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👨🏻‍💼🐻📉 After predicting the short December rally and betting on it, Morgan Stanley’s chief strategist Mike Wilson is returning to his bear position and going back to selling equities.  

Wilson, who has garnered a reputation as being Wall Street’s most outspoken bear and was ranked No. 1 stock strategist in the latest Institutional Investor survey, said in a Monday morning note that he expected the S&P 500 to resume its descent into the red after it crossed above its 200-day moving average last week.

“We are now sellers again,” he and his colleagues wrote, adding that the downward trend he predicted at the start of next year remains intact. “This makes the risk-reward of playing for more upside quite poor at this point.”

Wilson previously predicted the December rally of U.S. equity stocks back in early November, estimating the S&P 500 would reach 4,150 points “before reality sets in”; bond and stock markets had priced in too much hawkishness in the last quarter of the year, he believed. His prediction is close to coming true as the S&P 500 closed at 4,071 Friday.

With Monday’s note, Wilson is bringing forward his prediction of when the December rally will end, writing that he sees the “absolute upside” for the S&P at 4,150 points being achieved “over the next week or so.”

Next year, Wilson believes, equities will experience a plunge as inflation drops and U.S. companies are forced to revise their earnings down in the first quarter because of sagging margins and earnings.

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Reported by Fortune 
#entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
👨🏻‍💼🐻📉 After predicting the short December rally and betting on it, Morgan Stanley’s chief strategist Mike Wilson is returning to his bear position and going back to selling equities.   Wilson, who has garnered a reputation as being Wall Street’s most outspoken bear and was ranked No. 1 stock strategist in the latest Institutional Investor survey, said in a Monday morning note that he expected the S&P 500 to resume its descent into the red after it crossed above its 200-day moving average last week. “We are now sellers again,” he and his colleagues wrote, adding that the downward trend he predicted at the start of next year remains intact. “This makes the risk-reward of playing for more upside quite poor at this point.” Wilson previously predicted the December rally of U.S. equity stocks back in early November, estimating the S&P 500 would reach 4,150 points “before reality sets in”; bond and stock markets had priced in too much hawkishness in the last quarter of the year, he believed. His prediction is close to coming true as the S&P 500 closed at 4,071 Friday. With Monday’s note, Wilson is bringing forward his prediction of when the December rally will end, writing that he sees the “absolute upside” for the S&P at 4,150 points being achieved “over the next week or so.” Next year, Wilson believes, equities will experience a plunge as inflation drops and U.S. companies are forced to revise their earnings down in the first quarter because of sagging margins and earnings. Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! • • 👉Follow @joinmidotco for more 👈 • Reported by Fortune #entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
4 hours ago
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1/9
📞👨🏻‍💼👋 Vodafone Group Plc Chief Executive Officer Nick Read will step down at the end of 2022, after he failed to halt a years-long slide in the telecommunication giant’s share price and mergers with major rivals failed to materialize.

Chief Financial Officer Margherita Della Valle will do the job on an interim basis while the board, led by Chairman Jean-Francois van Boxmeer, seeks a replacement. Read, who’d been in the post for four years and at Vodafone for more than two decades, will stay on an as adviser until the end of March, the company said in a statement on Monday.

“I agreed with the board that now is the right moment to hand over to a new leader who can build on Vodafone’s strengths and capture the significant opportunities ahead,” Read, 58, said in the statement.

Vodafone’s share price has sunk about 44% since Read took over in October 2018. In that time the Newbury, England-based mobile and broadband giant has retrenched and cut debt. Read’s biggest move may have been to spin out and list the company’s tens of thousands of mobile masts, selling a stake in Frankfurt-listed listed Vantage Towers AG to a private equity consortium in a deal that valued the business €16.2 billion ($17.1 billion) last month.

The stock remains close to 25-year lows.

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Reported by Bloomberg 
#entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
📞👨🏻‍💼👋 Vodafone Group Plc Chief Executive Officer Nick Read will step down at the end of 2022, after he failed to halt a years-long slide in the telecommunication giant’s share price and mergers with major rivals failed to materialize. Chief Financial Officer Margherita Della Valle will do the job on an interim basis while the board, led by Chairman Jean-Francois van Boxmeer, seeks a replacement. Read, who’d been in the post for four years and at Vodafone for more than two decades, will stay on an as adviser until the end of March, the company said in a statement on Monday. “I agreed with the board that now is the right moment to hand over to a new leader who can build on Vodafone’s strengths and capture the significant opportunities ahead,” Read, 58, said in the statement. Vodafone’s share price has sunk about 44% since Read took over in October 2018. In that time the Newbury, England-based mobile and broadband giant has retrenched and cut debt. Read’s biggest move may have been to spin out and list the company’s tens of thousands of mobile masts, selling a stake in Frankfurt-listed listed Vantage Towers AG to a private equity consortium in a deal that valued the business €16.2 billion ($17.1 billion) last month. The stock remains close to 25-year lows. Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! • • 👉Follow @joinmidotco for more 👈 • Reported by Bloomberg #entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
4 hours ago
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2/9
🇨🇦💰🧐Canada’s largest pension fund by assets under management recently made striking changes in its investments in Apple, and four prominent electric-vehicle makers.

