griffin Urges U.S. Access to Chinese AuditsThe Thursday event also featured SEC staff and executives from major accounting firms. It’s not expected to result in swift policy changes as most regulations take months or even years to enact.Vanguard is among giant money managers whose mutual funds invest in Chinese businesses listed on U.S. exchanges, while NYSE and Nasdaq make millions of dollars in fees by allowing Chinese shares to be traded on their platforms.John Tuttle, chief commercial officer for NYSE Group Inc., said the exchange would support adding an indicator to company tickers to ensure investors are aware of risks associated with firms whose audits aren’t inspected by the PCAOB. But he warned that the proposed legislation could backfire.‘Blunt Tool’“We don’t disagree with it philosophically,” Tuttle said. “However, some of the tactics -- about how they want to get the results they want to get -- we don’t necessarily agree with that.”While he was careful to say that Nasdaq wasn’t opposing the pending bill, John Zecca, the exchange operator’s global chief legal and regulatory officer, was also critical.“Legislation is a very blunt tool,” he said. “The government already has a number of tools to address this.”The issue of Chinese stock listings has attracted the attention of President Donald Trump, who has ratcheted up his attacks on China over the coronavirus pandemic and as friction mounts due to Beijing’s recent moves that chip away at Hong Kong’s political freedoms.Trump has ordered regulators to review Chinese companies’ lack of adherence to U.S. accounting rules and submit recommendations by early August on how to fix the problem, putting the SEC at the center of the fight. The president’s critiques come as slumping poll numbers show he faces a difficult road to winning re-election in November.Luckin ScandalAdding urgency to the debate over Chinese companies is this year’s high-profile accounting scandal at Luckin Coffee Inc. Since reaching a high of $50 a share in January, the Chinese chain has cratered more than 90% in Nasdaq trading, a plunge that’s erased about $11 billion of market value. Following an internal investigation, Luckin disclosed earlier this month that fabricated transactions had inflated its 2019 revenue by about $300 million.SEC Chairman Jay Clayton has said he supports the legislation because denying access to PCAOB examiners creates an “unlevel playing field” for U.S. investors. Clayton, in remarks prepared for Thursday’s event, said he expected the panelists’ comments to inform recommendations that regulators are preparing for Trump.The longstanding requirement that all companies that trade on U.S. exchanges submit their audits for PCAOB inspections was implemented in the wake of Enron Corp.’s 2001 accounting scandal. There are more than 200 Chinese corporations that have been allowed to sell shares in the U.S. without complying, according to the PCAOB. Their market capitalization is roughly $1.8 trillion, with Alibaba making up about one-third of the total.Bad AuditsFamous short seller Carson Block was among Thursday’s panelists who said the U.S. needs to do much more to prevent fraudulent Chinese companies from ripping off American investors.The Muddy Waters Capital founder said that when Chinese companies trading in the U.S. blow up, American affiliates of global accounting firms should be held financially responsible. The proposal is provocative because U.S. accounting firms have no role in scrutinizing the books of Chinese companies, which are typically examined by Chinese audit affiliates. Block said audits of Chinese companies are akin to a “rubber stamp.”For 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.
Amazon, which is aggressively expanding into self-driving technology, announced June 26 it had agreed to acquire the Silicon Valley company, which was founded on an ambitious effort to design a fully autonomous vehicle from scratch rather than retrofitting existing cars for self-driving. Amazon will pay $1.3 billion in cash for the takeover, which the parties hope to close by September, according to deal documents seen by Reuters. Zoox had been valued at $3.2 billion in 2018, according to data from PitchBook.
The Trade Desk (TTD) closed the most recent trading day at $463, moving +0.11% from the previous trading session.
Paypal (PYPL) closed at $183.23 in the latest trading session, marking a +0.91% move from the prior day.
Another record close for the Nasdaq index this Thursday in regular trading was offset by down days on the Dow, S&P 500 and Russell 2000.
2020 has been a tale of two markets, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) has definitely been the big winner. Both the Composite index and the Nasdaq 100 Index reached new highs, climbing around 0.5% and 1%, respectively, even as other market benchmarks fell. Meanwhile, Amazon.com (NASDAQ: AMZN) raced to new record heights, and while some are concerned about the nearly uninterrupted ascent for the tech giant, there are solid reasons why Amazon is doing as well as it is.
