37.10k followers • 19 symbols Watchlist by Yahoo Finance
This basket lists stocks that investors interested in tech should have in their portfolios — including FANG stocks and rising stars that just had IPOs.
Alibaba Group Holding Limited
PayPal Holdings, Inc.
Advanced Micro Devices, Inc.
Activision Blizzard, Inc.
Electronic Arts Inc.
The Trade Desk, Inc.
Match Group, Inc.
Zillow Group, Inc.
All major indices gained ground during regular trading, while tech stocks did even better. Such is the mood on Wall Street regarding the health of technology companies. It's not hard to find bullish sentiment, jockeying to push tech shares higher.
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The stock market enjoyed a big bull market on Monday, and the Nasdaq helped lead the way. The Nasdaq Composite (NASDAQINDEX: ^IXIC) index climbed more than 2%, and the Nasdaq 100's gains amounted to 2.5% by the end of the day. The name of the game for Nasdaq investors in 2020 has been momentum, as winning stocks have tended to keep winning.
(Bloomberg) -- Remember when Tesla Inc.’s market value surpassed General Motors Co.? That was just in October, though investors can’t be blamed for thinking it was a lifetime ago.The electric vehicle maker’s valuation has added the combined value of the Big Three -- GM, Ford Motor Co. and Fiat Chrysler -- in just five trading days through Monday. Tesla has grown by an average $14 billion on each of those days.Tesla shares have been on a searing rally this year, recovering spectacularly from a steep pandemic-related sell-off, helped most recently by second-quarter delivery numbers that surpassed market estimates. In the past week, the company has roughly gained the value of Fiat Chrysler Automobiles N.V. every single day.While skeptics have said the stock’s current pace may be getting detached from reality and is instead being fueled by the “power of the narrative,” many believers abound.“There is definitely a significant retail component that is driving shares higher,” Wedbush Securities analyst Daniel Ives said in an interview, referring to individual investors trading on platforms such as Robinhood.Still, a lot of big institutional investors now also want a piece of Tesla and the electric vehicle market, he said. “In a Covid-19 pandemic and a dark macro environment, the company just put up a 90,000 delivery number, especially when other automakers are seeing herculean challenges.”Tesla said July 2 it delivered 90,650 cars in the second quarter, which compared with analysts’ average estimate for about 83,000 units.The eagerness of big money to get into Tesla was also noted by Roth Capital Partners’ Craig Irwin, saying the company’s valuation was being driven by fund managers who have Tesla grouped with Netflix Inc., Amazon.com Inc., Facebook Inc. and the like, and were valuing it as a large-cap growth stock.“Those managers do not understand that this is not a winner-takes-all industry that those other names are,” Irwin said, noting that there are more than 180 electric cars that are slated to come out by 2025. “There have been some duds along the way, but you can be sure there will be some winners in those 180.”Tesla shares have gained at least 5% in four out of five sessions through Monday. While it may not be unusual for a company that has had one-day 20% gains twice in its history, the surge shows a consistency that wasn’t seen before. It’s the first time the stock has posted four out of five sessions with gains of such magnitude.The latest rally has brought Tesla’s gains this year to $170 billion, an amount that exceeds the market capitalization of all but 30 companies in the S&P 500.“Tesla’s valuation doesn’t make sense by any traditional measure,” said Ivan Feinseth of Tigress Financial Partners. However, “it is not a traditional company, so how do you put a traditional measure to it?”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) -- Google, Facebook Inc. and Twitter Inc. won’t process user data requests from the Hong Kong government amid concerns that a new security law could criminalize protests.Last Wednesday, when the law took effect, Google paused production on any new information requests from Hong Kong authorities, said a spokesperson for the Alphabet Inc. unit. “We’ll continue to review the details of the new law,” the spokesperson added.It’s unclear what types of actions will violate the new law, but police arrested a man last week for brandishing a Hong Kong independence flag. Protesters have rallied against the law, and the government has threatened fines and imprisonment for service providers that fail to remove messages. In response, the U.S. has revoked some trade benefits with Hong Kong related to sensitive technology. American officials have expressed fears that the new law signals Beijing’s intention to take full control of Hong Kong, which has operated with more autonomy and freedom than cities on the mainland.In 2019, the Hong Kong government requested data from Google users 105 times, according to the company’s reported figures.Facebook typically works with law enforcement to follow local laws where the company operates, but said it has paused sharing user data with Hong Kong authorities while it conducts a “human-rights” assessment. The pause applies to all Facebook properties, including its core social network, Instagram and WhatsApp.“Freedom of expression is a fundamental human right and support the right of people to express themselves without fear for their safety or other repercussions,” a Facebook spokesperson said in a statement. “We have a global process for government requests and in reviewing each individual request, we consider Facebook’s policies, local laws and international human-rights standards.”Twitter operates in much the same way and paused data requests immediately following the law’s implementation last week, a Twitter spokesperson said, adding that the company has “grave concerns regarding both the developing process and the full intention of this law.”Facebook and Twitter don’t operate in China but do in Hong Kong, where they have offices. Google has a significant presence in Hong Kong, which includes sales staff that works with Chinese companies running digital advertising outside of China.(Updates with Google statement in second paragraph.)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.
