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  • Powerball winner in Maryland should remember this before cashing the $730 million ticket: expert
    Business
    Yahoo Finance

    Powerball winner in Maryland should remember this before cashing the $730 million ticket: expert

    Be wise with how you allocate your money, $730 million Powerball winner.

  • Chipmaker Intel Beats Fourth-Quarter Targets, Raises Outlook, Hikes Dividend
    Business
    Investor's Business Daily

    Chipmaker Intel Beats Fourth-Quarter Targets, Raises Outlook, Hikes Dividend

    Chipmaking giant Intel late Thursday beat Wall Street's sales and earnings targets for the fourth quarter. The earnings news, released just before the market close, drove Intel stock higher.

  • Intel Gives Upbeat Forecast on PC Demand; Shares Jump
    Business
    Bloomberg

    Intel Gives Upbeat Forecast on PC Demand; Shares Jump

    (Bloomberg) -- Intel Corp. gave an upbeat forecast for the current quarter on continued demand for personal computers that enable working and studying from home.The results, released before the market closed on Thursday, sent the shares higher in New York. The stock then dipped slightly in extended trading. Revenue in the period ending in March will be about $17.5 billion, the Santa Clara, California-based company said. This excludes the memory chip division Intel is selling. Analysts were looking for $16.2 billion on average, according to data compiled by Bloomberg.Intel sees strong demand for laptops through the first half of the year, Chief Financial Officer George Davis said in an interview. Earnings in the second part of the year will partly depend on whether corporations increase spending on new hardware, he added.“The question is will we see support from enterprise,” he said. “They’ve been very quiet.”The world’s largest chipmaker shared no new details about its manufacturing plans in its earnings statement on Thursday. The company will address this during a conference call with analysts later on Thursday. Investors have been waiting to see if Intel will outsource more production.Intel recently decided to replace Chief Executive Officer Bob Swan with Pat Gelsinger, a former insider who left in 2009 after decades at the company. It made the change after falling behind in manufacturing, a lapse that’s offering rivals the chance to make better chips for the first time in more than a decade.Read more: Intel Goes Back to Roots With Gelsinger to Regain Chip LeadSwan was due to announce a plan on Thursday to outsource more manufacturing to other companies or try to reclaim Intel’s leadership in production technology. Gelsinger takes over officially on Feb. 15 and he is taking more time to devise his own strategy.“Longer term, it goes beyond the make-vs.-buy decision,” Ambrish Srivastava, an analyst at BMO Capital Markets, said in a note published before Intel earnings. ‘’What we are looking for is how Intel addresses what appear to be recurring issues it has had on that front. For that, we will likely have to wait to hear from the new CEO.”Intel’s stock rose 6.5% to close at $62.46 in New York. The shares declined 17% in 2020 but have rebounded following Gelsinger’s appointment.While Intel is currently benefiting from strong PC demand, Gelsinger is taking the reins of a company in the midst of its worst crisis in at least a decade. It has been the largest chipmaker for most of the past 30 years dominating the $400 billion industry by making the best designs in its own cutting-edge factories. Most other U.S. chip companies shut or sold plants and tapped other firms to make the components. Intel held out, arguing that doing both improved each side of its operations and created better semiconductors.That strategy has crumbled in recent years as Intel struggled to introduce new production techniques on time. It is now lagging behind Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co., which make chips for Intel’s competitors. Intel has had talks with both Asian companies about producing some of its leading products, Bloomberg reported earlier this year.Intel’s personal computer chip division had revenue of $10.9 billion in the fourth quarter. Analysts expected $9.72 billion. Its higher-margin data center unit generated sales of $6.1 billion. Wall Street was looking for $5.37 billion.In Intel’s data center business, revenue from cloud service providers fell 15% from a year earlier. Enterprise and government sales slumped 25%. Volumes and average selling prices declined. Owners of large data centers are working their way through unused stockpiles of chips.In its PC business, Intel reported a 30% surge in laptop chip sales, even as average selling prices declined 15%.Fourth-quarter profit, excluding some items, was $1.52 a share on $20 billion of revenue, down 1% from a year earlier. Analysts had estimated $1.11 a share on revenue of $17.5 billion.Intel’s gross margin, the percentage of revenue remaining after deducting the cost of production, was 56.8%. This is a key indicator of the strength of its manufacturing and product pricing. Intel has historically delivered margins of about 60%.(Updates with CFO comments in fourth 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.

  • David Einhorn — Notorious Tesla Short Seller — Just Had His Best Quarter Ever
    Business
    Benzinga

    David Einhorn — Notorious Tesla Short Seller — Just Had His Best Quarter Ever

    Greenlight Capital hedge fund manager and notorious value investor David Einhorn just released his annual letter to investors, which revealed a record quarter for Einhorn to close out a difficult 2020.Finishing Strong: Greenlight took a massive hit from a large short position in Tesla Inc (NASDAQ: TSLA) in 2020, but Greenlight finished strong with a 25% gain in the fourth quarter. Despite the disastrous Tesla short position, Einhorn was able to salvage a 5.2% overall gain for the fund for the year.The Greenlight letter disclosed several new long positions heading into 2021, including Fubotv Inc (NYSE: FUBO), Danimer Scientific Inc (NYSE: DNMR) and Neubase Therapeutics Inc (NYSE: NBSE), according to Bloomberg. All three stocks were trading higher by more than 10% on Thursday.Einhorn said the Tesla short position was Greenlight's biggest loser in 2020, although he reportedly adjusted the position prior to Tesla's inclusion in the S&P 500.Related Link: Q3 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their PortfoliosEinhorn's Recent Struggles: Greenlight has significantly underperformed the S&P 500 in recent years as growth stocks have soared and value stocks have lagged. Greenlight reported a 14% net gain in 2019 following a 38% net loss in 2018, its worst year since the fund's inception in 1996.Einhorn gained mainstream notoriety on Wall Street back in 2007 when he disclosed a short position in Lehman Brothers prior to the bank's collapse in 2008. However, he had drawn a lot of criticism in recent years for his persistent short position in Tesla and his often heated public communications with Tesla CEO Elon Musk."TSLA cars are not a fad; if they were, TSLA would sell many more than it does. The fad is in owning TSLA stock," Einhorn said in the letter.As of the end of the third quarter, Greenlight's three largest long positions were Green Brick Partners Inc (NYSE: GRBK), Brighthouse Financial Inc (NASDAQ: BHF) and Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW).Benzinga's Take: Economist John Maynard Keynes famously said "the market can stay irrational longer than you can stay solvent," and Einhorn's performance in recent years highlight just how much of a toll a single short position can take on an entire portfolio when the stock in question gets caught in a potential market bubble. Short positions can result in unlimited theoretical losses, whereas standard long positions are capped at just 100% downside.Image credit: PokerListings, YouTubeSee more from Benzinga * Click here for options trades from Benzinga * Why This Enphase Energy Analyst Is Bullish Following Tesla-Driven Sell-Off * Here's How Americans Are Spending Their Stimulus Payments(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.