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The company provides cloud software for customer contact centers
The company provides cloud software for customer contact centers
The IRS sent out COVID-19 relief checks to nearly 1 million more Americans in the ninth batch of payments made under Biden's American Rescue Plan.
(Bloomberg) -- Prices paid to U.S. producers rose in April by more than forecast, adding to signs of a growing wave of inflationary pressure that’s extending to American consumers.The producer price index for final demand increased 0.6% from the prior month after a 1% gain in March, according to data from the Labor Department Thursday. Excluding volatile food and energy components, the so-called core PPI advanced 0.7%.A Bloomberg survey of economists called for a 0.3% monthly gain in the overall measure and a 0.4% rise in the core figure. The April advance was broad across both goods and services. The S&P 500 rose in early trading, while the yield on the 10-year Treasury note eased.As production costs continue to climb, a report Wednesday showed consumer prices are following suit, stoking the flames of an already heated debate about the path and durability of inflation that the Federal Reserve views as temporary.The PPI tracks changes in production costs, and supply bottlenecks and shortages tied to the pandemic recovery have caused commodity prices to soar. At the same time, labor costs have begun picking up. Together, the increases represent a threat to profit margins unless companies pass along the higher costs and boost productivity.Fed officials have said price pressures from pent-up demand and bottlenecks will likely prove temporary, but many others expect the pickup in inflation to prove more lasting.“There is more inflation coming,” Luca Zaramella, chief financial officer at Mondelez International Inc., said on the food and beverage maker’s April 27 earnings call. “The higher inflation will require some additional pricing and some additional productivities to offset the impact.”Consumer InflationWednesday’s data -- which showed the strongest monthly gain in the overall consumer price index since 2009 -- suggest companies are passing along at least some of the input-price inflation. The report also showed record monthly price surges in airfares and hotel stays, reflecting the impact from a broader reopening of the economy.The annual advance in the overall PPI accelerated to a 6.2% gain, a figure biased higher by the fact that it was compared to the very low reading seen in April 2020. The increase was the largest in data back to 2010.A separate Labor Department report Thursday showed applications for regular state unemployment benefits declined for a second week, to a fresh pandemic low. A slew of states have recently announced intentions to stop federal pandemic relief programs prior to their expiry in September.Producer prices excluding food, energy, and trade services -- a measure often preferred by economists because it strips out the most volatile components -- jumped 0.7% from the prior month and increased 4.6% from a year earlier.While the advance was broad-based across goods and services, about two-thirds of the monthly gain can be attributed to the 0.6% gain in prices for final demand services, the Labor Department said. The indexes for portfolio management, airline passenger services, food retailing, physician care and building materials and supply retailing all moved higher.The advance in the goods index reflected an 18.4% jump in prices received for steel mill products as well as increases in the prices for a variety of meat, residential natural gas, plastic resins and materials, and dairy products.Michael Hsu, chief executive officer at consumer-product maker Kimberly-Clark Corp., said in April that the maker of Scott toilet paper and Huggies diapers is “moving rapidly especially with selling price increases to offset commodity headwinds.”(Adds markets in third 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.
Crypto is treated by the IRS as property for U.S. tax purposes and can be seized in the same way, an official said.
A pipeline hack has pumped up the average price, but it's not the only source of pain.
Wall Street's main indexes were set to open higher on Thursday, with the tech-heavy Nasdaq rebounding, after data showed fewer Americans filed for weekly jobless claims, while investors shrugged off a surge in producer prices. The Labor Department's data showed U.S. producer prices rose 0.6% last month, higher than expected, after a gain of 1% in March.
