Saudi Arabia’s largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion


DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion
Saudi Arabia’s largest IPO since 2014 begins trading, with shares edging above their offer price Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


Saudi Arabia's largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning.

Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh.

The price is just a hair above the retail giant’s initial pricing at 26 riyals per share, at the bottom of its indicative range, compared with a price range of 26 to 33 riyals per share for 95 million shares being sold.

The company had been aiming to raise 2.8 billion riyals ($747) million.

Arabian Centres Company — which operates, develops and owns 19 malls across 10 cities in Saudi Arabia — is owned by Fawaz Alhokair Group, whose majority shareholder is Saudi billionaire Fawaz Alhokair.

The 17-year-old shopping mall operator had a revenue of $576 million in 2018, up from $511 million in 2016. Its future plans include the opening of four more malls and one extension in the coming 12 months, according to the company.

Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion of his business.

“Vision 2030 presents a tremendous opportunity for us,” he told CNBC’s Dan Murphy in Abu Dhabi, referencing the economic diversification plan spearheaded by Crown Prince Mohammed bin Salman to reduce Saudi Arabia’s reliance on oil revenue.

“One of the vision policy objectives is to improve the quality of life for Saudi citizens and Saudi residents. This includes many entertainment initiatives. One example that directly helps our business is cinemas.”

Saudi Arabia legalized movie theaters in late 2017 for the first time in more than 35 years as part of a drive to open up notoriously conservative social norms in the Islamic monarchy.

“We’re launching 15 cinemas across our existing 19 assets and we’ll have more cinemas in our growth assets,” the CEO continued. “Many of these policy objectives allow us to add concepts that in the past we could not add, whether it’s across entertainment, or fine dining, so we’re excited that there is significant room for us to give a hungry Saudi consumer the product that they demand.”

—Reuters contributed to this story


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


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Tesla shares could drop to $10 in a worst-case scenario, Morgan Stanley says

Guests look at a Tesla Model 3 during a ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019. Morgan Stanley cut its bear (worst-case) forecast on Tesla’s stock from $97 to just $10 on Tuesday, citing concerns about the company’s increased debt load and geopolitical exposure. In particular, Morgan Stanley analysts said the reduction was driven by concerns around Chinese demand for Tesla products. Shares closed down 2.7% Monday, closing at $205.36, and are down 38% year-to-


Guests look at a Tesla Model 3 during a ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019. Morgan Stanley cut its bear (worst-case) forecast on Tesla’s stock from $97 to just $10 on Tuesday, citing concerns about the company’s increased debt load and geopolitical exposure. In particular, Morgan Stanley analysts said the reduction was driven by concerns around Chinese demand for Tesla products. Shares closed down 2.7% Monday, closing at $205.36, and are down 38% year-to-
Tesla shares could drop to $10 in a worst-case scenario, Morgan Stanley says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: elliot smith
Keywords: news, cnbc, companies, teslas, shares, scenario, worstcase, cut, stanley, forecast, trading, drop, model, morgan, companys, stock, tesla, price


Tesla shares could drop to $10 in a worst-case scenario, Morgan Stanley says

Guests look at a Tesla Model 3 during a ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019.

Morgan Stanley cut its bear (worst-case) forecast on Tesla’s stock from $97 to just $10 on Tuesday, citing concerns about the company’s increased debt load and geopolitical exposure.

In particular, Morgan Stanley analysts said the reduction was driven by concerns around Chinese demand for Tesla products.

“Our revised bear case assumes Tesla misses our current Chinese volume forecast by roughly half to account for the highly volatile trade situation in the region, particularly around areas of technology, which we believe run a high and increasing risk of government/regulatory attention,” the research team, which included analyst Adam Jonas, said in the note.

Tesla shares fell to near $200 Monday after Wedbush cut its price target from $275 to $230 due to the potential impact of distractions from CEO Elon Musk’s “sci-fi projects” on the company’s ability to shore up demand for its core Model 3.

Shares closed down 2.7% Monday, closing at $205.36, and are down 38% year-to-date. During intraday trading Monday, the stock fell below $200 for the first time since December 2016. The stock was down 2.6% in premarket trading on Tuesday morning.

