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NVDA

Nvidia

$169.40

-0.97 (-0.57%)

, AMD

AMD

$12.26

0.04 (0.33%)

12:59
09/15/17
09/15
12:59
09/15/17
12:59

Bitcoin Bulletin: Cryptocurrency slides after Dimon criticism

Catch up on the top stories and analyst calls that influenced bitcoin, and other cryptocurrencies, this week with a recap compiled by The Fly: 1. DIMON BASHES BITCOIN: During a Tuesday interview with CNBC and while speaking at a banking industry conference, JPMorgan (JPM) Chairman and CEO Jamie Dimon criticized bitcoin as a "fraud" and said he would fire any trader who was trading in the cryptocurrency. "It's against our rules and they are stupid," he said. In addition, Dimon stated, "It's worse than tulip bulbs. It won't end well. Someone is going to get killed...Currencies have legal support. It will blow up." The comments come as Wall Street players are starting to embrace cryptocurrency and JPMorgan has started a trial project using blockchain. Bitcoin fell by more than 10% following the remarks. 2. KOLANOVIC BACKS BOSS: On Wednesday, Marko Kolanovic, global head of quantitative and derivatives strategy at JPMorgan, echoed Dimon's concerns about digital currency in an asset class assessment. "Cryptocurrencies cannot be reliably valued and they have significant 'tail risk' that could come in the form of a regulatory ban," he wrote. "Moreover, the whole cryptocurrency market exhibits some parallels to fraudulent pyramid schemes." 3. CHINA'S CRYPTO CRACKDOWN: In an effort to limit financial risk, China began to crack down on cryptocurrency, ordering all exchanges to stop trading, halt new user registrations and inform users of their closure. "All trading exchanges must by midnight of September 15, publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations," the government said in a notice. The platforms will also be required to notify the government by September 20 on how they plan to allow users to make withdrawals and handle funds to ensure investor interests are protected. 4. CHINA EXCHANGE CLOSURES: Chinese bitcoin exchange BTCChina plans to stop all trading from September 30 citing regulation from Chinese authorities, while platforms OkCoin and Houbi announced they expect to halt yuan-based trading by October 30. Smaller exchanges ViaBTC, YoBTC and Yunbi also announced closures. Bitcoin fell 18% on the BTCChina exchange following the announcement and 10% on U.S. Exchange BitStamp. Rival cryptocurrency Ether also dropped around 10%, according to Coinmarketcap. 5. CRYPTO-RELATED STOCKS: In a recent research note, Jefferies' analyst Mark Lipacis told investors that he estimates cryptocurrency revenues accounted for about 3% of quarterly sales for Advanced Micro Devices (AMD) and about 10% for Nvidia (NVDA) in the second quarter. PRICE ACTION: As of time of writing, Bitcoin is down about 17% this week, or $745, to $3,650 in U.S. dollars. However, this is well off the weekly low of about $2,985, according to data from CoinDesk. Meanwhile, AMD shares rose 2.2% this week and Nvidia has added 9.6% on a weekly basis.

NVDA

Nvidia

$169.40

-0.97 (-0.57%)

AMD

AMD

$12.26

0.04 (0.33%)

NVDA Nvidia
$169.40

-0.97 (-0.57%)