Canada Pension Plan cut its stake in Apple stock (ticker: AAPL), nearly halved an investment in Tesla, and nearly wiped out holdings in Chinese EV makers NIO, XPeng, and Li Auto in the third quarter. 

Canada Pension Plan Investment Board, known as CPP Investments, which manages the pension, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.

The pension’s total assets stood at $393 billion as of Sept. 30.

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Reported by Barron’s 
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🇨🇦💰🧐Canada’s largest pension fund by assets under management recently made striking changes in its investments in Apple, and four prominent electric-vehicle makers. Canada Pension Plan cut its stake in Apple stock (ticker: AAPL), nearly halved an investment in Tesla, and nearly wiped out holdings in Chinese EV makers NIO, XPeng, and Li Auto in the third quarter. Canada Pension Plan Investment Board, known as CPP Investments, which manages the pension, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission. The pension’s total assets stood at $393 billion as of Sept. 30. Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! • • 👉Follow @joinmidotco for more 👈 • Reported by Barron’s #entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
24 hours ago
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3/9
📣🏛📣Chewy, C3.ai, MongoDB and more companies report earnings in the weak ahead.

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📣🏛📣Chewy, C3.ai, MongoDB and more companies report earnings in the weak ahead.

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📣🏛📣Chewy, C3.ai, MongoDB and more companies report earnings in the weak ahead.

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📣🏛📣Chewy, C3.ai, MongoDB and more companies report earnings in the weak ahead. Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! • • 👉Follow @joinmidotco for more 👈 • #entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
1 day ago
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4/9
🏭🔋🤝General Motors Co and LG Energy Solution Ltd said Friday they are investing another $275 million in their Tennessee joint venture battery cell plant to increase production by more than 40%.

The new investment in the Ultium Cells Spring Hill plant will boost battery output from an annual capacity of 35 gigawatt-hours to 50 GWh, when the plant is operational in late 2023. It is one of at least four U.S. joint venture battery plants planned to supply GM electric vehicles as the largest U.S. automaker ramps up production.
The new investment follows $2.3 billion announced in April 2021 and will add another 400 jobs. The factory will employ 1,700 workers when fully operational.

The first Ultium joint venture plant in Warren, Ohio began production in August. Workers next week at the $2.3 billion Ohio plant will vote whether to unionize after the United Auto Workers (UAW) petitioned to represent about 900 workers.
GM and LG Energy are also considering an Indiana site for a fourth U.S. battery plant expected to cost around $2.4 billion. They are also building a $2.6 billion battery cell plant in Lansing, Michigan, set to open in 2024.

Ultium Cells expects to have more than 130 GWh of battery cell capacity when the three announced facilities are at full production capacity later this decade.

In July, the U.S. Energy Department said it intends to loan Ultium $2.5 billion to help finance new lithium-ion battery cell manufacturing facilities. An announcement that the loan could be finalized could occur as early as this month, officials said.

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Reported by Reuters
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🏭🔋🤝General Motors Co and LG Energy Solution Ltd said Friday they are investing another $275 million in their Tennessee joint venture battery cell plant to increase production by more than 40%. The new investment in the Ultium Cells Spring Hill plant will boost battery output from an annual capacity of 35 gigawatt-hours to 50 GWh, when the plant is operational in late 2023. It is one of at least four U.S. joint venture battery plants planned to supply GM electric vehicles as the largest U.S. automaker ramps up production. The new investment follows $2.3 billion announced in April 2021 and will add another 400 jobs. The factory will employ 1,700 workers when fully operational. The first Ultium joint venture plant in Warren, Ohio began production in August. Workers next week at the $2.3 billion Ohio plant will vote whether to unionize after the United Auto Workers (UAW) petitioned to represent about 900 workers. GM and LG Energy are also considering an Indiana site for a fourth U.S. battery plant expected to cost around $2.4 billion. They are also building a $2.6 billion battery cell plant in Lansing, Michigan, set to open in 2024. Ultium Cells expects to have more than 130 GWh of battery cell capacity when the three announced facilities are at full production capacity later this decade. In July, the U.S. Energy Department said it intends to loan Ultium $2.5 billion to help finance new lithium-ion battery cell manufacturing facilities. An announcement that the loan could be finalized could occur as early as this month, officials said. Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! • • 👉Follow @joinmidotco for more 👈 • Reported by Reuters #entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
1 day ago
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5/9
📱👋🇨🇳In November, the area known as "iPhone City" erupted into violent protests among employees over withheld pay and strict zero-Covid policies that prompted a lockdown in Zhengzhou. As demonstrations grew, Foxconn, which employs upwards of 300,000 factory workers, offered workers $1,400 to quit their jobs, and later, $1,800 bonuses to stay to retain its hemorrhaging workforce. 