(Bloomberg) -- Tesla Inc.’s skeptics are undeterred by Elon Musk poking fun at them over the carmaker’s stock surge, with the amount of shares being sold short heading for a milestone.The Model 3 maker’s stock is poised to be the first to hit a short-interest level of $20 billion, according to research firm S3 Partners. The value of shares that have been sold short has climbed recently to $19.95 billion.Read more: Musk Sells Satin Short Shorts for $69.42S3 said in a report Thursday that both Tesla and Nikola Corp. shares look like candidates for a short squeeze, referring to when short sellers are forced by a stock’s gain to close their position, which in turn drives the price even higher.Tesla’s squeeze is more obvious -- its 233% gain this year likely is forcing out short sellers who’ve hit their limit for losses. The potential for a squeeze in Nikola, which is developing fuel-cell and battery-electric semi trucks, has more to do with high borrowing fees, S3 said.For 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.
Alibaba Group Holding Limited today announced that it filed its annual report on Form 20-F for the fiscal year ended March 31, 2020.
(Bloomberg) -- Global personal computer shipments climbed in the second quarter, when vendors patched supply-chain issues and consumer demand for laptops surged with more people forced to work from home.PC makers shipped 2.8% more devices in the three-month period compared with a year earlier, for a total of 64.8 million units, according to preliminary data released Thursday by researcher Gartner Inc. Rival industry analyst IDC pegged the year-over-year increase at 11%. Both firms said the increase was fueled by particularly strong growth in Europe and the U.S.Major PC makers endured supply chain breakdowns during the first few months of 2020, when the coronavirus pandemic ground some manufacturing to a halt in the Asia-Pacific region, which produces key computer components. Vendors had little stock for some products while also facing stronger demand as billions of people around the world fled their offices to minimize the spread of Covid-19.“The strong demand driven by work-from-home as well as e-learning needs has surpassed previous expectations and has once again put the PC at the center of consumers’ tech portfolio,” Jitesh Ubrani, a research manager at IDC, said in a statement.HP Inc. and China’s Lenovo Group Ltd. each held about 25% of the global market. Gartner put Lenovo barely ahead while IDC had Palo Alto, California-based HP as No. 1 for the quarter. Dell Technologies Inc. and Apple Inc. rounded out the top four on both lists.For 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.
What happened Shares of semiconductor company Advanced Micro Devices (NASDAQ: AMD) were trading a little higher on Thursday after Bank of America encouraged investors by reiterating its buy rating for the company.
Amazon.com Inc. (AMZN) is reportedly planning to offer at least $100 million in stock awards to retain the 900-plus employees of Zoox, the self-driving car startup it agreed to buy last month.The technology has an option to nix the $1.3 billion deal should large numbers of Zoox employees decide to turn down the job offer, according to a Reuters report.Amazon, which has been seeking to expand the automation capabilities of its e-commerce business, announced June 26 that it had agreed to acquire the Silicon Valley company, which was originally founded to design a fully autonomous vehicle from scratch rather than retrofitting existing cars for self-driving.The Amazon-Zoox deal documents seen by Reuters describe two lists of “key employees.” All on the first list must take Amazon jobs for the deal to close, and at least 19 from the second list must stay. Amazon plans to offer jobs to three schedules of other Zoox employees, requiring that 90% of the first two and 88% of the third accept jobs to close the deal. The two parties expect the transaction to be closed by September.The rewards for current Zoox employees who stay on - even those who joined recently - far outstrip those of long-time former employees with only common shares or those employees who leave before the close. Common shares are expected to be valued between 69 cents and 76 cents each after the deal closes, according to the documents.Shares in Amazon have been on a steady winning streak jumping 72% so far this year, prompting Baird analyst Colin Sebastian to call the tech giant the “gift that keeps giving”. The analyst this week raised the stock’s price target to $3,300 from $2,750 and reiterated a Buy rating.“We believe Amazon has largely stabilized logistics operations, third parties are generally back on track, and the company has gained share in multiple ‘essentials’ product categories,” Sebastian wrote in a note to investors. “Moreover, investors may not yet fully embed either the margin benefits of cheaper new user acquisition or the sustainability of higher growth in the second half and beyond.”TipRanks data shows that overall analysts are in line with Sebastian’s bullish outlook on the stock. The Strong Buy consensus boasts 38 Buys versus 2 Holds and 1 Sell. In view of this year's rally, the $2,879.64 average analyst price target implies 9.5% downside potential in the stock in the coming 12 months. (See Amazon stock analysis on TipRanks).Related News: Amazon Delays Prime Day- This Time Until October Google Snaps Up Canadian Smart Glasses Startup North Lookout Walmart, Amazon Is Coming for Your Grocery Customers, Says Analyst More recent articles from Smarter Analyst: * Walgreens Reports $1.7B Quarterly Loss, Cuts 4,000 Jobs Due To Covid-19 Impact * Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside U.S. * Sony Invests $250M For Minority Stake In Fortnite Maker Epic Games * Amazon: Top Analyst Raises Estimates… Again
The advertising boycott in response to the website’s handling of hate speech won’t address the heart of the problem, Martin Sorrell said Wednesday.