The day's jump increased Tesla's stock market value by $30 billion, eclipsing the entire value of Ford Motor Co , currently at $25 billion. JMP Securities increased its price target to $1,500 from $1,050 after Tesla on Thursday reported higher-than-expected second-quarter vehicle deliveries, defying plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy. "We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company's growth and competitive position signal about the stock's potential for the next several years," JMP Securities analyst Joseph Osha wrote in a client note.
(Bloomberg Opinion) -- Uber Technologies Inc.’s deal to acquire Postmates Inc. isn’t just about the need for consolidation in the food-delivery industry. The company also has its eyes on a bigger prize: nabbing business from Amazon.com Inc. and Walmart Inc. in the local commerce market.Early Monday, and following reports of a deal last week, Uber announced it was buying Postmates for $2.65 billion in an all-stock transaction. A combined Uber Eats-Postmates would vault the company to second place in the U.S. food-delivery market with total share of about 30%, versus DoorDash’s 45% share, according to the latest Second Measure data. I previously wrote about how Uber should acquire Postmates, even though the option wasn’t as ideal as its failed merger with Grubhub, as it would still move the needle for the company by rationalizing the overly promotional industry environment and generating significant cost synergies. And in fact, Uber confirmed Monday that the merger would result in more than $200 million annualized savings after the first year, primarily through cuts in marketing and administrative expenses. Uber shares rose 6% following the acquisition news.But as important as the merger is in creating a bigger player with the chance of improving profitability and increasing scale, it also opens the door for an even more important longer-term opportunity to compete with big retailers for all categories in local commerce, Uber CEO CEO Dara Khosrowshahi told investors on a call Monday. He explicitly called out Amazon and Walmart.Uber Eats has experimented with non-food deliveries. Earlier this year, the company expanded partnerships with supermarkets and local stores in a small number of markets to deliver groceries and certain essential items. But the merger will help to accelerate such efforts because of Postmates’ advanced technology platform, which offers better capabilities for batching orders together and increasing efficiencies. “The vision for us is to become an everyday service,” he said. Postmates is a “great step along that vision” of delivering anything to consumers homes within a couple hours.The Postmates’ website offers more clues on this future. The upstart already delivers groceries, alcohol and drug-store items in some markets, so for the combined company, grocery may be the best area of focus to start. But Postmates’ platform also can be used for other retail products such as home goods as well. Investors should take note of this, especially given Uber management’s clear message that the deal has much deeper ramifications beyond food delivery. As the pandemic is structurally boosting the trends towards all things digital, the deal may pay bigger dividends for Uber — and make Postmates less of a consolation prize.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tae Kim is a Bloomberg Opinion columnist covering technology. He previously covered technology for Barron's, following an earlier career as an equity analyst.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Amazon.com Inc. rallied on Monday, with the stock extending a recent advance deeper into record territory and topping $3,000 for the first time.Shares rose as much as 4.8% to touch $3,030.30, and were on track for their fourth straight daily gain. The stock is up more than 12% over the four-day stretch and has climbed about 80% off a March low, resulting in a market capitalization of $1.5 trillion.Amazon has seen accelerating demand for its e-commerce and cloud-computing services during the pandemic, which has closed brick-and-mortar rivals and led more people work remotely. Many analysts on Wall Street expect these trends will outlast the pandemic, solidifying the company’s market share and fueling the recent advance.Despite the growing optimism, Amazon’s rally has left most Wall Street analysts in the dust. Fewer than a quarter of the 50 or so analysts tracked by Bloomberg have a target above $3,000, and the average target is about $2,810. While that is up from the $2,179 average at the end of 2019, it still implies downside of about 7% from current levels.According to an analysis of Bloomberg data, the degree to which the share price exceeds the average target is at a multi-year high.Amazon remains a consensus favorite on Wall Street. Only one firm tracked by Bloomberg recommends selling the stock, compared with the 52 that advocate buying it. Four firms have the equivalent of a hold rating.Amazon is expected to report its second-quarter results later this month.(Adds context about recent gains and analyst price targets)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.
The 737 Max could be carrying passengers again this year, and Intel faces competition in the PC and server chip markets.
A Maryland multimillionaire says the biggest legal transfer of wealth in American history has just gotten underway—here’s #1 step you must take.
We entered into the third quarter last week and clean energy stocks and ETFs stood out again.
