Tuesday, December 1

Day: October 27, 2020

Microsoft dips on weak revenue guidance
Business news

Microsoft dips on weak revenue guidance

Microsoft shares moved 2% lower in extended trading on Tuesday after the company reported quarterly revenue guidance that fell short of analysts' expectations. Fiscal first-quarter earnings exceeded estimates, though.Here's how the company did:Earnings: $1.82 per share, adjusted, vs. $1.54 per share as expected by analysts, according to Refinitiv. Revenue: $37.15 billion, vs. $35.72 billion as expected by analysts, according to Refinitiv.With respect to guidance, Microsoft expects $39.5 billion to $40.4 billion in fiscal second-quarter revenue. The middle of that range, at $39.95 billion, implies 8% annualized growth, and it's below the Refinitiv consensus estimate of $40.43 billion.In the fiscal first quarter, Microsoft revenue grew 12% on an annualized basis, down from ...
MicroStrategy’s crypto holdings may be paying off more than its business
Crypto News

MicroStrategy’s crypto holdings may be paying off more than its business

Business intelligence firm MicroStrategy’s Bitcoin investment is paying off in a big way, with an estimated $100 million in profit.According to data published Oct. 27 by independent crypto researcher Kevin Rooke, MicroStrategy has earned more from its Bitcoin (BTC) investment than it did through its actual business for the last three years, from Q1 2017 to Q2 2020.Rooke’s data shows that the business intelligence firm’s 38,250 BTC holdings — worth roughly $425 million at the time of purchase in August and September — were valued at more than $525 million during the recent price surge to $13,745. According to the researcher, Microstrategy only earned $78 million in net income from its business operations in the last three and a half years.Source: Kevin Rooke“Our recent decision to...
USD/CHF fails to break above 0.9090 resistance area
Forex

USD/CHF fails to break above 0.9090 resistance area

US dollar upside attempt has been capped right below 0.9100. The dollar loses momentum as risk aversion eases. Traders become increasingly cautious ahead of the US elections.The US dollar attempted to break above the top of the last five days’ trading range, at 0.9090, on Tuesday to find sellers at 0.9095 before retreating to 0.9060 area.US dollar loses steam as risk aversion easesThe greenback has lost momentum on Tuesday, with the US Dollar Index slightly negative on the day following a strong performance on Monday. With risk aversion easing somewhat, the greenback's bullish attempt has lacked follow-through above 0.9090 and the pair has returned to previous levels although it remains slightly positive on the day.Investors seem to have taken profits on Tuesday, ro...
Nippon Life Asset Management PAT rises 6%
Stock News

Nippon Life Asset Management PAT rises 6%

Nippon Life Asset Management saw its profit after tax (PAT) rise 6% to Rs 145.23 crore in the September quarter, compared to Rs 136.73 crore in the same period a year ago. While profit before tax was up 21% from the year-ago period, higher tax provision of Rs 38 crore as compared to Rs 18 crore in the previous year capped net profit. The fund house's revenue from operations during the quarter was flat at Rs 322.60 crore from last year. The asset manager saw its more profitable equity Assets Under Management (AUM) as a percentage of total assets dip from 43% in September 2019 to 39% in September 2020. In the same period, this percentage for the industry declined from 42% to 40%.Nippon Life saw gains in the debt and liquid space with its AUM rising by 1% and 3% basis points respectively....
LIFO vs FIFO: Which is Better for Day Traders?
Online Trading

LIFO vs FIFO: Which is Better for Day Traders?

For day traders, both profitable and unprofitable, tax concerns are one of the most criminally overlooked issues.Why? Because aside from trading itself, taxes have the most material impact on your profits than anything else.FIFO (first-in, first-out) and LIFO (last-in, last-out) are inventory accounting concepts. Your local grocery store probably utilizes FIFO to manage their inventory.Do you know how the newest and freshest containers of milk are in the back of the fridge? That’s due to FIFO. Grocers keep the oldest milk out front, so they sell the oldest stuff first, hence “first-in, first-out.”The same concept applies to selling stock under a FIFO designation.If you accumulated the same stock over several weeks, buying in separate lots, then sell, you’ll sell the shares you bo...
$1 trillion is a conservative market cap for Bitcoin, said investment CIO
Crypto News

