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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%)

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.
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.
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.
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.
AMD AMD
$12.26

0.04 (0.33%)

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.
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.
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).

TODAY'S FREE FLY STORIES

ICPT

Intercept

$96.20

0.45 (0.47%)

05:01
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YAHOY

Yahoo Japan

$9.02

-0.03 (-0.33%)

04:57
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EPZM

Epizyme

$19.25

1.4 (7.84%)

04:56
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Initiation
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CSGP

CoStar Group

$280.60

3.97 (1.44%)

04:55
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Conference/Events
CoStar Group management to meet with JPMorgan »

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YEXT

Yext

$12.99

-0.27 (-2.04%)

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FCFS

First Cash Financial

$60.65

0.65 (1.08%)

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Conference/Events
First Cash Financial management to meet with Jefferies »

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VNRX

VolitionRx

$2.75

0.07 (2.61%)

04:55
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Conference/Events
VolitionRx management to meet with Oppenheimer »

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SRCL

Stericycle

$70.19

-0.81 (-1.14%)

04:55
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Conference/Events
Stericycle management to meet with Jefferies »

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FIVN

Five9

$22.17

0.31 (1.42%)

04:55
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Conference/Events
Five9 management to meet with Roth Capital »

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GMS

GMS Inc.

$33.50

-0.38 (-1.12%)

04:55
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04:55
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04:55
Conference/Events
GMS Inc. management to meet with Seaport Global »

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  • 20

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HRTG

Heritage Insurance

$11.83

-0.72 (-5.74%)

04:55
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Conference/Events
Heritage Insurance management to meet with Sandler O'Neill »

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  • 20

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HZNP

Horizon Pharma

$12.10

0.26 (2.20%)

04:55
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Conference/Events
Horizon Pharma management to meet with Jefferies »

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  • 20

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OHI

Omega Healthcare

$32.53

-0.12 (-0.37%)

04:55
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04:55
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Conference/Events
Omega Healthcare management to meet with Jefferies »

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  • 20

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MZDAF

Mazda

04:55
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Conference/Events
Mazda management to meet with JPMorgan »

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SFS

Smart & Final Stores

04:55
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Conference/Events
Smart & Final Stores management to meet with Loop Capital »

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SRCI

SRC Energy

$8.18

0.16 (2.00%)

04:55
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EMR

Emerson

$63.21

0.22 (0.35%)

04:55
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  • 20

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General news
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SCSC

Scansource

$40.70

-0.05 (-0.12%)

04:55
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Scansource management to meet with Sidoti »

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  • 20

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ARLP

Alliance Resource Partners

$18.90

-0.05 (-0.26%)

04:55
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Alliance Resource Partners management to meet with MKM Partners »

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AITB

AIT Therapeutics

04:55
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Conference/Events
AIT Therapeutics management to meet with Roth Capital »

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BRG

Bluerock Residential

$10.48

0.06 (0.58%)

04:55
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Conference/Events
Bluerock Residential management to meet with JMP Securities »

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DAIO

Data I/O

04:55
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04:55
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Conference/Events
Data I/O management to meet with Craig Hallum »

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