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A cryptocurrency called ALICE surged 60,000% from $0.1 to $60 within a minute of being listed on crypto exchange Binance.
What Happened: ALICE is the native cryptocurrency token of the multiplayer blockchain game My Neighbour Alice, where players can buy and own virtual islands while being rewarded for contributing to the “Alice world.”
The social simulation blockchain game is the 18th project to be included in the Binance Launchpool, where users can stake their BNB, BUSD, and CHR tokens into separate pools to farm ALICE tokens.
Why It Matters: Binance is the world’s largest cryptocurrency exchange by volume, and listings on Binance tend to have a considerable impact on the token's price.
At the time of writing, ALICE was trading at $25.61 with a market cap of over $443 million, already ranking 110th in the list of over 4300 cryptocurrencies.
See also: Best Cryptocurrency Apps
The ALICE listing also comes at a time where NFT assets are taking off in the crypto space. The creators of the My Neighbour Alice game have said that the game intends to combine the best of the two worlds – a fun narrative for regular players who want to enjoy the gameplay experience as well as an ecosystem for players who want to collect and trade Non-Fungible Tokens (NFTs).
On Feb. 25, the game held their first NFT auction, where 255 game animal NFTs were auctioned for a bid amount of $700,000.
The game’s native utility token ALICE is also used for several functions like in-game purchases, as well as participation in the game’s governance operations through votes. Game players can also earn ALICE tokens by completing certain quests in the game.
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(Reuters) -Verizon Communications Inc is getting rid of its media businesses that include iconic brands Yahoo and AOL for $5 billion, ending an expensive and unsuccessful run in the media and advertising world. Despite spending more than a decade and billions of dollars acquiring a stable of internet brands, the New York-based telecom company has struggled to make headway in a highly competitive internet advertising space dominated by Facebook Inc and Google and has focused its resources on developing 5G. Having written $4.6 billion off the value of the businesses in 2018, Verizon will get just $4.25 billion in cash from private equity firm Apollo Global, along with preferred interests of $750 million and a 10% stake in the unit – about half of what it had paid for the businesses.
(Bloomberg) — South Korea lifted what was the world’s longest ban on short-selling on Monday, and foreign traders piled in.Overseas investors accounted for 90.7% of total daily shorts by value in Kospi on Monday, betting against 738 billion won ($659 million) worth of stocks, according to the Korea Exchange. They rushed in again on Tuesday, making up 86% of bearish bets. That’s well above the 59% of short values they averaged in 2019 before Korea imposed a ban on the trading strategy in March last year as the pandemic spread.Much of foreign investors’ bearish bets weren’t a call on the broader market, however, and were targeted either on stocks they expect will be removed from key indexes — like Lotte Corp. — or highly valued biotech shares like Celltrion Inc.After a 13-month ban, Korea resumed short selling on Monday on 351 stocks on Kospi 200 and Kosdaq 150. During the past year, retail investors who fueled record gains in Korean stock market have feared the repercussions from short selling and have asked regulators to impose a permanent ban.Retail investors also showed some early signs of taking to the trade. Small-time traders made up 1.6% of daily shorts on Monday– versus 0.8% in 2019. Local institutions were less downbeat than before: they accounted for just 7.7% of short value, about half of their daily average of such bets two years ago.“Kospi in the past had about a 50-50 equal weight between foreign investors and local institutions,” said Sanghyun Park, an analyst at Smartkarma, adding local institutions “stayed quiet” when it came to short selling on Monday. It was too early to draw a conclusion about future foreign capital inflows based on one day of trading, he said.The resumption of short-selling took a toll on markets on Monday, with the Kospi ending 0.7% lower and the Kosdaq, the smaller tech and health-care-heavy index, down 2.2%. Foreign investors were net sellers of Kospi shares again Tuesday, with the benchmark posting a modest gain.The health-care sector on the Kospi 200 also rebounded 0.7% on Tuesday after slumping 4.9% on Monday. Retail favorite Celltrion, which was among the most shorted stocks on Monday, rose 4.2% after tanking 6.2% lower the day before. Shin Poong Pharmaceutical Co., a drugmaker that was heavily bet against on Monday and barred from being shorted on Tuesday by the exchange, slipped 1.8% on Tuesday after sinking 12.2% the previous day.The exchange bars stocks from being shorted for a day if they were heavily targeted, and on Tuesday also banned family-controlled conglomerate Lotte Corp. from being bet against.