BerGenBio To Present Preclinical Covid-19 Data At The Conference On Retroviruses And Opportunistic Infections (CROI 2021)

Investor's Business Daily
Warren Buffett Buys Telecom, Drugmaker Stocks; Apple Stake Cut
Warren Buffett took a huge stake in Verizon stock while dumping JPMorgan stock entirely, according to a regulatory filing from Berkshire Hathaway.
9h ago
Bloomberg
EV-Battery Startup QuantumScape Soars on Technical Breakthrough
(Bloomberg) -- QuantumScape Corp., an electric-vehicle-battery startup, soared as much as 12% in late trading after saying it cleared a key hurdle in the development of its technology.The company, which is attempting to pioneer solid-state lithium-metal batteries for electric vehicles, said it was able to produce multilayer battery cells, a crucial stumbling block in taking the technology from the lab to the real world.“While there is still a lot of work to be done and we could encounter new challenges as we increase our layer count, this is an incredibly important result, and we are excited to have this so early in the year,” Chief Executive Officer Jagdeep Singh said in a letter to investors that was part of the company’s first quarterly financial report.The company is one of several startups and incumbents trying to develop solid-state batteries, an innovation that holds the promise of dramatically speeding up EV adoption by providing automakers with a safer, cheaper alternative to current lithium-ion batteries.To become commercially viable, the company needs to deal with three main issues. It must build bigger and multilayered batteries, compared with what it’s testing in a controlled laboratory setting. The current build has only four layers, and the company may need to have as many as a dozen in the commercial version.It also needs to develop a reliable manufacturing line for certain critical components, such as ceramic separators. Finally, it has to put all those pieces in a factory where it can spread billions of dollars in equipment and machinery costs over large production volumes.Shares of San Jose, California-based QuantumScape, which began trading Nov. 27 after it merged with the blank-check company, Kensington Capital Acquisition Corp., jumped as high as $56.70 in after-market trading Tuesday.Faster to MarketBeing able to build multilayer battery cells that essentially perform like single-layered cells may shave months off the time needed to bring QuantumScape’s batteries to consumer vehicles, Singh said in an interview.Crucially, it gives the company confidence to build a small pilot facility in San Jose that will produce engineering samples for automakers to put in “hundreds of test cars” as soon as 2023, the CEO said. QuantumScape intends to use those samples to woo customers beyond its largest shareholder, Volkswagen AG, Singh said on a call following the release of quarterly results.“Now we have the ability to make cells before the JV comes up with VW,” he said in an interview. “This is new, this wasn’t part of the plan before.”Volkswagen has committed to using QuantumScape’s battery technology in its EVs via a joint venture -- if enough batteries can be produced and at competitive prices. QuantumScape estimates it will cost $1.6 billion to build that battery factory, a 50-50 venture with Volkswagen that’s supposed to start producing cells in 2024.The company closed the fourth quarter with more than $1 billion in cash and equivalents. Spending plans this year include capital outlays and operating costs of $230 million to $290 million, the company said. However with additional financing from Volkswagen and the assumed exercise of warrants, QuantumScape expects to head into 2022 with more than $900 million.(Updates with details of developments in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
8h ago
Bloomberg
Warren Buffett's Berkshire Reveals Three New Secret Buys
(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. cut its Apple Inc. holding during the last few months of the year. The conglomerate also revealed three new buys that it snapped up in secret.Berkshire bought stock in Verizon Communications Inc., insurance broker Marsh & McLennan Cos. and Chevron Corp., bets that were granted confidential status and not revealed in a third-quarter regulatory filing, according to an updated document released Tuesday. The news of the investments sent the shares of those three companies up in after-market trading.The Apple stake reduction left Berkshire with a holding valued at about $120 billion at the end of 2020, according to another filing. The iPhone