08/14/17
ARGS
08/14/17
NO CHANGE
ARGS
Nvidia weakness a buying opportunity, says Argus
Argus analyst Jim Kelleher,says the decline in Nvidia's stock following its results was a "nonfundamental selloff." Calling Nvidia a "leading silicon play on AI, autonomous vehicles, machine learning, and next-generation data center," he recommends buying the shares on weakness.
08/24/17
RBCM
08/24/17
NO CHANGE
RBCM
Demand for Nvidia gaming chips remains strong, says RBC Capital
After conducting checks and reviewing Nvidia's (NVDA) 10-Q, RBC Capital analysts Mitch Steves and Amit Daryanani say that demand for Nvidia's gaming chips "remains healthy" in the midst of strong demand from crypto-currency miners. The analysts add that the company's new deal with Toyota (TM) should boost its selling volumes in 2018-2019, and cause its average selling prices to rise towards the end of that period. They add that sales of the company's Volta chip "are beginning to ramp." The analysts keep an Outperform rating on Nvidia.
09/11/17
JEFF
09/11/17
NO CHANGE
JEFF
Jefferies lays out cryptocurrency exposure at Nvidia, AMD
Jefferies analyst Mark Lipacis estimates that in Q2, cryptocurrency revenues accounted for about 3% of quarterly sales for AMD (AMD) and about 10% for Nvidia (NVDA). The risk of a "crypto-driven" inventory correction driving material downside is low in the near term, Lipacis tells investors in a research note. He points out that cryptocurrency prices "increased materially" since bottoming in July. Further, both companies have introduced "cryptospecific GPU SKUs" that have a low risk of competing with core gaming GPUs in secondary markets, Lipacis writes. The analyst does not think cryptocurrencies are Fad. The technology they are based on, called Blockchain, supports secure accounting of distributed ledgers and has applications in financial services beyond cryptocurrencies, the analyst argues.
09/15/17
EVER
09/15/17
NO CHANGE
Target $250
EVER
Outperform
Nvidia price target raised to $250 from $180 at Evercore ISI
After meeting with Nvidia's CEO and CFO, Evercore ISI analyst C.J. Muse said management believes that investors still severely underestimate the impact of Artificial Intelligence and the size of the potential AI market. Meanwhile, he contends that NVIDIA is creating "THE AI computing industry standard" that will be "nearly impossible to replicate." Led by AI in the Data Center and Automotive markets, he sees Nvidia having a clear path to $10 in EPS over the next 3-5 years and raised his price target on the stock to $250 from $180. Muse keeps an Outperform rating on Nvidia shares.
AMD AMD
$12.26

0.04 (0.33%)

07/31/17
WELS
07/31/17
NO CHANGE
WELS
Wells Fargo downgrades Semiconductor sector to Market Weight
Wells Fargo analyst David Wong downgraded the Semiconductor sector to Market Weight from Overweight. Recent earnings reports from chip companies suggest that year-over-year growth will likely plateau or perhaps even decelerate over the next few months, Wong tells investors in a research note. He believes many chip stocks now have "elevated multiples" off calendar 2018 earnings estimates. Wong still sees good investment opportunities in some specific stocks, however, and reiterates Outperform ratings on Intel (INTC), Qualcomm (QCOM), Micron (MU), AMD (AMD), Skyworks (SWKS) and Microsemi (MSCC).
08/08/17
WELS
08/08/17
NO CHANGE
WELS
AMD competitive position has improved, says Wells Fargo
Wells Fargo says that AMD's "smooth execution on important new product introductions has significantly improved" its "competitive position in microprocessors and graphics chips." The firm quotes a third party researcher as saying that the company has started to gain share in server processors.
08/11/17
ROTH
08/11/17
NO CHANGE
Target $150
ROTH
Neutral
Roth says Nvidia 'stands alone' in semiconductors, valuation 'only question'
Roth Capital analyst Brian Alger said Nvidia's (NVDA) performance over the past several quarters has made it clear that neither Intel (INTC) nor AMD (AMD) have been able to slow the company's growth. Nvidia "stands alone" among semiconductor companies in terms of big volume and big dollar growth potential, but valuation of its stock remains the "only question," according to Alger. He raised his FY19 revenue estimate by roughly $1B and increased his price target on Nvidia shares to $150 from $120, but maintains a Neutral rating on the stock.