(Updates with latest exchange data in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) — The country with the longest history of negative interest rates just hit a milestone that may offer a glimpse of what’s to come elsewhere.In Denmark, commercial banks have had to absorb negative rates since they were first introduced by the central bank in 2012. By 2019, the industry started sharing the cost of that policy with retail depositors. Today, Danes are the world champions in bearing the burden of negative rates together with their banks, with 35% of deposits affected.Last week, the government in Copenhagen decided to step in. The minister in charge of bank legislation, Simon Kollerup, turned to social media to launch an attack on the financial sector, and the “greed” he said it represents.“Banks have recently been lowering the bar for negative rates,” he said. “And this simply has to stop.”He commented a day after Danske Bank, Denmark’s biggest lender, said it was following others in the industry and more than halving its threshold for imposing a rate of minus 0.6%. As a result, retail depositors with more than 100,000 kroner ($16,000) will pay 0.6% to park savings exceeding that amount with the bank.“My worry is that banks will continue tightening the screws on negative rates so that average Danes need to pay to keep their money in a bank,” the minister said in a written comment to Bloomberg.Kollerup, who summoned the bankers’ association to talks, says there’s no excuse for passing negative rates on to private customers, and rejects the idea that monetary policy plays a role in determining commercial bank rates.Rate PoliticsThe battle that’s now unfolding between Danish banks and the government gives a sense of where the limits of negative rates may lie, and shows that those limits might be political, not monetary.Negative rates have become the lightning rod that Kollerup has seized to wage “a confrontation with greed, income inequality and division in society,” said Helle Ib, a political commentator at Borsen, Denmark’s biggest business newspaper.The bankers’ association, Finance Denmark, has questioned the merits of Kollerup’s economic reasoning. And the central bank issued a reminder on Friday, pointing out that its negative policy rates (which are necessitated by the krone’s peg to the euro) influence deposit and lending rates throughout the broader economy. It also hinted that politicians shouldn’t interfere in the process. “Banks’ interest rates are a matter for them and their customers,” central bank Governor Lars Rohde said.The central bank’s verbal intervention prompted a member of the opposition bloc in parliament to weigh in. Alex Vanopslagh, the leader of the Liberal Alliance party, told Berlingske he’s summoned Kollerup to a hearing to explain his comments on negative rates. “I trust the minister will say that he crossed the line, and that he lacks a basic grasp of how monetary policy works,” Vanopslagh said.Carsten Egeriis, the chief executive of Danske Bank, points out that Danes also enjoy low interest rates on their mortgages, which he called “the other side of the coin.” That dynamic “most of the time far outweighs the cost of negative interest rates on the deposit side,’ he said.Denmark is two years ahead of the euro zone, which first introduced negative rates in 2014. Jesper Rangvid, a professor of finance at Copenhagen Business School, says there are some lessons to be drawn from the Danish experience for euro-zone economies.He also notes that negative bank rates aren’t the destructive force once imagined. In fact, Rangvid points out that after years of zero, and ultimately negative retail deposit rates, Danish deposits have continued to rise.“The most important takeaway is that clients haven’t been leaving banks,” he said by phone. “That was the fear in the beginning, and that has not happened.”Ib at Borsen says it’s not a given that Kollerup will actually intervene. Ultimately, it’s probably more a case of “sending a signal than a hardcore revolution of economic policy,” she said.(Updates with reference to Kollerup being summoned to parliamentary hearing)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Reuters) -Warren Buffett ended years of speculation about who would succeed him at Berkshire Hathaway Inc by saying Vice Chairman Greg Abel would take over as chief executive officer if he were to step down. "The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning," Buffett said, according to a CNBC report on Monday. Buffett, 90, has never provided a timetable for his departure.
