earnings come out on Thursday. Then further talk about the Arm IPO – the chip design company owned by SoftBank – is sure to occupy much of the conversation this week.
UiPath is next up on Wednesday. The process automation company has lost 78% of its value since going public in early 2021 but has never really left the conversation. It still has major backers on Wall Street, and others wonder if it might make a good takeover target. The market has a consensusfor $0.03 per share in adjusted EPS on $282 million. This would amount to a 16.5% annualized growth rate, and the receding growth rate is a primary reason the stock has lost so much value.
A Reuters report over the weekend claimed that talks are not focused on offering shares in the $47 to $51 range. This means Arm would be initiated at a valuation between $50 and $54 billion. Not too long ago, the expectation was that Arm would retail in the low $60-billion range.
The S&P 500 index is still in rally mode, and don’t let anyone tell you differently. Bulls now will shoot for the July 18 range high at 4,607. That level sits inside a supply zone that ranges from 4,590 to 4,637 and hails from the first quarter of 2022.
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