The latest news round up for trade-able items on the First Global Credit platform, covering:
- Dow Jones Industrial Average
- F5 Networks
- Union Pacific Corporation
While the BitLicense has caused many companies to leave New York, those that intend to stay are progressing though the regulatory process. This week, one of the world’s largest Bitcoin services and wallet providers Coinbase became the 25th company to file for a BitLicense, which is expected to cost more than $100,000 in legal and compliance fees, according to Bitstamp Executive Vice President and chief legal officer George Frost.
Since February, Coinbase has continued to work with the New York Department of Financial Services (NYDFS) to improve the regulations and restrictions set on digital currencies such as bitcoin. Today, Coinbase is trying to engage with NYDFS in other states to become a fully licensed bitcoin exchange across the United States.
Dow Jones Industrial Average
A tumble in oil prices Wednesday prompted investors to sell shares of energy companies, weighing on the broader stock market.
Stocks had briefly pared losses to trade near the flatline after the minutes from the Federal Reserve’s July meeting showed no clear sign that officials are ready to raise interest rates next month.
Stocks have rallied since the financial crisis, driven in part by ultralow interest rates. The minutes from the Fed’s July policy meeting, which showed officials have still not settled on whether to raise rates in September, prompted a knee-jerk move in the market. At the same time, investors say, if the Fed decides to hold off on raising rates due to concerns about the global growth outlook, that could dim the outlook for corporate profits and future stock gains.
The Dow Jones Industrial Average fell 133 points, or 0.8%, to 17378, roughly where it was before the release of the Fed minutes. The blue-chip index had dropped as much as 229 points in morning trade.
The downbeat tone for stocks around the globe started in China, where shares spent most of the session in negative territory before a late-day turnaround.
F5 Networks (NASDAQ:FFIV)
Director at F5 Networks, Inc, Alan Higginson, sold shares of FFIV for $249.5k on August 19th.
In addition to Alan Higginson, 15 other FFIV executives reported Sell trades in the last month. Following Alan Higginson’s last FFIV Sell transaction on May 18, 2015, the stock climbed by 5.6%.
Based on F5 Networks` latest earnings report from June 30, the company posted quarterly revenue of $483.6M and quarterly net profit of $93.17M. In comparison, last year the company earned revenue of $440.3M and had a net profit of $79.47M. The company has a one year high of $136.11 and a one year low of $106.82. FFIV’s market cap is $9.44B and the company has a P/E ratio of 27%.
Based on 9 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $133.78, reflecting a -0.8% downside. Three different firms, including Barclays and Goldman Sachs, currently also have a Sell rating on the stock.
Spot gold prices are higher, trading up 0.4% at $1,137.98/oz, following the release of the FOMC minutes and as safe-haven buying picks up on the back of continued fears about the fallout from China’s yuan devaluation. The market interpreted the minutes as bullish, seeing the possibility of an interest rate rise being delayed beyond September. Looking ahead, gold prices will likely “hover between $1,100/oz to $1,150/oz from now until the September FOMC meeting,” says Howie Lee, an investment analyst at Phillip Futures.
Google Inc. was upgraded to overweight from neutral at Atlantic Equities on Wednesday on recent improvements in mobile search and the potential for YouTube to serve as a “material growth driver” as advertising dollars continue to shift from traditional TV. Analyst James Cordwell also raised his 12-month price target on the stock, to $825 from $560, making him one of the most bullish analysts among a poll of 40 analysts on FactSet.
The average target on Google’s stock is $763.30, according to FactSet. Cordwell’s previous bearishness was related to questions surrounding the company’s ability to successfully transition its desktop search product to mobile. However, resilient revenue growth from Google websites suggests the company is “navigating this transition better than anticipated,” he said. The analyst is modeling for a more than 50% annual increase in YouTube revenue from 2015 to 2017.
Shares of Google were up 0.4% to around $691.44 in premarket trade Wednesday. Its shares have surged more than 25% over the last three months, outperforming the broader S&P 500, down 1.5%.
Union Pacific Corporation (NYSE:UNP)
Shares of Union Pacific Corporation (NYSE:UNP) saw an erosion of -0.19 points in recent session. During the trading, the value of each share was $92.55, dropping -0.2%. The shares saw high fund-flow as the composite value of all the upticks was $22.58 million and the total value of all the downticks was a mere $19.61 million. The net money flow was seen at $2.97 million and the up/down ratio was measured at 1.15.
Shares of Union Pacific Corporation appreciated by 0.51% during the last five trading days but lost 5.63% on a 4-week basis. Union Pacific Corporation has dropped 10.33% during the last 3-month period . Year-to-Date the stock performance stands at -21.35%.
Union Pacific Corporation (NYSE:UNP) has received a sell rating for the short term, according to the latest rank of 4 from research firm, Zacks. The shares could manage an average rating of 1.33 from 18 analysts. 15 market experts have marked it as a strong buy. 3 analysts have rated the company at hold.
Yahoo, Inc (NASDAQ:YHOO)
Yahoo!’s stock had its “buy” rating reissued by investment analysts at SunTrust in a research report issued to clients and investors on Wednesday. They currently have a $50.00 price objective on the digital content provider’s stock. SunTrust’s price target indicates a potential upside of 42.09% from the company’s previous close.
Other research analysts also recently issued research reports about the stock. Cowen and Company lowered their price target on shares of Yahoo! to $54.00 in a report on Wednesday, April 22nd. B. Riley reiterated a “buy” rating and issued a $51.00 target price on shares of Yahoo! in a research note on Friday, April 24th. CLSA set a $49.00 price target on shares of Yahoo! and gave the stock a “buy” rating in a research report on Wednesday, April 22nd.
Shares of Yahoo! traded down 1.40% during trading on Wednesday, reaching $35.19. 8,976,684 shares of the company were exchanged. The company has a market capitalization of $33.13 billion and a price-to-earnings ratio of 4.89. Yahoo! has a 1-year low of $33.85 and a 1-year high of $52.62. The stock’s 50 day moving average is $37.64 and its 200 day moving average is $41.89.