TODAY'S FREE FLY STORIES

CMTL

Comtech

$21.40

-0.58 (-2.64%)

10:01
01/17/18
01/17
10:01
01/17/18
10:01
Hot Stocks
Comtech receives $19.1M follow-on contract »

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General news
Housing Market Index data reported »

January Housing Market…

ACLS

Axcelis

$30.30

1.15 (3.95%)

, AMAT

Applied Materials

$54.50

1.05 (1.96%)

10:00
01/17/18
01/17
10:00
01/17/18
10:00
Recommendations
Axcelis, Applied Materials analyst commentary  »

Axcelis lowered margin…

ACLS

Axcelis

$30.30

1.15 (3.95%)

AMAT

Applied Materials

$54.50

1.05 (1.96%)

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FAST

Fastenal

$55.44

-0.15 (-0.27%)

10:00
01/17/18
01/17
10:00
01/17/18
10:00
Options
Fast action in Fastenal Feb 55s post earnings »

Fast action in Fastenal…

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GS

Goldman Sachs

$253.61

-4.855 (-1.88%)

10:00
01/17/18
01/17
10:00
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10:00
Hot Stocks
Goldman CFO: Trading facing 'low volatility, low activity' world »

CFO Marty Chavez said on…

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MVC

MVC Capital

$10.70

-0.02 (-0.19%)

09:59
01/17/18
01/17
09:59
01/17/18
09:59
Conference/Events
MVC Capital management to meet with JMP Securities »

Meeting to be held in New…

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  • 18

    Jan

KEYW

KEYW

$6.46

0.09 (1.41%)

09:58
01/17/18
01/17
09:58
01/17/18
09:58
Conference/Events
KEYW management to meet with RBC Capital »

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RIOT

Riot Blockchain

$18.28

-3.6 (-16.45%)

09:55
01/17/18
01/17
09:55
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09:55
Options
Riot Blockchain Inc put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 01

    Feb

LRCX

Lam Research

$190.39

1.88 (1.00%)

, MNST

Monster Beverage

$64.56

0.79 (1.24%)

09:55
01/17/18
01/17
09:55
01/17/18
09:55
Options
Early notable gainers among liquid option names on January 17th »

Notable gainers among…

LRCX

Lam Research

$190.39

1.88 (1.00%)

MNST

Monster Beverage

$64.56

0.79 (1.24%)

IBM

IBM

$167.92

4.07 (2.48%)

IFF

International Flavors

$155.52

2.98 (1.95%)

KLAC

KLA-Tencor

$107.66

0.37 (0.34%)

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DIS

Disney

$110.92

0.23 (0.21%)

09:55
01/17/18
01/17
09:55
01/17/18
09:55
Periodicals
Disney's 'Last Jedi' drops 92% in second weekend at Chinese box office, THR says »

Disney's "Star…

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  • 18

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  • 06

    Feb

AMZN

Amazon.com

$1,304.86

-0.34 (-0.03%)

, HD

Home Depot

$197.20

0.89 (0.45%)

09:55
01/17/18
01/17
09:55
01/17/18
09:55
Conference/Events
Wedbush retail/hardlines analyst holds an analyst/industry conference call »

Retail/Hardlines Analyst…

AMZN

Amazon.com

$1,304.86

-0.34 (-0.03%)

HD

Home Depot

$197.20

0.89 (0.45%)

LOW

Lowe's

$101.01

0.0371 (0.04%)

W

Wayfair

$84.68

0.18 (0.21%)

WSM

Williams-Sonoma

$54.02

0.17 (0.32%)

BBBY

Bed Bath & Beyond

$23.01

0.19 (0.83%)

TPX

Tempur Sealy

$63.72

-0.075 (-0.12%)

AZO

AutoZone

$780.00

-1.02 (-0.13%)

AAP

Advance Auto Parts

$114.60

0.703 (0.62%)

ORLY

O'Reilly Automotive

$257.89

-0.71 (-0.27%)

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  • 18

    Mar

MRK

Merck

$62.32

0.25 (0.40%)

09:55
01/17/18
01/17
09:55
01/17/18
09:55
Conference/Events
Leerink pharmaceuticals analysts hold an analyst/industry conference call »

Analysts discuss whether…

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    Oct

FB

Facebook

$178.39

-0.98 (-0.55%)

, TWTR

Twitter

$24.52

-0.14 (-0.57%)

09:55
01/17/18
01/17
09:55
01/17/18
09:55
Conference/Events
Senate Commerce, Science & Transportation Committee to hold a hearing »

The Committee holds a…

FB

Facebook

$178.39

-0.98 (-0.55%)

TWTR

Twitter

$24.52

-0.14 (-0.57%)

