Daily Market Report by GulfBrokers 2020-2021

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"Micron delivered outstanding fiscal first-quarter results, driven by focused execution and strong end-market demand," Micron CEO, Sanjay Mehrotra said.

The memory chip maker Micron Technology (NASDAQ: MU) reported better-than-expected earnings for its fiscal first quarter on Thursday after the market close. The company sales climbed 12% on a year-over-year basis and gross margin also improved from 27.3% in the previous year to 30.9%.

  • Earnings per share: $0.78 vs. $0.71 expected
  • Revenue: $5.77 billion vs. $5.73 billion expected
The semiconductor manufacturer said that its DRAM sales in the recent quarter accounted for 70% of its total revenue. For its second fiscal quarter, Micron expects to earn an adjusted 75 cents a share on sales of $5.8 billion.

HASH


On Thursday, the $MU stock advanced 2.5% during regular trading, to $79.11 and the shares climbed 4% during the extended trading session after the company reported strong earnings results.

Read more- https://gulfbrokers.com/en/micron-earnings-beat-estimates-stock-hits-new-52-week-high
 
How will it be pushed. Is the USD getting spent in crypto? Last couple of days USD has held its own but not pushed on to anything close to what's needed. See how it changes by the 20th
 
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Japan, Russia, and Mexico detected its first case of the new coronavirus strain, which was first discovered in the United Kingdom (UK) last month. The new and more contagious UK variant can be up to 70 per cent more transmissible than other SARS-CoV-2 variants. Meanwhile, the Japan government already declared a state of emergency for Tokyo and three neighbouring prefectures last week.

EQUITIES

US stock futures and European markets started the week lower after the first week of 2021 ended at record levels. During the last week, the Dow industrials increased 1.6% and the S&P 500 climbed 1.8%. The Nasdaq Composite gained 2.4% in the first week of 2021.

OIL

Crude oil price slightly retreated from the highs on renewed concerns about global fuel demand amid strict coronavirus lockdowns in Europe and other parts of the world.

CURRENCIES

In the currency market, the dollar turned higher against a basket of major currencies after weaker-than-expected NFP report. The US nonfarm payrolls decreased by 140,000 in December, the first decline in eight months, well below expectations that called for a still-weak increase of 71,000 jobs.

GOLD

The yellow metal extends lower on Monday after a jump in U.S. Treasury yields and the recent recovery in the US dollar. The US Treasury yields on 10-year bonds rose by almost 21% for the week.

Economic Outlook

On the data front, China Consumer price index rose by 0.2 %, after a 0.5% fall a month earlier and compared with market consensus of a 0.1% gain. While the PPI increased from -1.5% in November to -0.4% last month, topping the consensus estimate of -0.8%. On the other hand, Australia retail sales rose by 7.1% month-over-month in November.

This week the main highlights of the economic calendar will be the UK GDP and industrial production data, US retail sales and Oil inventories. On the earnings front, JP Morgan, CITI, and Wells Fargo will release their fourth-quarter 2020 earnings results.

Technical Outlook

EUR/USD:
The currency pairs started this week on a bearish note after a number of coronavirus cases increasing across Europe.

eurusd


The important levels to watch for today: Support- 1.2170 and 1.2130 Resistance- 1.2200 and 1.2230.



GOLD: The gold price rebounded from the short-term support zone $1820. At the time of writing, the precious metal trading at $1850.

gold neww


The important levels to watch for today: Support- 1826 and 1816 Resistance- 1860 and 1870.

Quote of the day: Investing isn’t about beating others at their game. It's about controlling yourself at your own game – Benjamin Graham.

Read more- https://gulfbrokers.com/en/daily-market-report-235
 
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In 2020, the financial market has seen the highest IPO capital raising activity in a decade, with USD 331 billion raised across 1,591 listings – a 42% increase compared to 2019.

Some of the notable IPOs in 2020:

  • Airbnb Inc (NASDAQ: ABNB)
  • DoorDash Inc (NYSE: DASH)
  • Snowflake Inc (NYSE: SNOW)
  • Unity Software Inc (NYSE: U)

In 2021 there is a solid pipeline of companies preparing for capital raises through IPOs. Here are the 5 IPOs you need to watch for this week.