The protests, which coincided with the start of the holiday shopping season in the US, have led to significant supply chain issues and shortages of Apple iPhone products. The company is expected to have a shortfall of 6 million iPhone Pros alone as a result of the demonstrations, according to Bloomberg.  

The turmoil's impact on Apple's bottom line has led to a sense of urgency to diversify production away from China, which has long dominated manufacturing for the company. However, the economic slump and slowed hiring is proving challenging to outsource production and forge partnerships with new suppliers, the Journal reported.

"Finding all the pieces to build at the scale Apple needs is not easy," Kate Whitehead, a former Apple operations manager and owner of a supply-chain consulting firm, told the WSJ. 

According to the Journal, Apple plans to source up to 45% of iPhone production from factories in India, where it currently manufactures in just the single digits, and to ramp up manufacturing of products like computers, watches, and AirPods in Vietnam. 

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Reported by Insider
#entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
📱👋🇨🇳In November, the area known as "iPhone City" erupted into violent protests among employees over withheld pay and strict zero-Covid policies that prompted a lockdown in Zhengzhou. As demonstrations grew, Foxconn, which employs upwards of 300,000 factory workers, offered workers $1,400 to quit their jobs, and later, $1,800 bonuses to stay to retain its hemorrhaging workforce.  The protests, which coincided with the start of the holiday shopping season in the US, have led to significant supply chain issues and shortages of Apple iPhone products. The company is expected to have a shortfall of 6 million iPhone Pros alone as a result of the demonstrations, according to Bloomberg.   The turmoil's impact on Apple's bottom line has led to a sense of urgency to diversify production away from China, which has long dominated manufacturing for the company. However, the economic slump and slowed hiring is proving challenging to outsource production and forge partnerships with new suppliers, the Journal reported. "Finding all the pieces to build at the scale Apple needs is not easy," Kate Whitehead, a former Apple operations manager and owner of a supply-chain consulting firm, told the WSJ.  According to the Journal, Apple plans to source up to 45% of iPhone production from factories in India, where it currently manufactures in just the single digits, and to ramp up manufacturing of products like computers, watches, and AirPods in Vietnam.  Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! • • 👉Follow @joinmidotco for more 👈 • Reported by Insider #entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
2 days ago
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6/9
🏙🗽👋 Meta is moving out of two of its offices located in Manhattan's luxury Hudson Yards.

The social media giant is not renewing its leases at 30 and 55 Hudson Yards, the company confirmed to Insider. The current leases, which include more than 250,000 square feet across the two buildings, run through 2024, according to Bloomberg.

Meta's move to return its office space is part of CEO Mark Zuckerberg's plan to cut costs. Last month, the company conducted mass layoffs after seeing slower revenue growth this year, Insider reported, and in October, Meta ended its lease for an office at 225 Park Avenue South in Manhattan, the company confirmed.

"The past few years have brought new possibilities around the role of the office," Meta spokesperson Tracy Clayton told Insider. "And we are prioritizing making focused, balanced investments to support our most strategic long-term priorities and lead the way in creating the workplace of the future."

During a third-quarter earnings call in October, David Wehner, Meta's chief financial officer, said that it had a $413 impairment loss for some operating leases, Insider reported. Wehner added that Meta will spend $2 billion on consolidating its office workspace next year.

"Our aim is to build a best-in-class remote work experience to help everyone do the best work of their careers no matter where they are," Clayton said.

30 Hudson Yards is a glass skyscraper over 100 stories high, with outdoor terraces and panoramic views of the Hudson River. It houses office space for companies such CNN, HBO, and Warner Media.

