Nasdaq News

What happened? Shares of Novavax (NASDAQ: NVAX) rose sharply on Thursday, ending the day up by 8.5% after the company received a couple of nods of approval from Wall Street analysts. 

The Internal Revenue Service has become the second U.S. government agency to license Coinbase’s cryptocurrency tracing software, Coinbase Analytics.

• On Wednesday, the tax agency agreed to pay the cryptocurrency exchange up to $237,405 over the next two years for use of its newcomer blockchain analytics program, as per publicly available records found by the Block.
• The pair have been working toward a deal since at least April. At the time the IRS said Coinbase’s offering had “capabilities that are not currently found in other tools on the market.” Coinbase’s blockchain tracing rivals Chainalysis and Elliptic have both worked with the IRS in the past. 
• Coinbase CEO Brian Armstrong has attempted to downplay the significance of his firm’s government ties. On July 11, in response to community pushback, he argued on Twitter that blockchains are traceable whether his firm does the job or not. 
• CoinDesk revealed on July 7 that Coinbase closed its first government contract (worth nearly $50,000) with the U.S. Secret Service in May.

Related Stories

• Lightning Startup Zap Raised $3.5M for Bitcoin App Ahead of Visa Deal
• ConsenSys Accused of Stealing Payment Startup’s Code for Rival Service
• Microsoft Partners With Waves Enterprise to Tokenize Industrial Assets
• OKCoin Joins Coinbase in Supplying Oracle Feed for DeFi Project Compound

What happened Shares of Qutoutiao (NASDAQ: QTT), the Chinese mobile entertainment operator, were diving today after the company was called out for running misleading ads on its site.

Digital video veteran Netflix (NASDAQ: NFLX) makes kind of a big deal about the accuracy of its guidance targets. The company publishes the same financial projections that management uses for decision-making purposes.

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Kraft Heinz Co (Symbol: KHC), where a total volume of 39,440 contracts has been traded thus far today, a contract volume which is representative of approximate

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Dollar Tree Inc (Symbol: DLTR), where a total volume of 11,793 contracts has been traded thus far today, a contract volume which is representative of approximat

Image source: Getty Images

What happened Shares of Tricida, Inc. (NASDAQ: TCDA) are tumbling 38.5% at 1:45 p.m. EDT on Thursday after the pharmaceutical company disclosed the Food and Drug Administration (FDA) has found deficiencies in its application for approval of veverimer.

Today, we speak with Devon Osgood an intern in Market Operations at Nasdaq and rising junior at Johns Hopkins University studying Applied Mathematics. 

Today, we speak with Trisha Ballakur a Global Information Services intern on the Nasdaq Cloud Data Services (NCDS) team and a rising junior majoring in computer science at Brown University.

Bank of Canada Governor Tiff Macklem's reassurance that interest rates will remain low for at least two years could unleash a wave of speculative demand in the country's hottest housing markets, realtors and mortgage brokers warned.

(RTTNews) - European stocks rallied from the session's lows, but still ended on a negative note on Thursday amid uncertainty about pace of economic recovery despite recent fairly encouraging economic data.

Jobless claims for last week, ended July 11, came out to 1.3 million. This outpaced estimates of 1.25 million and shows continuing damage from the COVID-19 outbreak and subsequent economic disruption. The United States continues to see COVID-19 cases rise, which has put further

Target Corp and CVS Health Corp on Thursday became the latest retailers to require customers wear face coverings while shopping at their U.S. stores, adopting one of the widely used ways to curb the spread of the coroanvirus.

Student loan refinancing rates continue to drop. Based on an analysis of 23 lenders’ advertised rates, the average minimum fixed interest rate on refinanced student loans was 3.51% on July…

Netflix (NFLX) shares have soared to new heights recently, in tandem with the alarming rise of COVID-19 cases. Therefore, accepted wisdom dictates, with the possibility of another extended period glued to the sofa browsing Netflix’s content library, the streaming giant is set to benefit until the coronavirus is stamped out for good.

But not so fast, says one member of a relatively marginalized group. Among Wall Street analysts, Wedbush’s Michael Pachter is the biggest of Netflix bears.

Ahead of Netflix’s second-quarter earnings this evening, Pachter reiterates an Underperform (i.e. Sell) rating along with a $220 price target. The figure implies shares will drop by a massive 58% in the year ahead. (To watch Pachter’s track record, click here)

Pachter explained his reasoning, “Notwithstanding a boost from shelter-in-place, we expect content spending to trigger substantial cash burn for many years. Competition for both content and subscribers may slow growth and limit the potential for price increases, and consistently negative FCF makes DCF valuation speculative.”

Pachter expects Netflix to report 2Q20 revenue of $6.118 billion and EPS of $1.82. Considering his bearish tendencies, this is surprising, as it is slightly above consensus estimates for revenue of $6.079 billion and EPS of $1.81.

A recent survey conducted by Wedbush also leads Pachter to believe Netflix is retaining many of its subscribers, with the data also suggesting that for 50% of those surveyed, Netflix is their most used streaming service. Pachter also expects Netflix to follow up Q1’s record breaking new subscriber additions - Netflix added 15.8 million global accounts in the first quarter – in its latest report. However, Pachter is not convinced the numbers add up, as a “DCF (discounted cash flow) analysis results in an enterprise value of $108.5 billion, or roughly $220 per share,” - coincidentally Pachter’s revised target.

Driving the bulk of Pachter’s negative assessment, is the cost involved with satisfying consumers’ need for new thrills.

Pachter said, “The SIP (shelter in place) gains may be sustainable, but they increase the urgency to create content. We think the likely giant spike in new subscribers increases pressure on Netflix for retention. More consumption of content suggests even greater need to replace content with something new, and we expect spending and negative free cash flow to return to 2019 levels in 2021.”

Some of Pachter’s colleagues also think Netflix’ run up must come to an end, although sentiment remains positive. NFLX's Moderate Buy consensus rating is based on 22 Buy ratings, 10 Holds and 3 Sells. However, over the next 12 months the analysts expect the share price to decline by 4%, as the $500.48 average price target implies. (See Netflix stock analysis on TipRanks)

To find good ideas for tech stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

The safe-haven U.S. dollar fell modestly in morning trading on Thursday after domestic retail sales data for June came in better than expected, though the move was limited by jobless claims and a drop in U.S. equities.

Investors in Itau Unibanco Holding S.A. (Symbol: ITUB) saw new options begin trading today, for the March 2021 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 246 days until expiration the newly tra

Investors in Carnival plc (Symbol: CUK) saw new options become available today, for the September 18th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the CUK options chain for the new September 18th contracts and identified one put and on