Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
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Noting Amazon’s (NASDAQ:AMZN) “industry-leading user engagement, supply chain, and logistics capacity,” China Renaissance upgrades the company from Hold to Buy and raises the price target from $3,360 to $4,000.
Amazon shares are up 4% pre-market to $3,170.
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Analyst Ella Ji calls Amazon the “best-positioned e-commerce stock” and notes that shares are down nearly 14% from a September record, providing “an exceptional entry opportunity.”
The analyst also says the Amazon Web Services business offers “a layer of stability” even going into the tough comps of 2021.
Last week, Amazon reported strong Q3 beats with AWS revenue of $11.6B, which matched consensus.
Amazon led the global cloud infrastructure services spending in Q3 with a 32% share of total spend, which topped the market share of the next three competitors combined.
Here’s a look at AMZN shares compared to the S&P 500 and tech sector (NYSEARCA:XLK) over the past month. Compare the six month, one year, and five year returns here.
TechCrunch reports that Intel (NASDAQ:INTC) has acquired Cnvrg.io, which provides an operating system for AI and machine learning.
Cnvrg.io’s platform helps data scientists build and run AI models, which can then be used to train, track, and analyze multiple other models.
Intel confirmed the purchase for undisclosed terms and said Cnvrg.io will remain an independent company, serving a customer base that includes Playtika and Lightricks.
The Cnvrg.io purchase comes a week after Intel acquired AI optimization platform SigOpt.
Intel is making a big bet on AI silicon as the legacy business struggles. Last year, Intel’s AI-driven revenue totaled $3.8B.
In the recent earnings report, Intel reported a 3% Y/Y revenue drop driven by a surprise weakness in the data center business.
But the company forecasts that the AI silicon TAM will exceed $25B by 2024 and data center-related revenue will be more than $10B.
T-Mobile (TMUS +3.6%) will pay a $200M fine to the U.S. Treasury to resolve a probe into (now subsidiary) Sprint’s claims of federal phone subsidies for which it wasn’t eligible.
That marks the biggest fixed-amount settlement in FCC history, FCC Chairman Ajit Pai says.
The subsidies came from the Lifeline program for low-income consumers. Sprint was reportedly claiming monthly subsidies for 885,000 Lifeline subscribers even though those subs were not using the service (a potential violation of the FCC’s “non-usage” rule).
Along with the $200M civil penalty, Sprint agreed to enter a compliance plan to ensure future adherence.
Deutsche Bank has reiterated its Buy rating on SBA Communications (SBAC +4.5%) after its Q3 beat showed broadly positive results.
The growth outlook is improving, the bank says, with adjusted funds from operations also looking upbeat.
The company logged its “highest AFFO per share ever in the third quarter, with the fourth quarter AFFO per share expected to be even higher,” CEO Jeff Stoops says.
The company raised its full-year outlook for revenue (to $2.065B-$2.085B), AFFO (to $1.053B-$1.079B), EBITDA (to $1.485B-$1.495B) and tower cash flow (to $1.586B-$1.596B).
Meanwhile, Deutsche Bank also highlighted balance sheet changes that drove interest savings.
“We made what we believe were some very positive and opportunistic balance sheet and capital allocation decisions since our last release,” Stoops says. “These included re-pricing an interest rate hedge to reduce future cash interest expense, repurchasing a healthy amount of our stock and investment in a number of new high-quality assets.”
Over at J.P. Morgan, the firm expects carrier promotion activity will escalate after the iPhone launch, though offers already in the market are more aggressive than expected.
Qualcomm (NASDAQ:QCOM): FQ4 Non-GAAP EPS of $1.45 beats by $0.27; GAAP EPS of $2.58 beats by $0.35.
Revenue of $6.5B (+35.1% Y/Y) beats by $560M.
Q4 QCT revenue rose 38% Y/Y to $4.97B. EBT was up 103% to $1.01B. MSM chip shipments of 162.0M (consensus: 155.3M) vs. a guidance of 145-165M.
For Q1, QCOM sees $7.8-8.6B in revenue with $6.2-6.8B from QCT and $1.6-1.8B from QTL. Non-GAAP EPS is expected at $1.95-2.15.
