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Breakout in Five9 from another base-on-base but this one is a little bit of a stair stepper. Stronger RS line but sales have decelerated.
Breakout in Five9 from another base-on-base but this one is a little bit of a stair stepper. Stronger RS line but sales have decelerated.
(Bloomberg) -- Block.one, a blockchain software company whose long-time backers include billionaires Peter Thiel, Alan Howard and Louis Bacon, is launching a crypto exchange that seeks to combine attributes of traditional bourses with the benefits of decentralized finance.Bullish, as the exchange will be known, is being capitalized by Block.one with about $10 billion in digital assets and cash. That seeding for Bullish Global includes 164,000 Bitcoins valued at around $9.7 billion, $100 million in cash and 20 million EOS tokens, which power Block.one transactions. A funding round raised another $300 million, Block.one said in a statement Tuesday.The exchange is seeking to leverage existing blockchain technology with the decentralized architecture of DeFi that has grown in popularity for maximizing yield-generating strategies. The announcement follows Coinbase Global Inc.’s debut last month on the Nasdaq, which initially valued the largest U.S. crypto exchange at more than $100 billion.The price of EOS surged almost 50% in the wake of the announcement to around $12.72, according to CoinMarketCap.com data.Developer InterestIt also appears to be a significant step to revitalize Block.one’s EOSIO technology, which has faced headwinds since it ran the world’s biggest ICO that netted $4 billion in 2018. While some of the money has been used to build out the EOSblockchain -- much of it was simply invested in assets such as government bonds.Additionally, EOS has recently seen declining developer interest -- a yardstick for a project’s promise and health -- according to a report from Electric Capital, a venture firm that invests in crypto startups.Other prominent investors participating in the funding round include Hong Kong tycoon Richard Li, German entrepreneur and investor Christian Angermayer, Michael Novogratz’s Galaxy Digital, and Nomura Holdings.Bullish will offer institutional and retail investors market making, lending and portfolio management services without use of intermediaries like banks.“The exchange is deemed to offer institutions and individuals better and safer access to the latest cryptocurrency investment strategies,” Block.one Chief Executive Officer Brendan Blumer said.(Updates to include EOS price move in the 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.
SoftBank Group Corp shares tumbled 8% in morning trade on Thursday after the conglomerate did not extend its buyback programme, removing support for the stock as concern over frothy portfolio valuations outweighed record earnings. SoftBank completed a 2.5 trillion yen ($22.8 billion) buyback on Wednesday, though Chief Executive Masayoshi Son said further repurchases remain an option. "If we think it's beneficial to buy back shares we will," Son told reporters, adding that investment opportunities and any significant underperformance of the group's shares would be taken into account.
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.
(Bloomberg) -- Fuel is flowing at less than half the usual rate near the origin of America’s largest petroleum pipeline, according to people with knowledge of the matter.About 20,000 barrels an hour of gasoline and other refined products were flowing east on the Colonial Pipeline out of Baton Rouge, Louisiana, Thursday morning, according to the people who asked not to be identified because the information is commercially sensitive.“Colonial Pipeline has made substantial progress in safely restarting our pipeline system and can report that product delivery has commenced in a majority of the markets we service,” the company told shippers Thursday. “By mid-day today, we project that each market we service will be receiving product from our system.”A company spokesperson didn’t immediately respond to a request for comment on specific throughput rates on the line.It’s less than half the system’s capacity from its primary refining sources along the U.S. Gulf Coast.The flow comes after the company announced its restart Wednesday night from a ransomware attack. Hundreds of gas stations in a dozen states throughout the southern U.S. have run out of gasoline amid a rush of panic buying while pipeline was shut down.Throughput starts outside of Houston at 25,000 barrels an hour and slows from there beyond Baton Rouge, Louisiana, the people said.The flow represents much less than half of Colonial’s capacity for shipments toward the East Coast and augments product that was already on the lines before the shutdown. Colonial has said each of its markets would be receiving product Thursday.The Colonial system carries 2.5 million barrels a day from the U.S. refining hub in the Gulf Coast to Greensboro, North Carolina. Another line carries fuel to New York Harbor.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.
(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.
