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BENGALURU, Sept 19 (Reuters) - Analog Devices (ADI) ADI.O and Indian salt-to-aviation conglomerate Tata Group have signed a pact to explore making semiconductor products in India, the U.S. chipmaker said on Wednesday.
Tata Electronics, the electronics-manufacturing arm of the 156-year-old group, is investing a total of $14 billion to build India's first semiconductor fabrication facility in Gujarat state and a chip-assembly and testing facility in the state of Assam.
Construction of the Tata Group's semiconductor plant was greenlit by India earlier this year.
Tata Electronics and ADI intend to explore opportunities to manufacture ADI's products in Tata Electronics' fab in Gujarat and the facility in Assam, Analog Devices said in a statement.
Prime Minister Narendra Modi has been pushing for India to rival global semiconductor powerhouses such as Taiwan, aiming to make the country a chipmaker for the world despite initial setbacks.
Earlier this month, India's western state of Maharashtra said Adani Group and Israel's Tower Semiconductor TSEM.TA would invest $10 billion for a chip project. Infrastructure major Larsen & Toubro's LART.NS semiconductor unit, which designs chips for vehicles, also plans to eventually build a factory.
Under the deal with ADI, Tata will also use the chipmaker's products in Tata Motors' TAMO.NS electric vehicles and Tejas Networks' TEJS.NStelecom infrastructure, the companies said.
The companies did not specify what products would be made in India or what products would be used by Tata.
Global companies including NXP SemiconductorsNXPI.O and MicronMU.O have announced plans to invest and establish facilities in the country.
(Reporting by Varun Hebbalalu in Bengaluru; Editing by Eileen Soreng)
(( varunvyas.hebbalalu@thomsonreuters.com ;))
Keywords: ANALOG DEVICES-INDIA/TATA GROUP (PIX)
North Reading, Massachusetts-based Teradyne, Inc. designs, develops, manufactures, and sells automated test systems and robotics products worldwide. With a market cap of $20.3 billion, Teradyne operates through Semiconductor Test, System Test, Robotics, and Wireless Test segments.
Companies worth $10 billion or more are generally described as "large-cap stocks," Teradyne fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size, influence, and dominance in the semiconductor equipment & materials industry. It serves several high-profile customers, including Samsung, Qualcomm , Intel , Analog Devices , and Texas Instruments .
Teradyne touched its 52-week high of $163.21 on July 16 and is currently trading 21.7% below that peak. TER has dipped 15.7% over the past three months lagging behind the Nasdaq Composite’s ($NASX) 1.6% decline during the same time frame.
However, over the longer term, Teradyne has outperformed NASX. TER gained 32.1% over the past 52 weeks and 17.8% in 2024, outpacing NASX’s 28.2% gains over the past year and 17.1% returns on a YTD basis.
To confirm the longer-term bullish trend and recent downturn, TER has traded above its 200-day moving average since mid-December with slight fluctuations and below its 50-day moving average since late July.
TER stock has exhibited significant volatility over the past period and has a 60-month beta of 1.49. The recent decline in TER stock prices can be partly attributed to the broader downturn in tech stocks over the past few weeks.
Nevertheless, Teradyne has consistently delivered better-than-expected results in recent quarters. In the latest quarterly report, the company exceeded both management guidance and Wall Street expectations. Its net revenues for Q2 rose by 6.6% annually to $729.9 million. This growth was primarily driven by a 14% year over year increase in Semiconductor Test revenues, hitting $543 million, fueled by continued strength in memory and a recovery in demand for SoC.
Furthermore, Teradyne’s net income surged by 55.2%, totaling $186.3 million. The company’s adjusted EPS of $0.86 surpassed consensus estimates by 13.2%.
Teradyne’s competitor, Keysight Technologies, Inc. , has underperformed TER over the past year. KEYS gained 13.2% over the past year and has dipped 5.6% on a YTD basis.
Among the 16 analysts covering the TER stock, the consensus rating is a “Moderate Buy.” The mean price target of $146.81 suggests a potential upside of 14.8% from current price levels.