$1 trillion is a conservative market cap for Bitcoin, said investment CIO

Bitcoin (BTC) has recently seen ample interest from a number of mainstream companies and persons, such as billionaire hedge funder Paul Tudor Jones. This could be the beginning of a new wave of Bitcoin buyers, according to Brian Estes, chief investment officer and managing partner at Off The Chain Capital — an investment firm focused on blockchain and digital assets."I think eventually all corporate treasuries will have a small amount of their reserves in Bitcoin," Estes told Cointelegraph in an interview.A growing number of companies are looking to Bitcoin as part of their treasury fund equation. Two of the latest entrants to the Bitcoin ecosystem, MicroStrategy and Square, recently bought approximately $425 million and $50 million worth of BTC respectively. "Those are two of the Fo...
Covid hospitalizations rising in 36 states as U.S. hits another record for average new cases
Business news

Covid hospitalizations rising in 36 states as U.S. hits another record for average new cases

Co-director of the intensive care unit at CommonSpirit's Dignity Health California Hospital Medical Center, Dr. Zafia Anklesaria, 35, who is seven months pregnant, attends to a COVID-19 patient in the hospital where she works, during the coronavirus disease (COVID-19) outbreak, in Los Angeles, California, U.S., May 18, 2020.Lucy Nicholson | ReutersThe average number of new daily cases of the coronavirus in the United States hit another record on Monday as 36 states reported worrying rises in the number of hospitalized patients.The average number of patients hospitalized with Covid-19 over the past seven days rose by at least 5% in 36 states as of Monday, according to a CNBC analysis of data from the Covid Tracking Project. Hospitalizations lag behind cases as it takes time fo...
USD/JPY drops to 104.50 as US T-bond yields push lower
Forex

USD/JPY drops to 104.50 as US T-bond yields push lower

USD/JPY extended its daily slide in the early American session. 10-year US Treasury bond yield dropped to weekly lows on Tuesday. US Dollar Index stays in the red below 93.00.After rising above 105.00 on Monday, the USD/JPY pair reversed its direction on Tuesday and fell to a fresh daily low of 104.50. As of writing, the pair was down 0.3% on the day at 104.52.Cautious market mood helps JPY gather strengthThe fading optimism for a coronavirus relief bill in the US seems to be weighing on the Treasury bond yields. At the moment, the benchmark 10-year T-bond yield is down 2.5% on the day at 0.781% and is losing nearly 10% since touching its highest level in more than four months at 0.872% since last Friday. Earlier in the session, White House press secretary told Fox Bu...
USD/INR Price Analysis: Flirts with 23.6% Fibo. level, near 73.70-65 region
Forex

USD/INR Price Analysis: Flirts with 23.6% Fibo. level, near 73.70-65 region

USD/INR witnessed a turnaround from a four-month-old descending trend-line resistance. Positive oscillators on the daily chart support prospects for the emergence of dip-buying. A sustained move beyond the 74.00-74.10 area is needed to confirm a bullish breakout.The USD/INR pair came under some heavy selling pressure on Tuesday and moved away from near one-month tops set in the previous session. The pair faced rejection near a resistance marked by a four-month-old descending trend-line and for now, seems to have stalled its upward trajectory witnessed over the past two weeks or so.The USD/INR pair has now retreated to the 23.6% Fibonacci level of the 76.52-72.76 recent fall. Meanwhile, technical indicators on the daily chart are holding in the bullish territory and suppor...
Diversified product portfolio to reduce Covid-19 slowdown impact on chemical players: Icra
Stock News

Diversified product portfolio to reduce Covid-19 slowdown impact on chemical players: Icra

MUMBAI: With most basic chemical and petrochemical players having a diverse range of end-user industries, the impact of Covid-19 slowdown is likely to be moderated, ratings agency Icra said in a report. While the industry may face near-term headwinds, the medium to long-term credit outlook remains stable for the industry, Icra said. "Credit profiles of most of our rated basic chemical and petrochemical players are expected to remain resilient in 2020-21, supported by the diversification of products in their portfolio, wide applications of these chemicals and manageable leveraging levels," Icra Ratings Vice President and Co-Head - Corporate Ratings Ankit Patel said."Despite the pronounced decline in revenues and margins in FY21, the credit profile of most incumbents is supported by thei...