E Texas Quarries

Between the stimulus and a small drop in unemployment insurance filings last week, to 712,00 vs a forecast of 725,000, stock markets are again off to the races, except for GE. (Oppenheimer chopped its GE rating to neutral from outperform today.) The jobless number was at a 4-month low.

The boom which so far excluded Nasdaq shares now encompasses them too, and US and global markets are all kicking high in tandem. The European central bank is joining our Fed in buying assets to push down yields and push up bond prices. Luckily the sky is overcast today so I am not tempted to play hookey. However, my brokerage account access has crashed so this is an incomplete blog.

Business newspaper article

image source

Upgrades in Tech

With interest rates lower, the penalty for buying tech stocks has fallen because dividends are not as attractive.

*NIO raced up 4.4% at the opening and now is up 7.42% after Mizuho analyst Vijay Rakesh upgraded the Chinese electric vehicle maker to buy with a $60 target price

*Chicago brokerage BTIG meanwhile upgraded Mercado Libre from hold to buy, 2 notches, despite MELI earning only $1.02 in Q4 earnings vs prior-year level of $1.11. MELI is up 10%+ to $1579.57.

*Nokia opened up 2.3% today and now higher because it restated some1 of its financials for 2020 because of new rules, and also licensed Samsung for some of its video standard for an undisclosed payment. Last night AT&T T reported a successful vRAN test using NOK's RAN (open radio access network) for 5G. I have no idea what this means but it boosted both stocks.

*Qualcomm is up ~4% in the tech revival after QCOM upped its divvie by 4.6% to 68¢ yesterday. It also has to boost output of its chips to meet smartphone demand from Sansung.

*Canadian BCE was upgraded to buy for medium-term gains by Royal Bank of Canada analysts who like its scale edge and efficiencies in fiber-to-the-home on which Bell will spend C$1.1 bn over the next 2 years. While its fees hit provincial ceilings the local govts also want to offer more broadband services in rural areas, so BCE has an out. The market is unsure of this and BCE shares are flat.

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