But it’s not just the Tesla bears making cautious calls. Financial services firm Baird also cut its Tesla estimates Tuesday, lowering the company’s stock to $340 from $400, while T. Rowe Price, for years one of Tesla’s biggest investors, sold around 81% of its holdings over the first three months of 2019.


Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: elliot smith
Keywords: news, cnbc, companies, teslas, shares, scenario, worstcase, cut, stanley, forecast, trading, drop, model, morgan, companys, stock, tesla, price


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Stocks in Asia mostly turn around as US-China trade tensions take a breather

Stocks in Asia were mostly higher on Tuesday as a temporary reprieve in U.S.-China trade tensions provided a breather. Mainland Chinese shares rose on the day, with the Shanghai composite gaining 1.23% to 2,905.97 and the Shenzhen component adding 1.92% to 9,087.52. The Shenzhen composite advanced 1.771% to 1,548.68. The Topix index also declined 0.3% to finish its trading day at 1,550.30. The Hang Seng index in Hong Kong declined around 0.5%, as of its final hour of trading.


Stocks in Asia were mostly higher on Tuesday as a temporary reprieve in U.S.-China trade tensions provided a breather. Mainland Chinese shares rose on the day, with the Shanghai composite gaining 1.23% to 2,905.97 and the Shenzhen component adding 1.92% to 9,087.52. The Shenzhen composite advanced 1.771% to 1,548.68. The Topix index also declined 0.3% to finish its trading day at 1,550.30. The Hang Seng index in Hong Kong declined around 0.5%, as of its final hour of trading.
Stocks in Asia mostly turn around as US-China trade tensions take a breather Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: eustance huang
Keywords: news, cnbc, companies, turn, stocks, asia, uschina, trade, shares, tensions, trading, rose, index, higher, declined, day, breather, composite, shenzhen, close


Stocks in Asia mostly turn around as US-China trade tensions take a breather

Stocks in Asia were mostly higher on Tuesday as a temporary reprieve in U.S.-China trade tensions provided a breather.

Mainland Chinese shares rose on the day, with the Shanghai composite gaining 1.23% to 2,905.97 and the Shenzhen component adding 1.92% to 9,087.52. The Shenzhen composite advanced 1.771% to 1,548.68.

Over in South Korea, the Kospi rose 0.27% to close at 2,061.25 as shares of Samsung Electronics surged 2.74% following earlier news of Google suspending business activity with Huawei.

Australia’s ASX 200 was 0.37% higher to close at 6,500.10.

The Australian dollar last changed hands at $0.6877, off highs above $0.696 seen in the previous week. Australia’s central bank will consider the case for lower interest rates at its June policy meeting, Governor Philip Lowe said on Tuesday.

Elsewhere in Asia, however, the Nikkei 225 in Japan lost 0.14% to close at 21,272.45. Shares of Tokyo Electron fell 1.88%. The Topix index also declined 0.3% to finish its trading day at 1,550.30.

The Hang Seng index in Hong Kong declined around 0.5%, as of its final hour of trading.


Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: eustance huang
Keywords: news, cnbc, companies, turn, stocks, asia, uschina, trade, shares, tensions, trading, rose, index, higher, declined, day, breather, composite, shenzhen, close


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Gold steadies as equities dip; focus turns to Fed minutes

Spot gold inched up 0.1% to $1,278.41 per ounc, having touched its lowest since May 3 at $1,273.22. “With equities trading lower, gold is expected to trade a little higher going into the Fed minutes on expectations that there is no immediate rate increase coming for the rest of the year,” said Bob Haberkorn, senior market strategist at RJO Futures. Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion. “We have equitie


Spot gold inched up 0.1% to $1,278.41 per ounc, having touched its lowest since May 3 at $1,273.22. “With equities trading lower, gold is expected to trade a little higher going into the Fed minutes on expectations that there is no immediate rate increase coming for the rest of the year,” said Bob Haberkorn, senior market strategist at RJO Futures. Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion. “We have equitie
Gold steadies as equities dip; focus turns to Fed minutes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-20
Keywords: news, cnbc, companies, dollar, ounce, steadies, focus, equities, trade, twoweek, touched, gold, dip, trading, turns, fed, minutes, rates, lower


Gold steadies as equities dip; focus turns to Fed minutes

An amphora filled with ancient gold Roman coins found in the Cressoni theatre complex is seen in Como Italy, September 5, 2018.