NVIDIA and two other tech giants will give your portfolio valuable exposure to the growing AI market.
Tesla's recently reported better-than-expected delivery total in the second quarter has one analyst revisiting his expectations for the growth stock. Tesla's robust second-quarter deliveries were notable since they occurred during a quarter in which the company's main U.S. factory was shut down for the first half of the quarter. Furthermore, with more than 193,000 vehicles delivered during the first half of the year and production of the company's new Model Y ramping up, Tesla now has a shot at achieving its pre-coronavirus 2020 outlook for more than 500,000 vehicles this year.
Shares of Glu Mobile (NASDAQ: GLUU) gained 53.2% across the first six months of the year, according to data from S&P Global Market Intelligence. Glu Mobile reported fourth-quarter results in February and first-quarter results in May, and its stock saw major positive momentum following each release. Video game stocks have generally performed very well amid 2020's volatile conditions, and Glu's stock gains across first half of the year were significantly better than those of industry leaders including Activision Blizzard, Electronic Arts, and Take-Two Interactive.
The artisan marketplace’s stock is hovering near an all-time high, but its strengths still outweigh its weaknesses.
Amazon has rallied nearly 40% since breaking out in April, setting off extremely overbought technical readings.
(Bloomberg Opinion) -- Best personal finance tip in this recession? Say “Good bye, Amazon” and “Hello, Vanguard.”This pandemic could be a once in a lifetime break in your spending habits, and a breakthrough for your saving habits.As people hunkered down, spending fell drastically for restaurants, hotels and airfares. Sales of clothes and shoes plunged 90%. I am not surprised. I don’t know of anyone working at home who used up any shoe leather or wore out a pair of pants. (We didn’t even wear proper pants with zippers.)If we’re spending less on stuff we don’t need, that’s a good thing. Electronics, appliances, sporting goods, home furniture and new cars are “Veblen” goods (named after the early 20th century economist) which a person usually buys to establish their status and induce envy in others. But these purchases have been shown to produce very little long-lasting satisfaction to the purchaser.Saving more right now could even help you break an addictive cycle: work by neurobiologist Dan Nettle, and sociologist Juliet Schor shows that buying creates its own addictive cycle of stimulus, reward and dissatisfaction.And indeed, some Americans have been able to save during this strange time: The saving rate increased from 8.2% in February to 33% in April, the highest rate in recorded economic history. It was lower but still quite high in May, at 23.2%.My advice? Turn this odd development into your personal advantage. Saving in a recession is a good idea for two reasons: one, you’ll need the money for retirement; and two, saving now means you can get a good deal on assets that may be below market value.Funneling what you can into your retirement savings can help you make up for any money you may have lost if, during this crisis, your employer stopped contributing to your 401(k). About 12% of employers say they’ve cut such contributions already, and another 23% say they may do so later this year. Those “contribution holidays” really can hurt your retirement security.Say you planned on saving 10% of pay for retirement for 36 years, including your employer’s contribution. But mid-career, one of your employers skips a year. The consequence is that your retirement savings at age 65 will be 5% less. Perhaps it happens again, and two of your employers take contribution holidays during your career. Your retirement income is now down a permanent 10%. (The same logic holds if you’ve had a period of unemployment — and such gaps are not uncommon for someone going through two or three recessions in a lifetime.) If you’ve managed to save during this time, you can make up for those gaps now.A second reason for saving during a recession is that investing means you’re doing what the rich do in recessions. Asset values — stocks, bonds, property — are still lower than they were in February — making a recession a good time to buy for the long term. Those with cash can buy low and sell high (much) later.Usually it is, primarily, the wealthy with cash in recession. This recession is different. All but the highest income households received $1,200 stimulus checks and $500 per child. Those with bank balances below $3,000 most likely already spent all of it — the working poor have been hit especially hard by this downturn — but those with a little more financial cushion still have a chance to save.And indeed, the people with more income are the ones who especially dropped their spending, according to Harvard data analyzed by Vox. On the other end of the spectrum, people with low incomes are the ones who especially saw their income increase, thanks to federal stimulus and unemployment benefits that amount to an extra $2,400 per month.All this means that for many people, if not quite all, this odd recession provides an opportunity to save for retirement, or at the very least create a cash cushion. Cash will be essential as we’ll likely see another economic dip if businesses close again due to new waves of Covid-19 cases, especially if Congress doesn’t extend income supplements to families and small businesses.In an otherwise dark recession, a chance to build savings is a bright spot.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Teresa Ghilarducci is the Schwartz Professor of Economics at the New School for Social Research. She's the co-author of "Rescuing Retirement" and a member of the board of directors of the Economic Policy Institute.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
JoAnne Feeney, Partner and Portfolio Manager at Advisors Capital Management, joins The Final Round to discuss her top picks in the tech sector and areas to look for opportunity.