Why Intel Stock May Plunge 15% Further
By Shoshanna Delventhal
Shares of Intel Corp. (INTC) are set to continue their descent as the chipmaker struggles with a myriad of a structural issues and faces uncertainty over the abrupt departure of its Chief Executive Officer (CEO) Brian Krzanich, according to one bearish team of analysts, as reported by CNBC.
Analysts at Bernstein were out with a downbeat note on the semiconductor manufacturer on Tuesday, cutting their price target to $42 from $54 and downgrading Intel stock to underperform from market perform.
Intel stock is down nearly 9% over the last five days, shaving tens of billions out of the chipmaker’s market capitalization, paring a 5.6% increase year-to-date (YTD) and a 44.9% gain over 12 months.
Pound Rallies as UK Growth Revised Higher
Sterling rallied on Friday morning following the release of better than forecast growth figures for the first quarter, increasing chances of a rate hike in August.
On Friday, the UK Office for National Statistics released its final reading of British gross domestic product for the first quarter of the year showing 0.2% growth quarter-over-quarter. Analysts had expected sluggish growth of just 0.1%.
The pound was also lifted on more positive comments coming from the EU Leaders Summit taking place in Brussels.
The EU’s chief negotiator Michel Barnier said on Friday that the UK and EU had made progress in Brexit talks and that the pending White Paper from the UK would be ‘valuable and workable’.
Traders will be watching the EU Leaders Summit for more details on Brexit while UK PMI for June will be released this week.
Tesla Stock Seen Rising 9% Despite Model 3 Concerns
By Michael Kramer
Tesla Inc.’s (TSLA) stock has been on a tear soaring by nearly 29% since the end of May. The technical chart suggests shares of the stock could rise by 9% back to their all-time highs. The growing optimism in the stock comes as investors await the highly anticipated production results for the Model 3 in the second quarter, Tesla’s new electric four-door sedan.
Tesla has a lot riding on Model 3 production, and should the company succeed in reaching its goal of 5,000 units per week when it reports results around July 3, the company could be on the path to profitability later this year.
The way the stock has been climbing in recent weeks, one would think that Tesla was likely to meet its big production goal. The stock has soared and is now only 9% below its all-time high last seen in September 2017. The technical chart suggests that the stock will eventually get back to those all-time highs.
Netflix shares rebound after Macquarie raises price target, citing global growth and pricing power
By Thomas Franck | @tomwfranck
- Macquarie Research increases its price target for Netflix shares and reiterates its outperform rating on the online content streamer.
- International subscription adds as well as pricing power should provide shareholders with even more upside over the next 12 months, analyst Tim Nollen writes.
- Netflix shares have scaled more than 150 percent over the past year, well ahead of Facebook’s 27 percent gain and Google parent Alphabet’s 16 percent climb.
Bitcoin skids below $6,000, hits lowest level since November
By Reuters Staff
Bitcoin’s value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals.
Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year’s frenzied interest fizzled.
Recent hacks and the “cyber intrusion” of cryptocurrency exchanges in key Asian markets has also encouraged investors to exit.
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