maker remains Berkshire’s biggest single stock holding.Buffett and his investment deputies, Todd Combs and Ted Weschler, reshaped the portfolio over the last year as the coronavirus pandemic struck the U.S. The company was heavily invested in the banking sector, which has done well in the pandemic but is exposed to consumer finances and commercial real estate. The conglomerate has spent recent months lightening up on some of those lenders, while maintaining bets on firms such as Bank of America Corp.Berkshire cut a few bank holdings, exiting JPMorgan Chase & Co., PNC Financial Services Group Inc. and M&T Bank Corp. while slashing its Wells Fargo & Co. stake by 59%. The company also shifted recent bets on drugmakers by increasing a stake in Merck & Co Inc., Abbvie Inc. and Bristol-Myers Squibb Co. It ended a recent investment in Pfizer Inc.Berkshire exited a bet on Barrick Gold Corp. The investment was a surprise when it was revealed last year, given Buffett’s years of chiding the precious metal. The company also trimmed an investment in General Motors Co., cutting that holding to a stake valued at roughly $3 billion at the end of the fourth quarter.Some of the new stakes were sizable. Berkshire held an investment in Chevron valued at nearly $4.1 billion at the end of 2020, while its Marsh & McLennan bet was valued at $499 million. Berkshire accumulated a $8.6 billion stake in Verizon, a company that it had previously bet on but cut in 2019.Verizon stock was up roughly 2.7% to $55.59 at 6:03 p.m. in New York, while Chevron gained 2.4%. Marsh & McLennan climbed less than 1% to $115 at 4:58 p.m.(Correction: A previous version of this online article misspelled Warren Buffett’s name.)(Updates with stock gains in second and eighth paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
8h ago
Investor's Business Daily
Palantir Stock Falls As 2021 Revenue Outlook Disappoints, IPO Lock-Up To Expire
Palantir reported fourth-quarter earnings and revenue that topped estimates. Palantir stock fell as full-year 2021 revenue guidance came in slightly below expectations.
10h ago
MoneyWise
Joe Biden just gave homeowners an even longer break from mortgage payments
As part of COVID-19 relief, you can now keep your home loan on pause for up to 18 months.
10h ago
InvestorPlace
Bitcoin Is Going to Crash. The Big Question Is When
The blowout rally in Bitcoin (CCC:BTC-USD) continues. As I write this, the best-known and most-valuable cryptocurrency trades above $47,000, down modestly from an all-time high set on Thursday morning. Source: Shutterstock Bitcoin now has roughly tripled since November, and rallied more than 50% this year. And the optimism makes some sense. Notably, corporations are increasingly comfortable with adopting Bitcoin. BTC saw a big catalyst this week when Tesla (NASDAQ:TSLA) said it would buy $1.5 billion of the crypto. The electric vehicle giant follows earlier adopters like MicroStrategy (NASDAQ:MSTR) and payment companies Square (NYSE:SQ) and PayPal (NASDAQ:PYPL).InvestorPlace - Stock Market News, Stock Advice & Trading Tips The run over the last four months continues what has been an incredible rally. Bitcoin only launched in 2009. It cleared $1 (yes, one dollar) for the first time almost exactly a decade ago. Give or take, BTC has appreciated 4,700,000% in ten years. There have been few assets in the history of mankind to show that kind of appreciation. Simply put, Bitcoin has created millionaires. But the rally hasn’t been without volatility. In fact, volatility and crashes both have been a key part of the Bitcoin experience. Many of those crashes started in environments similar to this one: when all seemed well, and further upside appeared almost guaranteed. That history suggests another reversal is almost certain to occur. That doesn’t mean investors need to rush to sell their BTC immediately, but at the least they should be on their guard. The History of Bitcoin Crashes For skeptics (and I remain one of them), early 2021 looks an awful lot like late 2017. 