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Asian equities traded in the US as American depositary receipts were moving slightly lower Tuesday morning, declining 0.2% to 1,929.84 on the S&P Asia 50 ADR Index.
From North Asia, the gainers were led by video-streaming service iQIYI and internet and data center provider VNET Group , which rose 6.9% and 6.2% respectively. They were followed by financial services company CNFinance and computer hardware maker Canaan , which were up 6% and 5.8% respectively.
The decliners from North Asia were led by financial services company Dunxin Financial and automotive e-commerce platform TuanChe , which fell 34% and 4.1% respectively. They were followed by property technology company Fangdd Network Group and financial services company Sumitomo Mitsui Financial Group , which were down 3.5% and 3.4% respectively.
From South Asia, the gainers were led by IT firm Sify Technologies , which increased 3.5%, followed by business process management company WNS and financial services company HDFC Bank , which rose 0.5% and 0.2% respectively.
The decliners from South Asia were led by tech conglomerate Sea and IT firm Infosys , which lost 1.5% and 1.2% respectively. They were followed by telecommunications operator Telekomunikasi Indonesia , which was off 1.1%.
U.S. stock futures were mixed this morning, with the Dow futures gaining around 100 points on Monday.
Shares of iTeos Therapeutics, Inc. fell sharply in today's pre-market trading.
The company announced follow-up interim data from GALAXIES Lung-201.
iTeos Therapeutics shares dipped 13.7% to $14.40 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Asian equities traded in the US as American depositary receipts were treading water Friday morning, nudging 0.2% higher to 1,935.01 on the S&P Asia 50 ADR Index, which is set to close out the week around 2.7% higher.
From North Asia, the gainers were led by computer hardware maker Canaan and automotive ecommerce platform Cango , which climbed 6.4% and 5.8% respectively. They were followed by financial services companies Dunxin Financial and Shinhan Financial Group , which rose 5.2% and 4.4% respectively.
The decliners from North Asia were led by mobile app developer Cheetah Mobile and game-centric live streaming platform DouYu International , which fell 5.2% and 3.9% respectively. They were followed by video-sharing platform Bilibili and property technology company Fangdd Network Group , which dropped 4% and 3.4% respectively.
From South Asia, the gainers were led by IT firms Sify Technologies and Wipro , which increased 5% and 3.5% respectively. They were followed by business process management company WNS and telecommunications operator Telekomunikasi Indonesia , which were up 1.6% and 1% respectively.
The only decliners from South Asia were telecommunications operator PLDT and financial services company ICICI Bank , which were off 0.3% and 0.1% respectively.
The price trend for Canaan (CAN) has been bearish lately and the stock has lost 8.1% over the past two weeks. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.
While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about the future earnings of this cryptocurrency-mining computer maker is a solid fundamental factor that enhances the prospects of a trend reversal for the stock.
What is a Hammer Chart and How to Trade It?
This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'
In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.
When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.
Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.
Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.
Here's What Makes the Trend Reversal More Likely for CAN
There has been an upward trend in earnings estimate revisions for CAN lately, which can certainly be considered a bullish indicator on the fundamental side. That's because a positive trend in earnings estimate revisions usually translates into price appreciation in the near term.
Over the last 30 days, the consensus EPS estimate for the current year has increased 33.3%. What it means is that the sell-side analysts covering CAN are majorly in agreement that the company will report better earnings than they predicted earlier.
If this is not enough, you should note that CAN currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Moreover, the Zacks Rank has proven to be an excellent timing indicator, helping investors identify precisely when a company's prospects are beginning to improve. So, for the shares of Canaan, a Zacks Rank of 2 is a more conclusive fundamental indication of a potential turnaround.
Zacks Investment Research
PR Newswire
SINGAPORE, Sept. 12, 2024
SINGAPORE, Sept. 12, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) has been recognized for its solid operations by Rosenblatt, a Wall Street investment firm that defines Canaan Inc. as "promising" in light of the upcoming BTC bull market, and initiating with a "buy" rating and a $3 price target for its stock over the next 12 months. The report shows that Canaan is significantly undervalued, trading at 0.6x EV/Sales, compared to 3.9x for its peer group, an undervaluation that stems from concerns about the company's profitability and its perceived role as a hardware provider. However, As Canaan adjusts and continues to execute its strategy of expanding self-mining operations—using internally developed hardware in low-cost areas, and Canaan's star products Avalonminer's product features, resistance to corrosion, salt and humidity, which helps it mine in low-cost and harsh environments, such as West Texas in the U.S and in the Middle East regions, the company is expected to benefit from bitcoin bull market. Rosenblatt expects its valuation to rise and come closer to the valuations of co-location service data center operators.
The agency's report concludes:
- BTC Bull Market Opportunity to Drive Demand for Mining Machines: As the creator of the world's first Bitcoin ASIC chip miner, Canan's Avalonminer offers superior performance, energy efficiency, and durability. Demand for the A14-based rigs doubled revenue sequentially in 2Q24 following the April 2024 Bitcoin halving event; demand for Avalonminers A15 series and the upcoming A16 series in the product pipeline will continue to rise as Canaan continues to push the boundaries of its products.
- Adjusting Strategy to Focus on Expanding Self-mining Facilities, particularly in North America: Canaan's management plans to increase captive mining capacity in North America from the current 0.65EH/s to 10EH/s by H1 2025, which is considered as an important move to vigorously develop captive mining revenues in a predictable growth market. In addition, Canaan is prioritizing the development of energy-efficient mining solutions. This not only positions the company favorably among environmentally conscious customers, but also enhances its competitive edge in the market.
- Extensive Patent Portfolio: Canaan's strategy for sustainable growth includes a robust patent portfolio, with numerous patents related to ASIC chip technology and HPC. This intellectual property forms the backbone of Canaan's competitive advantage and supports its long-term growth strategy.
- Actively Exploring Strategic Alliances and Partnerships: In addition, Canaan actively collaborates with other technology firms and research institutions to drive innovation and expand its market reach. These partnerships enable Canaan to stay at the forefront of technological advancements and offer cutting-edge solutions to its customers.
- Conclusion: Rosen Blatt recommends owning shares of Canaan based on several key drivers: the rising Bitcoin hash rate and price appreciation, driving heightened demand for Canaan's next-generation mining rigs; Canaan's strategic focus on expanding its more profitable self-mining operations with a focus on North America; and Canaan's ruggedized rigs which enable mining in low-cost, harsh environments.
Rosenblatt is a research and investment banking boutique and agency focused on institutional brokers, providing specialized services in financial services, market structure and research.
In light of the 3-parties' rating report, Canaan believes it offers a promising outlook for the company's future growth potential and a positive recognition of its value. It could potentially contribute to enhancing public investor confidence, maintaining the company's share price, and improving its capital market image, which could in turn facilitate the company's long-term development.
About Canaan Company: Established in 2013, Canaan Inc. (NASDAQ: CAN) is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, under the leadership of Mr. Nangeng Zhang, founder and CEO, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology in bitcoin's history under the brand name, Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. Contact pr@canaan-creaive.com for more information.
View original content:https://www.prnewswire.co.uk/news-releases/canaans-solid-operations-recognized-wall-street-investment-firm-rosenblatt-gives-buy-rating-302246270.htmlWhite Label
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