Patrys Limited (ASX: PAB) shares are tumbling in late morning trade. At the time of writing, the Patrys share price has slumped 16.33% following the company’s latest announcement.

Below we take a look at the ASX healthcare company’s update on its clinical trial preparation.

What update did Patrys report?

The Patrys share price is tanking after the company reported there were unanticipated delays in its PAT-DX1 clinical trial program.

Across a number of pre-clinical studies, PAT-DX1 has demonstrated significant ability to kill cancer cells.

In February, Patrys reported it had selected a “stable, high-yielding cell line suitable for the commercial production of clinical-grade PAT-DX1”. The company’s commercial contract manufacturer used this cell line to prepare the production and purification processes at its facility.

While the required materials were ordered 6 months in advance, the company reported that the COVID-19 pandemic has disrupted global reagent production and supply chains. Due to the proprietary nature of the reagents, Patrys said it is unable to source them from other suppliers.

Patrys now expects the engineering run for PAT-DX1 will be pushed back to the fourth quarter of this year. This will delay the start of its GMP toxicology studies to the first quarter of 2022, “pending the availability of GMP grade PAT-DX1”.

The company anticipates it will now submit a Human Research Ethics Application (HREA) for the phase 1 clinical trial in the second half of 2022.

Commenting on the delay, Patrys CEO James Campbell said it was obviously disappointing for the company and its loyal shareholders. He stressed that the delay is “based solely on global supply chains, not technical obstacles”.

Campbell added:

The recent data from ongoing pre-clinical studies has been extremely positive and has highlighted the many ways our deoxymabs may be able to improve the health of patients with a range of difficult to treat cancers.

We continue to work with our global suppliers to prepare for and initiate the first PAT-DX1 clinical trial in late 2022. In addition, we will continue to pursue a range of unique development opportunities for both PAT-DX1 and PAT-DX3.

Patrys share price snapshot

Despite today’s slide, the Patrys share price remains up more than 300% over the past 12 months, well outpacing the 28% gains posted by the All Ordinaries Index (ASX: XAO).

Year to date, the Patrys share price also continues to charge ahead, up 105% in 2021.

The post Here’s why the Patrys (ASX:PAB) share price is tumbling 16% today appeared first on The Motley Fool Australia.

More reading

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Qantas Airways Ltd (ASX: QAN) share price is down 1.86% in morning trade as the company announced it is standing down 2,500 crew for a likely period of 2 months.

Qantas is currently trading for $4.47 per share.

Why the temporary stand down?

The COVID-19 outbreak in New South Wales has seen domestic borders between the nation’s biggest states sealed.

While there is hope that travel between Victoria, South Australia and Queensland will resume once new community infections are eliminated, Qantas Group CEO Alan Joyce believes the Greater Sydney area won’t open for 2 or more months.

According to Joyce:

Based on current case numbers, it’s reasonable to assume that Sydney’s borders will be closed for at least another two months. We know it will take a few weeks once the outbreak is under control before other states open to New South Wales and normal travel can resume.

Qantas stressed that there will be no job losses for the 2,500 frontline Qantas and Jetstar employees being stood down.

The domestic pilots, cabin crew and airport workers impacted are mostly based in New South Wales. However, Qantas noted that employees in other states will also be affected due to the nature of its travel business. Employees will receive 2 weeks’ notice and paid through mid-August during the stand down.

“This is clearly the last thing we want to do but we’re now faced with an extended period of reduced flying and that means no work for a number of our people,” Joyce said. “Qantas and Jetstar have gone from operating almost 100 per cent of their usual domestic flying in May to less than 40 per cent in July because of lockdowns in three states.”

Joyce voiced hope that domestic travel levels may return to 50–60% of normal if Victoria, South Australia and Queensland reopen for travel.

He also noted that while the new stand down is “extremely challenging” for the 2,500 people involved, that things look very different to last year when the airline was forced to stand down more than 20,000 people, with most of its aircraft mothballed for months.

On the domestic front, Joyce sounded an optimistic tone, pointing to the importance of the national vaccine rollout. “Fortunately, we know that once borders do reopen, travel is at the top of people’s list and flying tends to come back quickly, so we can get our employees back to work,” he said.

