Zoom Shares Slide as Analysts Express Concern Over Valuation

Shares of Zoom Video Communications  (ZM) – Get Report fell sharply Tuesday, as analysts expressed concern about valuation despite the video-conferencing company releasing a strong earnings report.

Zoom recently traded at $424.98, down almost 11%. But the stock skyrocketed 603% year to date through Monday, with usage exploding as the coronavirus pandemic forced people to stay at home.

For its fiscal 2021 third quarter ended Oct. 31, San Jose-based Zoom reported profit of 99 cents per share on revenue of $777.2 million. Analysts expected earnings of 76 cents per share with revenue of $693.95 million.

After Covid, however, the work-from-home and school-from-home dynamic may diminish, Morgan Stanley analysts said, according to Bloomberg. Morgan Stanley has an equal weight rating and a $380 price target on Zoom. The total addressable market of $100 billion leaves plenty of room for growth, but the analysts see valuation trading between their

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Nvidia Shares Dip on Predicted Decline in Data Center Sales | Top News

By Stephen Nellis and Ayanti Bera

(Reuters) – Nvidia Corp shares declined nearly 3% on Wednesday after company executives said data center chip sales would fall slightly in the fourth quarter.

The dip came after the Santa Clara, California company forecast overall fourth-quarter revenue above Wall Street expectations, betting on robust demand for its graphic chips for gaming devices and data centers.

The chipmaker said it expects current-quarter revenue of $4.80 billion, plus or minus 2%, compared with analysts’ average estimate of $4.42 billion, according to IBES data from Refinitiv.

Nvidia also beat revenue expectations for the third quarter as gaming business revenue jumped 37% to $2.27 billion from a year earlier, beating FactSet estimates of $2.06 billion. But Chief Financial Officer Colette Kress said that “industry-wide capacity constraints” meant it could be months before supplies of Nvidia’s newest line of gaming chips could catch up with demand.

Besides high-end

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Joyy rejects short-seller fraud claim that sent its shares plunging

Chinese social media platform Joyy on Thursday tried to fend off an attack by short-seller Muddy Waters, saying a report that sent its share price plunging was full of “errors, unsubstantiated statements, and misleading conclusions.”



a man looking at the camera: Carson Block, chief investment officer and co-founder of Muddy Waters Capital LLC, speaks during the Sohn Hong Kong Conference in Hong Kong, China, on Wednesday, June 7, 2017. Shares of Man Wah Holdings Ltd. sank in Hong Kong after Muddy Waters questioned the firms profitability. Photographer: Anthony Kwan/Bloomberg via Getty Images


© Anthony Kwan/Bloomberg/Getty Images
Carson Block, chief investment officer and co-founder of Muddy Waters Capital LLC, speaks during the Sohn Hong Kong Conference in Hong Kong, China, on Wednesday, June 7, 2017. Shares of Man Wah Holdings Ltd. sank in Hong Kong after Muddy Waters questioned the firms profitability. Photographer: Anthony Kwan/Bloomberg via Getty Images

Shares in Joyy closed down more than 26% in New York on Wednesday after Muddy Waters published its report accusing the company of making up revenues and labeling the business “a multibillion-dollar fraud.” The shares recovered a lot of those losses on Thursday, closing up nearly 17%.

The fraud allegations come just days after Baidu, China’s dominant search engine,

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Tesla Shares Soar On S&P 500 Inclusion; Market Cap Tops $420 Billion

Tesla Inc. shares surged the most in more than two months Tuesday after it was added to the S&P 500 benchmark in a move that could trigger more than $50 billion in portfolio re-shuffling to make room for Elon Musk’s clean-energy carmaker.



Tesla Shares Soar On S&P 500 Inclusion; Market Cap Tops $420 Billion


© TheStreet
Tesla Shares Soar On S&P 500 Inclusion; Market Cap Tops $420 Billion

Tesla, which became eligible for inclusion following its fourth consecutive quarterly profit over the summer, will likely be added to the S&P 500 in two phases, with the final inclusion set for December 21. Tesla will sit just ahead of Visa Inc. , and just below Warren Buffett’s Berkshire Hathaway on the U.S. benchmark.

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The addition of Tesla, one of the world’s most compelling growth stories and one of the market’s most active stocks, is likely to trigger around $50 billion in portfolio activity as active investors, as well as passive funds,

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Unity Software shares dip on Q3 results, rebound Friday

Unity Software Inc.’s stock initially slipped more than 6% in after-hours trading Thursday after the maker of video-gaming software reported fiscal third-quarter results. The stock, however, rebounded Friday, rising 13%.