9 Meme Stocks That Social Media Won't Shut Up About At that time, Bitcoin similarly was soaring. Bitcoin cleared $1,000 on New Year’s Day 2017. By December, it was over $18,000. $20,000 and beyond seemed guaranteed. Cryptos of all kinds were rallying. Initial coin offerings were all the rage. But as good as 2017 was, 2018 was nearly as bad. In U.S. dollars, Bitcoin had been halved by February. By the end of 2018, it was back below $4,000. As an article at the time noted, the 2018 decline was not the first huge drawdown the cryptocurrency had seen. Not even close. In 2012, BTC dropped 49% twice, with one of the declines a three-day, 57% punishment. Another three-day period the following year saw an incredible 83% plunge. On Nov. 19, 2013, BTC lost half its value. Later that month, it began a stretch of over a year in which it went from $1,163 to just $152.40. Even in 2017, a banner year, Bitcoin fell 30% or more five different times. And then there was the roughly 80% plunge that began toward the end of that year. Admittedly, of late the volatility has eased somewhat relative to early trading. Wider adoption and a larger investor base should continue that moderation going forward. Still, we’ve seen this before. Bitcoin can move north in a hurry, but it also can move, and has moved, south at roughly the same pace. Three Catalysts And there are a pair of catalysts that could trigger another decline in 2021. The first is simply the parabolic gains not just in BTC, but across asset classes. We’ve seen a number of stocks go crazy. That doesn’t just include miners like Riot Blockchain (NASDAQ:RIOT) and Marathon Patent (NASDAQ:MARA). It even goes beyond the so-called “Reddit stocks” like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC). Commodities have taken off. Even in cryptos, DogeCoin, which started as a joke, now has a market capitalization of $9 billion. There are going to be crashes elsewhere, whether in cryptos, stocks, or commodities. And those crashes may well read across to Bitcoin. Surely there is cross-ownership between Bitcoin and other ‘hot’ assets. Those owners that see losses elsewhere are likely to de-risk by converting BTC to USD. There’s also the regulatory environment. Treasury Secretary Janet Yellen has repeatedly and publicly raised concerns about cryptocurrencies including Bitcoin. Certainly, Yellen can’t ban BTC trading and send its value to zero. But she can impact potentially bullish catalysts, like the long-awaited launch of an exchange-traded fund (which would need to be approved by the U.S. Securities and Exchange Commission). Finally, there’s the possibility that Bitcoin itself simply has run too far. It stands to reason that at least some of the incremental buyers since December are not diehard crypto adherents, who believe Bitcoin can disintermediate large financial institutions. They’re just joining in the fun. In modern trader parlance, there may be some “weak hands” that have jumped on board. They’re not necessarily the type to ride out volatility longer-term. The Case for Staying It bears repeating: these risks don’t mean an investor needs to rush to cash in their Bitcoin. In fact, for a couple of reasons, an investor can believe that both a) Bitcoin will crash again and b) Bitcoin still is worth owning right now. First, the crash may still be a long ways off — and more upside may follow. An analyst could have correctly predicted in early 2017 that BTC was going to crash within a year. A trader who listened to that advice still would have missed out on gains of at least 200%-plus. This rally doesn’t have to end immediately. Second, there’s a case that trying to time the crash (assuming it arrives) is a fool’s errand. Timing the stock market is a notoriously impossible strategy. Bitcoin’s history suggests it isn’t any different. Long-term bulls on Bitcoin (or any other cryptocurrency) can reasonably argue that immense volatility simply is a fact of life, at least for now. But if the long-term bull case plays out, the ability to ride out that immense volatility will pay off, even if there’s some short-term pain along the way. Neither is an unreasonable argument. But crypto holders need to at least understand that we’ve been here before. Short-term bursts of optimism like we’re seeing now almost always are followed by a reversal. I don’t believe this time will be any different, though it remains to be seen how steep that reversal is, and from what point it begins. On the date of publication, Vince Martin did not have (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next Potential Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. #1 Play to Profit from Biden's Presidency The post Bitcoin Is Going to Crash. The Big Question Is When appeared first on InvestorPlace.
2d ago
The Wall Street Journal
China Blocked Jack Ma’s Ant IPO After Investigation Revealed Likely Beneficiaries
Well-connected Chinese power players were behind layers of opaque investment vehicles that would have profited from the world’s largest stock listing. The information added to concerns about financial risk and anger at Ma’s outspoken criticism.