Internationally, the outlook is murkier. According to Joyce:

The challenge around opening international borders remains. There are still several thousand Qantas and Jetstar crew who normally fly internationally and who have been on long periods of stand down since the pandemic began. Higher vaccination rates are also key to being able to fly overseas again and finally getting all our people back to work.

Qantas share price snapshot

Qantas’s share price has gained 41% over the past 12 months, compared to a gain of 26% on the S&P/ASX 200 Index (ASX: XJO).

Year-to-date, the Qantas share price has struggled, currently down 8% in 2021.

The post Qantas (ASX:QAN) share price slips as airline stands down 2,500 crew appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Crown Resorts Ltd (ASX: CWN) share price is in the green despite the company announcing Crown Melbourne’s CEO is leaving his role.

Xavier Walsh will step down from the top job at Crown Melbourne on 20 August.  He will continue to be available to the company until 9 December.

Right now, the Crown share price is $8.97, 0.45% higher that its previous closing price.

Let’s take a closer look at the latest news from Crown.

Crown Melbourne CEO steps down

The Crown share price is gaining this morning following news Crown Melbourne’s CEO will step down.

Walsh has held the top job at the Southbank casino since December 2020. Prior to his role as CEO of Crown Melbourne, he held various chief operating officer roles with Crown entities.

Crown stated it will appoint an interim CEO following consultation with the Victorian Commission for Gambling and Liquor Regulation.

Walsh’s resignation follows revelations at the Royal Commission into the suitability of Crown to hold Melbourne’s casino licence that Walsh was aware Crown Melbourne underpaid tax in 2018.

On June 7, the Commission heard Walsh began an internal investigation into the matter after the Royal Commission was announced. Interested readers can find a transcript of the revelations here.

The Crown share price fell 1.3% on the day the Commission heard the allegations.

Additionally, during the Royal Commission’s closing remarks, counsel assisting the Commission Adrian Finanzio said unless Crown makes changes to its leadership, it is unsuitable to hold a casino licence.

Finanzio said of Walsh:

In the time since he’s been thrust into positions of greater authority he has, with respect, not risen to the occasion in a way which can give any confidence that he has the necessary qualities to be a suitable associate of Crown.

Finanzio also said Crown’s chair Helen Coonan was unsuitable for her role.

The Crown share price fell 2.6% after the comments.

Closing submissions to the Royal Commission will be heard today.

Crown share price snapshot

Despite being in the green today, the Crown share price has been struggling lately.

Right now, it’s 7% lower than it was at the start of 2021. However, it has gained almost 3% since this time last year.  

The post Crown (ASX:CWN) share price up despite Crown Melbourne CEO exiting appeared first on The Motley Fool Australia.

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• Crown (ASX:CWN) share price slumps amid accusations against chair
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Shares of Affirm Holdings (NASDAQ:AFRM) jumped 14.8% in Monday’s trading session, according to data from S&P Global Market Intelligence. The fintech stock gained ground following news that Square (NYSE:SQ) would be acquiring Afterpay (OTC:AFTP.F) in an all-stock deal valued at approximately $29 billion.

AFRM data by YCharts

Square published a press release on Aug. 1 announcing that it would be acquiring Afterpay, a competitor in the buy-now, pay-later category that Affirm Holdings operates in. It looks like demand for the service category is heating up, and investors poured into Affirm Holdings stock in response to the big buyout news.

So what

Square’s acquisition of Afterpay is expected to close in the first quarter of 2022. This fintech power player’s acquisition of the Australia-based buy-now, pay-later specialist could result in a tougher competitive landscape. However, the market mostly appears to be reading the move as an affirmation of Affirm Holdings’ positioning for growth and the untapped value in the broader service category. Square stock also closed the day up roughly 10.7%.

Now what

Square’s acquisition of Afterpay boosts Affirm Holdings’ visibility as a potential buyout target, though the company doesn’t necessarily need to look for large-scale merger opportunities in order to remain competitive. Mobile-focused payment and financing services have seen huge growth over the last decade, but the market for these services still has big room for growth in the U.S. and other regions, and it should be able to support a breadth of winners across a variety of service categories.

Affirm Holdings now has a market capitalization of roughly $17.1 billion and is valued at approximately 15 times this year’s expected sales.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Here’s why Affirm holdings was up big on Monday appeared first on The Motley Fool Australia.