On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The S&P 500 Index Wednesday closed down by -0.29%, the Dow Jones Industrials Index closed down by -0.25%, and the Nasdaq 100 Index closed down by -0.45%.
Stocks on Wednesday gave up mid-session gains and turned lower as hawkish comments from Fed Chair Powell pushed bond yields higher and sparked the selling of chip stocks when he said the Fed was in no rush to ease monetary policy.
Stocks initially rallied Wednesday afternoon, with the S&P 500 and Dow Jones Industrials climbing to new record highs and the Nasdaq 100 climbing to a 3-week high. The FOMC’s decision Wednesday to cut the fed funds target range by -50 bp and project another -50 bp worth of rate cuts by year-end pushed stock prices higher. Also, Wednesday’s US housing starts and building permits reports were better than expected, bolstering the prospects for a soft landing and supporting stocks.
The FOMC voted 11-1 to cut the federal funds target range by -50 bp to 4.75%-5.00% and said the committee is "strongly committed to supporting maximum employment" and returning inflation to its 2% goal.
The FOMC cut its federal funds forecast for the end of 2024 to 4.375% from 5.125% in June, implying another 50 bp of rate cuts by the end of the year.
The FOMC cut its 2024 US GDP forecast to +2.0% from +2.1% in June and cut its 2024 core PCE estimate to +2.6% from +2.8% in June. The FOMC also raised its 2024 unemployment forecast to 4.4% from 4.0% in June.
Fed Chair Powell said, "We made a good, strong start" by cutting rates by 50 bp Wednesday, and the Fed is "squarely focused" on its dual mandate of inflation and employment. He added that the Fed is not in a rush to ease policy and "we will move as fast or as slow" as policymakers consider appropriate based on the data.
US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
The markets are discounting the chances at 100% for a -25 bp rate cut at the November 6-7 FOMC meeting and at 36% for a -50 bp rate cut at that meeting.
Overseas stock markets Wednesday settled mixed. The Euro Stoxx 50 closed down -0.52%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) Wednesday closed down -9.5 ticks. The 10-year T-note yield rose +4.1 bp to 3.687%. Dec T-notes Wednesday fell to a 1-week low, and the 10-year T-note yield rose to a 1-week high of 3.173%. T-notes were under pressure Wednesday on negative carryover from a slide in European government bonds to 1-week lows. T-notes also fell on Wednesday’s stronger-than-expected US Aug housing starts and building permits reports. In addition, rising inflation expectations are bearish for T-notes after the 10-year breakeven inflation rate Wednesday rose to a 2-week high of 2.166%.
T-notes erased their losses and briefly moved higher Wednesday afternoon after the FOMC cut the federal funds target range by -50 bp and projected another -50 bp of rate cuts this year. Also, the action by the FOMC to cut its US 2024 GDP forecast and its core PCE price estimate were bullish for T-notes. However, T-notes gave up their gains and fell to their lows Wednesday afternoon after Fed Chair Powell said the Fed is in no rush to ease monetary policy.
European government bond yields on Wednesday moved higher. The 10-year German bund yield climbed to a 1-week high of 2.195% and finished up +4.7 bp to 2.190%. The 10-year UK gilt yield rose to a 1-week high of 3.854% and finished up +7.9 bp to 3.847%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Weakness in chip stocks weighed on the overall market. Intel closed down more than -3% to lead losers in the Dow Jones Industrials and the Nasdaq 100. Also, Nvidia , Advanced Micro Devices , Marvell Technology , Micron Technology , KLA Corp , Lam Research , Analog Devices , Applied Materials , and ON Semiconductor closed down more than-1%.
ResMed closed down more than -5% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Sysco closed down more than -4% after CEO Hourican said restaurant traffic industrywide had softened a bit in the current quarter.
Cencora closed down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
Incyte Corp closed down more than -1% after Truist Securities downgraded the stock to hold from buy.