Gold steadied on Monday after recovering slightly from a more than two-week low hit earlier in the session, as equity markets fell ahead of the U.S. Federal Reserve’s release of minutes from its last meeting.

Spot gold inched up 0.1% to $1,278.41 per ounc, having touched its lowest since May 3 at $1,273.22.

U.S. gold futures settled $1.50 higher at $1,282.90.

“With equities trading lower, gold is expected to trade a little higher going into the Fed minutes on expectations that there is no immediate rate increase coming for the rest of the year,” said Bob Haberkorn, senior market strategist at RJO Futures.

Investors shifted focus to the Fed minutes due on Wednesday, which is expected to provide insights into the May 1 central bank meeting in which policymakers decided to keep interest rates steady and signaled little appetite to adjust them any time soon.

Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.

Global stocks took a hit as concerns mounted about an escalating fallout from a U.S. crackdown on China’s Huawei Technologies Co Ltd, intensifying a prolonged trade war between the world’s two biggest economics.

The greenback limited bullion’s appeal as the dollar index held near a two-week high. Last week the index posted the biggest weekly rise since early March, supported by robust U.S. housing data and a report pointing to lower unemployment.

“We have equities trading lower with all the geo-political news out there, yet gold can’t sustain any rally. There seems to be a flight to safety into the dollar because of the better economic data coming out of the U.S.,” Haberkorn said.

While gold is a safe store of value during times of uncertainty, investors are preferring the dollar, as they did last year during the U.S.-China trade spat.

Iran was served a new warning by U.S. President Donald Trump, who tweeted that if the country wanted to fight, that would be Iran’s “official end.”

On the technical side, “$1,265 is now a critical support that must hold. A daily close below that region implies a much deeper correction could be imminent,” OANDA analyst Jeffrey Halley said in a note.

Among other metals, silver was up 0.5% at $14.47 an ounce, having touched a more than five-month low at $14.33.

Platinum edged 0.1% lower at $812.40 per ounce, while palladium rose 1.5% to $1,329.90.


Company: cnbc, Activity: cnbc, Date: 2019-05-20
Keywords: news, cnbc, companies, dollar, ounce, steadies, focus, equities, trade, twoweek, touched, gold, dip, trading, turns, fed, minutes, rates, lower


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Asian markets mixed amid geopolitical developments

Stocks in Asia were mixed on Monday amid a series of geopolitical developments across the region. The moves came after Japan’s economic growth in the first quarter rose above expectations. The ASX 200 in Australia rose 1.74% to close at 6,476.10, after Australia’s conservative coalition secured an outright parliamentary majority on Monday following a shock election victory. The financial subindex Down Under surged 5.85%, with shares of Commonwealth Bank of Australia jumping 6.27% and National Au


Stocks in Asia were mixed on Monday amid a series of geopolitical developments across the region. The moves came after Japan’s economic growth in the first quarter rose above expectations. The ASX 200 in Australia rose 1.74% to close at 6,476.10, after Australia’s conservative coalition secured an outright parliamentary majority on Monday following a shock election victory. The financial subindex Down Under surged 5.85%, with shares of Commonwealth Bank of Australia jumping 6.27% and National Au
Asian markets mixed amid geopolitical developments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: eustance huang
Keywords: news, cnbc, companies, surged, developments, quarter, lower, australia, slipped, shares, trading, mixed, rose, markets, asian, shenzhen, amid, geopolitical, showed


Asian markets mixed amid geopolitical developments

Stocks in Asia were mixed on Monday amid a series of geopolitical developments across the region.

The Nikkei 225 in Japan added 0.24% to close at 21,301.73, as shares of index heavyweights such as Fast Retailing and Softbank Group advanced. The Topix also edged up fractionally to finish its trading day at 1,554.92.