(Bloomberg) -- Tesla Inc.’s Chief Executive Officer Elon Musk said the electric-vehicle manufacturer is suspending purchases using Bitcoin, triggering a slide in the digital currency.In a post on Twitter Wednesday, Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are much less energy intensive. He also said the company won’t be selling any of the Bitcoin it holds.The largest cryptocurrency dropped as much as 15% to just above $46,000, before paring some of the retreat. It was down about 6% to $51,210 as of 7:03 a.m. in London on Thursday. Other tokens such Ether and Dogecoin also slid. The rush to sell briefly caused outages at some cryptocurrency exchanges. Bitcoin is still up more than fivefold in the past year.Musk’s move comes after Tesla disclosed in February that it had purchased $1.5 billion in Bitcoin and planned to accept it as a payment. That announcement added legitimacy to the cryptocurrency as an increasingly acceptable form of payment and an investment, especially coming from a large member of the S&P 500 with a high-profile CEO who commands a big following among retail investors and the general public.Tesla’s website, which had a support page dedicated to Bitcoin, noted that the token was the only cryptocurrency that Tesla accepts in the continental U.S. Musk has also tweeted frequently about Dogecoin, a cryptocurrency started as a joke in 2013 -- and he quipped about being the “Dogefather” before and during his stint hosting the “Saturday Night Live” show on May 8. He tweeted on Tuesday, “Do you want Tesla to accept Doge?”Tesla’s addition of Bitcoin to its balance sheet was the most visible catalyst during this year’s rally in the digital currency. Bitcoin jumped 16% that day, the biggest one-day gain since the Covid-19 induced financial markets volatility in March 2020.Optimism grew after Mastercard Inc., Bank of New York Mellon Corp. and other firms moved to make it easier for customers to use or invest in cryptocurrencies, fueling the mainstream resurgence that took Bitcoin from about $29,000 at the end of last year to as high as almost $65,000 in April.Bitcoin mining is consuming 66 times more electricity than it did back in late 2015, and the carbon emissions associated with it will likely face increasing scrutiny, according to a recent Citigroup Inc. report.Musk is no stranger to considering the issue of crypto’s environmental impact.Musk Splits From Cathie Wood’s Ark on Bitcoin Environmental CostCathie Wood’s Ark Investment Management LLC published a report last month saying cryptocurrency mining can drive investment in solar power and make more renewable energy available to the grid. Twitter Inc.’s Jack Dorsey retweeted a post on the white paper with the comment that Bitcoin “incentivizes renewable energy.” Musk replied to Dorsey’s tweet, saying simply, “True.”‘Confusing’Musk’s tweet on Wednesday took many in the cryptocurrency community by surprise, including Nic Carter, founding partner at Castle Island Ventures, and a leading voice among defenders of Bitcoin’s energy use.“Surely he would have done his diligence prior to accepting Bitcoin?” Carter said. “Very odd and confusing to see this quick reversal.”It’s unclear what prompted the decision and Musk and Zachary Kirkhorn, Tesla’s chief financial officer, didn’t immediately respond to an email inquiry for comment. Kirkhorn in March added the tongue-in-cheek title “Master of Coin,” according to a regulatory filing.Tesla’s first-quarter earnings were bolstered by the sale of 10% of its Bitcoin holdings. Musk said last month the disposal was intended to demonstrate the token’s liquidity, and added that he’s retained his personal investment in the cryptocurrency.Kirkhorn said on the firm’s earnings call in late April that Tesla believed in Bitcoin’s long-term value and planned to accumulate the tokens from transactions with customers.(Updates markets in the third paragraph. An earlier version of this story corrected the company name in the 11th 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.