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    Feb

OPGN

OpGen

$0.19

0.0143 (8.29%)

09:55
01/17/18
01/17
09:55
01/17/18
09:55
Conference/Events
OpGen to host special shareholder meeting »

Special Shareholder…

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  • 17

    Jan

09:54
01/17/18
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09:54
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09:54
General news
Market opens with gains, but holding them will be the focus »

Stock futures were higher…

ACLS

Axcelis

$30.30

1.15 (3.95%)

09:53
01/17/18
01/17
09:53
01/17/18
09:53
Hot Stocks
Breaking Hot Stocks news story on Axcelis »

Axcelis drops 5% to…

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  • 17

    Jan

XLF

Financial Select Sector

$29.16

0.01 (0.03%)

, XLE

Energy Select Sector SPDR

$76.69

0.25 (0.33%)

09:52
01/17/18
01/17
09:52
01/17/18
09:52
Technical Analysis
Technical Take: S&P 500 moves moderately higher, sector breadth mixed »

The S&P 500 (SPX) was…

XLF

Financial Select Sector

$29.16

0.01 (0.03%)

XLE

Energy Select Sector SPDR

$76.69

0.25 (0.33%)

XLI

Industrial Select Sector SPDR

$79.59

0.14 (0.18%)

XLK

Technology Select Sector SPDR

$66.91

0.36 (0.54%)

XLP

Consumer Staples Sector SPDR

$57.23

0.32 (0.56%)

XLV

Health Care Select Sector SPDR

$87.53

0.28 (0.32%)

SPY

SPDR S&P 500 ETF Trust

$277.86

0.89 (0.32%)

SPX

S&P 500

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QADB

QAD Inc

$31.80

0.05 (0.16%)

09:50
01/17/18
01/17
09:50
01/17/18
09:50
Hot Stocks
Breaking Hot Stocks news story on QAD Inc 

QAD Inc trading resumes

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ITIC

Investors Title Company

$199.00

3.26 (1.67%)

09:50
01/17/18
01/17
09:50
01/17/18
09:50
Hot Stocks
Breaking Hot Stocks news story on Investors Title Company »

Investors Title Company…

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XLP

Consumer Staples Sector SPDR

$57.07

0.16 (0.28%)

09:45
01/17/18
01/17
09:45
01/17/18
09:45
Technical Analysis
Technical Take: Consumer Staples Sector SPDR nearing breakout »

The Consumer Staples…

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QADB

QAD Inc

$31.80

0.05 (0.16%)

09:45
01/17/18
01/17
09:45
01/17/18
09:45
Hot Stocks
Breaking Hot Stocks news story on QAD Inc »

QAD Inc trading halted,…

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ITIC

Investors Title Company

$199.00

3.26 (1.67%)

09:45
01/17/18
01/17
09:45
01/17/18
09:45
Hot Stocks
Breaking Hot Stocks news story on Investors Title Company »

Investors Title Company…

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09:45
01/17/18
01/17
09:45
01/17/18
09:45
General news
Housing Market Index to be reported at 10:00 »

January Housing Market…

CDK

CDK Global

$74.57

-1.2 (-1.58%)

09:40
01/17/18
01/17
09:40
01/17/18
09:40
Downgrade
CDK Global rating change  »

CDK Global downgraded to…

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  • 30

    Jan

LQD

iShares iBoxx $ Investment Grade Corporate Bond

, FAST

Fastenal

$55.44

-0.15 (-0.27%)

09:40
01/17/18
01/17
09:40
01/17/18
09:40
Options
Unusually active option classes on open January 17th »

Unusual total active…

LQD

iShares iBoxx $ Investment Grade Corporate Bond

FAST

Fastenal

$55.44

-0.15 (-0.27%)

ROKU

Roku

$39.19

-4.19 (-9.66%)

SPX

S&P 500

BAC

Bank of America

GE

General Electric

GS

Goldman Sachs

AMAT

Applied Materials

$54.50

1.05 (1.96%)

DIA

Diamonds Fund ETF

CSX

CSX

$58.13

-1.12 (-1.89%)

03/08/13
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