(Bloomberg) — Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up hereAustralia’s central bank upgraded its economic outlook and said policy makers will review its bond programs in July, while maintaining interest rates will remain at emergency levels until at least 2024.Reserve Bank Governor Philip Lowe kept the cash rate and three-year yield target at 0.10% on Tuesday. He said the board will decide at its July 6 meeting on a third tranche of quantitative easing and whether to shift yield curve control to target the November 2024 maturity from the current April 2024 bond.“Despite the strong recovery in economic activity, the recent CPI data confirmed that inflation pressures remain subdued,” Lowe said in a statement. “The board is prepared to undertake further bond purchases to assist with progress toward the goals of full employment and inflation. The board places a high priority on a return to full employment.”The RBA’s decision to stand still comes a week before the government delivers its annual budget that’s expected to include targeted spending to help boost jobs and spur a faster recovery. Treasurer Josh Frydenberg has lined up behind Lowe’s goal of pushing the economy to full employment as quickly as possible to rekindle inflation.Lowe said the bank’s central scenario for GDP growth was revised up, with an expansion of 4.75% now expected this year and 3.5% over 2022. Unemployment is expected to continue to decline to around 5% at the end of this year and around 4.5% at the end of 2022.What Bloomberg Economics Says…“The RBA has not flinched on their guidance for rates to remain on hold until 2024 at the earliest. July is the next major juncture for policy. We think the risks lie with both YCC and QE being extended in order to maintain downward pressure on the Australian dollar.”– James McIntyre, economistAustralia’s jobless rate has already declined almost 2 percentage points from its pandemic-peak in July last year. The RBA estimates it probably needs to fall closer to 4% before wage growth accelerates.The central bank releases its quarterly Statement on Monetary Policy with the full suite of economic forecasts on Friday, and Deputy Governor Guy Debelle is due to speak in the mining-centered state capital Perth the night before that.“Moving in July means this week’s quarterly SoMP will be the last one before” the YCC and QE3 decisions, said Ben Jarman, a senior economist at JPMorgan Chase & Co. in Sydney. “So the staff’s forecasts for wages — and the upside scenario — in that document will be important.”While Australia has experienced a sharp V-shaped recovery, the RBA shows no sign of following the Bank of Canada in early withdrawal of stimulus. Instead, like the Federal Reserve and European Central Bank, it will keep pumping monetary support until the economy is fully repaired. It would also like to trail any move by the U.S. to avoid unnecessary exchange rate appreciation.“The RBA continues to mirror the U.S Fed – acknowledging an improved outlook but arguing that further progress is required,” said Kellie Wood, fixed income portfolio manager at Schroder Investment Management. “Lowe is on a mission to see how tight the labor market can get before inflation picks up meaningfully.”The one area likely causing a headache for Lowe is the property market. Housing has surged in response to record low borrowing costs, government assistance and a lack of supply. Property prices rose 7.8% in the past year, and while similar increases have occurred across the globe, a return to boom times Down Under threatens to swell an already worrisome pile of household debt.“The bank will be monitoring trends in housing borrowing carefully,” the governor said today. “It is important that lending standards are maintained.”The government’s budget next Tuesday is likely to show an improved bottom line due to better employment outcomes that boost the tax take and cut welfare costs. It’s similarly benefited from the high price of iron ore, the nation’s largest export. The steelmaking ingredient is currently trading at around $190 and Citigroup Inc. is forecasting an extended shortfall in the commodity and expects new highs of $200 to be hit over the next few weeks.(Updates with Bloomberg Economics in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) — Norfolk Southern Corp. is betting investors aren’t that afraid of rising yields after all.The railroad operator sold $600 million of 100-year corporate bonds, the first to hit the market since 2018, which were also sold by the company. Monday’s offering will be just the ninth century bond issued by a corporation since 2005, according to data compiled by Bloomberg.Investors have recently shied away from taking on duration risk as bond yields rise amid an economic recovery from the pandemic. However, there are signs they’re starting to warm up to longer-dated bonds again as 30-year Treasury yields stabilize and volatility subsides, encouraging more companies to issue further out the curve.Read more: JPMorgan to BlackRock turn away from duration as economies openBonds maturing in 10 years or more generated total returns of 1.7% in April, the most of any high-grade maturity bucket, according to Bloomberg Barclays index data. EBay Inc., Equinix Inc. and Southern Co. are among high-grade companies selling 30-year debt Monday.While century bonds — especially those from companies — are rare, countries tend to be more common issuers. Peru sold $4 billion of such debt in November, back when the 30-year yielded around 1.5%. It’s now up to nearly 2.3%.Norfolk’s century bond will yield 180 basis points over Treasuries, about 20 basis points less than initial discussions, and proceeds will be used for general corporate purposes, according to a person with knowledge of the matter. It’s also selling $500 million of 10-year notes to be allocated for green projects.Bank of America Corp., Morgan Stanley and Wells Fargo & Co. managed the deal, said the person, who asked not to be identified as the details are private.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) — Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50% again and crashing Robinhood’s trading app.Other so-called altcoins also took off, with Dash spiking as much as 14% and Ethereum Classic jumping more than 30%. In the world of DeFi, tokens such as Force DAO and Tierion surged more than 1,000% on Tuesday, according to CoinMarketCap.com data. Meanwhile, Robinhood said it resolved earlier issues with crypto trading on its platform.