15h ago
TipRanks
2 “Strong Buy” Dividend Stocks Yielding at Least 7%
A number of factors are coming together in the market picture, and indicate a possible change in conditions in the mid-term. These include increases in commodity prices, specifically, oil prices, which have rallied recently. In addition, the January jobs numbers, released earlier this month, were disappointing at best – and grim, at worst. They, do, however, increase the chance that President Biden and the Democratic Congress will push a large-scale COVID relief package through to fruition. These factors are likely to pull in varying directions. The rise in oil prices suggests an upcoming squeeze in supply, while the possibility of further stimulus cash bodes well for fans of market liquidity. These developments, however, point toward a possible price reflationary climate. Against this backdrop, some investors are looking for ways to rebuild and defend their portfolios. And that will bring us to dividends. By providing a steady income stream, no matter what the market conditions, a reliable dividend stock provides a pad for your investment portfolio when the share stop appreciating. And so, we’ve opened up the TipRanks database and pulled the details on two stocks with high yields – at least 7%. Even better, these stocks are seen as Strong Buys by Wall Street’s analysts. Let’s find out why. Williams Companies (WMB) The first stock we'll look at is Williams Companies, a natural gas processing firm based in Oklahoma. Williams controls pipelines for natural gas, natural gas liquids, and oil gathering, in a network stretching from the Pacific Northwest, through the Rockies to the Gulf Coast, and across the South to the Mid-Atlantic. Williams’ core business is the processing and transport of natural gas, with crude oil and energy generation as secondary operations. The company’s footprint is huge – it handles almost one-third of all natural gas use in the US, both residential and commercial. Williams will report its 4Q20 results late this month – but a look at the Q3 results is informative. The company reported $1.93 billion at the top line, down 3.5% year-over-year but up 8.4% quarter-over-quarter, and the highest quarterly revenue so far released for 2020. Net earnings came in at 25 cents per share, flat from Q2 but up 38% year-over-year. The report was widely held as meeting or exceeding expectations, and the stock gained 7% in the two weeks after it was released. In a move that may indicate a solid Q4 earnings on the way, the company declared its next dividend, to be paid out on March 29. The 41-cent per common share payment is up 2.5% from the previous quarter, and annualizes to $1.64. At that rate, the dividend yields 7.1%. Williams has a 4-year history of dividend growth and maintenance, and typically raises the payment in the first quarter of the year. Covering the stock for RBC, 5-star analyst TJ Schultz wrote: “We believe Williams can hit the low-end of its 2020 EBITDA guidance. While we expect near-term growth in the NE to moderate, we think WMB should benefit from less than previously expected associated gas from the Permian. Given our long-term view, we estimate Williams can remain comfortably within investment grade credit metrics through our forecast period and keep the dividend intact.” To this end, Schultz rates WMB an Outperform (i.e. Buy), and his $26 price target suggests an upside of 13% in the next 12 months. (To watch Schultz’s track record, click here) With 8 recent reviews on record, including 7 Buys and just 1 Hold, WMB has earned its Strong Buy analyst consensus rating. While the stock has gained in recent months, reaching $23, the average price target of $25.71 implies it still has room for ~12% growth this year. (See WMB stock analysis on TipRanks) AGNC Investment (AGNC) Next up is AGNC Investment, a real estate investment trust. It’s no surprise to find a REIT as a dividend champ – these companies are required by tax codes to return a high percentage of profits directly to shareholders, and frequently use dividends as the vehicle for compliance. AGNC, based in Maryland, focuses on MBSs (mortgage-backed securities) with backing and guarantees from the US government. These securities make up some two-thirds of the company’s total portfolio, or $65.1 billion out of the $97.9 billion total. AGNC’s most recent quarterly returns, for 4Q20, showed $459 million in net revenue, and a net income per share of $1.37. While down yoy, the EPS was the strongest recorded for 2020. For the full year, AGNC reported $1.68 billion in total revenues, and $1.56 per share paid out in dividends. The current dividend, 12 cents per common share paid out monthly, will annualize to $1.44; the difference from last year’s higher annualization rate is due to a dividend cut implemented in April in response to the coronavirus crisis. At the current rate, the dividend gives investors a robust yield of 8.8%, and is easily affordable for the company given current income. Among AGNC's bulls is Maxim analyst Michael Diana who wrote: “AGNC has retained a competitive yield on book value relative to other mortgage REITs (mREITS), even as it has out-earned its dividend and repurchased shares. While turmoil in the mortgage markets at the end of March resulted in losses and lower book values for all mortgage REITs, AGNC was able to meet all of its margin calls and, importantly, take relatively fewer realized losses and therefore retain more earnings power post-turmoil.” Based on all of the above, Diana rates AGNC a Buy, along with an $18 price target. This figure implies a ~10% upside potential from current levels. (To watch Diana’s track record, click here) Wall Street is on the same page. Over the last couple of months, AGNC has received 7 Buys and a single Hold -- all add up to a Strong Buy consensus rating. However, the $16.69 average price target suggests shares will remain range bound for the foreseeable future. (See AGNC stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
12h ago
MarketWatch
Here’s what top economist Mohamed El-Erian fears will trigger a market mishap
Not much is slowing down enthusiasm for most assets right now. Mohamed El-Erian, economic adviser to Allianz, says these things might trip up investors.