Biel Crystal Manufactory, whose touch-screen cover glass is used in one out of every two smartphones sold globally, has revived plans for an initial public offering (IPO) and aims to raise up to US$2.5 billion (HK$19.4 billion) in Hong Kong or mainland China next year.The Hong Kong-based manufacturer has restarted the listing process as orders for smartphones recover globally after a slowdown in the first two quarters caused by the coronavirus pandemic. Biel put its IPO on hold in 2018 to avoid listing in a stock market badly hit by rising US interest rates and an escalating trade war between China and the United States."Even though we are not in any urgent need of fresh capital, a listing status will help our name and our business," Yeung Kin-man, Biel's founder and chairman, told the Post in a phone interview. "We had strong orders for 5G [fifth-generation Internet] phones and foldable phones last year, but sales were hit, mainly in the second quarter this year, amid the global lockdown," he said, adding that he believed sales would bounce back starting in the second half of 2020.Yeung and his wife Lam Wai-ying own a 51,000 sq ft mansion on No. 1 & 3 Pollock's Path on The Peak in Hong Kong. They were ranked 10th on Forbes' 2020 Hong Kong richest list, with a total wealth of US$8 billion.Hong Kong hosted 64 new stock listings in the first half this year, allowing mostly mainland companies to raise HK$87.5 billion (US$11.3 billion) in capital from investors, according to data compiled by accounting firm PwC. That's an about 22.3 per cent increase in sum over the same period in 2019, according to Refinitiv.Floating the company will enhance Biel's corporate governance standards and make it easier for it to attract talent, said Ronald Sze, the company's chief executive. He said an IPO will also increase recognition and strengthen business expansion."We aim to list next year, and plan to raise US$2 billion to US$2.5 billion. We are considering Hong Kong or mainland Chinese markets as the listing venue," said Sze, a former senior partner in charge of KPMG China's southern region, who was enlisted to facilitate the listing as well as business expansion."Hong Kong is an attractive listing venue due to its free capital flow. Mainland markets are not bad either, taking into account that our operations are in China. Our key competitor [Lens Technology] also chose [Shenzhen] as the listing venue," he said. "The plan is subject to market sentiment, but the stock markets are performing well right now."The markets in Hong Kong and mainland China have been on fire lately, and a steady stream of IPOs could prolong a liquidity-fuelled rally in local stocks. The Hang Seng Index powered its way into a bull market this week, after less than four months in bear territory. Over the past nine sessions, the index has risen about 8 per cent, while the Shanghai Composite Index has surged 16.5 per cent.Biel is in the process of picking investment banks as listing arrangers, he added.Founded in 1987, the company provides optical components for luxury watches and other gadgets as well. It has 110,000 workers, and plans to increase this number to 130,000 in anticipation of growing demand for 5G-enabled devices.Biel has manufacturing facilities mainly in Huizhou and Shenzhen, and its total output last year amounted to about 40 billion yuan (US$5.7 billion).In July 2019, it launched its fourth manufacturing plant in Huizhou for a total investment of 5 billion yuan. At 320,000 square metres, it is one of Asia's largest manufacturing plants. "The size of each floor is bigger than four football fields," Yeung said. How automation helps two Hong Kong manufacturers stay on top of their gameSze declined to identify the list of clients, but it is understood that Biel supplies glass components to customers such as Apple, Samsung, Huawei and Oppo. In fact, its decision to revive its IPO comes as Apple's shares hit a record high in New York on Tuesday. The iPhone maker is seeking to raise its manufacturing capacity for the next 12 months.Global smartphone shipments will fall by 15 per cent to 17 per cent in 2020, following a decline of 4 per cent and 2 per cent in 2018 and 2019, respectively, Fitch Ratings said in a report on June 23.Consumers, affected by a surge in unemployment and lower disposable incomes, were likely to delay discretionary spending, it said. But it expected demand to recover strongly in 2021, as 5G is rolled out in developed and some emerging markets, once economies fully reopen.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.