Investing is all about profits, and part of generating profits is knowing when to start the game. The old adage says to buy low and sell high, and while it’s tempting just to discount cliches like that, they’ve passed into common currency because they embody a fundamental truth. Buying low is always a good start in building a portfolio. The trick, however, is recognizing the right stocks to buy low. Prices fall for a reason, and sometimes that reason is fundamental unsoundness. Fortunately, Wall Streets analysts are busy separating the wheat from the chaff among the market’s low-priced stocks, and some top stock experts have tagged several equities for big gains. We’ve used the TipRanks database to pull up the data and reviews on three stocks that are priced low now, but may be primed for gains. They’ve been getting positive reviews, and despite their share depreciation, they hold Buy ratings and show upwards of 80% upside potential. Vapotherm, Inc. (VAPO) First up, Vapotherm, is a medical device manufacturer, specializing in heated, humidified, high-flow nasal cannulas. These are therapeutic breath aids, designed to deliver oxygenated air directly to the patient’s nose. Heating and humidifying the air reduces the discomfort of delivering dry oxygen. As can be expected, during a pandemic of a respiratory illness, Vapotherm saw high sales in recent months – but the share price has pulled back since early February. Paradoxically, the two events are related. First, on the positive side, Vapotherm’s 1Q21 financial results were solid. The company’s revenue, at $32.3 million, was up 69% year-over-year, and worldwide, installations of the Precision Flow base unit was up 73% over the same period. The company’s net loss in the quarter, $5.2 million, was an improvement from the $10.2 million loss in the year-ago quarter. On the negative side, VAPO shares are down from their early-February peak. The drop is substantial; the stock has fallen 50% from its peak, and is down 34% year-to-date. The fall in share value reflects concerns that the company’s flagship product is oversold, that customers, fearful of COVID-related respiratory emergencies, bought more units that would be needed in ordinary times. This is the case made by Piper Sandler analyst Jason Bednar. “Shares have meaningfully underperformed since early February as many investors have questioned utilization dynamics for the bolus of Precision Flow systems that were sold into hospitals last year… We understand the logic here, particularly for those investors with a shorter time horizon, but with much of that concern seemingly already reflected in the stock at current levels we do believe the upside opportunity meaningfully outweighs the risk of further downside,” Bednar noted. The analyst added, "It’s also our view that investors who wait for utilization trends to bottom out will ultimately miss an initial move higher that could come as HVT 2.0 begins to contribute with a rollout later this year and as market expanding opportunities for HVT 2.0 in 2022 begin to take on a more defined shape (particularly EMS and home-based care)." To this end, Bednar rates VAPO an Overweight (i.e. Buy), and his $32 price target implies a robust upside of 81% in the year ahead. (To watch Bednar’s track record, click here) Overall, the unanimous Strong Buy consensus rating on this stock, supported by 4 recent analyst reviews, makes it clear that Bednar is not alone in his bullish view. The average price target here, $39, is even more optimistic, suggesting an upside of ~122% from the current trading price of $17.65. (See VAPO stock analysis on TipRanks) Emergent Biosolutions (EBS) The next stock we’re looking at, Emergent, is a biopharmaceutical company. The company has multiple products on the market, including a NARCAN nasal spray for use on opioid overdose patients, and vaccines against smallpox, anthrax, and other diseases. Emergent’s development pipeline includes a pediatric cholera vaccine, Vaxchora, currently in a Phase III trial. Several programs, including an anthrax vaccine candidate, a Chikungunya vaccine, and a seasonal flu shot, have all completed Phase II and are in preparation for Phase III. One of Emergent’s most important programs is in its Contract Development and Manufacturing service, a service extended to other pharmaceutical companies to manufacture vaccines which they have developed. Under a CDMO plan, Emergent is part of Johnson & Johnson’s manufacturing chain for a COVID-19 vaccine. That last is a key point. The J&J vaccine has been linked – at least in some reports – to serious adverse events, particularly blood clots in otherwise healthy recipients. That has caused a hold in manufacturing of the vaccine, and consequently a delay in receiving payments from J&J. Which, in turn, impacted the company’s 1Q21 financials, resulting in lower revenues and earnings than expected. Investors are concerned, and the stock has fallen 33% year-to-date. Despite the setback, Benchmark analyst Robert Wasserman keeps a Buy rating on EBS shares, along with a $120 price target. If correct, the analyst’s objective could deliver one-year returns of 101%. (To watch Wasserman’s track record, click here) "EBS remains solidly profitable, and even with the lowered expectations for J&N and AZ vaccine contracts, is expected to show solid revenue growth for this year. These shares remain a bargain in our CDMO/bioprocessing group and could offer significant upside for value-oriented investors if circumstances turn around or