16h ago
MarketWatch
QuantumScape stock rallies after California battery-plant news
Shares of QuantumScape Corp. rallied more than 5% in after-hours trading Tuesday after the battery-maker startup reported a wider-than-expected loss in its first quarterly reporting as a public company, and said it will build a test plant in California. QuantumScape (QS) said it lost $695 million, or $2.41 a share, in its fiscal fourth quarter, compared with a loss of $14.3 million, or 6 cents a share, in the year-ago quarter. QuantumScape is a pre-revenue company.
9h ago
Reuters
UPDATE 1-Chinese drone maker's stock plunges as short-seller takes aim
Drone manufacturer EHangHoldings Ltd's shares plunged on Tuesday after aninvestment research firm said it had shorted the stock andquestioned the accuracy of what the Chinese company has saidabout its business. Wolfpack Research, which specializes in short-selling, orbetting that shares will fall, said EHang is "an elaborate stockpromotion" and that the producer of unmanned aerial vehicletechnology has lied about its products, manufacturing, revenuesand partnerships.
6h ago
Yahoo Finance
Warren Buffett reveals new stakes in Verizon, Chevron
The latest stock picks for the Oracle of Omaha are out.
10h ago
The Wall Street Journal
GameStop Investors Who Bet Big—and Lost Big
GameStop’s volatile ride is hitting the portfolios of individual investors who purchased the stock in a social-media-fueled frenzy.
2d ago
Barrons.com
Warren Buffett’s Mystery Investments Are Verizon and Chevron. Here’s Why the 2 Stocks Make Sense.
Berkshire (ticker: BRK.B) held 146.7 million shares of Verizon (VZ) worth $8.6 billion at the end of 2020 and 48.5 million shares of Chevron (CVX) worth $4.1 billion, according to a regulatory filing on Tuesday. The Verizon stake is up sharply from the end of the third quarter, when Berkshire owned 58.4 million Verizon shares worth $3.4 billion. The Chevron stake rose more modestly in the fourth quarter, from 44.3 million at the end of the third quarter.
8h ago
Barrons.com
Amazon, Facebook, and 22 of the Most Undervalued Stocks Right Now
Barron's screened the Russell 3000 to find stocks where the average analyst price target was significantly higher than where shares were recently trading.
21h ago
TipRanks
Can These 3 Semiconductor Stocks Keep Up Their Strong Growth Momentum?