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Reported by Yahoo! Finance 
#entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
🏙🗽👋 Meta is moving out of two of its offices located in Manhattan's luxury Hudson Yards. The social media giant is not renewing its leases at 30 and 55 Hudson Yards, the company confirmed to Insider. The current leases, which include more than 250,000 square feet across the two buildings, run through 2024, according to Bloomberg. Meta's move to return its office space is part of CEO Mark Zuckerberg's plan to cut costs. Last month, the company conducted mass layoffs after seeing slower revenue growth this year, Insider reported, and in October, Meta ended its lease for an office at 225 Park Avenue South in Manhattan, the company confirmed. "The past few years have brought new possibilities around the role of the office," Meta spokesperson Tracy Clayton told Insider. "And we are prioritizing making focused, balanced investments to support our most strategic long-term priorities and lead the way in creating the workplace of the future." During a third-quarter earnings call in October, David Wehner, Meta's chief financial officer, said that it had a $413 impairment loss for some operating leases, Insider reported. Wehner added that Meta will spend $2 billion on consolidating its office workspace next year. "Our aim is to build a best-in-class remote work experience to help everyone do the best work of their careers no matter where they are," Clayton said. 30 Hudson Yards is a glass skyscraper over 100 stories high, with outdoor terraces and panoramic views of the Hudson River. It houses office space for companies such CNN, HBO, and Warner Media. Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! • • 👉Follow @joinmidotco for more 👈 • Reported by Yahoo! Finance #entrepreneur #wallstreet #nasdaq #wealth #advice #shares #bestcompany #successful #rich #income #investment #mi #millioner #millionerinvestor #investmentportfolio #passiveincome #lifestyle #wealthbuilding #stockmarket #success #nyse #multibagger #investments #investmentideas #investingforbeginners #stocks #investingtips #investing101 #topstocks #investmentopportunity
2 days ago
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7/9
💰🛍😁 A couple are facing a trial in Australia on theft charges after they spent millions of dollars wrongly transferred to their bank account by Crypto.com.
The exchange mistakenly transferred $10.5 million, rather than $100, to Thevamanogari Manivel's account in May 2021 after entering the wrong figure in the payment field, according to a default judgement in August. It took the company seven months to realize its mistake and try to recover the funds.

During that time, prosecutors say that Manivel and her partner Jatinder Singh went on a spending spree with the cash. 

The Daily Mail reported that Manivel and Singh bought four properties with the money, including a $1.2 million home in Melbourne and put a $56,000 deposit on another house. The couple also gave more than $1 million to their three daughters.

The couple also spent $70,000 on a car for one of their children, another $1.2 million to pay off a friend's mortgage, and spent the rest on furniture, art, and other luxury products, the outlet reported. 

Detective Senior Constable Conor Healy said Manivel, 40, was apprehended at Melbourne airport carrying a large amount of cash and luggage, and a one-way ticket to Malaysia, per the Mail.

Singh had been a keen crypto trader, according to the Daily Mail, and had nearly $50,000 in his Crypto.com wallet. He reportedly claimed he had won the money from Crypto.com when the mistake was eventually noticed. 

Jessica Willard, Manivel's lawyer, told a hearing at Melbourne Magistrates Court in October that her client may not have known where the funds came from.

Manivel and Singh both pleaded not guilty to theft. Manivel also pleaded not guilty to a count of negligently dealing with the proceeds of crime, per the outlet.
The court heard that $2 million in cash was still unaccounted for, along with assets worth a further $1 million.

The couple face sentences of up to 20 years each if found guilty of stealing the funds from Commonwealth Bank Australia.

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Reported by Insider.
💰🛍😁 A couple are facing a trial in Australia on theft charges after they spent millions of dollars wrongly transferred to their bank account by Crypto.com. The exchange mistakenly transferred $10.5 million, rather than $100, to Thevamanogari Manivel's account in May 2021 after entering the wrong figure in the payment field, according to a default judgement in August. It took the company seven months to realize its mistake and try to recover the funds. During that time, prosecutors say that Manivel and her partner Jatinder Singh went on a spending spree with the cash.  The Daily Mail reported that Manivel and Singh bought four properties with the money, including a $1.2 million home in Melbourne and put a $56,000 deposit on another house. The couple also gave more than $1 million to their three daughters. The couple also spent $70,000 on a car for one of their children, another $1.2 million to pay off a friend's mortgage, and spent the rest on furniture, art, and other luxury products, the outlet reported.  Detective Senior Constable Conor Healy said Manivel, 40, was apprehended at Melbourne airport carrying a large amount of cash and luggage, and a one-way ticket to Malaysia, per the Mail. Singh had been a keen crypto trader, according to the Daily Mail, and had nearly $50,000 in his Crypto.com wallet. He reportedly claimed he had won the money from Crypto.com when the mistake was eventually noticed.  Jessica Willard, Manivel's lawyer, told a hearing at Melbourne Magistrates Court in October that her client may not have known where the funds came from. Manivel and Singh both pleaded not guilty to theft. Manivel also pleaded not guilty to a count of negligently dealing with the proceeds of crime, per the outlet. The court heard that $2 million in cash was still unaccounted for, along with assets worth a further $1 million. The couple face sentences of up to 20 years each if found guilty of stealing the funds from Commonwealth Bank Australia. Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! Reported by Insider.
2 days ago
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8/9
🧟‍♂️💻🏛Software companies Okta Inc. and Atlassian Corp. have been added to the list of “zombie” stocks compiled by equity research firm New Constructs. Okta and Atlassian are facing significant cash burn, according to New Constructs.

