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Roku Inc. ROKU, the leading TV streaming platform in the United States, has seen its stock jump 17.9% over the past six months, outperforming the broader Zacks Consumer Discretionary sector’s return of 2.1% and catching the attention of investors. This impressive growth has been fueled by several factors, including the company's expanding user base and its strategic focus on the Roku Channel.
Launched in 2017, this free and ad-supported platform has quickly become a key driver of the company's revenues and user engagement. The Roku Channel offers a diverse array of content, including movies, TV shows, live news and original programming, catering to a wide range of viewer preferences. As the streaming landscape continues to evolve, industry analysts are now questioning whether the Roku Channel can sustain this momentum and drive further growth for the company.
6-Month Performance
ROKU's Ad-Driven Growth in the Streaming Landscape
The Roku Channel has emerged as a powerful growth engine for Roku, employing a multifaceted strategy that combines content acquisitions, original productions and partnerships with major studios. By offering a mix of free, ad-supported content and premium subscriptions, the channel has successfully attracted cost-conscious consumers seeking alternatives to traditional cable and expensive streaming services. This approach has enabled Roku to carve out a unique position in the crowded streaming market, appealing to both viewers and advertisers.
The second quarter of 2024 demonstrated the effectiveness of this strategy, with impressive year-over-year growth in streaming households (14%) and streaming hours (20%). The addition of two million net new streaming households, bringing the total to 83.6 million, underscores Roku's enduring appeal. The substantial 75% year-over-year increase in streaming hours further validates the company's content strategy.
A key factor in the Roku Channel's success has been its ability to capitalize on the shift of advertising dollars from traditional television to streaming platforms. With the Roku Home Screen reaching more than 120 million people daily in U.S. households, the platform offers advertisers an expansive and highly valued audience. Roku's advanced advertising technology and data analytics capabilities have made it an attractive option for brands seeking targeted advertising and measurable campaign impacts.
Strategic partnerships have further strengthened Roku's position. Collaborations with The Trade Desk TTD and iSpot have enhanced advertisers' ability to leverage audience data, optimize campaigns and measure ad performance. The integration of Unified ID 2.0 has improved targeting precision and data collaboration security.
Roku's financial results reflect the growing importance of the Roku Channel, with steady increases in active accounts and streaming hours. User engagement metrics provide additional evidence of Roku's influence, with global streaming hours reaching a record 30.1 billion in the second quarter of 2024. This trend has translated into robust growth in advertising revenues, as marketers are drawn to Roku's ability to reach cord-cutters and younger demographics. As Roku moves forward, its ability to leverage the Roku Channel for sustained growth will be crucial. The platform's success in balancing free and premium content while continuing to innovate and expand globally will likely determine its trajectory in the dynamic streaming market.
Streaming Pressure and Stiff Valuation Weigh on the Stock
While the 17.9% stock price increase over the past six months is encouraging, investors should remain cautious. The streaming industry is known for its volatility, and Roku's future growth will depend on its ability to navigate challenges, such as increased competition, potential market saturation and evolving consumer preferences.
The streaming market is becoming increasingly crowded, with major players like Netflix NFLX, Disney DIS-owned Disney+, and Amazon Prime Video continually expanding their offerings. This intensifying competition raises questions about Roku's ability to maintain its growth trajectory.
The flat average revenue per user of $40.68 on a trailing 12-month basis suggests that Roku must find new ways to monetize its growing user base more effectively. Additionally, the costs associated with content production and international expansion could put pressure on profitability in the near term.
The Zacks Consensus Estimate for 2024 revenues is pegged at $3.97 billion, suggesting 13.9% year-over-year growth. The consensus estimate is pegged at a loss of $1.45 per share, narrower than the loss of $5.01 reported in the year-ago period.
Additionally, Roku's stock might be considered expensive relative to its cash flow generation and industry peers, which could be a concern for investors focused on finding undervalued stocks. Roku’s two-year price-to-cash flow ratio of 32.44X is ahead of the Zacks Broadcast Radio and Television industry average of 16.89X.
Roku’s Price-to-Cash Flow Ratio Depicts Stretched Valuation
Conclusion
In conclusion, the Roku Channel has undoubtedly been a significant driver of the company's recent success, contributing to its impressive stock performance. However, sustaining this growth will require continued innovation, strategic content investments and a keen understanding of the evolving streaming landscape. As Roku strives to solidify its position as a leader in the streaming industry, all eyes will be on the Roku Channel to see if it can indeed fuel further growth for the company in the months and years to come. Existing investors may consider holding their positions in the stock, but new investors should exercise caution, potentially waiting for a more favorable entry point. Roku currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
The Nasdaq 100 closed higher by around 0.5% during Friday's session. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The 76th Primetime Emmy Awards, hosted at the Peacock Theater in Los Angeles, witnessed “Shōgun,” “Baby Reindeer,” and “Hacks” clinching top awards, while “The Bear” made a noteworthy impression.