Silicon chips are absolutely essential to our modern digital world. You’ll find them in everything from your PC to your smartphone to your car to your coffee maker – even the pedestrian light at the crosswalk is controlled by semiconductor chips, giving the chip makers the benefit of a captive customer base. 5-star analyst C.J. Muse, of Evercore ISI, builds his view of the chip stocks’ prospects on that base, writing: “With every industry vertical increasingly focused on digitalization combined with product cycles including 5G, AI/ML, a broad-based recovery in Auto/Industrial as well as expected continued strength in PCs and a recovery in Networking … our base case calls for Semi revenues to grow 14% in CY21 to $500B.” This isn’t the only positive point, as Muse goes on to say, “Add in potential for stimulus combined with very lean inventories and likely supply constraints and we think risk for growth is higher and that we may finally see a cycle in this cycle (meaning a 6-8 quarter upcycle).” There is agreement among Wall Street’s best analysts that chip stocks have a bright future, and Muse’s Street colleagues have been busy picking the equities they see as winners in the coming year. Using the TipRanks database, we identified three such stocks that have received overwhelmingly bullish praise from the Street, enough to earn a “Strong Buy” analyst consensus. Silicon Motion Technology (SIMO) The first semiconductor name we're looking at is Silicon Motion Technology. The company’s main products are NAND flash memory circuits for solid-state storage units. SIMO also produces chips for flash cards and USB drives. Recent share gains show the strength of that niche; Over the past 3 months, SIMO stock rose 74%, and is now trading at just under its 52-week high. SIMO reported its Q4 and full-year 2020 results earlier this month, which were slightly mixed. Year-over-year, the quarter showed a 6% decline to $143.9 million in revenue. Sequentially, however, revenues gained 13%. For the full year, the top line of $539.5 million was up 17% yoy. For the quarter, the company saw strong yoy gains in SSD component sales. The company finished the quarter – and year – with a solid liquidity position, reporting $369.2 million in cash and cash equivalents on hand, a gain of 5.4% yoy. Along with the firm cash position, the company also declared its dividend for the current quarter. The dividend – to be paid on February 26 – is for 35 cents per common share. This annualizes to $1.40, and gives a yield of 2.2%. Covering the stock for Craig-Hallum, analyst Anthony Stoss believes that based on current trends, SIMO is on a clear path to achieve a company goal of hitting $1 billion in sales by 2023. “While we are currently modeling for FY23 EPS slightly below $8 due to an increased tax rate, we think SIMO’s revenues could come in above $1B in FY23 driving EPS of $8+. SIMO expects their Client SSD business to double in the next 3 years as they gain market share working towards their 40% target, SSD adoption accelerates outside of notebooks and SIMO’s next gen PCIe solutions gain traction," Stoss noted. "With multiple growth drivers in place for the next several years, margins set to improve as supply issues alleviate and SIMO potentially delivering $8+ in EPS within 3 years," Stoss keeps his Buy rating on SIMO intact. The analyst suggests that if everything goes as planned, SIMO will be a $100 stock in the next 12 months, implying ~57% return. (To watch Stoss' track record, click here) Silicon Motion presents investors with a Strong Buy analyst consensus rating, based on 8 reviews which include 6 Buys and 2 Holds. The stock’s trading price is $63.43, and the average price target is $69.50, implying ~9% upside from that level. (See SIMO stock analysis on TipRanks) ON Semiconductor (ON) From an SSD specialist, we’ll move over to sensors, microcontrollers, and optoelectronics. ON Semiconductor produces the chips necessary for these devices, solving problems for engineers in a range of sectors. ON’s products are found in memory systems, interface switches, logic boards, drivers, and power management units. The company boasts a market cap of $17.3 billion, annual sales exceeding $5 billion, and the stock has gained 47% over the last 90 days. ON’s Q4 and 2020 full-year results showed a modest year-over-year gain, but stronger sequential gains. The fourth quarter revenue was $1.45 billion, up 3% from the year-ago quarter and 10% from Q3. EPS in Q4, at 21 cents, was up 50% year-over-year. For the full year 2020, the company reported strong gains in cash flow. Cash from operations rose from $694.7 million to $884.3 million, a gain of 27%. Free cash flow, which was $160.1 million in 2019, increased by 212% to $500.1 million in 2020. In December, ON announced that Hassane El-Khoury has stepped up as the new CEO and company President. This was followed by the January announcement that Thad Trent would take the exec VP and CFO positions effective this month. Craig Ellis, 5-star analyst with B. Riley Securities, sees