11/10/2022 0 Comments Aptus scheduleTechnology stocks are treading on shaky ground despite last week’s rally as chipmakers signal more trouble may be ahead in an industry notorious for its booms and busts.Unlikely.ai launched its first product during the Covid-19 pandemic - an app that solves and explains cryptic crossword clues. William Tunstall-Pedoe said his Cambridge- and London-based company, Unlikely AI, needed the money to start hiring developers of a new type of artificial-intelligence software. The inventor of several key technologies used by Inc.’s Alexa service raised $20 million to fund a new startup in the UK.Proceeds may be used to buy more of the cryptocurrency. MicroStrategy Inc., probably best known as the largest corporate buyer of Bitcoin, filed with the US Securities and Exchange Commission to sell as much as $500 million in stock.The Biden administration plans to broaden curbs on US shipments of semiconductors for artificial intelligence and chipmaking tools to China, Reuters reported, citing unidentified people familiar with the matter.“It’s projected to lose money for the foreseeable future, and I just don’t know how you determine a floor for that,” said Jordan Kahn, chief investment officer of ACM Funds. It’s hard to see what will cause a turnaround in the stock. The fitness subscription company has lost almost three quarters of its value in 2022, building on losses from 2021 that came as the so-called stay-at-home trade began to unwind. Still, the gain barely registers on a longer-term chart. got a lift from last week’s rally in technology stocks, with shares of the once-popular exercise equipment maker advancing 9.2%. Apple, by comparison, has fewer than three-fourths of analysts recommending its shares.Įven Peloton Interactive Inc. Yet it remains one of the most popular stocks on Wall Street with all but two of the 60 analysts who cover the company recommending investors buy it, according to data compiled by Bloomberg. “If you buy Amazon here what you’re betting on is that it’s going to be the only place we shop in 10 years and it’s just not true.”ĭespite the recent gains, Amazon shares are still down about 19% this year. With Amazon’s revenue projected to expand at the slowest pace in at least a decade this year, some investors like Kim Forrest, founder and chief investment officer at Bokeh Capital Partners, see few reasons to pay up for the stock. The Nasdaq 100, by contrast, has an average multiple of about half that. The stock sells for 48 times earnings projected over the next 12 months. Of course, owning Amazon still comes at a steep price even though the stock has gotten cheaper this year. Analysts generally have applauded the deals, seeing them as a sign that the company is seeking new avenues of growth. for $3.49 billion and iRobot Corp., maker of the Roomba vacuum, for $1.65 billion. #APTUS SCHEDULE SOFTWARE#Over the past couple of months it agreed to buy software company 1Life Healthcare Inc. One area where Amazon is still willing to spend: Acquisitions. Fulfillment expenses rose less than analysts projected last quarter. The total workforce at Amazon shrank by about 100,000 in the second quarter and the company is cutting back on warehouse space as Chief Executive Officer Andy Jassy unwinds a pandemic-era expansion amid slowing growth. “The stock does well when Amazon is harvesting and not when it’s investing, and they’re definitely in the harvesting mode right now,” said Wagner, whose firm owns Amazon shares. To David Wagner, a portfolio manager with Aptus Capital Advisors, the recent rally in the stock is the result of Amazon’s focus on taming expenses, improving profitability and returning capital to shareholders through a $10 billion share-buyback plan announced in March. The Seattle-based company’s shares are among the best performing in the past two decades with a gain of more than 16,000%. It’s an about face for Amazon, whose shares were battered earlier this year amid slowing revenue growth, soaring costs and a jump in interest rates despite being one of the most loved stocks on Wall Street. Amazon has gained 30% since June 16, compared with a gain of 14% for the tech-heavy benchmark and a paltry 9% for Microsoft Corp. shares are back in a familiar role of outperforming after an ugly first half of 2022, even as investors brace for a slowdown in growth at the e-commerce and cloud computing giant.Īmazon is the best-performing stock among its megacap peers since the Nasdaq 100 Index bottomed nearly three months ago, in part because it’s shown the market that it’s taking steps to curb expenses.
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