What Happened: The Emmy Awards, hosted by Eugene and Dan Levy, celebrated the best in television on Sunday night. “Hacks” bagged the award for Best Comedy Series, while “Shōgun” secured the title for Best Drama Series.
Anna Sawai and Hiroyuki Sanada from “Shōgun” won Lead Actress and Actor in a Drama Series, respectively. They made history as the first Japanese actors to win in their respective categories.
Jean Smart from “Hacks” won Lead Actress in a Comedy Series, while Jeremy Allen White from “The Bear” won Lead Actor in a Comedy Series.
“The Bear” also achieved consecutive victories, best-supporting actor, and best supporting actress in a comedy.
“Baby Reindeer” was named Best Limited or Anthology Series, with Richard Gadd winning Lead Actor in a Limited or Anthology Series and also the award for Writing for a Limited or Anthology Series.
Series Name | Nominations | Emmys |
Shōgun (Drama Series) | 25 | 18 |
Hacks (Comedy Series) | 48 | 09 |
The Bear (Comedy Series) | 36 | 21 |
Baby Reindeer (Limited Or Anthology Series) | 11 | 06 |
Jodie Foster won Lead Actress in a Limited or Anthology Series for “True Detective: Night Country.”
Frederick EO Toye for “Shōgun” won Directing for a Drama Series, while Christopher Storer of “The Bear” won Directing for a Comedy Series.
The award for Writing for a Drama Series was won by Will Smith for “Slow Horses,” and Lucia Aniello, Paul W Downs, and Jen Statsky of “Hacks” won the award for Writing for a Comedy Series.
“The Daily Show” won the Talk Series category, and “Last Week Tonight with John Oliver” was named the best Scripted Variety Series. The “Traitors” won the Outstanding Reality-Competition Program award.
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Why It Matters: This year marked the crowning achievement of FX, a pay television channel owned by FX Networks, LLC, a subsidiary of the Walt Disney Co. , reported the Associated Press.
FX ended this Emmy season with 36 total awards — 18 for “Shogun” and 11 for “The Bear.” This surpasses its previous record from 2016 when it earned 18 wins.
The channel solidified its dominance with the season’s top drama, “Shogun,” while “The Bear” also secured multiple accolades. This level of success rivals that of NBC and HBO.
Netflix Inc. secured 24 Emmy wins this year, while HBO and Max, owned by Warner Bros. Discovery concluded the night with a combined total of 14 awards.
Apple Inc.’s streaming service Apple TV+ won a total of nine awards.
Check out more of Benzinga's Consumer Tech coverage by following this link.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
According to investors and recent financial reports, the technology sector is experiencing broad weakness despite the buzz around artificial intelligence (AI). Many companies are still struggling with the recession that started in 2022.
Gaming, Streaming Platform & TV
Seven of the gaming industry’s biggest names—Epic Games, Electronic Arts Inc. , Roblox Corporation , Microsoft Corp.‘s Activision Blizzard, Mojang Studios, Tencent Holding Ltd. Supercell, and UbiSoft Entertainment Inc. —are facing new accusations from the European Consumer Organisation (BEUC) of deceiving players into overspending on in-game purchases.
UbiSoft faces pressure from a minority shareholder to go private following the release of Star Wars Outlaws.
Martyn Ware, co-founder of the synth-pop band Heaven 17, has publicly rejected an offer from Take-Two Interactive Software, Inc.’s Rockstar Games to license the group’s hit song “Temptation” in the upcoming Grand Theft Auto 6 (GTA 6).
Netflix Inc’s mobile gaming catalog has surpassed 210 million downloads, marking a notable milestone in the streaming company’s expansion into the gaming industry.
Microsoft recent overhaul of Xbox Game Pass has brought significant changes to the subscription service, impacting how gamers access some of the industry’s anticipated titles.
Pay-TV provider DirecTV lodged a complaint against Walt Disney Co. with the Federal Communications Commission, accusing the mouse house of “bad faith” negotiations.
Read: DirecTV And Disney’s Couldn’t Even Agree On Bringing ABC Temporarily Back For The Trump-Harris Debate
Smartphones
Apple Inc. introduced the iPhone 16 series, which is “designed for Apple Intelligence from the ground up,”
The iPhone 16 series will be powered by ARM Holdings’ latest chip technology, designed to improve AI capabilities.