new business can be garnered in the near-term," Wasserman opined. Overall, the Street currently has a cautiously optimistic outlook for the stock. The analyst consensus rates EBS a Moderate Buy based on 3 Buys and 2 Holds. Shares are priced at $59.59, and the average price target of $89.67 suggests an upside potential of ~50% for the next 12 months. (See EBS stock analysis at TipRanks) Haemonetics Corporation (HAE) For the last stock on our list, we’ll stick with the medical industry. Haemonetics produces a range of products for blood and plasma collection and separation, as well as software to run the machines and service agreements for maintenance. In short, Haemonetics is a one-stop shop for blood donation centers and hospital blood banks. Blood products is a $10.5 billion market in the US alone, with plasma accounting for 80% of that, and Haemonetics has made itself an integral part of that business. Haemonetics had been recovering steadily from a revenue dip at the height of the corona crisis, and its 3Q fiscal 2021 earnings showed a solid results: top line revenue of $240 million and EPS of 62 cents. While the revenue was down 7.3% yoy, EPS was up 6.8%. Even with that, however, the stock dropped sharply between April 15 and April 20, losing 42% of its value in that short time. The reason was simple. One of Haemonetics’ largest customers, CSL Pharma, announced that it does not plan to renew its contract with HAE. That contract, for supply, use, and maintenance of Haemonetics’ PCS2 plasma collection system, was worth $117 million and made up approximately 12% of the company’s top line. The cancellation comes with a one-time charge of $32 million in other related losses. Fortunately for HAE, the CSL contract does not expire until June of 2022, giving the company time to plan and prepare. Covering the stock for JMP Securities, analyst David Turkaly noted: “The advance notice gives HAE some time (~15 months) to prepare for the expiration, and we note that management has consistently strengthened its financial position using levers such as complexity reduction and product optimization to derive significant cost savings, and more of these will likely be employed ahead to help offset the customer loss.” The analyst continued, "While this disappointing decision could impact HAE's plasma positioning with other fractionators, we continue to believe that giving customers the ability to collect more plasma in less time is a very compelling value proposition - and HAE still has contracts and maintains significant market share with many of the most relevant plasma players." Accordingly, Turkaly rates HAE an Outperform (i.e. Buy), and sets a $110 price target. This figure implies an upside of 86% from current levels. (To watch Turkaly’s track record, click here) All in all, HAE has a Moderate Buy consensus rating, based on 7 reviews that break down 5 to 2 in favor the Buys over the Holds. The stock is trading for $59.02 and carries an average price target of $108.67, which suggests ~84% one-year upside. (See HAE 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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Market volatility is up in recent sessions, and while that may have applied a brake to the upward trend, it also opens up opportunities for investors willing to shoulder some extra risk. Because in the markets, we frequently see that what goes down, must come back up. It’s logic behind the old cliché to ‘buy low and sell high,’ and while it may sound obvious, it’s still a sound way to make money. And in the stock market, there are no ‘lower’ stocks than the penny stocks. These are equities that trade for less than $5 per share, the very bottom of the price range. While they are priced that low for a reason – and the reasons may vary – low price in itself doesn’t mean that the stock’s fundamentals are sour. Smart investors can find some true bargains among the penny stocks, and set themselves up for outsized gains. What’s the flip side? Minor share price depreciation can fuel major percentage losses. By nature of these massive movements, penny stocks are notoriously volatile. Using TipRanks’ database, we identified two penny stocks the pros believe could see outsized gains in the coming months. Not to mention each one gets a “Strong Buy” consensus rating from the analyst community. GlycoMimetics (GLYC) The first penny stock we're looking at is a pharmaceutical company with a focus on oncology therapies. GlycoMimetics' mission is to discover, develop, and commercialize new small-molecule glycomimetic drug candidates. The company’s research is focused on the complex carbohydrates that coat all human cells – and are frequently involved various disease processes, including cancers and inflammatory disorders. GlycoMimetics is working with several compounds – five in all – that are designed to selectively target particular molecular mechanisms functioning in carbohydrate biology. The company’s lead candidate, farthest along the development pathway, is GMI-1271, also called uproleselan. This is a first-in-class targeted inhibitor of E-selectin, and has received Breakthrough Therapy Designation from the FDA as a treatment for adults with Acute myelogenous leukemia (AML). The drug is currently in a Phase 3 trial. Earlier trials showed positive results when uproleselan was combined with existing chemotherapy treatments, including better than expected remission rates and higher overall survival. The drug was well-tolerated, and adverse effects were fewer than