“You have money looking for a home and this is one of those areas of the market where there is speculation happening, there is significant appreciation happening in a short period of time,” Chad Oviatt, director of investment management at Huntington Private Bank. “You get that excitement there.”The rallies defied easy explanation and continued a trend that’s seen the value of all digital tokens surge past $2.25 trillion. Doge, created as a joke in 2013, has been used in marketing gimmicks, the latest by the Oakland A’s baseball team, which offered two seats to games this week for 100 Dogecoin. The Gemini crypto exchange backed by Tyler and Cameron Winklevoss said it now supports Doge, and will soon enable trading of it.Dogecoin’s red-hot advance from around 0.002 cents a year ago — when it was worth about $300 million — has captured the interest of many on Wall Street. It’s even caught the attention of the Federal Reserve — the central bank’s chairman last week answered “some of the asset prices are high” when asked if things like GameStop Corp.’s and Dogecoin’s supercharged rallies created threats to financial stability.As a sign of Dogecoin’s rising popularity, the Robinhood app is among the top 10 downloads at the Apple App Store. Meanwhile, Coinbase Global, the largest U.S. crypto exchange, doesn’t offer Doge trading — saw its shares fall more than 6% Tuesday. The stock is on track for the lowest close since its market debut last month.“It’s pretty amazing that something that started out as a joke has become so popular,” said Matt Maley, chief market strategist for Miller Tabak + Co.Though interest in digital assets has picked up in recent months as more traditional firms who were long hesitant to the crypto space warm up to cryptocurrencies, it’s alternative coins that have captured the most attention in recent days. Bitcoin has taken a backseat following record-setting rallies from Ether and Doge, wrote Edward Moya, senior market analyst at Oanda.“The Dogecoin bubble should have popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher,” he said in a note. “Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.”Elsewhere, a new Ether ETF trading in Canada called the CI Galaxy Ethereum ETF (ETHX) broke its record volume on Tuesday, with more than $22 million shares changing hands as of 12:30 p.m. in New York. That fund has attracted about $162 million since its debut in March.Bitcoin slumped as much as 5.7% to $53,560, the third straight decline. Meanwhile, many — including famed crypto investor Mike Novogratz — have warned that the rallies could be unsustainable. Novogratz, chief executive officer of Galaxy Digital Holdings, said recently he’d be “very, very worried” were one of his friends to invest in Doge.“It seems that investors are careening from one hot dot to another, like a pinball game,” said Mike Bailey, director of research at FBB Capital Partners. “My sense is this speculative wave will suffer the same fate as the GME and other Robinhood ‘flash-in-the-pan’ stocks. Cryptocurrencies may have become a new asset class, like precious metals, but surges such as these seem unsustainable.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Some 15% of the American public owns some form of cryptocurrency – and a large part of that group jumped on the bandwagon in the last two years. The digital currencies – Bitcoin is the most famous, but there are scores of others – offer users a distinct set of advantages, based on their blockchain technology. First, the crypto coins are secure – as a digital technology, blockchain is notoriously difficult to break. Second, the coins have the chief attribute of any store of value: scarcity. There is a mathematical limit to how many Bitcoin, for example, will ever exist – and that limit gives them their value. People want a secure online currency, are willing to pay for it, and the relatively scarce (compared to traditional fiat currencies) crypto coins offer both attributes. The result, in recent years, has been a boom as investors have started looking seriously at the crypto sector. Of course, any digital currency is going to need a range of services to be usable. Financial companies, to back it, and payment servers, to handle transactions, to name just two. Other companies and major business figures – Elon Musk comes readily to mind – will invest heavily in it. All of this creates a landscape in which investors can profit from crypto without ever buying an actual coin. They can buy into the companies that are poised to ride the cryptocurrency boom to higher profits. How big is crypto? The market for it surpassed $2 trillion earlier this month, a number that’s hard to get your head around. So, as usual, we’ve turned to the TipRanks platform to help us make sense of the equity landscape as pertains to crypto. We’ve located three stocks – from different sectors – that according to some of the Street’s top analysts are all set to deliver crypto charged gains. Let’s dive in. Silvergate Capital (SI) We’ll start in the financial world, fitting when we’re discussing a new financial asset like crypto. Silvergate Capital is a commercial bank, chartered in California and providing financial services and infrastructure to customers in the digital currency industry. Silvergate has been in the finance industry for over 3 decades and has turned a profit every year for the last 21 years. Silvergate got into digital currency in 2013, with an active pursuit of digital currency customers. Today, the company has over 1,100 customers in this sector. In March of this year, Silvergate expanded its digital currency services, using a custody service to hold Bitcoin as collateral for US dollar commercial loans. The service offers large Bitcoin holders a way to access liquid capital without selling off the underlying cryptocurrency. Silvergate provides custody for the Bitcoin collateral through Coinbase and Fidelity Digital Assets. In the recent financial release, for 1Q21, Silvergate reported EPS of 55 cents per share, beating the industry estimates by 14% and better yet, growing 139% year-over-year. Supporting the earnings growth, Silvergate recorded 29% customer base growth year-over-year. Digital currency deposits grew from $5 billion at the end of December to $6.8 billion at the end of March. The company’s rapid growth can also be seen in the share value, which is up an astounding 582% in the past 12 months. 