The moves came after Japan’s economic growth in the first quarter rose above expectations.

Japan’s economy grew at an annualized 2.1% in the first quarter, gross domestic product (GDP) data showed on Monday, beating market expectations for a 0.2% contraction.

In South Korea, the Kospi closed flat at 2,055.71.

The ASX 200 in Australia rose 1.74% to close at 6,476.10, after Australia’s conservative coalition secured an outright parliamentary majority on Monday following a shock election victory.

The financial subindex Down Under surged 5.85%, with shares of Commonwealth Bank of Australia jumping 6.27% and National Australia Bank advancing 7.90%. Australia and New Zealand Banking Group also surged 7.78%, while Westpac skyrocketed 9.21%.

The Australian dollar was last higher at $0.6926, though it remained lower than levels above $0.696 seen last week.

Over in India, the Nifty 50 jumped 2.9% after exit polls showed Prime Minister Narendra Modi was likely to return to power following the country’s general election.

In mainland China, however, shares ended the trading day lower. The Shanghai composite slipped 0.41% to 2,870.60 and the Shenzhen component shed 0.93% to 8,916.11. The Shenzhen composite also fell 0.75% to 1,521.72.

Hong Kong’s Hang Seng index slipped more than 0.5%, as of its final hour of trading.


Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: eustance huang
Keywords: news, cnbc, companies, surged, developments, quarter, lower, australia, slipped, shares, trading, mixed, rose, markets, asian, shenzhen, amid, geopolitical, showed


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Cramer’s week ahead: A slate of retail earnings reports could shed light on the China trade impact

CNBC’s Jim Cramer on Friday said he expects more of the same in the week ahead of stock trading. “Next week, once again, is all about trade and retail,” the “Mad Money” host said. “This is the week when most retailers report, so we will be listening closely to what they say about the trade war.” Monday: Trade watchThe stock market will confront the same issues on Monday as the week prior. Tuesday: Home Depot, TJX, NordstromHome Depot: The home improvement retail giant reports earnings before the


CNBC’s Jim Cramer on Friday said he expects more of the same in the week ahead of stock trading. “Next week, once again, is all about trade and retail,” the “Mad Money” host said. “This is the week when most retailers report, so we will be listening closely to what they say about the trade war.” Monday: Trade watchThe stock market will confront the same issues on Monday as the week prior. Tuesday: Home Depot, TJX, NordstromHome Depot: The home improvement retail giant reports earnings before the
Cramer’s week ahead: A slate of retail earnings reports could shed light on the China trade impact Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: tyler clifford
Keywords: news, cnbc, companies, depot, retail, reports, market, say, stock, trade, trading, earnings, cramer, light, impact, slate, week, stocks, cramers, shed


Cramer's week ahead: A slate of retail earnings reports could shed light on the China trade impact

CNBC’s Jim Cramer on Friday said he expects more of the same in the week ahead of stock trading. “Next week, once again, is all about trade and retail,” the “Mad Money” host said. “This is the week when most retailers report, so we will be listening closely to what they say about the trade war.”

Monday: Trade watch

The stock market will confront the same issues on Monday as the week prior. The days following will see a lot of retailers hold conference calls, and Cramer is looking to see what they have to say about tariffs on Chinese imports. “The market will punish companies that source in China and reward companies that don’t, because that’s what [President Donald Trump] is doing,” he said.

Tuesday: Home Depot, TJX, Nordstrom

Home Depot: The home improvement retail giant reports earnings before the bell. Cramer is expecting weather to weigh on earnings again. “There’s much too much rain this gardening season, and I bet that hurt them,” he said. “I still believe Home Depot can tell a decent story about trade, but it won’t matter if gardening season, their equivalent of Christmas, turns out to be a bit of a bust.” TJX: The T.J. Maxx parent delivers its quarterly results to shareholders in the morning. Nordstrom: The luxury department chain has an earnings call at the end of trading. The stock is down more than 20% this year and more than 27% in the past 12 months. “At these levels, it pays you a 4% yield. I think it may be too cheap to ignore,” Cramer said.

