Category: Stock Market

Visa Inc reported that its quarterly profit plunged 23% in the third quarter of fiscal 2020 as large-scale layoffs due to the lockdowns, aimed at limiting the spread of coronavirus, dented consumer spending.

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ADULT USE CANNABIS REVENUE INCREASES 27% FROM PRIOR QUARTER AND FIFTH CONSECUTIVE QUARTER OF POSITIVE ADJUSTED EBITDA Net Revenue Increases 5% from Prior Quarter and 18% from Prior Year Quarter Adjusted EBITDA from Cannabis Operations of $9.3 Million Increased 55% from Prior Quarter Cash Cost Per Gram Remained Below $1 and Decreased 5% from Prior Quarter to $0.

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(Bloomberg) — Occidental Petroleum Corp. is in talks about a potential sale of energy assets in Africa and the Middle East to Indonesia’s state-owned PT Pertamina, people with knowledge of the matter said.Pertamina is negotiating the acquisition of oil and gas stakes in countries including Ghana and the United Arab Emirates, according to the people. It has been discussing a purchase price of about $4.5 billion for the assets, the people said, asking not to be identified because the information is private.The Indonesian company has also expressed interest in buying some assets from Occidental in Algeria and Oman, though they may not be included in an initial deal, the people said. For Occidental, a deal would help it reduce the debt pile it built up from its $37 billion purchase of Anadarko Petroleum Corp. last year. A slump in energy demand worsened the Houston-based firm’s financial situation, forcing it in May to cut a quarterly dividend to the lowest level in decades.Occidental has been reviewing options for its Middle Eastern assets as it seeks ways to cut its leverage, Bloomberg News reported in June. The company’s attempt to sell its Ghana and Algeria assets to Total SA fell apart earlier this year.Declining ProductionOther suitors have also expressed interest in the Occidental assets, according to the people. Pertamina hasn’t reached a final agreement, and details of the potential transaction could change, the people said. A spokeswoman for Pertamina said she couldn’t immediately comment. A representative for Occidental didn’t immediately respond to a phone call and email sent outside normal U.S. business hours.Occidental has been producing in Oman for more than 30 years, according to its website. It has operations at the Safah Field and Block 62 in the north of the country and at the Mukhaizna Field in the south. Occidental also has a 40% stake in Abu Dhabi National Oil Co.’s Al Hosn project in the United Arab Emirates.Indonesia, once a member of OPEC, has suffered decades of declining domestic production and has struggled to lure investment in recent years even as its domestic consumption soared. Pertamina produced about 414,000 barrels a day in the first half of the year, it said in a statement this week.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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(Bloomberg) — Shopify Inc. nearly doubled its revenue in the second quarter, crushing analysts’ estimates as a flood of merchants moved their businesses online during the coronavirus pandemic.Sales grew 97% to $714.3 million from the same quarter a year ago, Ottawa-based Shopify said in a statement Wednesday. Analysts had expected about $512 million, according to data compiled by Bloomberg.Gross merchandise volume, a key metric that represents the value of all goods sold through Shopify’s platform, surged 119% from a year earlier or to $30.1 billion. Analysts were expecting a 49% increase to $20.6 billion. Sales of food, beverages and tobacco doubled over the first quarter, the company said.“The strength of Shopify’s value proposition was on full display in our second quarter,” Chief Financial Officer Amy Shapero said in the quarterly release. “We are committed to transferring the benefits of scale to our merchants, helping them sell more and sell more efficiently, which is especially critical in this rapidly changing environment.”E-commerce companies have been big winners of late, with the coronavirus closing many physical retail stores. Many analysts predict this boost will be lasting. Shopify shares, which were up 148% this year as of Tuesday’s close, jumped as much as 9.4% in pre-market trading in New York.New stores created on the Shopify platform grew 71% in the second quarter compared with the first quarter, driven in part by the company’s decision to extend the free-trial period on standard plans from 14 days to 90 days.Large sellers continued to migrate to Shopify Plus, resulting in a record quarter for new merchant additions to the platform.Read more: Shopify Is Enjoying a Big Moment and Hoping It Will LastStill, the company chose not to provide forecasts for the third quarter, citing uncertainty surrounding Covid-19. It said it’s monitoring the impact of rising unemployment on new store creation, consumer spending habits and the rate at which brick-and-mortar merchants move online. The tech company suspended its forecast full-year forecast in April.This year, Shopify has formed partnerships with Walmart Inc. to expand its third-party marketplace site and with Affirm Inc. to allow consumers to break purchases into a series of smaller payments — both moves aimed at stepping up competition with Amazon.com Inc.After its shares more than quadrupled in 2019, Shopify blew past Royal Bank of Canada this year to become the most valuable company in Canada’s S&P/TSX Composite Index. It’s the best-performing company in the index this year.(Updates with additional information starting in the third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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On Tuesday, Goldman Sachs upgraded shares of Shopify Inc. from neutral to buy, with the firm citing the shift to e-commerce due to COVID-19 as a reason for an acceleration in the company’s growth trajectory. The firm acknowledged that it missed “a significant run up” in Shopify shares, which are up more than 140% for the year. The company reports quarterly results before the bell on Wednesday, July 29. The Final Round panel discusses the bullish call.

