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Station to Station - Train Tracks to Sound Tracks - Giorgio Moroder - Station to Station

How can you translate the memory of a train ride into a song? Giorgio Moroder intends to do just that.

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    (Bloomberg) -- Investors’ love affair with technology stocks has cooled off noticeably this year.And while the upcoming deluge of earnings from the group may offer an opportunity to rekindle the romance, tech faces an uphill battle in commanding the type of devotion it once enjoyed in the stock market.After trouncing all other sectors in 2020, tech stocks in the S&P 500 Index have drifted toward the back of the pack this year, out-performed by sectors like financials and industrials perceived to have better growth prospects. Bulls are betting that strong results and forecasts from companies like Apple Inc. will help catapult tech back to the forefront, yet lofty valuations pose a challenge.“If these companies want to return to share-price growth, they need to have a good story about where growth is going to come from and when,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.A rally in the past two weeks has returned the tech-heavy Nasdaq 100 Index to a record this month after rising interest rates and concerns the stocks were too expensive sent the benchmark down 11% in early March. While tech is once again leading the market for the month of April, an advance of 9.9% for the group in the S&P 500 this year still trails seven of the 11 other main industries.As is usually the case, the tech group is expected to post strong growth in sales and earnings. What’s different this time is that growth in much of the rest of the market will be even better this year, flattered by comparisons to the same period in 2020 when broad swathes of the economy were shut down.Technology companies are expected to lead the S&P 500 with 16% revenue growth in the first quarter, according to data compiled by Bloomberg Intelligence.Projections for the rest of the year, however, aren’t quite as bright. Growth is expected to be just 5.6% in the fourth quarter. In terms of profit expansion, tech looks even less appealing with estimates for 2021 at 22% — an impressive performance, to be sure, but one that would lag behind financials, industrials, consumer discretionary and materials.For the bears, even beating those growth projections isn’t enough to support valuations that are the highest in years. At 41 times trailing profits, the Nasdaq 100 is trading at the most-expensive valuation since 2004.Investors who are fretting about valuations are underestimating revenue growth potential for many technology companies like Microsoft Corp. and cybersecurity company Zscaler Inc. that are poised to capture even more spending from companies investing in digital services, according to Daniel Ives, an analyst with Wedbush Securities Inc.“What’s been lost in the noise is the massive underlying fundamental growth stories that are happening as part of the digital transformation,” said Ives. “Across the board, it’s going to be a domination quarter for the tech space.”Trailing the S&PAmazon.com Inc. is the only company among the top five projected to see its revenue growth shrink this year, according to data compiled by Bloomberg. That’s hardly a surprise considering how much its core businesses like e-commerce and web services surged in 2020 as a result of U.S. lockdowns.Alphabet Inc., Facebook Inc., Apple and Microsoft are all expected to see revenue growth accelerate in their current fiscal years.Amazon and Apple, the two best performing megacap stocks last year, have trailed the S&P 500 in 2021. Amazon has gained 4.4%, while Apple has advanced just 1.1%.Some of the most-expensive software companies, in particular, have taken a beating so far this year. Coupa Software Inc., a maker of expense management software that trades at nearly 30 times this year’s projected sales, has fallen more than 20%.For some investors, elevated valuations are not ignored so easily.“Tech stocks are extremely expensive historically,” said Michael O’Rourke, chief market strategist at Jonestrading. “Even if the optimistic earnings forecasts are met, the market would still be very expensive.”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.

  • US STOCKS-Wall St closes with weekly gains, S&P 500, Dow hit record highs

    The three main Wall Street indexes ended Friday higher for the day and week, with the S&P 500 and the Dow breaking closing records, as investors took strong economic data and bank earnings as signs of momentum in the U.S. pandemic rebound. Most of the 11 S&P sub-sectors rose on Friday.

  • Bitcoin Plunges By Most Since February, Days After Record High

    (Bloomberg) -- Bitcoin plunged the most in more than seven weeks, just days after reaching a record.The biggest crypto coin was down 9% to $55,323 at around 9:30 a.m. in New York on Sunday, after declining as much as 15% to $51,707 in the Asian day.Other cryptocurrencies suffered as well. Ether, the second-biggest, dropped as much as 18% to below $2,000 before paring losses. The total market cap of crypto, which recently surpassed $2 trillion, fell back to about $1.96 trillion, according to data from CoinGecko.com. And Dogecoin, the coin started as a joke in 2013, was recently trading around 29 cents after hitting 40 cents on Friday.Several online reports attributed the plunge to speculation the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.Bitcoin hit a record high of $64,869 last week ahead of the debut trade for the cryptocurrency exchange Coinbase Global Inc. on the Nasdaq exchange Wednesday. Coinbase ended its first trading week on a high note after bullish reviews from Wall Street analysts.Dogecoin, which has been boosted by the likes of Elon Musk and Mark Cuban, rallied more than 110% Friday before dropping the next day. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site, the online exchange said in a blog post Friday.“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there’s a price to pay when that happens.”Besides the “unsubstantiated” report of a U.S. Treasury crackdown, Trenchev said factors for the declines may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners.”Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifting other tokens to record highs. Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients. That’s despite lingering concerns over their volatility and usefulness as a method of payment.Governments are inspecting risks around the sector more closely as the investor base widens.Federal Reserve Chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.Crypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering skepticism about digital tokens. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.(Updates prices and context on other cryptocurrencies from 2nd 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.

