🦉 Did SOFI Technologies Deserve a Price Target Cut to $2.50?
Despite robust results, Fintech personal finance company SoFi Technologies Inc. (NASDAQ: SOFI) stock has been losing credibility with investors. The company reported strong Q1 2023 earnings and revenues while raising its full-year 2023 top and bottom line estimates. This prompted Wedbush to downgrade shares to Underperform with a $2.50 price target on May 15, 2023. Two weeks before the downgrade on May 2, 2023, Wedbush downgraded shares to Neutral from Outperform with a price target of $5 from $8. Wedbush Double Downgrades With two consecutive downgrades in the same month by Wedbush dropping its price target from $8 to $5 to $2.50, shares dropped from a high of $6.54 to a low of $4.45 in May. .
Equity markets pulled back for the second day on Wednesday while a resolution to the debt ceiling debate remains elusive. The move was amplified by weakness in the semiconductor sector, correcting after the previous week's surge. The takeaway for tech is that much of the gains expected from AI have been priced in, and investors should look to the next wave of winners. Among those will be tech services companies and hardware manufacturers to support the new technology.
The labor data added to Wednesday's woes. The JOLTs report showed a surprise surge in job openings that suggests momentum in the economy. That increases the odds of another Fed interest rate hike, and the odds are already high for another 25 bps. Economic pressure will continue to build and more financial institutions will fail.
Despite robust results, Fintech personal finance company SoFi Technologies Inc. (NASDAQ: SOFI) stock has been losing credibility with investors. The company reported strong Q1 2023 earnings and revenues while raising its full-year 2023 top and bottom line estimates. This prompted Wedbush to downgrade shares to Underperform with a $2.50 price target on May 15, 2023. Two weeks before the downgrade on May 2, 2023, Wedbush downgraded shares to Neutral from Outperform with a price target of $5 from $8. Wedbush Double Downgrades With two consecutive downgrades in the same month by Wedbush dropping its price target from $8 to $5 to $2.50, shares dropped from a high of $6.54 to a low of $4.45 in May.
Graphite demand for EV batteries is expected to increase 10X from 2020 to 2030. And today, with NO graphite-producing mines in N. America, China has a stranglehold on our graphite supply. That's why the U.S. government is spending billions of dollars to ensure an adequate domestic supply of this metal that's vital for energy independence and national security.
Oman plans to launch a $5 billion public investment fund to support plans to overhaul the economy in the Gulf Arab nation over the next two decades, state media reported Wednesday.The Oman Future Fund will aim to increase economic activity and support the private sector as the country looks to reduce its reliance on oil. With a population of some 4.5 million, Oman is the second largest Gulf Arab nation after Saudi Arabia but has nowhere near its vast oil reserves.Oman has long served as a regional mediator, maintaining close ties to the U.S. and other Gulf states as well as Iran. That has allo...
Nvidia CEO Jensen Huang calls ChatGPT's November 2022 release the AI industry's "iPhone moment," triggering an arms race among tech firms, big and small. Microsoft quickly bought half of OpenAI, the company behind ChatGPT. At the same time, Google, Meta and Alibaba raced to develop their own competing AI language models. However, many investors struggle to decipher the signal from the noise. Amid the frenzy, several companies are opportunistically cashing in on the fad. In contrast, others are legitimate players in what is bound to be a massive industry. Palantir (NYSE: PLTR) emerges as a stalwart in the data analytics industry with extensive experience utilizing AI to solve complex data problems.
=== BREAKING === U.S. Loses to China in Shocking WAR GAMES Pentagon says new "living missile" key to winning a future conflict. Investors stand to reap 35,960% on shares of the small defense contractor that makes powerful new weapon. Get the name of the stock here >>>
German inflation eased to 6.1% in May following several months of declines, even as Europe's biggest economy registered another painful increase in food prices of nearly 15%.Preliminary figures show that the annual inflation rate was lower than the 7.2% registered in April, the Federal Statistical Office said Wednesday. In February, it stood at 8.7%.Increases in energy prices, which drove inflation immediately after Russia's invasion of Ukraine last year, were much lower in May at 2.6% — in part because of the sharp rises a year earlier and government efforts to offset their impact. Those measures include the introduction of a ticket that allows people to use local and regional public transport across Germany for 49 euros ($52.50) per month.
Over Memorial Day weekend, one of the hot topics sparking conversation, the difference in opinions and debate would have been Artificial Intelligence (AI). In that regard, it resembles the Bitcoin craze in 2017 and 2018. It was during that time that the price of Bitcoin began to surge and, in doing so, grabbed mainstream headlines and the imagination of millions of people around the globe.Last week shared many similarities with that phase in the cryptocurrency’s timeline, with the topic of AI featuring on many popular news channels and networks. The excitement grew larger as NVIDIA (NA...
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Amazon Alexa users have had access to celebrity voices for several years, relying on them to set alarms, hear jokes and more — but not for much longer.Customers will lose access to the voices of Samuel L. Jackson, Shaquille O'Neal and Melissa McCarthy starting on June 7, The Verge reported. And they won't be refunded for their purchases — which cost $0.99 at launch before rising to $4.99 — unless they contact customer service.Related: Amazon Is Huge Because It Started With A Great MVP | EntrepreneurAmazon introduced Jackson's voice in 2019; Shaq's and McCarthy's followed in 2021. The voices us...
With the AI boom in full swing, many investors are looking to chip makers as the companies that will proverbially sell picks and shovels in the AI gold rush. The thinking goes that the companies that sell the expensive chips used to train and run AI models are bound to succeed regardless of which AI model or company ultimately wins the arms race. The more computing power is required, the more chips will be sold. Nvidia CEO Jensen Huang called ChatGPT’s release the “iPhone moment” for artificial intelligence, and the entirety of corporate America is rushing to catch up and integrate models like ChatGPT and Google Bard into their products. Source: The Transcript However, there will still be winners and losers, even within the large and volatile semiconductor sector.
A passenger has gone missing after falling overboard on a Carnival cruise ship.The 35-year-old man, identified as Ronnie Lee Peale Jr., reportedly fell overboard less than 200 miles off the coast of Jacksonville, Florida on Monday while aboard the Carnival Magic. The cruise ship set sail from Norfolk, Virginia on Thursday heading to the Bahamas.The U.S. Coast Guard is still searching for the man as of early Wednesday, "utilizing both air and water assets to conduct the search," they said.#UPDATE: 2 @USCG crews will continue their search for the 35 year-old man with air assets this morning. Coast Guard water assets searched throughout the night.
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