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Fly News Breaks for August 11, 2017
Aug 11, 2017 | 08:12 EDT
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.
News For NVDA;INTC;AMD From the Last 2 Days
Oct 21, 2017 | 09:24 EDT
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. COST SHARING SUBSIDIES: On Monday, Leerink analyst Ana Gupte told investors that she sees the Healthcare Facilities and Centene (CNC) most structurally impacted to the downside in 2019 and beyond at 15% of earnings, if there is no legislative or other budgetary compromise to restore the Cost Sharing Subsidies after President Trump's executive action to stop funding them. The analyst also noted that Healthcare Facilities also face a structural headwind in 2019 and beyond with Exchanges contributing 1%-5% of EBITDA. In the near-term in 2017, Gupte says Molina Healthcare (MOH) faces transient balance sheet pressure with the fourth quarter unfunding placing pressure of $135M and wiping excess parent cash possibly necessitating an equity raise, while other HIX plans Anthem (ANTM), Centene and Cigna (CI) can offset with their excess capitalization at the subsidiaries and at the parent. 2. HEALTHCARE DEAL: Republican Senator Lamar Alexander said on Tuesday that he and Democratic Senator Patty Murray have reached a bipartisan deal to extend key Obamacare payments to insurers for two years, according to The Hill. President Trump had announced last week he was cutting off the payments, the report noted. The day after, President Donald Trump tweeted: "I am supportive of Lamar as a person & also of the process, but I can never support bailing out ins co's who have made a fortune w/ O'Care." His tweet is an apparent reference to reports regarding the bipartisan deal to extend key Affordable Care Act payments to insurers for two years. Publicly traded healthcare insurance companies include Aetna (AET), Anthem, Centene, Cigna, Health Net (HNT), Humana (HUM), Molina Healthcare, UnitedHealth (UNH) and WellCare (WCG). Publicly traded hospital operators include Community Health (CYH), HCA Healthcare (HCA), LifePoint (LPNT), Tenet (THC) and Universal Health (UHS). 3. TAX REFORM: Late Thursday night and by a vote of 51-49, Senate Republicans passed a fiscal 2018 budget, with every single Democrat voting against it. The budget is not a legally binding document, but serves as an outline of federal spending and revenues, according to ABC News. The measure should add an estimated $1.5T to the deficit over the next 10 years, contains about $5.1T in spending cuts, and is now headed to the House for approval. Further, the budget framework sets up rules that allow for a reconciliation process, under which the bill only needs a simple majority of 51 votes to clear the Senate chamber, and with Democrats not allowed to filibuster on the floor. 4. IMMIGRATION: According to a report by Reuters on Friday, about two dozen major companies are planning to launch The Coalition for the American Dream to urge Congress to pass bipartisan legislation to enable young, illegal immigrants to continue working in the U.S. The move, by companies including Alphabet's Google (GOOG, GOOGL), Microsoft (MSFT), Facebook (FB), Intel (INTC), Uber, IBM (IBM), Marriott International (MAR) and Univision, follows President Trump's decision to let the Deferred Action Childhood Arrivals program expire in March.