By Yasin Ebrahim
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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(Bloomberg) -- Alibaba Group Holding Ltd. forecast better-than-expected revenue and pledged to invest in new growth arenas, signaling its intention to move past a Chinese antitrust probe that triggered its first loss in nine years.Jack Ma’s flagship e-commerce firm swung to a 5.5 billion yuan ($852 million) net loss -- its first since 2012 -- after the company swallowed a $2.8 billion fine for monopolistic behavior imposed by Beijing. It now intends to refocus on its business, plowing “all incremental profit” back into technology and hotly contested areas like community commerce, Chief Executive Officer Daniel Zhang pledged on Thursday.Alibaba executives have sought to put behind them a crackdown on Ma’s internet empire that’s shaved $260 billion off the Chinese internet behemoth’s market value. The penalty imposed in April marked the conclusion of a four-month probe, but uncertainty persists as Beijing continues to rein in Alibaba and increasingly powerful rivals from Tencent Holdings Ltd. to Meituan. No analyst asked directly about what’s to come in the broader clampdown Thursday, though Zhang stressed the company accepted the fine and will move forward.“We accept the penalty with sincerity and will ensure our compliance with determination,” the CEO said. “During the past fiscal year, we have gone through all kinds of challenges, including the Covid-19 pandemic, fierce competition as well as an anti-monopoly investigation and penalty decision by Chinese regulators. We believe the best way to overcome these challenges is to look forward and invest for the long term.”Alibaba’s shares slid 3% in U.S. pre-market trading. The stock is down 31% from its October peak, just before Ma’s now-infamous rant against outmoded regulations triggered a chain of events that torpedoed a $35 billion initial public offering by his Ant Group Co. and started a probe into the e-commerce giant.“There is still significant uncertainty in Alibaba,” said Andy Halliwell, an analyst at consultancy Publicis Sapient. “There is no doubt though that Alibaba have capitalized on their digital and tech strategy in light of the global pandemic, and the rebounding Chinese economy. But it remains to be seen how Jack Ma’s behavior last year will have a lasting impact on brand and investor confidence.”Click here for a live blog of the earnings call.Alibaba is keen to convey the impression that it’s back to business as normal. Ma was spotted this week at an annual staff and family celebration at its sprawling Hangzhou campus, where kids played in ball pits while company mascots posed for photos with employees in cosplay.On Thursday, the company forecast revenue for the year ending March 2022 will rise at least 30% to more than 930 billion yuan, beating the 923.5 billion average projection. That’s a deceleration from the previous year’s 41%, and comes after sales for the three moths ended March came in at a better-than-expected 187.4 billion yuan.Despite the rosy projection, it’s unclear how much the increased investment, which also encompasses areas from local internet services and merchant solutions, may hurt margins. And reliable growth engines are slowing: cloud revenue grew just 37% in the March quarter after a major, unidentified customer pulled out, the slowest pace since 2014.Zhang singled out community commerce -- an area now fought over between a number of deep-pocketed rivals like JD.com Inc. and Pinduoduo Inc. -- as a key avenue to reach lower-tier and rural customers. Executives said Alibaba will be disciplined in spending, without elaborating.“Despite heady predictions, it’s likely that we’ll see an erosion of margins in part due to the investment the business is making in new business ventures,” Halliwell said.What Bloomberg Intelligence Says:Alibaba’s regulatory overhang may lift with China’s $2.8 billion fine in April potentially marking an end to the worst of the scrutiny that began in late 2020. Meanwhile it could continue to benefit from the accelerated user and merchant adoption of its online grocery shopping, cloud computing and remote-work applications in the aftermath of the pandemic. Longer-term sales and profit growth could be driven by global expansion and the monetization of newer business segments such as logistics, media and entertainment.-- Vey-Sern Ling and Tiffany Tam, analystsClick here for the research.There remain several other questions Alibaba may have to grapple with in the year ahead. The company joined 33 other tech firms in pledging to abide by monopoly laws and eradicate abuses like forced exclusivity agreements -- actions with as-yet unknown ramifications for growth. More broadly, the Chinese government is debating how to exert greater control over the invaluable online data amassed by its internet giants that have enabled their meteoric expansion over the past decade.The government is said to be considering whether to compel Alibaba to shed media assets that have supported its brand. Antitrust watchdogs are screening its previous investments and could force a divestment if deemed in violation of regulations.Then there’s Alibaba’s finance affiliate -- Ant, a major provider of financing for Alibaba’s consumers -- which is still wrangling with regulators over a forced restructuring that could curb its lending. Its profit in the December quarter rose 50% to 21.8 billion yuan, though the bottom line will remain under pressure because of a requirement to cut back on loans.Alibaba is trying to resume business as normal just as competition ramps up in China’s e-commerce market.Pinduoduo reported 788 million annual active buyers in the December quarter, dethroning Alibaba as China’s biggest e-commerce operator by consumers for the first time ever. On Thursday, Alibaba reported its users had climbed to 811 million in China in the three months ended March.Scrappy upstarts like ByteDance Ltd. and Kuaishou Technology are making inroads into social shopping, chipping away at the growth of its Taobao Live service. Other platforms like Meituan, Didi and Tencent Holdings Ltd.-backed MissFresh have made aggressive investments into their community groceries business, leaving the Hangzhou-based Alibaba to play catch-up in the red-hot sector.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.
BTC remains under pressure and could find lower support near $42K as long-term momentum wanes.
Worker shortages are forcing firms to give more hours to current employees, increasing their pay. But they can't meet demand, shrinking the economy
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.