Related: iPhone 16 Series Production Data Unveiled By Top Apple Analyst: 9M To 16M Units Shipments For August And September Expected
Apple has commenced the production of its newly launched iPhone 16 series in India, reflecting a broader trend among tech giants.
Apple unveiled the Apple Watch Series 10, featuring a larger display and thinner design. The company also announced the AirPods 4, with the price starting at $129, while the AirPods 4 ANC is priced at $179.
Apple is reportedly in discussions with Micron, Tata Group and other Indian chip manufacturers to procure semiconductors for its locally-produced iPhones.
Chinese tech heavyweight Huawei Technologies’ newest tri-fold smartphone, the Mate XT, attracted 1.3 million orders within seven hours of opening reservations.
Read: Apple Watch Ultra 3 Announcement Unlikely At Monday’s ‘Glowtime’ Event, Says Top Analyst: ‘I Also Wouldn’t Rule Out...’
Apple seems to have silently phased out its controversial FineWoven iPhone cases, as they are no longer available on the company's website.
Technology
Meta Platforms, Inc. , Snap Inc. , and ByteDance-owned TikTok have announced a joint initiative to combat the spread of suicide and self-harm content online.
In a strategic move to enhance its product offerings, Qualcomm Inc. is reportedly contemplating the acquisition of certain segments of Intel Corp. .
Nvidia Corp. rival Groq announced on Tuesday that it will deploy AI in Saudi Arabia in 2024, in partnership with Aramco Digital, at the ongoing Global AI Summit (GAIN) in Riyadh, Saudi Arabia.
Alphabet Inc. subsidiary Google underscored the importance of empowering users with fact-check tools amid the rising use of AI, at the third edition of the Global AI Summit (GAIN) in Riyadh, Saudi Arabia.
In response to a global IT outage triggered by a faulty software update, Microsoft has announced plans to host a cybersecurity summit.
Microsoft has reportedly laid off 650 employees in its gaming division, months after the company laid off 1,900 employees following its $68.7 billion acquisition of Activision Blizzard.
Samsung Electronics instructed its global subsidiaries to decrease sales and marketing staff by around 15% and administrative staff by up to 30%.
Also Read: Mark Zuckerberg Live Event Sold Out Stadium: Meta CEO Attracted Thousands Eager To Hear Him Speak On ‘The Next Decade Of Social, Technology, And AI’
Elon Musk
Tesla and SpaceX CEO Elon Musk has expressed his astonishment at YouTube’s decision to restrict teenagers’ access to certain health and fitness videos.
Read: Elon Musk Liked The Camera On iPhone 15, But iPhone 16 Doesn’t Get Much Love From The Techno King: Here’s What He Said
Musk revealed that Tesla's Dojo 2 supercomputer should be in volume production by the end of 2025. The tech mogul expressed confidence in Dojo's potential but noted that its true capabilities would only be known after the third major iteration, expected in late 2026.
Artificial Intelligence
OpenAI, the AI research lab, has launched a new model, ‘o1', which is the first in a series of "reasoning" models. This model can answer complex questions faster than a human. The company has also introduced a smaller, more affordable version, ‘o1-mini'.
ChatGPT-parent OpenAI is reportedly in discussion to raise $6.5 billion in equity financing, which could bring its valuation to $150 billion.
OpenAI CEO Sam Altman faced backlash from ChatGPT subscribers after he responded to a user's question about new voice features.
Also Read: Bipartisan Coalition Of 42 State AGs Urges Congress To Mandate Surgeon General Warnings On Social Media Apps Like TikTok, X, And Meta’s Instagram To Address Growing Mental Health Concerns
Google's artificial intelligence model, PaLM2, has come under the radar of Europe's privacy watchdog over concerns related to the handling of personal data.
Mark Cuban, the billionaire entrepreneur and part-owner of the Dallas Mavericks, has publicly praised Elon Musk’s AI chatbot, Grok, to Vice President Kamala Harris’ immigration viewpoint, terming it as “accurate”.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
A new Netflix Inc docuseries will see Microsoft co-founder Bill Gates interview politicians, celebrities and business leaders about a series of topics including climate change and artificial intelligence.
While Benzinga readers are not super familiar with the new show, they are looking forward to seeing investor Mark Cuban on the series.
What Happened: On Sept. 18, Netflix premieres a new docuseries with Bill Gates. Titled "What's Next? The Future With Bill Gates," the docuseries will see the Microsoft co-founder hold conversations on topics such as climate change, deadly diseases, artificial intelligence, income inequality and social media.