Oct 20, 2017 | 12:11 EDT
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly: 1. CFTC RELEASES REPORT: The U.S. Commodity Futures Trading Commission released a report on Tuesday, titled "A CFTC Primer on Virtual Currencies," in which it said digital currencies like bitcoin fall under the oversight of the commission when they are used "in a derivatives contract, or if there is fraud or manipulation involving a virtual currency traded in interstate commerce." The report, which also outlined prohibited activities and risks associated with digital currencies, said, "beyond instances of fraud or manipulation, the CFTC does not oversee 'spot' or cash market exchanges and transactions involving virtual currencies that do not utilize margin, leverage, or financing." 2. RUSSIA PLANS CRYPTO LAUNCH: Russia is planning to launch its own official cryptocurrency, called the CryptoRuble, although it is unlikely to have the decentralized nature of other digital currencies, TechCrunch reported on Sunday. The CryptoRuble, which cannot be mined, appears to be blockchain-based but will be issued and tracked by the government like ordinary currency. CryptoRubles will be able to be freely exchanged, however they will require proof of origin upon exchange, such as a documented retail transaction or service rendered and undocumented CryptoRubles will face a 13% tax. 3. SPAIN BEGINS BLOCKCHAIN: Top technology officers at some of Spain's largest companies have formed a consortium to develop a national blockchain-based ledger, called Alastria, with assistance from the government and universities, TechCrunch reported on Tuesday. The consortium's board includes Banco Santander (SAN) head of blockchain research and development Julio Faura, vice presidents in charge of innovation at BME and Banco Sabadelli Maria Parga and Montserrat Guardia, Repsol's (REPYY) director of innovation Nuria Avalos, BBVA (BBVA) CTO of digital innovation Carlos Kuchovsky and Gas Natural Fenosa director of technology and communications Jose Maria Boixeda. According to an Alastria statement, the network "will provide a shared platform on which the various participants, and in particular large companies, will be able to create digital representations of the assets with which they work in their usual economic activity, also known as 'tokens'. With these 'tokens' it is possible to develop new products and innovative cutting services, in addition to being able to develop current processes faster, safer and more efficiently." 4. SHILLER SAYS BITCOIN A FAD: On Monday, Nobel Prize-winning economist Robert Shiller said bitcoin is a fad and compared it to bimetallism on CNBC's Closing Bell. "I'll take bitcoin, too, because I know I can sell it and get out of it. There seems to be some strange enthusiasm for it," he said. "People get excited about things like new monetary standards. Remember bimetallism? It went into a fad, everyone was talking about it for a while. And then it faded." He added, ""I think gold is a bubble, but it's always been a bubble. It has some industrial uses, but it basically it's like a fad that's lasted thousands of years." 5. OTHER BITCOIN PLAYS: Cryptocurrency revenues have been pointed to as reasons to be bullish on Advanced Micro Devices (AMD) and Nvidia (NVDA) in select research. PRICE ACTION: As of time of writing, Bitcoin rose about 4.4% this week, or $250, to trade near $5,950 in U.S. dollars according to CoinDesk. Meanwhile, AMD shares were down 2% to $13.95 this week and Nvidia rose 1.7% on a weekly basis to $197.96. Bitcoin Investment Trust (GBTC) rose 3% this week to $703. WANT BITCOIN NEWS ALERTS?: To receive alerts on stories relating to bitcoin and other cryptocurrencies, Fly subscribers can enter "Bitcoin" into the "Add symbols" box of their portfolios.
Oct 20, 2017 | 07:24 EDT
About two dozen major companies are planning to launch The Coalition for the American Dream to urge Congress to pass bipartisan legislation to enable young, illegal immigrants to continue working in the U.S., Reuters reports, citing documents. The move, by companies including Alphabet's Google (GOOG, GOOGL), Microsoft (MSFT), Facebook (FB), Intel (INTC), Uber, IBM (IBM), Marriott International (MAR) and Univision, come following President Trump's decision to let the Deferred Action Childhood Arrivals program expire in March. Reference Link
Oct 20, 2017 | 06:04 EDT
Intel Capital, Intel's global investment organization, announced new investments totaling more than $60M in 15 technology startups. This latest group of new portfolio companies brings Intel Capital's year-to-date investing to more than $566M. "The world is undergoing a data explosion," said Wendell Brooks, Intel senior vice president and president of Intel Capital. "By 2020, every autonomous vehicle on the road will create 4 TB of data per day. A million self-driving cars will create the same amount of data every day as 3 billion people. "As Intel transitions to a data company, Intel Capital is actively investing in startups across the technology spectrum that can help expand the data ecosystem and pathfind important new technologies," Brooks said.The companies joining Intel Capital's portfolio are trailblazing technologies that leverage multiple facets of the data lifecycle - including analyzing, capturing, managing and securing data. These newly funded companies focus on artificial intelligence, 3D medical visualization, robots for retail, and cybersecurity inspired by the human immune system, among other technologies. Brooks also announced that, two years after the launch of the Intel Capital Diversity Initiative, more than 10% of Intel Capital's portfolio companies now are led by women or other groups underrepresented in the technology industry - including three of the companies introduced today. Intel Capital announced investments in Amenity Analytics, Bigstream, LeapMind, Synthego, Trace, AdHawk Microsystems, Horizon Robotics, EchoPixel, Alcide and others. Reference Link
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