the new management as a net positive for the company. “We are encouraged with new management’s more selective focus on high margin leadership products as a prioritization lever for vertical integration, R&D, and channel strategies… We believe Street estimates will reset higher but with further longer-term upside potential even as GM expansion initiatives seem broader and more readily actionable than we previously expected,” Ellis opined. To this end, Ellis rates ON a a Buy, and his $50 price target indicates confidence in a 19% upside potential. (To watch Ellis’ track record, click here) Overall, there are 19 recent reviews on record for ON Semiconductor, and no fewer than 16 of them are Buys. Of the remaining three, 2 are Holds and 1 is a Sell. This gives ON a Strong Buy analyst consensus rating. However, the majority expect shares to stay range bound for now, as the current $42.03 average price target indicates. It will be interesting to see whether the analysts downgrade their ratings or upgrade price targets over the coming months. (See ON stock analysis on TipRanks) Micron Technology (MU) Among the leading chip makers, Micron has staked out a position in the memory segment. The company has seen its market cap expand to $99 billion, as shares have appreciated 43% over the past 3 months. These gains have come as the company’s data storage, flash storage, and DRAM chips have seen a surge in demand. The company’s fiscal 2021 is getting off to a good start. Fiscal Q1 saw a top line of $5.77 billion, up 12.2% year-over-year. EPS gained 65% yoy, and came in at 71 cents. Along with strong quarterly results, Micron has, in recent quarters, been debuting new memory technology. These include the first 176-layer NAND chip, announced back in November, which promises an upgrade to flash memory performance – and has applications in automotive, data center, and mobile applications. This past January, Micron announced the first volume delivery of 1-alpha DRAM chipsets. The new chips are expected to see strong sales in the year ahead. Covering this stock for Rosenblatt Securities, 5-star analyst Hans Mosesmann writes, “Strong demand in cloud, client, auto, and mobile are helping improve conditions across DRAM, while a power outage and earthquake has limited DRAM supply... Looking longer-term, an economic recovery and secular trends (5G and AI) is expected to result in stronger demand.” Unsurprisingly, Mosesmann gives MU shares a Buy rating and a $120 price target, implying an upside of 36% for the next 12 months. (To watch Mosesmann’s track record, click here) All in all, Micron has 22 recent Buy reviews, out of 24 on record, giving the stock a solid foundation for its Strong Buy consensus rating – and demonstrating Wall Street’s confidence in the company and the stock. Shares are trading for $88.12, and their $97.64 average price target suggest room for ~11% upside in the coming months. (See MU stock analysis on TipRanks) To find good ideas for semiconductor stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
16h ago
Oilprice.com
The Single Biggest Threat To The Electric Vehicle Boom
Toyota’s boss is predicting this could lead to the collapse of the auto industry. But one company may hold the solution...
1d ago
Investor's Business Daily
QuantumScape Reports Deep Loss In First Report While Test Production Eyed
QuantumScape reported quarterly results for the first time since its trading debut, after BorgWarner announced it will buy EV battery maker Akasol.
9h ago
Reuters
Exclusive: Lucid Motors nears SPAC deal as Klein launches financing - sources
Luxury electric vehicle maker Lucid Motors Inc is getting close to a deal to go public at a roughly $12-billion valuation after veteran dealmaker Michael Klein's blank-check acquisition firm launched a financing effort to back the transaction, people familiar with the matter said on Tuesday. The merger between Lucid and Klein's Churchill Capital IV Corp would be the biggest in a string of deals by electric vehicle makers such as Nikola Corp and Fisker Inc that have gone public by combining with special purpose acquisition companies (SPACs). Churchill Capital IV has initiated talks with investors to raise more than $1 billion by selling shares in a private investment in public equity (PIPE) transaction for the deal with Lucid, the sources said.
12h ago
Reuters
Citigroup cannot recoup Revlon payouts after nearly $900 million gaffe - U.S. judge
A federal judge on Tuesday said Citigroup Inc is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc, in what he called "a banking error of perhaps unprecedented nature and magnitude." U.S. District Judge Jesse Furman in Manhattan said the Aug. 11, 2020, transfers were "final and complete transactions, not subject to revocation." Citigroup plans to appeal.
16h ago

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BerGenBio To Present Preclinical Covid-19 Data At The Conference On Retroviruses And Opportunistic Infections (CROI 2021)

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