Hilton Grand Vacations closed down nearly -1% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
General Motors closed up more than +2% as its customers with electric vehicles (EVs) now have access to 17,800 Tesla Superchargers starting this month, which may boost EV sales for GM as customer concerns ease about charging infrastructure with the expanded charger access.
PayPal Holdings rose more than +1% after announcing a new partnership with Amazon Buy with Prime.
VF Corp closed up more than +3% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co closed up more than +3% after Barclays upgraded the stock to equal weight from underweight.
GE Healthcare closed up nearly +2% after BTIG upgraded the stock to buy from neutral with a price target of $100.
United States Steel closed up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
Extra Space Storage closed up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $204.
Earnings Reports (9/19/2024)
Darden Restaurants Inc (DRI), FactSet Research Systems Inc (FDS), FedEx Corp (FDX), Lennar Corp (LEN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Allegro MicroSystems ALGM shares have declined 30.2% year to date (YTD), underperforming the Zacks Electronics - Semiconductors industry’s return of 20.4% and the Zacks Computer and Technology sector’s appreciation of 17.6%.
ALGM’s shares have been suffering from lower consumer demand in the industrial and automotive end markets along with stiff competition and a challenging macroeconomic environment.
However, its continued efforts to rebalance inventory across the end markets coupled with an expanding portfolio is noteworthy.
But do these efforts make ALGM stock attractive for investors? Let’s analyze.
Allegro MicroSystems, Inc. Price and Consensus
Allegro MicroSystems, Inc. price-consensus-chart | Allegro MicroSystems, Inc. Quote
ALGM Expands Portfolio with New Sensors
Allegro MicroSystems’ expanding portfolio is helping it to penetrate markets like AI-related data centers, automotive powertrain systems and clean energy systems.
ALGM recently introduced two new XtremeSense TMR sensors, the CT455 and CT456, designed to enhance high-power density applications. These advanced sensors offer high-bandwidth and low-noise performance, which significantly improves energy efficiency and precision in current measurements. These are ideal for AI data centers and automotive powertrain systems.
ALGM’s latest ACS37220 is a high-power current sensor while ACS37041 stands out as the smallest leaded magnetic current sensor in the market. These new products represent a significant advancement over traditional discrete shunt resistors and operational amplifiers.
The new ACS37220 and ACS37041 are single-package sensors engineered to consolidate the functions of multiple components, offering enhanced reliability, efficiency, and reduced space requirements.
ALGM has also expanded its High Voltage Power-Thru portfolio with the introduction of the Power-Thru combo chip. This new solution includes the AHV85000 and AHV85040 isolated gate-driver ICs, which, when paired with external transformers, offer designers greater flexibility and enhanced power efficiency.
These latest solutions are ideal for clean energy applications such as solar inverters, xEV charging infrastructures, energy storage systems and data center power supply units.
ACS37030 and ACS37032 are its new high-bandwidth current sensors. These sensors support high-performance power conversion using GaN and SiC technologies, making them ideal for applications in electrified vehicles, clean energy solutions and data centers.
Allegro MicroSystems has expanded its Isolated Gate Driver Portfolio with the introduction of the AHV85111 Bipolar-Output Power-Thru IC. This new isolated gate-driver IC enhances safety features and simplifies the design of high-power energy conversion systems for e-Mobility and clean energy applications, including on-board chargers, DC-DC converters, solar inverters and data center power supplies.
Near-Term Headwinds Hurts ALGM Stock’s Prospects
A significant portion of Allegro’s revenue comes from selling magnetic sensors and power ICs to the automotive sector, particularly in the electric vehicle space. This compels ALGM to be highly dependent on the automotive market.
However, a Goldman Sachs report suggesting that the global EV market is experiencing a slow rate of growth could pose challenges for Allegro.
Allegro operates in an intensely competitive industry, which remains a major concern. It faces stiff competition from Analog Devices ADI, Monolithic Power Systems MPWR and Texas Instruments TXN in both magnetic sensor and power IC segments.
