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  • Bloomberg

    Micron Surges to 20-Year High After Raising Earnings Guidance

    (Bloomberg) -- Micron Technology Inc. jumped to a 20-year high Tuesday after the company said revenue and profit came in better than it had predicted in the current quarter.The largest U.S. maker of memory chips now expects revenue of as much as $5.75 billion in its fiscal first quarter, which ends Thursday, up from a previous projection for as much as $5.4 billion. Earnings per share will be as much as 65 cents, up from a prior forecast of 32 cents to 46 cents, the company said in a statement.Shares in the Boise, Idaho-based company rose as much as 7.1% to $68.63, its highest price since Sept. 20, 2000.Micron’s chips provide storage in mobile phones and are also an important part of computers, where they help process data. That makes its earnings a key indicator of demand for all devices that compute, from smartphones to supercomputers.The company is the largest remaining U.S. maker of the chips and competes with South Korea’s Samsung Electronics Co. and SK Hynix Inc.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Apple Hires Prominent Venture Capitalist for App Store Role

    (Bloomberg) -- Apple Inc. hired Josh Elman, a former venture capitalist at Greylock Partners who led early investments in Discord and the precursor to TikTok, to work on the App Store.Elman’s role will focus on app discovery for customers, he said in a statement Monday. He’ll step back from investing and the corporate boards that he serves on, which includes the communications app Discord and the blogging site Medium.Until last year, Elman was the vice president of product at Robinhood Markets Inc., the wildly popular stock-trading app. His experience identifying and investing in apps that later became hits could help Apple better promote software in its app store, which generated almost $54 billion in revenue for the company in fiscal 2020. Elman’s presence could also improve relationships with developers, which has become strained over the last year or so.Two of Elman’s most successful investments now belong to two major Apple agitators. SmartThings, which makes technology for connected homes, was acquired by Samsung Electronics Co. HouseParty, which develops games for smartphones, is now owned by Epic Games Inc., the Fortnite maker that’s suing Apple over its rules for the App Store.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Tech Stocks Slowly Gaining Prominence in Singapore’s Market

    Tech Stocks Slowly Gaining Prominence in Singapore’s Market

    (Bloomberg) -- Technology stocks, the lack of which has made Singapore one of Asia’s worst markets this year, are slowly starting to win more clout in the city-state.The Southeast Asian market has had three distinct developments to show for it, all within a span of a month or so. Put together, companies tied to these moves have a market value of more than $95 billion, according to data compiled by Bloomberg.A change in MSCI Inc.’s rules has potentially paved the way for internet giant Sea Ltd.’s entry into the MSCI Singapore IndexData center operator Keppel DC REIT has has become the third tech company to be a part of the nation’s benchmark Straits Times Index, joining electronics contract manufacturer Venture Corp. and high-tech building owner Mapletree Industrial TrustSmartphone solutions provider Nanofilm Technologies International Ltd. went public in Singapore’s largest primary listing since 2017 excluding real estate investment trustsTo add to that, Singapore’s government is rolling out the red carpet for top talent in the technology sector. Earlier this month, it launched a program to initially attract 500 individuals with a proven track record of contributing to the global technology ecosystem.The changes have come as the absence of technology stocks -- which have proved to be investor darlings globally in the Covid-19 era -- has been a key factor keeping Singapore’s benchmark gauge from recouping the losses suffered during March’s market meltdown.The Straits Times Index is down more than 11% for the year, even as the regional MSCI Asia Pacific Index is up almost13%. Meanwhile, the U.S.-listed shares of Singapore-headquartered Sea have more than quadrupled in 2020.“Index providers are probably hoping that tech additions will start reflecting the global economy and help cut Singapore’s underperformance,” Brian Freitas, a New Zealand-based analyst at Smartkarma, said by phone. “It will improve Singapore’s visibility in global markets among both passive and active investors.”Sea ChangeEarlier this month, index provider MSCI announced that foreign listings will become eligible for addition in its Singapore gauge starting from May 2021. That could mean Sea’s inclusion in the measure, according to some investors and analysts.Sea could command the biggest weighting in the MSCI Singapore Index, Freitas said. Passive funds tracking the benchmark will have to buy shares worth about $2.8 billion in the case of the inclusion, he added.Sea now has a market value of $90.2 billion, compared with about $49 billion for DBS Group Holdings Ltd., Singapore’s biggest stock.That said, the above developments in Singapore’s technology space are coming when positive vaccine results are starting to stall the sector’s eye-popping equity rally, as investors shift into shares depressed by the economic impact of pandemic and subsequent lockdowns.Sea’s inclusion in MSCI’s gauge will be “a step in the right direction,” but not a final solution, said Alan Richardson, a fund manager at Samsung Asset Management in Hong Kong. “The solution is having a pipeline of similarly sized tech-related stocks listed on the exchange so they can be represented in benchmark indices.”In a bid to attract new offerings, Singapore’s stock exchange extended its partnership with Nasdaq Inc. earlier this year, making documentation easier for firms seeking a second listing in the city-state.“We do expect to see more tech listings coming to SGX in the near future, which is a reflection of the newer generation of companies stemming from Singapore and in particular Southeast Asia,” Emelia Tan, a research analyst at Singapore Exchange Ltd., said in an emailed interview.(Updates prices throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.