had been anticipated. In the Phase 3 study for uproleselan, the company is optimistic on reaching year-end 2021 targets for completing enrollment in a pivotal trial on patients with relapsed or refractory AML. GlycoMimetics has also received, through its collaborator in China, Apollomics, Breakthrough Therapy Designation for that country, and in March the collaborator began dosing patients in a Phase 1 study. GlycoMimetics second leading drug candidate, GMI-1359, target tumor trafficking and metastatic spread, through inhibition of E-selectin and CXCR4, two adhesion molecules. The drug candidate showed promise in pre-clinical tests, and this past April the company reported additional positive results, including immune activation, in the first two patients to be dosed in a proof-of-concept Phase 1b study. The study evaluates GMI-1359 as a treatment for advanced breast cancer with bone metastases. Based on the company's clinical programs and its $2.25 share price, major returns could be on the horizon, according to Roth Capital analyst Zegbeh Jallah. Jallah points out the continued success of studies involving uproleselan, writing of the company’s program update: “Most important, it seemed, was the expected 2H21 enrollment completion of the ongoing Phase 3 studies of Uproleselan (E-selectin) in AML... Regarding the exact timing of the readouts, management noted that more color will be provided later, given that the readouts are event-dependent. As soon as those events occur, they'll be able to provide more granular timelines. However, it is likely that the NCI-sponsored study could meet the criteria to trigger an analysis of event-free-survival (EFS) during 1H22... This has been viewed by many as a non near-term catalyst, but as we race through 2021 the opportunity is indeed coming into view." The analyst summed up, "With the progress of Uproleselan, which helps validate multiple other off-shoot programs in the pipeline that also target E-selectin, this remains a good long-term buy... We would expect more interest in this program as we make it through the year, given the strong scientific rationale and the drug being selected for an NCI-sponsored study... Overall, we continue to believe that Uproleselan could become a broadly used drug, with multi-blockbuster sales potential." To this end, Jallah rates GLYC a Buy along with a $15 price target. Shares could appreciate by 567%, should the analyst’s thesis play out in the coming months. (To watch Jallah’s track record, click here) The company’s progress has attracted 3 unanimous positive reviews from Wall Street, giving it a Strong Buy consensus rating. Based on the $14.50 average price target, the upside potential comes in at 544%. (See GLYC stock analysis on TipRanks) OcuPhire Pharma (OCUP) Sticking with the biotech sector, we’ll shift from cancer research to eye disorders. OcuPhire Pharma is focused on developing and marketing new treatments for disorders at both the front and back of the eye. The company’s pipeline has two main products under development; Nyxol, an eyedrop product, is designed to both reduce pupil size and improve visual acuity, and has indications for disturbances of night vision or low-light-level vision, presbyopia, and pharmacologically-induced mydriasis. The drug candidate has completed seven Phase 1 and 2 trial studies, on a total of 230 patients. The second leading candidate, APX3330, is an oral tablet targeting retinal and choroidal vascular diseases that affect the back of the eyeball. The drug inhibits angiogenesis and inflammation pathways, and is indicated for treatment of diabetic retinopathy and diabetic macular edema. Like Nyxol above, APX3330 has completed numerous early stage trials, including six Phase 1 studies and five Phase 2 studies. The drug has been followed in over 440 patients across those studies. During the first quarter, OcuPhire reported positive early results in the Phase 3 MIRA-2 trial with Nyxol. The product met primary and secondary endpoints on efficacy. In addition, Nyxol was initiated in the Phase 2 VEGA-1 trial, evaluating it in combination with pilocarpine as a treatment for presbyopia. Also in the quarter, APX3330 was initiated in the Phase 2 ZETA-1 trial, an investigation of the drug as a treatment for diabetic-related eye disorders. This study continues from those referenced above. Among the bulls is Canaccord analyst John Newman who rates OCUP a Buy along with a $25 price target. Investors could be sitting on gains of ~589%, should Newman’s forecast play out over the next 12 months. (To watch Newman's track record, click here) "The positive results from the MIRA-2 study... increase the probability of approval for Nyxol in Reversal of Mydriasis and has positive implications for other Nyxol indications, such as presbyopia and Night Vision Disturbances... We expect additional positive Nyxol data from presbyopia in 2Q21 and from night vision disturbances in 3Q21, as well as potentially positive data from APX3330 in diabetic retinopathy and Nyxol in a second reversal of mydriasis trial by early 2022," Newman opined. Do other analysts agree with Newman? They do. Only Buy ratings, 4, in fact, have been issued in the last three months, so the consensus rating is a Strong Buy. The average price target of $23.50 suggests an impressive 458% upside from the share price of $4.21. (See OCUP stock analysis on TipRanks) To find good ideas for penny 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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