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Keith Noonan has no positions in any stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Affirm Holdings, Inc., and Square. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The NEXTDC Ltd (ASX: NXT) share price will be on watch later this month when it releases its full year results.

Ahead of the results release, I thought I would look at what the market is expecting from the data centre operator.

What is expected from NEXTDC in FY 2021?

Another strong full year result is expected from NEXTDC in FY 2021. A note out of Goldman Sachs reveals that its analysts are forecasting:

• Data Centre Revenue growth of 24% to $250 million. This compares to its guidance of $246 million to $251 million.
• Earnings before interest, tax, depreciation and amortisation (EBITDA) growth of 26% to A$132 million. This compares to its guidance of $130 million to $133 million.
• A net loss after tax of $5 million.
• Capital expenditure of $393 million.
• Customers of 1,564, cross connects of 14,965,000, and contracted capacity of 75MW.

What else should investors look for?

Given how much growth is built into the NEXTDC share price, its outlook for FY 2022 will be of great importance.

Goldman Sachs is forecasting FY 2022 revenue of $298 million and EBITDA of $165 million. This is broadly in line with the market consensus estimate for the year ahead.

The broker has also pencilled in capital expenditure of $331 million. This includes $171 million on the S3 centre and $75 million on the M3 site.

Is the NEXTDC share price in the buy zone?

The team at Goldman Sachs remain very bullish on the NEXTDC share price.

At present they have a conviction buy rating and $14.80 price target on its shares. This implies potential upside of 12.5% over the next 12 months.

The broker commented: “We remain high-conviction on the growth profile ahead, forecasting +37MW contract wins across FY22-23E (=65% conversion of options). Combined with recent share price underperformance, this gives an attractive growth adjusted valuation. We reiterate our Buy (on CL) on NXT, the most compelling growth story in our coverage.”

The post Is the NEXTDC (ASX:NXT) share price in the buy zone before its FY 2021 results? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Westpac Banking Corp (ASX: WBC) share price is in negative territory on Tuesday morning. This comes after the banking giant announced an update to the sale of one of its finance businesses.

At the time of writing, the bank’s shares are fetching $24.85, down 0.72%. In comparison, the S&P/ASX 200 Index (ASX: XJO) is sitting at 7,472 points, down 0.25%.

Westpac sells vendor finance business

According to the release, Westpac has completed the sale of its vendor finance business, Strategic Alliances, to Angle Finance.

Strategic Alliances supports third parties to fund small-ticket equipment finance loans for approximately 42,000 Australian businesses.

Based in Melbourne, Angle Finance is a non-bank asset finance company that services small and medium-sized enterprises. The business specialises in offering equipment finance of up to $200,000 for transport, construction, materials handling, and earthmoving equipment.

The transaction resulted in the transfer of roughly $500 million in customer loans to Angle Finance. However, the size of the portfolio means the sale will have little impact on Westpac’s balance sheet and capital ratios.

Westpac realised a small accounting loss on the sale in FY20. This was due to the transaction being structured with an initial payment on completion, followed by a deferred consideration payable over a two-year period.

Westpac also recently sold its vehicle dealer finance business to Angle Finance. This also resulted in a fall in the Westpac share price.

The vendor finance business previously operated out of Westpac subsidiary, Capital Finance Australia. Despite the sale, the bank will continue managing its remaining Capital Finance Australia equipment finance business.

Westpac chief executive of specialist businesses and group strategy Jason Yetton commented:

Westpac is pleased to have successfully executed the transaction which will help Australian businesses continue to finance small-ticket equipment loans to grow and be successful and help us become a simpler bank.

About the Westpac share price

Over the past 12 months, Westpac shares have accelerated by more than 50%, with year-to-date gains almost at 30%. The company’s share price reached a 52-week high of $27.12 in June, before slightly treading lower.

Westpac commands a market capitalisation of roughly $91.8 billion, and has over 3.6 billion shares on its registry.

The post Westpac (ASX:WBC) share price lower after sale of finance business appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Fortescue Metals Group Ltd (ASX: FMG) share price has delivered outsized returns over the previous 12 months.

Whereas the S&P/ASX 200 Index (ASX: XJO) has posted a return of around 23%, Fortescue shares have soared 36.5% into the green.