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CRISPR Therapeutics AG (NASDAQ:CRSP) shareholders will have a reason to smile today, with the analysts making…

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Shares in Akami Technologies (AKAM) pulled back 2% in Tuesday’s after-hours trading, despite the company posting impressive second quarter earning results.Specifically, Q2 Non-GAAP EPS of $1.38 beat Street estimates by $0.17 while GAAP EPS of $0.98 also topped consensus expectations by $0.20. Revenue of $795M surged 12.8% year-over-year (14% when adjusted for foreign exchange) and easily beat estimates by $27.62M.Most impressively, AKAM’s Cloud Security Solutions revenue was $259M, up 27% year-over-year, while Web Division revenue was $404M (up 7%) and Media and Carrier Division revenue was $390M (up 19%).“Akamai’s outstanding top and bottom line results in the second quarter were powered by the strong growth of our Security and Media solutions and our continued operational excellence,” said Dr. Tom Leighton, Akamai’s CEO.Looking forward, Q3 & FY20 Guides came in modestly above Street, with a few notable drag factors (i.e. the banning of Chinese apps in India, Summer Web traffic moderation & IP revenue hits as two of the largest contracts were renewed down).Following the report, RBC Capital analyst Mark Mahaney reiterated his hold rating on the stock while boosting his price target from $94 to $105.“AKAM posted Beat & Raise Q2 results w/ multi-year high Revenue Growth & record high EBITDA Margin (45%), thanks to very strong Web traffic growth, robust Cloud Security growth & opex efficiency” he cheered.However he notes that AKAM shares have already surged 30% year-to-date and that “Revenue Growth Deceleration is highly likely (implied in H2 guide), which likely checks the current multiple and may modestly pressure it over the next 12 months.”Overall, AKAM scores a cautiously optimistic Moderate Buy consensus from the Street, alongside a $123 average analyst price target (9% upside potential). (See Akami stock analysis on TipRanks).Related News: Amazon Shares Rise As Analysts See More Upside Visa Pulls Back On Revenue Miss; RBC Reiterates Buy Call Starbucks Spikes 6% After-Hours As Earnings Top Estimates More recent articles from Smarter Analyst: * Mondelez Reports Mixed Q2; RBC Says Risk/ Reward Skews Positive * Seagate Drops 8% In Extended Trading On Earnings Miss, Weak Outlook * McDonald’s Global Sales Hit By Pandemic; Top Analyst Sticks To Hold * AMD Reassures On Its Chip, GPU Production Amid Intel Delays

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Shares of Advanced Micro Devices (AMD) rose 10.3% in after-hours on Tuesday, thanks to the better-than-expected 2Q earnings and upbeat guidance. Its earnings of $0.18 per share marked a whopping 125% year-over-year growth and beat analysts’ estimates of $0.16.Revenues grew 26% to $1.93 billion year-over-year and surpassed Street estimates of $1.86 billion. Strong chip demand by PC manufacturers and data center operators drove AMD's 2Q revenues and earnings.The company raised its full-year revenue growth outlook. It now expects revenues to increase by 32% in 2020 compared with its earlier expectations of 25% growth.Following the financial results, Piper Sandler analyst Harsh Kumar raised the stock's price target to $82 (21% upside potential) from $60 and maintained a Buy rating. Credit Suisse analyst John Pitzer increased the price target to $75 (11% upside potential) from $33, while reiterating a Hold.On July 27, Merrill Lynch analyst Vivek Arya ramped up the stock's price target to $77 from $65 and reiterated a Buy rating. Arya believes Intel’s (INTC) 7-nanometer product delay “could accelerate AMD market share gains back toward their historical peaks of 20% for PC and 25% servers, up from 17% and 10%, today.”Overall, AMD has a Moderate Buy analyst consensus. The average price target of $63.56 implies 6% downside potential in the coming 12 months. (See AMD stock analysis on TipRanks).Related News: Intel Faces Analysts’ Wrath, Stock Slips Over 16% AMD Biggest Beneficiary of Intel’s 7nm Delay, Says 5-Star Analyst AMD Surges To 52-Week High On Intel’s Woes More recent articles from Smarter Analyst: * Seagate Drops 8% In Extended Trading On Earnings Miss, Weak Outlook * McDonald’s Global Sales Hit By Pandemic; Top Analyst Sticks To Hold * AMD Reassures On Its Chip, GPU Production Amid Intel Delays * Sanofi, GSK Agree UK Supply Deal For 60M Covid-19 Vaccine Doses

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