Wednesday: Lowe’s, Target

Lowe’s: Lowe’s, the main rival to Home Depot, presents its quarterly earnings before the market opens. CEO Marvin Ellison is guiding the home rehab chain through a turnaround. “Wall Street loves Ellison, though,” Cramer said. “If Lowe’s gets hit, either before or after the quarter, I’d be a buyer of the stock.” Target: Target comes out with its latest results before trading begins. The stock is about $20 per share off its September high and has a 3.6% yield. “I know it’s battling both Walmart and Amazon, which might be too much competition for any one company, ” Cramer said. “But I think CEO Brian Cornell’s doing a terrific job. You know what, I like the stock here.”

Thursday: Best Buy, Splunk

Best Buy: The tech gadget store reports earnings in the morning. The stock is up 30% this year, and Cramer is warning not to take a chance on it at current levels. “I’m betting they’re going to have to talk about tariffs on the whole darned conference call,” he said. Splunk: The software analytics company, one of Cramer’s “Cloud King” stocks, presents its financial report after the market closes. Cramer expects Splunk to put up a good conference call out of CEO Doug Merritt. He said Merritt continues to deliver on promises. “I like it a lot. … [It’s got] no China exposure — I say buy,” he said.

Friday: Foot Locker

Foot Locker: The shoe retailer will lay out its quarterly report for investors before stocks start trading. With a presence in shopping centers across the country, Foot Locker carries Nike, Adidas, Under Armour and a range of other sports apparel brands in its stores. “The stock’s been held back by trade war worries,” Cramer said. “I bet it will prove to be immune, or at least more immune than most people think.”

WATCH: Cramer breaks down the week ahead in earnings


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: tyler clifford
Keywords: news, cnbc, companies, depot, retail, reports, market, say, stock, trade, trading, earnings, cramer, light, impact, slate, week, stocks, cramers, shed


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Facebook’s Sheryl Sandberg CNBC interview

Facebook’s chief operating officer, Sheryl Sandberg, sat down for an interview with CNBC’s Julia Boorstin on Friday calling for regulation of American tech companies but pushing against the idea of breaking up the social media company. “You could break us up, you could break other tech companies up, but you actually don’t address the underlying issues people are concerned about,” Sandberg said. Shares of Facebook were trading lower early in the session as markets continued to focus on trade tens


Facebook’s chief operating officer, Sheryl Sandberg, sat down for an interview with CNBC’s Julia Boorstin on Friday calling for regulation of American tech companies but pushing against the idea of breaking up the social media company. “You could break us up, you could break other tech companies up, but you actually don’t address the underlying issues people are concerned about,” Sandberg said. Shares of Facebook were trading lower early in the session as markets continued to focus on trade tens
Facebook’s Sheryl Sandberg CNBC interview Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: salvador rodriguez
Keywords: news, cnbc, companies, tech, social, underlying, sheryl, break, tensions, sandberg, facebooks, trading, trade, companies, interview


Facebook's Sheryl Sandberg CNBC interview

Facebook’s chief operating officer, Sheryl Sandberg, sat down for an interview with CNBC’s Julia Boorstin on Friday calling for regulation of American tech companies but pushing against the idea of breaking up the social media company.

“You could break us up, you could break other tech companies up, but you actually don’t address the underlying issues people are concerned about,” Sandberg said.

Shares of Facebook were trading lower early in the session as markets continued to focus on trade tensions between the U.S. and China.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: salvador rodriguez
Keywords: news, cnbc, companies, tech, social, underlying, sheryl, break, tensions, sandberg, facebooks, trading, trade, companies, interview


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Bitcoin price tanks less than a day after trading above $8,000 level

A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England. Bitcoin prices plummeted less than a day after the world’s largest cryptocurrency traded at levels above $8,000. ET Friday, the price of bitcoin was at $7,215.79 apiece, according to data from Coindesk — a 10.1% drop in the last 24 hours. The price of Ethereum fell 7.97% to $241.33, while XRP plunged 15.4% to $0.399378. ET Friday, data from Coinmarketcap.com showed the total market capitalization of th