Despite this, Fortescue shares have lagged the broad index this year to date, posting a return of only 4%.

So is it a bad time for Fortescue Metals shares?

According to one leading broker, thankfully, this may not be the case.

An equity research report from JP Morgan reveals the investment bank still holds its conviction on Fortescue shares, reinstating a price target of $30 and overweight rating.

This price target implies an upside potential of approximately 22% from Fortescue’s current trading price of $24 and change.

Fortescue Metals also paid a dividend of $1.20 per share over the past 12 months, giving a dividend yield of 3.47% at the time of writing.

Therefore, it stands to reason that JP Morgan believes the Fortescue Metals share price has more room to run just yet.

What did JP Morgan say?

Analysts at JP Morgan were pleased with Fortescue’s “outstanding set of (Q4 FY21) results” that encompassed “record achievements, achieved price and in line costs”.

Additionally, Fortescue’s net cash position “materially exceeded our [JP Morgan’s] expectations and consensus”.

This also weighed in on the broker’s investment thesis. It stated that Fortescue “offers exposure to long-life operations, with attractive margins and expansion optionality over the long term”.

The broker also retained its “positive investment view” on the company from a number of tailwinds.

It stated: “Our FY22 earnings sit 16% above consensus…We continue to believe iron ore markets will remain buoyant on a multi-year view, and that the [Fortescue] stock can re-rate to reflect the company’s outstanding FCF generation”.

Bringing it all together, JP Morgan sees a robust investment case for Fortescue Metals shares.

Its final view on the company is “overweight rated on a sector-leading dividend yield, strong iron ore market conditions, significant mark-to-market upgrades” and attractive upside potential from its price target of $30.

Foolish takeaway

The Fortescue Metals share price has underperformed the broad index this year to date, although has delivered outsized returns over the last 12 months.

Despite this, Fortescue shares dipped 4% into the red over the past week.

JP Morgan retains its bullish outlook on Fortescue’s shares, assigning a price target of $30 based on its Q4 FY21 results. They maintain their overweight rating.

The post This leading broker believes Fortescue Metals (ASX:FMG) shares can lift appeared first on The Motley Fool Australia.

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Motley Fool Australia Chief Investment Officer Scott Phillips joined Nine’s Late News on Monday night to discuss a huge day of takeovers, including Afterpay Ltd (ASX: APT), Square Inc (NYSE: SQ), Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO). Plus, house prices through the roof, and focus turns to Tuesday’s RBA interest rates decision.

The post Afterpay share price surges on takeover. Oil Search, Santos do a deal. Scott Phillips on Nine’s Late News appeared first on The Motley Fool Australia.

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Motley Fool contributor Scott Phillips has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Square, and Twitter. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is under significant pressure on Tuesday morning.

At the time of writing, the biopharmaceutical company’s shares are down 14.5% to $1.90.

This decline means the Paradigm share price is now down 35.5% over the last 12 months.

Why is the Paradigm share price crashing?

Investors have been selling down the Paradigm share price on Tuesday following the release of an update on the Investigational New Drug (IND) application it submitted to the US Food and Drug Administration (FDA) in March.

As you might have guessed from the weakness in the Paradigm share price, the update was not an overly positive one.

What’s been happening?

In June, Paradigm submitted a response to the FDA’s six questions relating to Paradigm’s IND submission.

According to today’s announcement, the company has now received a written response from the US FDA. This reveals that the regulator has accepted Paradigm’s responses to five of its six questions.

As a result, the FDA requires further clarification on one remaining question. This is in regard to the non-clinical interpretation and clinical mitigation relating to one of Paradigm’s recently completed GLP non-clinical toxicology studies.

Paradigm notes that it conducted 26 non-clinical studies in 2020 at the request of the US FDA. Of the 26 non-clinical studies conducted, the FDA is seeking clarification on only one rat study.

Paradigm will now work with expert clinical and non-clinical consultants to prepare a response. It anticipates this will be submitted within a month.

Paradigm’s Chief Medical Officer, Dr Donna Skerrett, remains optimistic that this outstanding question can be resolved.