  • Coinbase CEO Sold $291.8M in Shares on Opening Day

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  • Ripple Could Climb Even Further After Stunning Comeback

    Back in December, Ripple (CCC:XRP-USD) was caught in the crosshairs of securities regulators. The price of its XRP token fell below 25 cents. It remained weak, as major exchanges like Coinbase (NASDAQ:COIN) took it off their platforms. After that, it seemed things would get only worse for this popular altcoin. Source: Shutterstock But now, things have changed dramatically. Instead of getting destroyed by the Securities and Exchange Commission (SEC), it’s beating them in court. The case may still be hanging over its head. Yet, as seen the crypto’s parabolic move from around 45 cents, to around $1.68, in the past month, if confidence continues to run high it’ll soon be out of the woods. With this triple-digit percentage price move, is it too late to get in? Not necessarily. Assuming it continues to win in court, the price of Ripple’s token should continue to trend higher. In addition, with major cryptos like Bitcoin (CCC:BTC-USD) still making new highs, and even “memecoins” like Dogecoin (CCC:DOGE-USD) proving skeptics (like myself) wrong, overall short-term crypto mania may be sufficient to support additional upward price moves.InvestorPlace - Stock Market News, Stock Advice & Trading Tips 10 Stocks to Buy for Your $5K Robinhood Portfolio Now, as is the case with this asset class in general, risk runs high. And, in the case of this crypto, not only is there risk of an overall market crash hanging over it. If its current success in court runs out, that could result in a drastic downward move in prices. XRP is Back With a Vengeance A few months back, the SEC seemingly had caught Ripple red-handed. Unlike other popular cryptos, the centralized nature of XRP made it vulnerable to allegations that it was an “unregistered security,” rather than a cryptocurrency. Yet, so far, the SEC doesn’t seem to have much of a case. How so? Namely, as InvestorPlace’s Dana Blakenhorn broke down on April 8, it all comes down to what comes out during the “discovery” process. If Ripple can prove that at one point the SEC regarded Ripple as a currency rather than a security, there may be grounds for dismissing the case. Yet, that’s not the only way in which Ripple is beating regulators. Other decisions from Judge Sarah Netburn have also been in the defendant’s favor. Again, its not guaranteed that XRP will soon be in the clear. But, as more information comes out, more of it indicates the prosecution is in over its head. With things moving in its favor, XRP will likely continue to rebound with a vengeance. But, that’s not all. Besides its apparent victory in the courts, it has the overall bullishness for crypto working in its favor. Together, both factors could mean higher prices ahead. Crypto Mania Could Give XRP an Additional Boost As I said above, cryptos large and small are still flying high. With speculators diving into Bitcoin, Ethereum (CCC:ETH-USD), and yes, even into meme cryptos like Dogecoin, this asset class overall could continue to move higher. So, what does that mean for XRP? Market bullishness could help it continue its climb. Now, that doesn’t mean we’ll see Ripple go on a tear similar to Dogecoin’s recent stunning surge. Why not? Remember, following its Coinbase suspension XRP isn’t as widely available for trading. Yet, it may be enough to sustain its momentum, once markets fully absorb its recent success in court. That being said, don’t bet the ranch on this becoming a major winner in the long-term. Near-term, I wouldn’t bet against. But, there’s little to indicate that XRP is going to supplant ETH as the number two crypto by market capitalization. This is mainly due to the fact that Ripple hasn’t been a major crypto held by the “smart money,” or institutional investors. It has been, and continues to be, primarily a crypto held by retail investors. This likely won’t change, even if it manages to get out of current legal troubles, and begin refurbishing its tarnished reputation. Exercise Some Caution, But Ripple Has Runway from Here The “another day, another all-time high” environment we’re now seeing with cryptos makes it seem like dabbling in this space is easy money. But, the risk of an overall “crypto crash,” like the one seen a few years back, remains high. Tread carefully with any play in this asset class. In addition, while as of late it’s beaten the SEC in the courts, things could go south at any moment. But, even with risks in mind, a small, speculative position in Ripple may be worth it at today’s prices. On the date of publication, Thomas Niel held a long position in Bitcoin. He did not hold (either directly or indirectly) any other positions in the securities mentioned in this article. Thomas Niel, a contributor to InvestorPlace, has written single stock analysis since 2016. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Ripple Could Climb Even Further After Stunning Comeback appeared first on InvestorPlace.

  • New monthly stimulus checks for families will start in July, IRS now says

    The IRS chief tells Congress the child tax credit payments will arrive on time after all.

  • U.S. stops short of branding Vietnam, Switzerland, Taiwan currency manipulators

    WASHINGTON (Reuters) -The U.S. Treasury Department on Friday said Vietnam, Switzerland and Taiwan tripped its thresholds for possible currency manipulation under a 2015 U.S. trade law, but refrained from formally branding them as manipulators. In the first semi-annual foreign exchange report issued by Treasury Secretary Janet Yellen, the Treasury said it will commence "enhanced engagement" with Taiwan and continue such talks with Vietnam and Switzerland after the Trump administration labeled the latter two as currency manipulators in December.

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  • Family stimulus checks are back on track — here are 9 smart ways to use them

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  • GameStop Investor Keith Gill Doubles Stake To 200,000 Shares, Worth $31 Million

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