Benzinga readers were asked if they planned on watching the new docuseries when it comes out and these were the results:
Readers were also asked if they agree with Gates' ideas on big issues like climate change and artificial intelligence. This is how readers feel about Gates' ideas:
On the five-episode docuseries, Gates will hold conversations with several well-known people. Here's a look at who Benzinga readers are most excited about seeing interact with the Microsoft co-founder and share their thoughts on the topics above:
Cuban won the poll hands down with nearly 50% of the vote, making him the person readers are most looking forward to seeing on the series. Ranking second was Fauci, which could be due to his commentary on COVID-19 and vaccines.
Did You Know?
Why It's Important: While he's best known as a co-founder of Microsoft, Gates has shifted to a life of philanthropy and dedicating his time to helping with causes he is passionate about.
The show could illustrate how he is helping in several areas and if voices from other well-known people shift how he is thinking about his efforts.
“I have always loved learning,” Gates said. “Whether at school, Microsoft, or now, as a philanthropist, I consider myself a student.”
Gates is one of the most followed people in the world with more than 65 million followers on social media platform X, ranking among the top 20 accounts by follower count.
The study was conducted by Benzinga Sept. 10 through Sept. 11, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 170 adults.
Read Next:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
JP Morgan analyst Doug Anmuth maintained an Overweight rating on Netflix Inc with a price target of $750.
Anmuth noted that Netflix is a top pick, backed by mid-teens revenue growth in fiscal years 2024 and 2025, led by healthy organic growth, paid sharing, and price increases. He said ads will kick in more in fiscal years 2025-2026.
The price target is based on ~26.5 times 2026 GAAP EPS of $28.19 and ~29.5 times free cash flow of $10.7 billion, implying a premium to mega-cap tech peers trading at ~23 times 2026E GAAP EPS on average, which Anmuth said is justified citing Netflix’s similar top-line growth & faster bottom-line growth.
The analyst flagged continued operating margin expansion while still investing in content, ads, and gaming and multi-year free cash flow ramp on improving profit and cash content discipline, with increasing buybacks.
Netflix’s strong streaming leadership position and potential to become global TV as it expands its 278 million member base across the 500 million+ global CTV HHs ex-Russia & China
Anmuth noted that Netflix’s global scale, intense engagement, and diversified content will make it the default choice for users consuming TV, film, and other long-form content on 13 September 2024.
Netflix is a key beneficiary and driver of the ongoing disruption of linear TV. Netflix’s content performs well globally and drives a virtuous circle of strong subscriber growth, more revenue, and growing profit.
With ~278 million global subscribers, Netflix has a strong leadership position in the rationalizing streaming industry.
Anmuth expects Netflix to benefit from the worldwide proliferation of Internet-connected devices and increasing consumer preference for on-demand video consumption over the Internet.
He added that Netflix’s ad-supported tier and paid sharing initiatives should expand its subscriber base while driving high-margin incremental revenue.
While Netflix’s current focus is sports entertainment, events, and shoulder content, Anmuth expects a more significant push into live sports over time, particularly as Netflix’s negotiating leverage continues to shift.
While Netflix’s Ad Tier scale lags, Anmuth is confident Netflix can increase scale through changes in plans, pricing, bundling, and live event content with broad appeal.
The analyst projects Ad Tier subscribers of 31 million by the end of 2024 and 42 million by the end of 2025, which ties to 66 million and 91 million MAUs, assuming ~2.2 times MAUs per subscriber.
Anmuth’s estimates suggest advertising revenue (ex-subscriptions component) will reach 10%+ of total revenue in 2027.
The analyst noted Netflix also left the door open at second-quarter earnings for an Ad Tier price increase, which is more viable given the planned $2 price hike for the Disney+ Ad Tier to $9.99 per month and Netflix more broadly priced at a ~13%-22% discount to competitors’ offerings.
Anmuth projects average 2025 and 2026 revenue growth of +12%, +18% operating income growth, +22% GAAP EPS growth, and +28% free cash flow growth, which he noted supports Netflix’s premium valuation.
Price Action: NFLX stock is up 1.44% at $696.69 at the last check on Friday.
Also Read:
Image via Shutterstock
Latest Ratings for NFLX
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | Wedbush | Upgrades | Underperform | Neutral |
Jan 2022 | Citigroup | Upgrades | Neutral | Buy |
Jan 2022 | Rosenblatt | Maintains | Neutral |
View More Analyst Ratings for NFLX
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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