A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England. Bitcoin prices plummeted less than a day after the world’s largest cryptocurrency traded at levels above $8,000. ET Friday, the price of bitcoin was at $7,215.79 apiece, according to data from Coindesk — a 10.1% drop in the last 24 hours. The price of Ethereum fell 7.97% to $241.33, while XRP plunged 15.4% to $0.399378. ET Friday, data from Coinmarketcap.com showed the total market capitalization of th
Bitcoin price tanks less than a day after trading above $8,000 level Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: eustance huang
Keywords: news, cnbc, companies, period, xrp, data, price, cryptocurrency, 24, tanks, 8000, bitcoin, trading, level, et, worlds, day, wiped


Bitcoin price tanks less than a day after trading above $8,000 level

A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England.

Bitcoin prices plummeted less than a day after the world’s largest cryptocurrency traded at levels above $8,000.

As of 12:59 a.m. ET Friday, the price of bitcoin was at $7,215.79 apiece, according to data from Coindesk — a 10.1% drop in the last 24 hours.

Similar losses were seen in other major cryptocurrencies over the same period. The price of Ethereum fell 7.97% to $241.33, while XRP plunged 15.4% to $0.399378.

In the 24 hours from 12:42 a.m. ET Friday, data from Coinmarketcap.com showed the total market capitalization of the cryptocurrency industry falling more than 8%, with more than $21 billion wiped out in that time period.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: eustance huang
Keywords: news, cnbc, companies, period, xrp, data, price, cryptocurrency, 24, tanks, 8000, bitcoin, trading, level, et, worlds, day, wiped


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Pinterest plunges after earnings but Wall Street analysts are sticking with the stock

Wall Street analysts are sticking with Pinterest despite a very rocky first earnings report Thursday after the bell. Analysts at UBS noted Pinterest is in a, “unique position,” in its space and reiterated its confidence in the company’s ability to execute over the long haul. “While its initial earnings report & forward commentary were roughly inline with Street estimates, we still see signs that PINS long-term narrative is solidly intact,” wrote UBS analyst Eric Sheridan in his recap not to clie


Wall Street analysts are sticking with Pinterest despite a very rocky first earnings report Thursday after the bell. Analysts at UBS noted Pinterest is in a, “unique position,” in its space and reiterated its confidence in the company’s ability to execute over the long haul. “While its initial earnings report & forward commentary were roughly inline with Street estimates, we still see signs that PINS long-term narrative is solidly intact,” wrote UBS analyst Eric Sheridan in his recap not to clie
Pinterest plunges after earnings but Wall Street analysts are sticking with the stock Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: michael bloom
Keywords: news, cnbc, companies, plunges, analyst, ubs, stock, street, pinterest, wall, analysts, report, intact, view, trading, earnings, wasnt, sticking


Pinterest plunges after earnings but Wall Street analysts are sticking with the stock

Wall Street analysts are sticking with Pinterest despite a very rocky first earnings report Thursday after the bell. The social media platform posted a much bigger loss than many expected.

Most analysts feel the social media company, which went public last month, is on the right track and said to use the pullback as an opportunity to buy the shares.

“The stock could remain volatile near term, but management laid out a compelling roadmap that should ensure ongoing strong revenue growth and a route to attractive profitability over the medium term,” Atlantic Equities analyst James Cordwell said.

Shares plunged 15% in premarket trading Friday to $25.79, still above the stock’s $19 IPO price but just around its closing price on its first day of trading of $24.40.

The negative earnings headlines were mostly, “noise,” according to Baird analysts.

“Overall, fundamentals are intact, and we view significant near-term weakness as an attractive buying opportunity,” analyst Colin Sebastian said.

Analysts at UBS noted Pinterest is in a, “unique position,” in its space and reiterated its confidence in the company’s ability to execute over the long haul.

“While its initial earnings report & forward commentary were roughly inline with Street estimates, we still see signs that PINS long-term narrative is solidly intact,” wrote UBS analyst Eric Sheridan in his recap not to clients.

One analyst admitted the earnings report wasn’t great but wasn’t backing down from his buy rating.

