Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
Commercial Lending in China Ready to Tenet!
Semi stocks are seeing green after the WSJ report that TSMC plans to open a chip factory in Arizona.
Peer Applied Materials will report Q2 results after the bell. Analysts expect $3.98B in revenue and $0.89 EPS.
Chip gainers include KLA (KLAC +7.1%), Lam Research (LRCX +7.7%), Micron (MU +4.5%), AMD (AMD +3.5%), and Nvidia (NVDA +2.8%).
Related semiconductor ETFs: SOXL, SMH, SOXX, USD, SOXS, XSD, PSI, FTXL, SSG, XTH
Appearing on CNBC this morning, Verizon (NYSE:VZ) CEO Hans Vestburg says 2.5% of the company’s customers (about 800K) are unable to pay their bills.
In other news, he says Verizon boosted capital spending at the beginning of the pandemic panic in order to raise network capacity. It’s a good moment, he says, to accelerate the build-out of 5G.
Shares are down a hair in premarket action.
Facebook’s (NASDAQ:FB) investment in the 2Africa internet project is moving forward with the help of some global partners.
The 23,000-mile underwater internet cable circling Africa will link 16 countries with Europe and the Arabian peninsula and more than double Africa’s potential bandwidth.
Other investors in the project include China Mobile., South Africa’s MTN Group., France’s Orange SA, Saudi Telecom Co., Telecom Egypt, Vodafone, and African telecom WIOCC.
Construction is expected to be completed in 2023 or early 2024.
Baupost buys 300,500 shares of Alphabet (NASDAQ:GOOG) shares, about ~5% weighting for Seth Klarman’s equity portfolio and his fifth largest position.
Exits Bristol Myers Squibb (NYSE:BMY); last quarter’s 13F showed a 4M share holding in the pharmaceuticals maker.
Applied Materials (NASDAQ:AMAT) shares slide 2.5% after reporting a fiscal Q2 revenue miss and in-line EPS. The company unusually didn’t provide a business outlook in the earnings release.
Semiconductor Systems sales were up 18% Y/Y to $2.6B. Applied Global Services grew from last year’s $984M to $1B, and Display increased from $348M to $365M.
Management coronavirus comment: “While the situation remains fluid, based on the visibility we have today, our supply chain is recovering, and underlying demand for our semiconductor equipment and services remains robust.”
Earnings call starts at 4:30 PM with a webcast here.