She explained: “For new indications that impact large populations, such as osteoarthritis, a thorough and iterative process with the FDA for initiating the pivotal registration studies is common practice. Even though the pace of progressing the clearance process has been slowed due to COVID-19 resulting in all communications being written, we are confident that we can address the FDA’s one remaining question. We look forward to resolving the one outstanding question with the FDA and moving froward with our pivotal program in the US, Europe and Australia.”

However, judging by the Paradigm share price performance today, some investors aren’t as confident as the company is.

The post Why the Paradigm (ASX:PAR) share price is sinking 14% on Tuesday appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Amazon (NASDAQ: AMZN) stock tumbled Friday after the company missed revenue estimates and surprised the market by calling for much slower revenue growth in the third quarter.

Management expects the top line to increase just 10%-16% in the third quarter, a clear sign that the pandemic bump has ended and that the tech giant will now face difficult comparisons over the next few quarters. While that was the main takeaway from the report, there are some other key pieces of information that investors should be aware of.

Demand is still outstripping capacity

Amazon has made a huge investment over the last year to expand its capacity by adding fulfillment centers and ramping up hiring. After the last four quarters, the company has spent a whopping $52 billion in capital expenditures, which may be a record for any business, and has added 460,000 new employees.

However, that still doesn’t seem to be enough, as the company is hustling to add more capacity in the second half of the year even as its year-over-year growth rate has slowed. In response to a question about per-unit fulfillment costs on the earnings call, CFO Brian Olsavsky said, “It usually takes a multiyear period to tame those assets. And we’ve literally nearly doubled our network here in the last 18 months from a size standpoint.”

Prime membership surged during the pandemic, which will boost long-term demand, but it also strains Amazon’s logistics network further as the order minimum for free shipping on non-Prime orders no longer applies for those customers. Olsavsky acknowledged on the earnings call that the company’s one-day delivery percentage had dropped and had not yet returned to pre-pandemic levels.

High demand is a good problem to have for Amazon, but it also means that the investment cycle it began last year still has a long way to go.

Amazon is feeling the labor shortage

In addition to capacity constraints, Amazon is also getting squeezed by the labor shortage. Olsavsky commented:

The other thing is wage pressure has become evident. We’ve talked about this a bit. The wage increase for — that we normally would do in October, we pulled forward into May. We’re spending a lot of money on signing and incentives. And while we have very good staffing levels, it’s not without a cost. It’s a very competitive labor market out there. And certainly, the biggest contributor to inflationary pressures that we’re seeing in the business.

The company expects that pressure to continue as it ramps up hiring in the second half of the year toward the holiday season. Higher wages and a tight labor market could squeeze profits as Olsavsky’s comment about inflationary pressure indicates. For the third quarter, Amazon guided for operating income to be down from a year ago, at $2.5 billion-$6 billion, down from $6.2 billion in Q3 2020.

Separately, a New York Times investigation in June reported that the company’s turnover rate is so high, with the average warehouse worker staying just eight months, that some execs worry it will run out of potential hires. That challenge may explain Jeff Bezos’ promise to do better by his employees in his final shareholder letter as CEO.

The international biz is out of the red

For a long time, Amazon was burning cash in its international e-commerce segment as the company built out infrastructure around the world. It seemed reasonable to question whether the company would ever make a profit outside of North America, especially as it had taken a long time for North American e-commerce to become a cash generator.

However, that no longer seems like a concern. Amazon just completed its fifth straight quarter of profitability in the international segment, bringing in $362 million in operating income on $30.7 billion in sales. For the first half of the year, it’s already made $1.6 billion outside of North America.

Older markets like the U.K. and Germany have long been profitable, and the company seems to be reaching a critical mass of Prime members across its international territories, which are more profitable for the company at scale. Olsavsky explained that two years’ worth of international growth had been brought forward on the same base of assets, driving profitability. The company continues to invest, recently making Portugal the 22nd country with Prime, and is focused on building out its network in the developing world, including Brazil, India, and the Middle East.

While international operating income is likely to remain volatile, the doubts about Amazon’s ability to turn a profit have been put to rest.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post 3 things you missed in Amazon’s earnings report appeared first on The Motley Fool Australia.

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Jeremy Bowman owns shares of Amazon. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Amazon. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $1,920 calls on Amazon and short January 2022 $1,940 calls on Amazon. The Motley Fool Australia has recommended Amazon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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