|Bid||35.71 x 3000|
|Ask||0.00 x 1200|
|Day's Range||38.21 - 39.01|
|52 Week Range||25.62 - 54.11|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||2.28|
|Expense Ratio (net)||0.95%|
Apple Inc. ( AAPL) is among the hardest hit tech stocks in November's market rut. The Cupertino, California-based company entered bear territory this week after crashing more than 21% from its 52-week high of $233.47. Goldman Sachs cut Apple’s price target from $209 to $182 on Tuesday, citing lower demand from China.
In a pre-Thanksgiving rout, the broad market is feeling the pain of indigestion as the Dow Jones Industrial Average swallowed up to 500 points of losses, but the declines in the technology sector, specifically leveraged semiconductor exchange-traded funds (ETFs) like the Direxion Daily Semiconductor Bull 3X ETF (SOXL), could benefit from a dip in chips. For much of the year, SOXL was riding high on the strength of tech in the historic bull market run for U.S. equities, but it took a brunt of the semiconductor sector's punishment on Friday--down almost 7%--with its 300% exposure thanks to Nvidia missing on revenue for its third quarter earnings report. The losses continued to roil Nvidia on Monday as shares fell 9.3%, which in turn, caused the decline in SOXL by 8.73%.
Nvidia outperformed analyst expectations in the earnings department, but missed on the revenue front, whiplashing semiconductor exchanged-traded funds (ETFs) in the process. Nvidia stock fell as much as 16% in Friday's early trading session, while semiconductor ETFs were taken down with it-- ProShares Ultra Semiconductors (USD) --down 5%, VanEck Vectors Semiconductor ETF (SMH) --down 2.34% and iShares PHLX Semiconductor ETF (SOXX) --down 3.30%. Leveraged ETF plays like the Direxion Daily Semiconductor Bull 3X ETF (SOXL) have been riding high on the strength of the technology sector in the historic bull market run seen in U.S. equities, but it took a brunt of the semiconductor sector's punishment on Friday--down almost 7%--with its 300% exposure.
The PC market has dipped recently, which hurts many semiconductor stocks. However, semiconductors continue to be indispensable in phones, games, cars, military weapons and even home appliances. Also, cloud computing is increasing the number of devices needed to access the cloud.
Sep.28 -- In "Futures in Focus," Scott Shellady, Europe managing director at TJM, examines the factors supporting oil prices, the dollar, and bond yields. He speaks with Bloomberg's Vonnie Quinn on "Bloomberg Markets."
Sep.27 -- Johan Jooste, head of rates at Bank of Singapore, discusses why he has an overweight call on Asia and where he thinks the U.S. dollar is heading. He speaks on "Bloomberg Daybreak: Asia."
Sep.26 -- Global investors' appetite for hedge funds may be on an upswing. 28 percent of respondents in a Credit Suisse Group survey listed hedge funds as their preferred asset allocation for the second half of 2018. Mark Connors, head of risk advisory at Credit Suisse, weighs in on "Bloomberg Markets: Asia" with Rishaad Salamat and Yvonne Man.
Sep.25 -- Gregory Daco, head of U.S. macroeconomics at Oxford Economics in New York, talks about Federal Reserve policy and the dollar. He speaks with Haidi Straud-Watts and Shery Ahn on "Bloomberg Daybreak: Australia."
Sep.25 -- George Goncalves, head of U.S. rates strategy at Nomura, discusses the economy, Federal Reserve policy and his view on cash as an asset class. He speaks on "Bloomberg Surveillance."
Sep.24 -- Iain Stealey, portfolio manager at JPMorgan Global Strategic Bond Fund, talks about Federal Reserve policy, Treasury yields and the dollar. He speaks with Haidi Stroud-Watts and Shery Ahn on "Bloomberg Daybreak: Australia."