5-star analyst Joseph Vafi, of Canaccord Genuity, is impressed by Silvergate’s growth in digital currency banking, and writes, “Silvergate delivered again in Q1, highlighted by another near 40% sequential increase in deposits on top of the 130+ % q/q increase in Q4. This impressive deposit growth was driven by similarly strong growth in demand for use of the Silvergate Exchange Network (SEN) as institutional interest in bitcoin continues to accelerate. Just as important are the implications of the two strategic deals with Fidelity and Coinbase inked in Q1. In our view, it is becoming clear that not only is it emerging as a key financial services cog across all of institutional cryptocurrency trading, but SI is now becoming the key partner for cryptocurrency custodians seeking to offer margin lending. Importantly, Silvergate has a core competitive cost advantage in crypto margin lending, given its underlying bank charter which provides a very low cost of capital via raising zero interest customer deposits.” Vafi, who is rated in the top 100 of Wall Streets analysts, puts a Buy on SI shares, and his $150 price target suggests the stock has room for 36% growth this year. (To watch Vafi’s track record, click here.) Canaccord’s Vafi is no outlier in his bullish views. Silvergate has 5 recent reviews, and they include 4 Buys against a single Hold, for a Strong Buy consensus rating. The stock’s share price is $107.22, and the average price target of $158 implies a 45% upside – even more bullish than Vafi allows – for the coming year. (See Silvergate’s stock analysis at TipRanks.) PayPal Holdings, Inc. (PYPL) While Silvergate is hardly a household name, PayPal has become one. The company is the market leader in online payment processing, a booming industry in itself, and its top line revenue grew from $17.7 billion in 2019 to $21.4 billion in 2020. The company recorded sequential increases in revenue the second, third, and fourth quarters of last year, and saw Q4 EPS reach $1, up from 43 cents in the prior’s year’s first quarter. That PayPal’s growth has come during the pandemic is unsurprising. We all know e-commerce boomed last year, benefitting from social lockdown policies, and e-commerce requires online payment processors. PayPal has a leading role in that industry, with over 377 million active accounts, conducting 4.4 billion payment transactions totaling $277 billion in payment volume. In a major development for the company, PayPal announced in April that its mobile payment app, Venmo, will now offer users the ability to buy, sell, and hold four crypto currencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. According to one survey, some 30% of Venmo’s users already deal in crypto; this move makes their transactions more convenient, and opens an easy avenue to crypto for Venmo’s full 70-million-strong userbase. BTIG analyst Mark Palmer, points out a key factor in PayPal’s new Venmo feature when he writes, “The move marked the first time that consumers will be able to use crypto to make purchases at a large array of merchants. The crypto option is now available in the U.S. with more than half of PYPL’s 29mm merchants, with the company stating that more would be added soon.” Palmer believes that this move toward crypto will be a net positive for PayPal, and he backs that with a Buy rating and $345 price target implying a one-year upside of 31%. (To watch Palmer’s track record, click here.) That Wall Street agrees with Palmer is obvious from the Strong Buy consensus rating on the stock, supported by new fewer than 29 recent Buy ratings. These outweigh the 4 Holds that have also been set here. PYPL shares are trading for $262.29, and their $310.68 average price target suggests the stock has room to grow 18% this year. (See PayPal’s stock analysis at TipRanks.) CleanSpark (CLSK) Last up, CleanSpark, is both a software company and a clean energy company. That makes more sense than at first would be apparent – CleanSpark’s software products are designed to control microgrid and distributed energy systems. These systems allow users to go off-grid, opting out of traditional power distribution to tap into cleaner green energy sources. CleanSpark provides the control software for these systems. Earlier this year, CleanSpark made a couple of bold moves that made waves in its own industry, and in crypto. In March, the company put an offering of public shares on the market – more than 9 million common shares – at $22 each, raising more than $200 million before expenses. That alone got notice from investors. In addition, the company started using the funds to buy up more Bitcoin mining rigs. These are the computer systems through which new bitcoins are generated. They draw massive amounts of power, put out a lot of heat – and CleanSpark has invested heavily, not only in the computational mining rigs, which will slowly produce new bitcoins, but in the clean energy infrastructure to make the company’s Atlanta mining location 95% carbon-free. The company’s latest investment in Bitcoin mining will start to take physical shape later this year. And finally, in April, CleanSpark announced that it had secured contracts for an additional 22,680 Bitcoin miners. When all of the new rigs are installed, up and running, CleanSpark expects to increase its Bitcoin mining production to more than 3.2 EH/s. In the quarter ended March 31, CleanSpark produced 144 Bitcoins, and has produced a total of 205 Bitcoins since it began mining ops in December. In all of this, CleanSpark has not lost sight of its original focus. The company also announced in April that it had secured a net $16.2 million increase in its microgrid contracts, a year-over-year increase of 220%. In coverage of this stock for H.C. Wainwright, top analyst Amit Dayal writes, “We believe CleanSpark's execution on the microgrid and Bitcoin mining fronts could position the company to exceed our expectations for FY2021, as our assumptions now appear relatively conservative. The stock has pulled back since its January 2021 highs alongside some other Bitcoin mining comps, and general weakness across small-cap names. However, we believe, with Bitcoin prices remaining well above our assumptions, no known changes to mining operations, and the company adding to its microgrid backlog, the operational side of the story appears to be intact. We believe CleanSpark's valuation remains compelling at current levels with the company set for YoY revenue and earnings growth of more than 150% and more than 1,000%, respectively, in FY2022.” In line with his upbeat outlook, Dayal gives CLSK shares a Buy rating with a $50 price target that indicates confidence in a robust 135% upside in the next 12 months. (To watch Dayal’s track record, click here.) There are only two recent reviews on this stock – including Dayal’s – but both agree: this is one to Buy. CLSK shares are currently trading for $21.26 and the price target averages to $47.50, suggesting an upside of 123% this year. (See CleanSpark’s stock analysis at TipRanks.) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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Ford and GM hit hardest, building fewer cars for consumers amid a worsening chip crisis.
