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Investopedia
2 hrs
11
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Netflix (NFLX) earnings are coming after the bell Thursday, with analysts generally bullish on the streamer's stock—though they aren't currently calling for large price appreciation.
Of the 20 analysts covering Netflix tracked by Visible Alpha, 15 have "buy" ratings on the shares; there's only one "sell" rating.
The consensus price target is $732.26, about a 4% premium to to Wednesday's $702 close. The price targets used to determine that average vary from $550 to $820.
Analysts expect the streaming giant to post year-over-year revenue, profit, and subscriber growth ahead of the final quarter of 2024. Netflix shares dipped following the company's quarterly reports in April and July.
The shares were down more than 1% in morning trading, leaving the stock up more than 40% this year.
Here’s what you need to know about Netflix’s upcoming earnings report.
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Investopedia
3 hrs
13
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Shares of Lucid Group (LCID) plunged Thursday as the struggling luxury electric vehicle (EV) maker announced that it plans to sell about 637 million shares on the market and to investors for a total of $1.67 billion. It also predicted a bigger quarterly loss than expected.
The carmaker wrote in a regulatory filing that it would be making 262.4 million shares available in a public offering. The underwriters would also have a 30-day option to pick up 39.4 million more shares.
In addition, Lucid said its majority shareholder, Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund (PIF), indicated it would be purchasing another 374.7 million shares in a private placement concurrently with the public sale. It noted that with that acquisition, Ayar would hold a 58.8% stake in Lucid. Ayar also plans to buy additional shares if the underwriters exercise their option.
The company explained that the funds raised from both the public and private sale would go toward general corporate purposes, "which may include, among other things, capital expenditures and working capital."
Along with the share offering, Lucid reported that it anticipates a third-quarter loss of $765 million to $790 million, while analysts surveyed by Visible Alpha were looking for approximately $756 million. However, its revenue estimate of $199 million to $200 million was above forecasts. The company is scheduled to release its financial report on Nov. 7.
Lucid Group shares fell nearly 15% soon after markets opened Thursday and have lost a third of their value this year.
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Instablog9ja
4 hrs
9
Former Premier League and South Korean footballer Hwang Ui-jo is reportedly facing four years in prison after illegally filming himself ‘working out’ without the consent of his partners.
According to prosecutors in the South Korean capital of Seoul, the 31-year-old striker filmed encounters on four different occasions between June and September in 2022.
French outlet L’Equipe reports that the case against the forward emerged after his sister-in-law in fact posted the footage on social media.
Hwang then sought to remove the videos, and sued the sister-in-law for blackm@il, with that suit successful and resulting in a sentence of three years.
On Wednesday he made his first appearance in court in the South Korean capital, apologising for ‘disappointment’ caused by his actions.
“I will not do anything wrong in the future and will do my best as a footballer.
I sincerely apologise to the victims who have been affected by my actions, and I am deeply sorry for the disappointment I have caused to all those who have cared and supported me,” he told the court.
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Expedia Stock Jumps On Report That Uber Has Explored Takeover
Expedia (EXPE) Shares Rose, While T...
Investopedia
4 hrs
15
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Expedia (EXPE) shares rose, while those of Uber Technologies (UBER) moved lower Thursday morning following a report from the that the ridesharing giant has explored acquiring the travel booking company.
A third party brought the idea to Uber, which has not yet made any official approach or offer to Expedia, the reported, citing "three people familiar with the process."
Uber and Expedia did not immediately respond to requests for comment. Expedia shares rose 5% in early trading, while Uber's stock was down 1.5%.
Acquiring Expedia—which operates its namesake platform along with brands like Hotels.com and Vrbo—would help expand Uber's efforts into travel booking as it aims to transform itself into a "super app," the reported.
In Uber's second-quarter earnings call in August, Chief Financial Officer (CFO) Prashanth Mahendra-Rajah said investing in growth remained Uber's "top priority," including "through acquisition opportunities that are aligned with our strategy." The company has a history of acquisitions, including buying up delivery rivals like Postmates and others.
Uber Chief Executive Officer (CEO) Dara Khosrowshahi previously served as Expedia's CEO from 2005 until his 2017 departure to take the top job at Uber, which the reported should help ensure any acquisition talks would start on a friendly note.
Khosrowshahi currently is a non-executive director on Expedia's board and "would recuse himself from deal discussions," the report said.
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Instablog9ja
5 hrs
15
The federal government has officially announced the end of fuel and foreign exchange subsidies.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this declaration during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday, October 17.
Edun revealed that these subsidies had drained the country’s economy, costing over N10 trillion, which amounts to five percent of Nigeria’s Gross Domestic Product (GDP).
“Fuel and FX subsidy are extinguished. The key thing here is that for the first time in 40 years, the vex tissue of fuel subsidy, and linked to it, the foreign exchange subsidy, costing five percent of GDP has gone,” he said.
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Investopedia
5 hrs
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U.S.-listed Taiwan Semiconductor Manufacturing Co. (TSM) shares jumped 9% Thursday morning after the chipmaker posted robust quarterly earnings and projected a buoyant outlook on the back of the artificial intelligence (AI) boom.
The company, which supplies tech heavyweights such as Apple (AAPL) and Nvidia (NVDA), reported a 54% year-over-year rise in third-quarter net income of 325.26 billion New Taiwan dollars ($10.12 billion), up from NT$211 billion. The profit figure by the world's largest contract chip manufacturer beat the NT$300.78 billion consensus estimate of analysts polled by Visible Alpha.
TSMC also reported a 39% jump in revenue to NT$759.69 billion ($23.64 billion) for the quarter and a 57.8% gross margin, above analysts' estimates and the guidance it gave for both in the second quarter.
"Our business in the third quarter was supported by strong smartphone and AI-related demand for our industry-leading 3nm and 5nm technologies," TSMC Chief Financial Officer (CFO) Wendell Huang said. "Moving into fourth quarter 2024, we expect our business to continue to be supported by strong demand for our leading-edge process technologies."
TSMC's upbeat earnings, in contrast to Dutch semiconductor-gear manufacturer ASML Holding's (ASML) downbeat outlook earlier in the week, restored investor faith in the AI boom Thursday. Shares of AI chip giants Nvidia (NVDA), Arm Holdings (ARM) and Advanced Micro Devices (AMD) all rose.
TSMC Chief Executive Officer (CEO) C.C. Wei called the demand for AI “real" in the earnings call, according to a transcript provided by AlphaSense.
TSMC American depositary receipts (ADRs) have almost doubled this year.
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