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Microsoft’s (NASDAQ:MSFT) Teams app and giant screens will put “virtual” fans in the stands at National Basketball Association games.
Terms of the partnership weren’t disclosed.
The virtual stands will use Teams’ recently launched Together mode, which uses AI to make it look like call participants are sitting in the same room.
Virtual seats will be limited to 320 fans, who will be selected by the home teams. NBA officials say audio from the fans will be played in the arena and televised.
Microsoft Teams is facing pandemic competition from Zoom Video and Slack, and the latter has filed an antitrust complaint against Microsoft in the EU.
AT&T (T -1%) is down for a second day following Q2 earnings, with a mostly Neutral Wall Street validating its views seeing in-line revenues.
The results haven’t dented MoffettNathanson’s bearishness, though; the firm reiterated its Sell rating following the report. Mobility (the company’s best segment) is doing realtively well considering the virus crisis, it says; but there’s ongoing deterioration outside of that (and the Entertainment Group’s struggling in particular).
The firm’s expressing concern whether the pressures on other segments threaten AT&T’s competitive positioning in Mobility. It has a $24 price target, implying 19% downside.
Cowen is sticking with its Market Perform rating, but cut its target to $34 from $36 (the stock is currently at $29.61); it’s reassessing prospects for cutting debt and improving margins.
And RBC (Sector Perform) has cut its target to $32 from $38, saying secular issues (and the pandemic) will keep pressing fundamentals and it’s still looking for some impact from business transformation. Free cash flow should remain resilient, though.
Keybanc is staying at Sector Weight, noting that $6B in incremental savings isn’t enough to fight secular headwinds. Maintained guidance indicates to the firm that there will be lower levels of investment ahead.
“We do not expect a 5G supercycle, argue against an independent services valuation, and do not consider Apple a stronger company on the other side of the pandemic,” writes Wolfe Research analyst Jeff Kvaal.
Kvaal starts Apple (NASDAQ:AAPL) with an Underperform rating and $315 price target, a 13% downside.
With shares up 60% from a March low, Kvaal says Apple’s fundamentals “can’t support the move.”
Wolfe downplays the potential 5G iPhone tailwind, saying orders into its supply chain “are flat to below last year’s iPhone 11 orders.”
Apple shares are down 1.4% to $366.16 after falling as low as 4%. Apple reports fiscal Q3 results on July 30, and consensus estimates expect $52.12B in revenue and $2.05 EPS.
Yesterday, Goldman Sachs told investors to “avoid” Apple stock due to the “unsustainable” stock price.
Credit Suisse boosts its price target on Amazon (AMZN +0.3%) to $3,400 from $2,760 ahead of the company’s earnings report next week.
The firm lifts GMV estimates on Amazon and hits on the relatively familiar theme of the Seattle tech giant benefiting from the consumer shopping shift during the pandemic.
“The longer consumers remain under shelter-in-place, the higher the likelihood of the new behaviors learned during quarantine to become newfound habits. So whereas our model had conservatively assumed that all of the step function improvement in GMV growth will be confined to 2Q20, we raise our 2H20 GMV estimates to forecast a more gradual drop-off. Longer term, this potential change in habit is most important for Amazon’s groceries effort, as it remains the largest pool of offline dollars for online adoption.”
Importantly, Credit Suisse also has an upward bias to AWS revenue forecasts.
Amazon is expected to report revenue of $81.05B and EPS of $1.72 when it spills numbers on July 30.
The shares have been down 8 or the last 9 session, including a 5-day consecutive drop last week for the first time since May. Price target hikes from Goldman and Jefferies helped shares surge nearly 8%.
Check out the recent price moves for Amazon.
TSMC (NYSE:TSM) shares are up 4.1% pre-market after Intel announced a six-month 7nm product delay and yield issues.
During the earnings call, Intel execs said the first 7nm server CPU (Ponte Vecchio) will rely on “external and internal process technologies,” which means either Samsung ([OTC:SSNNF,OTC:SSNLF) or TSMC.
Intel’s 7nm process tech is seen as comparable to TSMC’s 5nm, which recently entered volume production.
Other potential beneficiaries from Intel’s woes include Nvidia, Broadcom, and programmable chip competitor Xilinx. The companies all rely on TSMC for manufacturing.
