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The Zacks Analyst Blog Highlights: Nvidia, Intel, Micron, Advanced Micro Devices and Hewlett Packard

Zacks Equity Research
Murphy Oil has been struggling lately, but the selling pressure may be coming to an end soon.

For Immediate Release

Chicago, IL – August 10, 2018 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Nvidia Corporation NVDA, Intel INTC, Micron MU, Advanced Micro Devices AMD and Hewlett Packard HPE.

Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.

Here are highlights from Thursday’s Analyst Blog:

Can Bitcoin Overcome Shock From SEC's Delayed ETF Decision?

On Aug 8, bitcoin price fell sharply after the U.S. Securities and Exchange Commission (SEC) decided to delay a decision on the proposed VanEck Bitcoin exchange-traded fund (ETF) to Sep 30. This would have been the first financial product on bitcoin trading. Bitcoin prices fell to $6,346.7 as of 6.45 a.m. EST on Aug 9. As a result cryptocurrency markets too fell sharply.

On Wednesday, bitcoin price hit a three-week low as the last time it traded below $6,400 was on Jul 16. Understandably, the bitcoin market continues to be volatile, with prices further declining on Aug 8. Bitcoin price has been trending down since the beginning of this year after hitting a record high in December 2017.

That said, it somewhat recovered in June after falling below $6,000. This saw a number of graphics chips manufacturing companies gaining on the bitcoin rally. However, now that the decision has been delayed, it has made digital currency traders once again jittery.

SEC Delays Bitcoin ETF Approval

The SEC’s decision to postpone the decision made digital currency traders jittery, leading to falls in bitcoin prices. Bitcoin, which is the world’s largest cryptocurrency by market cap, has had a rough year so far after reaching an all-time high of nearly $20,000 in December 2017.

Hopes were high about a probable bitcoin ETF debut this year since December 2017, when Cboe Global Markets launched three bitcoin futures contracts on the Cboe Futures Exchange. That said, bitcoin price started soaring once again in June on renewed hopes that the SEC would finally be allowing a bitcoin ETF.

Time for GPU Makers to Shift Focus?

One of the biggest gainers from the bitcoin gold rush has been the graphic processing unit (GPU) makers. Bitcoin miners have been snapping up GPUs to create server firms, as their processing power has made them ideal for cryptocurrency mining rigs. Until then, GPUs were more focused on manufacturing high-end gaming cards.

Demand for graphic soared with bitcoin and other cryptocurrencies reaching new highs at the end of 2017. This saw both sales and prices of GPUs soaring. GPU makers such as Nvidia Corporation, Intel, Micron, Advanced Micro Devices and Hewlett Packard made substantial gains during this period. Micron Technology has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

However, with bitcoin and other cryptocurrency prices falling this year, demand for GPUs has declined too, as many are deciding to change their stance. So much so, that NVIDIA has even asked retailers of its hardware to prioritize sales to gamers compared to cryptocurrency miners.

Now that the SEC has postponed its decision on the bitcoin ETF and prices are dipping, digital currency traders are once again jittery. However, it is still too early to assess if this decline will further affect the demand and prices of GPUs. Many analysts believe that digital currency traders are overreacting to SEC’s postponement of the decision on the VanEck Bitcoin ETF.

The Hottest Tech Mega-Trend of All

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Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1 Stock of the Day pick for free.

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Strong Stocks that Should Be in the News

Many are little publicized and fly under the Wall Street radar. They're virtually unknown to the general public. Yet today's 220 Zacks Rank #1 "Strong Buys" were generated by the stock-picking system that has nearly tripled the market from 1988 through 2015. Its average gain has been a stellar +26% per year. See these high-potential stocks free >>.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.


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Hewlett Packard Enterprise Company (HPE) : Free Stock Analysis Report
 
Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report
 
Intel Corporation (INTC) : Free Stock Analysis Report
 
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
 
Micron Technology, Inc. (MU) : Free Stock Analysis Report
 
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