“Though the headline outlook may have missed the mark, we believe expectations have been broadly reset for the rest of the year and our view on the long-term drivers of the business remain intact (and actually pulled in a bit),” Nomura analyst Mark Kelley said.

Here are what the major analysts are saying about Pinterest earnings:


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: michael bloom
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Luckin Coffee IPO won’t stop Starbucks’ stock breakout, technical analyst says

But some experts, like MKM Partners Chief Market Technician JC O’Hara, say Starbucks’ journey higher is just getting started. But let’s remember four years prior,” O’Hara said Thursday on CNBC’s “Trading Nation,” calling attention to Starbucks’ five-year stock chart. John Petrides, managing director and portfolio manager at Point View Wealth Management, didn’t have as much conviction in Starbucks’ prospects. “If the three of us wanted to go in and open up a coffee shop, we can do so,” he said Th


But some experts, like MKM Partners Chief Market Technician JC O’Hara, say Starbucks’ journey higher is just getting started. But let’s remember four years prior,” O’Hara said Thursday on CNBC’s “Trading Nation,” calling attention to Starbucks’ five-year stock chart. John Petrides, managing director and portfolio manager at Point View Wealth Management, didn’t have as much conviction in Starbucks’ prospects. “If the three of us wanted to go in and open up a coffee shop, we can do so,” he said Th
Luckin Coffee IPO won’t stop Starbucks’ stock breakout, technical analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: lizzy gurdus
Keywords: news, cnbc, companies, analyst, ohara, think, stock, coffee, nation, breakout, billion, wealth, luckin, wont, starbucks, technical, trading, view, stop, high, ipo


Luckin Coffee IPO won't stop Starbucks' stock breakout, technical analyst says

Starbucks is piping hot.

The coffeemaker’s stock surged to an all-time high Thursday, adding to a more than 22% gain for 2019. But Thursday also brought a twist to the U.S. coffeemaker’s story as details on Chinese rival Luckin Coffee’s pricing for its initial public offering surfaced after the closing bell.

The Chinese competitor will price at $17, the high end of the $15 to $17 range in its regulatory filing, sources told CNBC. The $2.9 billion company is set to go public Friday on the Nasdaq under the ticker LK.

The IPO has called into question how much staying power Starbucks really has, particularly as it focuses on expanding in China and as U.S.-China trade tensions escalate.

But some experts, like MKM Partners Chief Market Technician JC O’Hara, say Starbucks’ journey higher is just getting started.

“I think this is a perfect example of an area where we don’t want to be afraid of momentum. Yes, it’s up 23% year to date. It’s up 40% over the last year. But let’s remember four years prior,” O’Hara said Thursday on CNBC’s “Trading Nation,” calling attention to Starbucks’ five-year stock chart.

“The stock has pretty much done nothing,” he said. “It’s been trading in a $12 range — $64 as the top, $52 as the low — and, often, when stock charts like these hibernate for an extended period of time and finally break out, that breakout is powerful and it can continue a lot longer than many people think is possible.”

John Petrides, managing director and portfolio manager at Point View Wealth Management, didn’t have as much conviction in Starbucks’ prospects.

“A nearly $100 billion company is expected to grow earnings 25% per year over the next two years, so the earnings growth rate is pretty high and there’s not much margin safety in the valuation from the multiple standpoint,” he said in the same “Trading Nation” interview.

One big, largely unaccounted-for risk is that “the barriers to entry aren’t very high” in the coffee business, Petrides said.

“If the three of us wanted to go in and open up a coffee shop, we can do so,” he said Thursday to O’Hara and “Trading Nation” host Mike Santoli. “I don’t think it would take $100 billion for us to get in.”

So, in the near term, “I would expect [Starbucks’] multiple possibly to come in again, and let’s see if they can compete against Luckin,” the wealth manager said.

Starbucks shares were down slightly in Friday’s premarket, a day after gaining more than 1%.

Disclosure: Some Point View Wealth Management clients own shares of Starbucks.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: lizzy gurdus
Keywords: news, cnbc, companies, analyst, ohara, think, stock, coffee, nation, breakout, billion, wealth, luckin, wont, starbucks, technical, trading, view, stop, high, ipo


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