Today is Wednesday, September 29, 2021.
Amazon Gives Alexa Wheels to Impress Investors
On Tuesday during a live media event, Amazon (Nasdaq: AMZN) unveiled a home robot called Astro, which has a giant Alexa screen and moves on wheels.
Meanwhile, the stock fell 2.64%.
Details: In addition to the robot, Amazon announced new products such as an Echo device that hangs on the walls and new home security products. The company also said that it worked with Disney (NYSE: DIS) to develop a new “Hey Disney” persona for customers.
Bigger Picture: Amazon is trying to make a bigger push into the home electronics market, especially with the holidays just around the corner.
Background: Meanwhile, Amazon and other high-growth tech stocks decreased Tuesday due to pressure from higher yields and other economic factors.
Data: Amazon is up 4% this year, but down 3% in the last 30 days.
Final Thoughts: With the company set to go on a major hiring spree, how will the increased labor costs impact the stock during a period of inflation?
Notable Earnings Today: Cintas (Nasdaq: CTAS), Jabil (NYSE: JBL), NovaGold Resources (NYSE: NG), Worthington Industries (NYSE: WOR).
Notable IPOs Today: Warby Parker (NYSE: WRBY), Allvue Systems Holdings (NYSE: ALVU), MELI Kaszek Pioneer Corp Class A Ordinary Shares (Nasdaq: MEKA), Hennessy Capital Investment Corp. VI Unit (Nasdaq: HCVIU), LumiraDx Limited Common Shares (Nasdaq: LMDX), Assure Holdings Corp. Common Stock (Nasdaq: IONM), Guardforce AI Co., Limited Ordinary Shares (Nasdaq: GAFI).
Notable Equity Crowdfunding Campaigns Ending Today: YEP (Netcapital), Zenus (StartEngine).
Notable Economic Events Today: Pending home sales index (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), Fed Chair Powell Speaks (11:45 a.m. ET).
Micron Slips Due to Poor Guidance
Shares of Micron Technology (Nasdaq: MU) fell 3.57% in after-hours trading due to disappointing guidance from the company.
The Good: Micron’s quarterly earnings of $2.42 per share beat the estimate of $2.33. Revenue also grew by 36% year-over-year.
The Bad: The company issued guidance that represented a drop in revenue and earnings for the upcoming quarter. Micron attributed this to a decline in shipments for some chips due to supply chain issues and shortages of components.
Quote: “The demand outlook for 2022 is strong, and Micron is delivering innovative solutions to our customers, fueling our long-term growth.” - CEO Sanjay Mehrotra.
Data: Shares of Micron are up 44% in the past 12 months, but down 1% in 2021.
Final Thoughts: Micron has not performed as well as other semiconductor stocks, but it is a good pick for value investors.
Cryptocurrency Powering Some EV Companies
The growing electric vehicle market could potentially be powered by cryptocurrency, and investors should take notice of these potential digital coins.
Revolting: Electric mobility company Alternet Systems (OTC Pink: ALYI) recently deployed the Revolt Token to support EVs. The company recently announced that it expects to have $1 million in revenue by the end of the year.
Mining: Light EV company Daymark revealed in June that the prototype for its first car, Spiritus, is able to mine cryptocurrency.
Be Stable: The Share & Chare Foundation has proposed using blockchain tech to support EVs, specifically the use of stable coins because they are less volatile than Bitcoin.
Final Thoughts: With crypto and EV converging, investors can get the best of both worlds.
Trends to Watch
New Highs: Treasury yields hit the highest levels in months as 10-year rate pushes back above 1.5% (MarketWatch)
No More: Alibaba to Stop Selling Crypto Mining Machines (CoinDesk)
O Canada: Teladoc Health to provide remote patient monitoring solutions in Canada (Seeking Alpha)
Optional: Options Trading Hits Record Highs, Triggering Volatility Concerns (Investopedia)
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