The markets lately are a mix of gains and volatility, and it’s tough, sometimes, for investors to make sense of it. In times like these, it makes sense to turn to the experts. Cathie Wood is one such expert, an investor whose stock choices have consistently outperformed the overall markets. A protégé of famed economist Arthur Laffer, market guru Wood has built her reputation on her clear view of the markets. Her firm is Ark Invest, whose Innovation ETF has over $52 billion in assets under management, making it one of the largest institutional investors on the scene. And better yet, Wood’s stock choices paid back during the ‘corona year;’ the ETF’s overall return in 2020 was an astounding 170%. With returns like that, it’s clear Cathie Wood knows what she’s talking about when she picks a stock. So, we’re taking a look at three of her stock choices, all from the ‘top 10’ of her firm’s holdings, by percentage weight within the portfolio. Using the TipRanks platform, we’ve found that, according to some Street analysts, each has at least 40% upside potential for the coming year. Let’s get the lowdown. Teladoc Health, Inc. (TDOC) The first stock on our list, Teladoc, was one of the ‘early adopter’ companies in the telehealth sector, making remote medical care available for non-emergency issues. Patients can use Teladoc to consult on ear-nose-throat matters, lab referrals, basic diagnoses and medical advice, and prescription refills for non-addictive substances. Teladoc bills its service as offering remote house calls by primary care doctors. Despite the obvious benefits of Teladoc’s service during the pandemic year, and steadily rising revenues, the company’s stock has underperformed the broader markets in the last 12 months. A look at the most recent quarterly report – for 1Q21 – will shed some light. The company reported $453.6 million at the top line, up an impressive 150% year-over-year. Earnings, however, told a different story. At $199.6 million, the net loss in Q1 was much deeper than the year-ago quarter’s $29.6 million loss. Per share, the loss came to $1.31, compared to just 40 cents one year earlier. The losses weighed on investors’ minds, but the company guidance was more worrisome. Management predicts that paid membership will be flat yoy in 2021. The stock fell 10% after the earnings release. Cathie Wood, however, started buying shares, taking advantage of the dip in price to increase her holdings of TDOC. Her firm bought up more than 716K shares, worth over $122 million at the time of purchase. Teladoc is Ark’s #2 holding, making up over 6% of the fund’s portfolio. While BTIG analyst David Larsen notes investors’ concerns, he believes the long-term outlook for the company remains positive. “The issue that may weigh on the stock, is 2021 membership guidance of 52 – 54M (+2% y/y) was left unchanged,” Larsen said. “Despite this headwind we still like the company and the stock. Management highlighted that the ‘pipeline for membership’ is now up more than 50% y/y, which is higher than what was reported in 4Q:20, and many of these deals are progressing. TDOC also won a large BCBS plan in the north-east due to the "whole person" model, and it's a competitive take-away. We believe that management's comments around membership pipeline are very calculated, and we would expect 2022 membership growth to be far better than 2021's growth rate.” In line with his comments, Larsen rates TDOC as a Buy, and his $300 price target implies an upside of 83% for the year ahead. (To watch Larsen’s track record, click here.) Overall, Teladoc gets a Moderate Buy from the analyst consensus, a rating derived from 23 reviews that include 14 to Buy and 9 to Hold. The shares are priced at $163.21 and have an average price target of $243.68, making the one-year upside a robust 49%. (See Teladoc’s stock analysis at TipRanks.) Zoom Video Communications, Inc. (ZM) Next up, Zoom, needs no introduction. This tech-based video communications company had a low profile in 2019, but in the corona crisis of 2020 Zoom came of age. The company saw a tremendous expansion, in use and user base, and its stock peaked in November 2020 with a price well above $500 per share. It has since declined – but even after that decline, ZM shares still show a one-year gain of 121%. The share price decline in Zoom may be best seen as temporary volatility in a stock that is otherwise sound. Zoom went public in April of 2019, and has reported sequential revenue and earnings gains in every quarter since – with the gains accelerating last year. For Q4 of fiscal 2021, the last reported, Zoom reported $882.5 million at the top line, up 13.5% sequentially and a whopping 368% year-over-year. EPS in the last quarter was 87 cents; this compares to just 5 cents per share income the year before. Zoom reported $377.9 million in free cash flow for 4Q21, compared to $26.6 million one year earlier. In customer metrics, Zoom reported equally strong growth. It had more than 467K customers with more than 10 employees, growth of some 470% yoy, and 1,644 customers who paid more than $100,000 in the trailing 12 months, up 156% yoy. As for Cathie Wood, she thinks that Zoom will continue growing, saying, “I think it’s going to usurp a lot of the old telco infrastructure.” Two of Wood’s Ark funds own shares of Zoom, over 2.4 million shares in total, Zoom makes up roughly 3.40% of Ark’s portfolio. 