Tech & Science Intel's blockbuster results lift shares to dotcom peak, fire up sector
Salvachua pledges attacking approach to get Victory out of doldrums
Melbourne Victory have turned to assistant coach Carlos Salvachua to get them out of their slump and bring the glory days back to AAMI Park in the wake of Marco Kurz's sacking.Anthony Di Pietro, the Victory chairman, fronted a press conference on Wednesday afternoon to explain that the decision to dismiss Kurz had been made at a board meeting on Tuesday and once that call had been made there was no point in waiting to wield the axe, despite the fact that the German had only been in charge for 13 A-League games.
(Reuters) - Intel Corp's shares hit their highest in nearly two decades on Friday after cloud computing demand fired up the chipmaker's data center business and allayed concerns of market share loss to rival AMD, lifting stocks across the sector.
At least 15 brokerages raised their price targets on Intel's stock, with J.P.Morgan making the most aggressive move by boosting its target by $12 to $80, well above the median price target of $65.
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Revenue at Intel's data center business jumped 19% and sales to cloud computing providers surged 48% year-over-year in the fourth quarter.
(Interactive graphic on Intel's data center sales: https://tmsnrt.rs/2NVUJZY)"We think Intel is benefiting from an improving macro economic climate versus company specific improvements at this time," RBC Capital Markets analyst Mitch Steves said, adding that he expects strong results from data center rivals AMD and Nvidia . Shares of AMD, which will report earnings next week, rose 1% to a record high. Nvidia shares were also up 1%. European chipmakers ASML Holding NV and STMicroelectricals NV rose almost 2%.
Intel's stock was up 8.6% at $68.75, a level it has not seen since the peak of the dotcom boom in 2000, propelling the broader Nasdaq <.IXIC> and the Philadelphia SE Semiconductor Index <.SOX> to record highs.
After an 'excessive' tech rally, one Wall Street firm is bracing for a pullback in stocks
On Monday, analysts at Canaccord Genuity reduced their market and tech sector views to neutral from positive as they see a potential pullback coming in stocks. The downgrade comes amid "the extreme overbought condition and high level of optimism toward equities, especially in the Information Technology sector," they wrote in a Monday note.Still, the analysts said they'd rotate back into a more bullish stance "pending a resolution of the extreme overbought level of the major market indices."Watch the S&P 500 trade live on Markets Insider.Read more on Business Insider.
Other major chipmakers such as Taiwan Semiconductor Manufacturing Co Ltd (TSMC) <2330.TW> and Texas Instruments have also given upbeat forecasts this month, cementing hopes of a rebound in the market that fell nearly 12% in 2019, according to research firm Gartner.
However, Intel has struggled with delays in its 10nm chip technology, losing its lead to rival TSMC in the race to supply to the "new data economy", which includes 5G, autonomous vehicles and artificial intelligence.
AMD has partnered with TSMC to launch several new products based on the smaller 7nm design. Intel said on Thursday it would release nine 10nm products this year and launch its lead 7nm product next year.
"We continue to expect competitive headwinds to impact Intel's server and PC CPU strongholds over the next few quarters, as AMD continues its onslaught on Intel's hegemony," Morningstar analysts said.
Intel has also been facing a shortage of PC chips, and the company said it would boost its capacity to make such chips, in a sign that the manufacturing woes that plagued chipmakers over the past year were starting to ease.
(Reporting by Neha Malara and Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)
'All it's doing is destroying value': Treasury Wine slammed for US push .
A veteran analyst has blasted the company over its foray into America after weak results from the US prompted it to issue a profit warning, sending its shares tumbling.Merrill Lynch analyst David Errington launched his attack during a lengthy conference call to discuss Treasury's first-half results and a shock profit warning released on Tuesday evening. The downgrade sent the company's shares tumbling by as much as 22.1 per cent on Wednesday morning.
Evening News : 2019-04-17
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