1/9/2024 0 Comments Quiver reddit![]() Jefferies was the first broker to slash its target price following the update, to $5 from its previous target of $9. It also said it plans to keep its buybuy BABY brand, countering speculation it could sell the brand to help raise cash. It plans to reduce its workforce by around 20% and is closing around 150 of its worst-performing stores. ![]() Meanwhile, Bed Bath & Beyond plans to sell up to 12 million shares to help repay some of its debt, sparking fears over dilution. The firm has commitments for $375 million worth of funding through a facility with Sixth Street Partners and another $130 million through a revolving credit facility with JPMorgan. You can read more in Meta: When Will the Metaverse Pay Off?īed Bath & Beyond shares are down 4% at $9.14 in early trade and building on the heavy losses booked yesterday when management told investors that it is close to securing a new financing package, preparing to raise equity and launching a new strategy to reduce costs as it tries to turn the financially-stricken homeware retailer around. That comes as CEO Mark Zuckerberg recently promoted the company’s ambitious plans for the metaverse on Joe Rogan’s podcast as it prepares to launch a new headset and a web version of its Horizon Worlds platform later this year. They said any new product that is introduced will compliment its existing advertising business, which has come under strain amid a myriad of headwinds this year. Meta shares are down 0.3% this morning after a company spokesperson said the company is establishing a new group to focus on creating new products and features for its social media platforms and messaging services, including possible paid features. That was supported by new data out from International Data Corp, which said it believes global smartphone shipments will fall around 6% in 2022, driven by weaker demand in China, but said Apple shipments should remain positive in 2022. There have been several signs that demand for premium smartphones is holding up as Apple gets ready to unleash its new model. It said ‘demand is way above what hopes were a few years ago’ and said the new factory is ‘visibly much more efficient’ than its Fremont site.Īpple shares are down 0.7% today as markets continue to prepare for the upcoming iPhone 14 launch on September 7. Meanwhile, the Wall Street Journal reported that Tesla is facing ‘unprecedented demand’ after an analyst visited its new site in Germany that opened earlier this year. That would be up from just 28,217 sales in July, having reaped the benefits of a recent upgrade to the plant’s production lines. Tesla shares are down 1.4% before the bell after data out from the China Passenger Car Association estimated the electric carmaker sold 77,000 vehicles in August. Cowen & Co said it is waiting for more information before adjusting its view, but said the impact on H100 development is a bigger risk than the potential lost revenue in the third quarter.įellow chipmaker AMD is down 3.7% after also being told to stop exporting its MI250 chips to China, according to Reuters. Truist Securities said overcoming the loss of revenue ‘seems relatively unlikely’ but said the new restrictions pose no threat to its competitive position. The US has been taking action to try and strengthen the US chip industry and wean itself off relying on China for advanced chips. It said its third quarter revenue expectations included around $400 million worth of sales to China – putting around 6.8% of its revenue at risk. The move threatens NVIDIA’s outlook, which has already been drastically cut this year. It has warned the development of the H100 could be impacted as a result and force it to ‘transition certain operations out of China’. It will now need to seek approval before shipping its A100 and upcoming H100 integrated circuits to China, including Hong Kong. NVIDIA shares are down 5.8% this morning after the US chipmaker said it has been ordered by officials to stop exporting top AI chips to China. Exchange-Traded Funds (ETFs) have been excluded. Below is a list of the top 10 most mentioned US stocks on the WallStreetBets thread on Reddit over the last 24 hours on September 1, 2022, according to data from Quiver Quantitative.
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