5-star analyst Daniel Bartus, from Merrill Lynch, also likes ZM shares, and writes of the company’s model, “In our view, Zoom’s superior video experience has solidified its position as the go-to meetings platform post-COVID. As the pandemic lingers and enterprises adopt more flexible workforces, we believe 2021 will be another good year for Zoom. Post-pandemic, we believe Zoom remains well-positioned as the new communications standard and the upsell of Zoom Phone, Rooms, and additional features across the 467k customer base offsets the churn risk across smaller customers.” Bartus puts a Buy rating on the stock, with a $480 price target suggesting a potential upside of 52% for the coming year. (To watch Bartus’s track record, click here.) Wall Street’s views on Zoom offer a bit of a conundrum. The analyst consensus here is a Hold, based on reviews that include 6 to Buy, 10 to Hold, and 2 to Sell. On the other hand, the stock’s $444.40 average price target implies an upside of 41% on the one-year horizon. (See Zoom’s stock analysis at TipRanks.) Shopify, Inc. (SHOP) Last on our list of Wood’s picks, Shopify, is a Canada-based e-commerce giant that needs no introduction. Shopify has been around for 15 years, and was an early leader in providing e-commerce platforms to third parties. The company’s services include payment processing, marketing, shipping, and customer engagement. Shopify grossed $2.93 billion last year, and has seen sequential revenue gains in each of the last four quarters. While the stock has found 2021 more of a slog, it is still up by 77% over the past 12 months, handily beating the S&P 500’s 47% one-year gain. Starting out 2021, Shopify reported 110% year-over-year revenue growth for the first quarter, with the top line reaching $988.7 million. The company’s EPS in Q1, $9.94 per share, was inflated by unrealized gains from an equity investment, making comparison difficult, but the company also reported $7.87 billion in cash holdings as of the end of March, compared to $6.39 billion at the end of December. The solid gains in revenues and cash holdings are supported by a growing user base. Shopify’s mobile app, Shop, now has over 107 million registered users, of whom 24 million are monthly active users. And, the company has good word-of-mouth advertising; 45,800 of its ‘partners’ referred a fellow merchant to the service in the previous 12 months, a yoy gain of 73%. Looking at all of this, Cathie Wood thinks we may be seeing the start of the ‘next Amazon.’ She says, referring to the company’s position in the marketplace and its prospects for growth, “Shopify doesn't care who wins. It's going to be involved with many, if not most, of all of the sites that are going to be powering up commerce.” Her Ark funds are gobbling up shares of SHOP – they own over 690K, worth more than $754 million at current valuation. Colin Sebastian, 5-star analyst with Baird, agrees that Shopify is a stock to buy. He writes, “we view higher spending levels as supporting the enormous e-commerce market opportunity, sustaining a high level of innovation in platform services, and maintaining a high level of scalability. As such, we would be buyers of shares on any pullbacks related to margin commentary… We believe that Shopify will continue to be a key beneficiary of the migration toward multi-channel e-commerce as companies leverage and integrate a broad range of consumer touch-points to drive sales — including traditional offline, online, in-store, mobile, kiosks and call centers.” Sebastian’s price target here, $1,550, suggests an upside of 42% for the next 12 months. His rating is Outperform (i.e., a Buy). (To watch Sebastian’s track record, click here.) High-profile tech companies tend to attract a lot of attention, and Shopify has picked up no fewer than 30 analyst reviews in recent weeks. These break down to 16 Buys, 13 Holds, and just a single Sell, making the analyst consensus a Moderate Buy. The shares are priced at $1,092.01, and the average price target of $1,482.21 implies they have room to gain 36% this year. (See Shopify’s stock analysis at TipRanks.) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
The trading app experienced issues with crypto trading, and users are furious.