Analog Devices offers a range of magnetic sensors, including the ADAF1080, ADA4570-2, and ADA4571, as well as power ICs such as the ADP5070 and ADP5071. Texas Instruments provides magnetic sensors like the TMAG5233 and TMCS1133-Q1 alongside power ICs, including the TPS65251 and TPS65261. Monolithic also offers a selection of magnetic sensors, including the MPX5700 and MPXH6300, and power ICs such as the MPQ4569 and MPQ4572.
What Investors Should Do with ALGM Stock?
Allegro MicroSystems is actively expanding its portfolio with innovative products to strengthen its position in the chip manufacturing industry.
A challenging outlook for growth in the EV sector, which is a key market for ALGM, raises concerns about the company’s near-term prospects. Sluggish customer demand in the industrial end-market is a headwind.
For second-quarter fiscal 2025, ALGM expects total revenues to be between $182 million and $192 million.
The Zacks Consensus Estimate for second-quarter fiscal 2025 revenues is pegged at $187.1 million, indicating a decline of 32.09% year over year.
The consensus mark for earnings is currently pegged at 6 cents per share, which has remained unchanged in the past 30 days.
The ALGM stock is not so cheap, as the Value Style Score of F suggests a stretched valuation at this moment.
Allegro MicroSystems currently carries Zacks Rank #4 (Sell), suggesting that it may be wise to stay away from the stock. You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks Investment Research
Arizona-based Microchip Technology Incorporated , with a weaker-than-expected Q4 revenue forecast. The negative sentiment spread across the sector, with several major chip companies also seeing significant declines.
Moreover, the stock fell more than 6% on Sept. 3, as chip stocks plunged across the board, weighing down the overall market.
Adding to that, MCHP stock dropped by 5% after the company released its Q1 earnings on Aug. 1. Its net sales were down 45.8% year over year to $1.2 billion, and its net income dropped 80.6% annually to $129.3 million.
To emphasize the stock’s underperformance, MCHP has underperformed its competitor Analog Devices, Inc. , which rose 13.4% on a YTD basis and 26.7% over the past 52 weeks.
Despite its underperformance compared to DOWI, analysts are bullish about MCHP’s prospects. The stock holds a consensus rating of “Strong Buy” from 22 analysts covering it, and the mean target of $96.28 is a premium of 24.3% from current levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
If you're interested in broad exposure to the Technology - Semiconductors segment of the equity market, look no further than the Invesco Semiconductors ETF (PSI), a passively managed exchange traded fund launched on 06/23/2005.
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
Sector ETFs also provide investors access to a broad group of companies in particular sectors that offer low risk and diversified exposure. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 8, placing it in top 50%.
Index Details
The fund is sponsored by Invesco. It has amassed assets over $814.41 million, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. PSI seeks to match the performance of the Dynamic Semiconductor Intellidex Index before fees and expenses.
The Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.
Costs
Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.
Annual operating expenses for this ETF are 0.57%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 0.24%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Information Technology sector--about 100% of the portfolio.
Looking at individual holdings, Broadcom Inc (AVGO) accounts for about 6.12% of total assets, followed by Nvidia Corp (NVDA) and Analog Devices Inc (ADI).
The top 10 holdings account for about 47.29% of total assets under management.
Performance and Risk
Year-to-date, the Invesco Semiconductors ETF return is roughly 3.83% so far, and it's up approximately 16.30% over the last 12 months (as of 09/10/2024). PSI has traded between $37.92 and $66.72 in this past 52-week period.
The ETF has a beta of 1.37 and standard deviation of 36.19% for the trailing three-year period, making it a high risk choice in the space. With about 31 holdings, it has more concentrated exposure than peers.
Alternatives
Invesco Semiconductors ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, PSI is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
IShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. IShares Semiconductor ETF has $13.36 billion in assets, VanEck Semiconductor ETF has $20.52 billion. SOXX has an expense ratio of 0.35% and SMH charges 0.35%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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