Unity
U,
+12.80%
,
which went public in September, reported a net loss of $144.7 million, or 97 cents a share, compared with a net loss of $45.8 million, or 76 cents a share, in the year-ago quarter. The company reported a non-GAAP net loss per share of 9 cents.

Revenue soared 53% to $200.8 million from $130.9 million a year ago.

“We have big ambitions” beyond traditional gaming and into markets such as industrial, automotive, and entertainment, Unity Chief Executive John Riccitiello said during a Zoom
ZM,
-5.84%

call with analysts following the results announcement.

“Growth is coming across the board,” Unity Chief Financial Officer Kim Jabal told MarketWatch. She said the company continues to see expanded use in

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Matt Chambless Is The CFO, Secretary & Treasurer of Computer Programs and Systems, Inc. (NASDAQ:CPSI) And They Just Sold 29% Of Their Shares

We’d be surprised if Computer Programs and Systems, Inc. (NASDAQ:CPSI) shareholders haven’t noticed that the CFO, Secretary & Treasurer, Matt Chambless, recently sold US$334k worth of stock at US$29.50 per share. That sale was 29% of their holding, so it does make us raise an eyebrow.

Computer Programs and Systems Insider Transactions Over The Last Year

In fact, the recent sale by CFO, Secretary & Treasurer Matt Chambless was not their only sale of Computer Programs and Systems shares this year. They previously made an even bigger sale of -US$368k worth of shares at a price of US$28.34 per share. That means that even when the share price was below the current price of US$29.66, an insider wanted to cash in some shares. When an insider sells below the current price, it suggests that they considered that lower price to be fair. That makes us wonder what they think of

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Alibaba’s Singles Day sales top $74 billion, planned rules hit shares

HANGZHOU, China (Reuters) – Alibaba 9988.HK sales for its post-COVID-19 Singles’ Day shopping extravaganza hit $74 billion, a haul that was overshadowed by a 10% drop in its shares on Wednesday after China published draft anti-trust rules aimed at internet platforms.

The world’s biggest sales event – eclipsing Black Friday and Cyber Monday in the United States – spanned 11 days this year, and brought sellers on AliBaba’s platforms 21 times as many orders by value as Amazon.com Inc’s AMZN.O two-day global Prime Day last month.

Such is its size that its performance is widely considered indicative of China’s post-virus economic recovery.

Alibaba rivals JD.com Inc 9618.HKJD.O and Pinduoduo Inc PDD.O as well as firms such as Douyin – the Chinese version of Beijing ByteDance Technology Co Ltd’s TikTok – also held Singles’ Day events.

“Because of COVID-19, many Chinese cannot go overseas,” Vice President Liu Bo told reporters.

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Lyft Shares Gain After Q3 Revenue Beat, Food Delivery Plans

Lyft Inc.  (LYFT) – Get Report shares surged higher Wednesday after the ride-sharing platform detailed its plan to boost food delivery revenues in order to offset the coronavirus-related decline in traffic that continued to hold back earnings potential over the third quarter.

Lyft posted a loss of $1.46 per share for the three months ending in September, a narrower tally than over the same period last year but worse than the Street consensus forecast of 91 cents per share. Group revenues, however, surprised to the upside even as they fell 48% from last year to $500 million.

COVID-triggered restrictions on businesses, restaurants and public events in California, the group’s biggest market, meant active riders for the quarter fell 44% to 12.5 million, but both that tally, as well as the $500 million in total revenue, were sequentially stronger than the previous quarter, and Lyft said cost cuts and

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The CEO of Puppet Labs shares plans for an IPO as early as 2021

  • Puppet is bringing on two new board members in anticipation of a public offering as early as 2021, CEO Yvonne Wassenaar told Business Insider in an exclusive interview. 
  • The company has already begun conversations with bankers and is eyeing an IPO within the next 12-to-18-months. 
  • Puppet has yearly revenues over $100 million and is “cash flow positive,” with “the potential to be profitable” next year, according to Wassenaar.
  • “We think very carefully around where we invest the money and how we do that. But you will see us investing more aggressively,” she added. 
  • Visit Business Insider’s homepage for more stories.

Puppet is bringing on two new board members as the IT automation company prepares for an initial public offering as early as 2021, CEO Yvonne Wassenaar told Business Insider in an exclusive interview. 

Topa Insurance Group CEO Michael Day and chief digital information officer at biotech firm CSL Behring, Mark

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