The problem is increasingly likely to affect shares of auto manufacturers. Investors will have to decide which will be the winners, and which will be hit hardest.
The stock market is getting hit hard on Tuesday. All three major U.S. indexes were solidly in the red, with the S&P 500 off 1.4%, the Dow Jones Industrial Average down 325.56 points, or 1%, and Nasdaq Composite off 2.7%. Is Federal Reserve Chairman Jerome Powell going to get nominated for another term?
The No. 2 crypto on the planet is extending its surge into rarefied territory, and that momentum higher has at least one crypto expert speculating that Ether prices could hit $5,000 within a week.
Dogecoin prices make a fresh run again, pushing the popular crypto to an all-time high above 50 cents, as enthusiasm for the hottest digital asset on the planet refuses to abate.
'If the last year has taught us anything, it is that people are tired of the Warren Buffetts and Charlie Mungers of the world acting like they are the only oracles of investing,' writes Robinhood's head of public policy.
(Bloomberg) — Stocks closed near Monday’s lows as giants Tesla Inc. and Amazon.com Inc. weighed on the Nasdaq 100. Traders also parsed economic data, with inflation remaining at the forefront of the investment debate. The dollar dropped, while Treasuries rose.Tech and retail companies in the S&P 500 fell, while commodity and industrial shares gained. Pfizer Inc. climbed as the Biden administration will support its move to begin exporting U.S.-made doses of the coronavirus vaccine, while Moderna Inc. rallied after agreeing to provide as many as 500 million doses of its shot to the global program Covax. Estee Lauder Cos. sank as the cosmetics giant’s sales missed estimates.A report Monday showed that growth at U.S. manufacturers cooled in April, while a gauge of prices paid for materials jumped to the highest since 2008. Federal Reserve Chairman Jerome Powell said the economic recovery is “making real progress,” but the gains have been uneven following a downturn that cut hard along lines of race and income. New York Fed President John Williams noted that current conditions are “not nearly enough” for a shift in the monetary policy stance.Markets have been obsessed over whether higher inflation is coming. Faced with rising prices for everything from lumber to oil and computer chips, chief executive officers have cut costs and boosted prices for their products. The strategy appears to be working, with first-quarter income from S&P 500 companies jumping five times as fast as sales, according to data compiled by Bloomberg Intelligence.“The earnings season, the economic recovery and the Covid trends — that’s still going to be the near-term catalyst — and looking for any hints of change in direction from the Fed,” said Keith Lerner, chief market strategist at Truist Advisory Services.Ignoring the adage “sell in May and go away” may reward stock investors in 2021, according to LPL Financial. The firm cited the S&P 500’s track record during the past decade in a blog post. In eight of those years, the gauge posted gains for the six months ended in October. Last year’s rally was 12%, the biggest since 2009, when a bull market was just getting started. The benchmark produced an average advance of 3.8% for all 10 years, beating a 1.7% average since 1950.Here are some key events to watch this week:U.S. trade balance, factory orders, durable goods are due TuesdayThe Reserve Bank of Australia monetary policy decision is scheduled for TuesdayChicago Fed President Charles Evans gives a virtual speech at an event hosted by Bard College on Wednesday. Cleveland Fed President Loretta Mester gives a virtual speech to the Boston Economic ClubBank of England rate decision ThursdayThe April U.S. employment report is released on FridayThese are some of the main moves in markets:StocksThe S&P 500 rose 0.3% as of 4 p.m. New York timeThe Nasdaq 100 fell 0.4%The Dow Jones Industrial Average rose 0.7%The MSCI World index rose 0.2%CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.3% to $1.2062The Japanese yen rose 0.2% to 109.10 per dollarBondsThe yield on 10-year Treasuries declined two basis points to 1.60%Germany’s 10-year yield was little changed at -0.20%CommoditiesWest Texas Intermediate crude rose 1.4% to $64 a barrelGold futures rose 1.4% to $1,793 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Inflation is picking up in a major way, C-suites across the country warn.
As the threat from COVID-19 recedes, Americans can once again worry about rising medical costs. While they tend to blame drug companies, insurers or even the government, the lion’s share of the responsibility belongs with our healthcare providers, whose decisions account for 85% of health spending. The providers most to blame are local hospital systems that dominate nearly every metro area, from Partners HealthCare in Boston to SutterHealth in the San Francisco Bay Area.
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