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Roku Falls on Downgrade on Concern Over TCL Partnership

Roku shares fell after the streaming technology company received a downgrade from Stephens analyst Kyle Evans to equal weight from overweight, with a reduction in his share-price target to $105 from $155. Evans is concerned about Roku’s partnership with Chinese electronics maker TCL to make smart TVs. “These aren’t new fears to us or ROKU shareholders,” he wrote in a report. Roku shares recently traded at $108.21, down 5.66% from Thursday’s close. The stock has slumped 9% over the last three months, compared to a gain…

Canopy Growth Moves Higher on Bullish BofA Note

Shares of cannabis company Canopy Growth rose Friday after analysts at Bank of America reinstated coverage on the company with a buy rating and C$30 ($21.44) price target. BofA says that while the development of the Canadian cannabis market has been slower than many industry watchers had anticipated, Canopy Growth is still well positioned in what will eventually be a high growth market. "Overall we are favorable to Canopy's long-term prospects, as a leading balance sheet allowed Canopy to scale both in Canada and…

Dow Finishes Higher on Optimism Over U.S. Reopening

Stocks finished higher Wednesday with retailers posting strong quarterly earnings, Facebook and Amazon posting record highs, and Wall Street looking warily to the reopening of the U.S. economy. The Dow Jones Industrial Average finished up 369 points, or 1.5% to 24,576, the S&P 500 rose 1.67% to its highest closing level since early March, and the Nasdaq jumped 2.1%. Facebook finished up 6% to $229.97, while Amazon rose 2% to $2,497.94, with both tech titans reaching record highs. The Federal Reserve said in the…

Amazon Is Clearly What Hedge Funds Are Betting On These Days

Amazon has been a major beneficiary of the Covid-19 chaos, and hedge funds have taken notice. The fastest bear market in history saw a 30% plummet followed by a rapid 30% rebound. But there has been a large bifurcation in this rally. While many stocks remain significantly depressed on the year, tech has flourished. The Nasdaq is actually up year to date, and megacap tech, buoyed by stay-at-home orders and an inexorable trend of work-from-home (WFH) policy becoming the norm, has reaped much of these gains. Amazon’s 32%…

Nvidia Reports Earnings Soon: 5 Important Things to Watch

After selling off hard during the market’s February/March plunge, Nvidia’s stock has rocketed to new highs over the last two months, leaving the GPU giant sporting a $215 billion market cap. As a result, informal sales and EPS expectations might be above official analyst estimates going into Nvidia’s April quarter (fiscal first quarter) earnings report. Currently, the consensus among analysts polled by FactSet is for revenue of $2.97 billion (up 34% annually), GAAP EPS of $1.39, and non-GAAP EPS of $1.66. For the July…

Johnson & Johnson to Stop Selling Talc-Based Baby Powder in U.S., Canada

Johnson & Johnson JNJ said Tuesday it is discontinuing its iconic talc-based baby powder in the U.S. and Canada amid a larger review of products prompted by the Covid-19 pandemic. The company, which faces thousands of lawsuits claiming the powder caused cancer in women who used it, said demand has been falling “due in large part to changes in consumer habits and fueled by misinformation around the safety of the product and a constant barrage of litigation advertising,” according to a statement. Johnson &…

Boeing Lifted by Saudi Share Purchase and Rise in Airline Optimism

Boeing shares jumped after Saudi Arabia took a stake in the aerospace giant and the company received multibillion-dollar contracts for missile systems. Also lifting the Chicago company was optimism about airline shares. A drugmaker's progress with a vaccine candidate targeting covid-19 lifted investor spirits about resurgent air travel after the coronavirus wrecked flight plans for consumers and businesses. Late Friday, Saudi Arabia's sovereign-wealth fund, the Public Investment Fund, disclosed in a quarterly filing …

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