Nasdaq News

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A company owned by Australian universities said on Thursday it was raising cash by selling down its stake of a listed business that finds placements for foreign students, a sign of pressure on the education sector following border closures.

Tesla Inc plans to build a battery research and manufacturing facility in Fremont, California, to be operated around the clock, under a project dubbed Roadrunner, documents from the city government showed.

SoftBank Group Corp Chief Executive Masayoshi Son said at the annual shareholders' meeting on Thursday the equity value of the group's holdings has recovered to pre-coronavirus pandemic levels.

Oil prices inched up in early trading on Thursday after sliding more than 5% in the previous session on worries that a rapid rise in COVID-19 cases could choke a revival in fuel demand, but volumes were thin with China out on a public holiday.

Advanced Micro Devices’ (AMD) relentless march forward has resulted in outsized market gains for five consecutive years. No matter the macro climate and attendant headwinds, the stock just keeps performing. 2020 has been no different, although by AMD standards, relatively muted compared to recent years. Still, shares have appreciated by 19% year-to-date.

But the upward movement must come to an end at some point, right? Maybe, but not anytime soon, according to RBC analyst Mitch Steves. In a recent report to clients, the 5-star analyst dissects why AMD’s gaming console segment is set to act as a catalyst over the next two-three years.

With Sony and Microsoft both lining up holiday season launches for the PS5 and the Xbox, as the provider of much of the technology that powers the game consoles, AMD will benefit when both release their products.

“Considering that build patterns for both the Xbox and PS5 are already set, we think AMD has high revenue visibility for the back half of 2020 and foresee higher than expected margins for the console segment,” Steves noted.

In the previous gaming cycle, Steves estimates peak revenue amounted to $700 million for one quarter, with the “initial ramp” bringing in roughly $525 million.

“With AMD's current guidance we estimate that semi-custom revenue should reach ~$660 million in the initial launch,” added Steves.

That is a 25% premium on the last round’s launch. Based on the assumption units will be up by 10%, Steves reckons it would imply the ASP (average selling price) will increase by approximately 14%. Add to that Steves’ revenue estimate of $660 million per quarter, and semi-custom’s 2% operating margin uptick could result in a 3% addition to AMD's total EPS.

No surprise, then, to learn Steves keeps an Outperform rating on AMD, along with a $66 price target. What’s in it for investors? Upside potential of 21%. (To watch Steves’ track record, click here)

The Street has a cautiously optimistic outlook on the high-flying chipmaker. Based on 13 Buys and 9 Holds, the analyst consensus rates AMD a Moderate Buy. The average price target hits $56.53, and implies possible gains of 3% over the coming months. (See AMD stock-price forecast on TipRanks)

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

(RTTNews) - The Singapore stock market headed south again on Wednesday, one session after it had snapped the three-day losing streak in which it had lost almost 40 points or 1.5 percent. The Straits Times Index now rests just beneath the 2,630-point plateau and it figures to ope

Asian markets were set to follow a tumble in Wall Street stocks and oil prices on Thursday after surging U.S. coronavirus cases and the International Monetary Fund's downgrade to global economic projections shook confidence in a recovery.

Jarome Iginla, Marian Hossa, Kevin Lowe and Doug Wilson will be among those inducted into the Hockey Hall of Fame in November, the organization said on Wednesday.

(RTTNews) - The Malaysia stock market has moved lower in two straight sessions, sinking almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,500-point plateau and the losses may accelerate on Thursday.

What happened Shares of several brick-and-mortar retail chains closed lower on Wednesday, amid renewed fears that a surge in coronavirus cases could halt the ongoing reopening of the U.S. economy. 

Japan's NEC Corp said on Thursday it will discuss a capital alliance with telecommunications conglomerate Nippon Telegraph and Telephone (NTT) at its board meeting later in the day.

When a major earthquake struck Mexico on Tuesday, panic swept through the coastal city of Juchitan as residents feared that much of what they had struggled to rebuild after a devastating 2017 temblor would return to rubble.

Tesla might have posted some serious gains this year – shares are up by 139% - but it has nothing on fellow EV maker Nikola (NKLA).

Shares of the electric heavy-truck maker have been on a turbo charged run up, gaining 624% since the turn of the year.

But is the hype justified? After all, for a company not generating any revenue – and one that despite this basic prerequisite is currently valued higher than Ford - the price tag seems, well, too high.

At least that is the view of J.P. Morgan analyst Paul Coster. Coster initiated coverage of Nikola with a Neutral rating and a $45 price target, which implies a downside of a hefty 39% from current levels. (To watch Coster’s track record, click here)

That’s not to say Coster rejects Nikola’s proposition. However, laying out the reasoning behind his review, Coster said, “NKLA is poised to disrupt the transportation industry with rapid deployment of hydrogen infrastructure and FCEV powered vehicles for use on long haul trucking routes, reducing CO2 emissions meaningfully and positioning the firm for a key role in the future hydrogen economy. The resulting business model could be compelling, however risks are elevated for this pre-revenue company, and the stock looks fully valued here, so we look for a pull-back or incremental positive developments to get more constructive.”

That said, Coster gets Nikola’s appeal. Calling Nikola “a Hydrogen economy pure-play,” the secular clean energy trend could be a strong tailwind over the next few years. The disruptor is eying a $600 billion TAM (total addressable market), and could potentially bring in “over $10 billion p.a. in Truck revenues within a decade.”

Add to that an impressive list of manufacturing partners, which includes CNH Industrial, Bosch and Nel, and a speedy pathway to market is in the cards. Customers, according to the company, are also lining up, with 14,000 truck reservations in place.

However, eventually it all leads back to the “fully valued” share price, which Coster notes “trades on very high multiples of distant-future revenue and EBITDA.”

In terms of other analyst activity, it has been relatively quiet. Overall, 1 Buy rating and 1 Hold assigned in the last three months add up to a ‘Moderate Buy’ analyst consensus. Meanwhile. the $62 average price target implies a 16.5% downside from current levels. (See Nikola stock-price forecast on TipRanks)

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

The association representing staff at the World Bank on Wednesday asked that Brazil's nomination of Abraham Weintraub to be executive director be reviewed over his past racial comments and other concerns, according to a letter seen by Reuters.

An influential foundation focused on preparation and response to epidemics that is backing nine potential coronavirus vaccines has identified manufacturers with capacity to produce four billion doses a year, the group's top manufacturing expert told Reuters.

Britain's Odeon Cinemas will reopen its theatres from July 4 with pre-packaged food and drinks and vacant seats between guests to reassure them of its safety measures, as England begins to ease its coronavirus lockdown.

Britain must use its coronavirus recovery plan to fund climate measures such as accelerating a phase-out of new petrol and diesel cars by 2032 and making homes more energy efficient, a report by the government's climate advisers said on Thursday.

(RTTNews) - The South Korea stock market has finished higher in back-to-back trading days, advancing nearly 35 points or 1.7 percent along the way. The KOSPI now rests just above the 2,160-point plateau although investors figure to cash in on Thursday.

Qantas Airways Ltd on Thursday said it would raise A$1.9 billion ($1.30 billion) in equity, cut at least 6,000 jobs and ground 100 aircraft for up to 12 months and some for longer as part of its plan to deal with the coronavirus crisis.