BANGKOK—World shares fell on Friday after technology companies led Wall Street benchmarks lower as investors weighed the implications of higher interest rates, surging coronavirus cases, and tensions between Beijing and Washington. Benchmarks declined in Paris, London, Frankfurt, and Tokyo but rose in Shanghai. U.S. shares dropped a day after the Federal Reserve said it’s preparing…
World Shares Mixed After Tech-Led Retreat on Wall Street
Musk Says Tesla’s Texas Factory Is $10 Billion Investment Over Time
Tesla Inc Chief Executive Officer Elon Musk said on Thursday that the electric carmaker’s new vehicle factory in Austin, Texas would involve an investment of more than $10 billion over time. Public filings last month showed that the company was planning to spend more than $1 billion on the factory and intended to complete its…
This Day in Market History: Henry Blodget’s Spectacular Amazon Call
Each day, Benzinga will take a look back at a notable market-related moment that happened on this date. What Happened? On Dec. 16, 1998, CIBC Oppenheimer analyst Henry Blodget raised his price target for Amazon.com Inc. from $150 to $400. Where Was the Market? The S&P 500 closed at 1,161.94, and the Dow closed at…
KeyBanc Warns Against Heavily Constrained Apple iPhone 13 Supply
KeyBanc analyst John Vinh says his November carrier survey indicates Apple Inc. iPhone 13 supply remains heavily constrained. The demand continues to outstrip availability during the Thanksgiving holiday period. While the analyst recently observed modest supply improvement, most of the stores surveyed reported not having any 13 Pro/Max availability. Carrier store DOI remains very lean at well…
Elon Musk, Cathie Wood Continue to Sell Tesla’s Stock, but Can It Pull Off a Reversal?
On Thursday morning, Tesla, Inc. was trending on r/WallStreetBets after the EV company won approval to launch three more of its vehicles in the Indian market. Tesla also released a software update that advises drivers when their tires should be rotated by measuring the remaining tread. The stock has been pressured recently by both a pullback…
The Dollar Shrinks as All Costs Rise … Except Gold and Silver
Sponsored Content How much value has the U.S. dollar lost over the past 100 years? From 1921 to 2021, the greenback shed 93.5 percent of its value. That’s a loss of 0.93 percent per year. Disturbing? Then you probably haven’t heard the most recent report from the U.S. Bureau of Labor Statistics (BLS). In short,…
Why Are Arqit Quantum Shares Trading Higher Premarket?
Quantum encryption technology firm Arqit Quantum Inc. announced its financial results for the fiscal year ended 30 September. Arqit raised $96 million from its September Nasdaq IPO and SPAC merger with Centricus Acquisition Corp. It held $86.9 million in cash and equivalents. Arqit reported an adjusted loss before tax of $15.6 million. David Williams, Chair and CEO, said: “Our 2021…
Read Why B of A Securities Gave Robinhood an Underperform Rating
Analysts have mixed opinions on Robinhood Markets Inc. B of A Securities analyst Craig Siegenthaler initiated coverage with an Underperform and a price target of $22, implying a 12.8 percent upside. Siegenthaler assumed coverage in a note partially titled “The perfect storm is over.” While he forecasts strong growth, he thinks the current valuation may be underappreciating factors. The…
Accenture Stock Gains on Q1 Beat, Raised FY22 Outlook
Accenture PLC reported first-quarter FY22 revenue growth of 27 percent year-on-year to $14.97 billion, beating the consensus of $12.6 billion. New bookings increased 30 percent Y/Y to $16.8 billion. Consulting revenues rose 33 percent Y/Y to $8.4 billion, and Outsourcing revenues increased 21 percent Y/Y to $6.6 billion. Geographic Market Revenue North American market revenue grew 26 percent Y/Y…
Goldman Sachs Is Bullish on RingCentral, Sees 32% Upside
Goldman Sachs analyst Kash Rangan initiated coverage on RingCentral Inc. with a Buy and a price target of $240, implying a 31.9 percent upside. Rangan launched coverage on the communication and collaboration segment with a positive sector view. The 2020 cloud total addressable market of $19 billion implies a cloud penetration at 7 percent in 2020, which should…
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