“Companies with fast-depleting cash reserves are risky investments in any market,” wrote New Constructs CEO David Trainer in a recent note, adding that rising interest rates and a slowing economy are adding fuel to the fire. “As these companies struggle to grow revenue, they will face margin pressures and serious challenges to raising more capital to fund their cash burn,” he added.

“No matter how you analyze Okta’s business, one thing is clear: the company burns through a large amount of cash,” Trainer wrote. “Since fiscal 2018, the company has burned $3.8 billion in FCF [free cash flow] excluding acquisitions.”

Okta has endured a turbulent year marked by sales-force difficulties and a hack dubbed “Oktapus.” But late Wednesday, the software maker reported strong third-quarter results and forecast profitability for the fourth quarter and for fiscal 2024, sending its stock surging. Okta ended Thursday’s session up 26.5%, while the S&P 500 declined 0.1%.

Business-collaboration software company Atlassian was also added to New Constructs’ list of “zombie” stocks recently. “With only $1.8 billion of cash on the books as of September 30, 2022, Atlassian can only sustain its TTM [trailing 12-month] burn rate for another 23 months from the end of October 2022,” Trainer wrote in a separate note. “In other words, Atlassian will need either a capital raise or a significant change in business operations to remain a going concern.”

Atlassian, which makes software programs such as Jira, has seen its stock fall 63.5% in 2022.

Other companies on New Constructs’ “zombie” stocks list include Affirm Holdings Inc.,  AMC Entertainment Holdings Inc.,  GameStop Corp.,  Snap Inc., Rivian Automotive Inc., and Carvana Co.

Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! 
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Reported by MarketWatch
🧟‍♂️💻🏛Software companies Okta Inc. and Atlassian Corp. have been added to the list of “zombie” stocks compiled by equity research firm New Constructs. Okta and Atlassian are facing significant cash burn, according to New Constructs. “Companies with fast-depleting cash reserves are risky investments in any market,” wrote New Constructs CEO David Trainer in a recent note, adding that rising interest rates and a slowing economy are adding fuel to the fire. “As these companies struggle to grow revenue, they will face margin pressures and serious challenges to raising more capital to fund their cash burn,” he added. “No matter how you analyze Okta’s business, one thing is clear: the company burns through a large amount of cash,” Trainer wrote. “Since fiscal 2018, the company has burned $3.8 billion in FCF [free cash flow] excluding acquisitions.” Okta has endured a turbulent year marked by sales-force difficulties and a hack dubbed “Oktapus.” But late Wednesday, the software maker reported strong third-quarter results and forecast profitability for the fourth quarter and for fiscal 2024, sending its stock surging. Okta ended Thursday’s session up 26.5%, while the S&P 500 declined 0.1%. Business-collaboration software company Atlassian was also added to New Constructs’ list of “zombie” stocks recently. “With only $1.8 billion of cash on the books as of September 30, 2022, Atlassian can only sustain its TTM [trailing 12-month] burn rate for another 23 months from the end of October 2022,” Trainer wrote in a separate note. “In other words, Atlassian will need either a capital raise or a significant change in business operations to remain a going concern.” Atlassian, which makes software programs such as Jira, has seen its stock fall 63.5% in 2022. Other companies on New Constructs’ “zombie” stocks list include Affirm Holdings Inc.,  AMC Entertainment Holdings Inc.,  GameStop Corp.,  Snap Inc., Rivian Automotive Inc., and Carvana Co. Hey!✌️We’re maybe the most digestible and enjoyable Free investing & business newsletter on the planet (really). Just give us a try— Sign up for the Sunday Latte in link in bio! • • Reported by MarketWatch
3 days ago
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