1. AFFIRM HOLDINGS

San Francisco-based Affirm Holdings to go public with a valuation of $ 9 billion which will trade on the Nasdaq under the acronym "AFRM," at $ 33-38. Affirm Holdings allows consumers to purchase goods and make payments in instalments and it provides services to more than 6.2 million clients.

2. DRIVEN BRANDS

The North Carolina-based company Driven Brands, which will be listed on the NASDAQ exchange using the symbol “DRVN.” is offering 38,000 shares of its common stock, which is expected to go for $17 to $20 per share and could raise of $700 million. Worldwide, Driven Brands operates 4,100 locations in 15 countries. The company reports $900 million in revenue on $3 billion worth of sales from all its holdings.

3. PLAYTIKA HOLDING

Playtika is a leading developer of mobile games plans to raise $1.6 billion by offering 69.5 million shares at a price range of $22 to $24. The Israel-based company plans to list on the Nasdaq under the symbol PLTK. Playtika posted an all-time high of 11.8 million average daily players of its games in Q2 2020.

4. POSHMARK

The online shopping site Poshmark plans to raise USD 244 million by offering 6.6 million shares at a price range of $35 to $39. The company will list its shares on the Nasdaq Global Select Market under the symbol POSH. The site acts as a form of social commerce. As of Sept. 30, the company boasted 4.5 million active sellers, 6.2 million active buyers and more than 201 million listed items, with 31.7 million active users overall.

5. PETCO

Pet supplies retailer Petco plans to raise $744 million by offering 48 million shares at a price range of $14 to $17. It plans to list on the Nasdaq under the symbol WOOF. Petco was founded in 1965, the retailer sells food, toys, medical products for animals, and provides veterinarian, training, and grooming services.

Read more- https://gulfbrokers.com/en/5-ipos-to-watch-out-for-this-week
 
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US House Democrats Monday began an attempt to remove Trump from office, the Democrats want the vice president, Mike Pence, to invoke the 25th Amendment and remove Donald Trump from office. The impeachment escalated after he incited riots by his supporters on Capitol Hill last week. Trump’s term ends on 20 January, but impeachment would bar him from future elections

“In protecting our Constitution and our Democracy, we will act with urgency, because this President represents an imminent threat to both,” House Speaker Nancy Pelosi said.

EQUITIES

Wall Street ended mixed on Monday while US government bond yields rose, marking their sixth-consecutive session of gains after logging the biggest one-week increase since June. Twitter and Facebook shares dropped on Monday after these social media apps banned Trump from his account and his 89 million followers.

OIL

Crude oil prices climbed to fresh session highs on Tuesday following positive news about coronavirus vaccine. On Monday, BioNTech and US pharmaceutical giant Pfizer said they could produce up to 2 billion doses of their coronavirus vaccine in 2021.

CURRENCIES

In the currency market, the dollar index bounced 1.5% from last week’s nearly three-year low while the Index slightly retreated from highs after it failed to break above 90.70.

GOLD

The yellow metal trading steady above $1850 on Tuesday following news that US President-elect Biden is set to lay out his multi-trillion stimulus plan, likely to include a proposal to increase the number of stimulus checks to $2,000 from $600.

Economic Outlook

On Monday, the President and chief executive officer of the Federal Reserve Bank of Atlanta, Raphael Bostic, said on Monday that interest rates could rise sooner than predicted, as the economy is recovering faster than expected from the damage caused by the coronavirus. Meanwhile, Dallas Federal Reserve President Robert Kaplan noted that he expects a broad distribution of coronavirus vaccines to unleash strong economic growth later this year.

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 90.4 million. The United States has reported 22.4 million confirmed cases and has had more than 374,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook



EUR/USD:
The currency pair struggling to find upside momentum after its breaks below the important support of 1.2170. The important levels to watch 1.2175 and 1.2130.

eurusd


The important levels to watch for today: Support- 1.2130 and 1.2090 Resistance- 1.2175 and 1.2210.

GOLD: The precious metal slightly recovered from the previous session losses after it found support near $1820.

gold neww


The important levels to watch for today: Support- 1838 and 1826 Resistance- 1865 and 1875.

Quote of the day: Saving money is wise, but investing it is profitable.

Read more- https://gulfbrokers.com/en/daily-market-report-236
 
The economic calendar for this week is quite light. While there are some important economic events and bank earnings to watch this week.

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