Nasdaq News

China indefinitely postponed on Tuesday the launch of the final satellite of its Beidou navigation network because of technical problems in the rocket meant to launch it into orbit.

NFL Commissioner Roger Goodell said he would "encourage" teams to sign Colin Kaepernick, adding that the league would also welcome the quarterback's off-the-field guidance on social justice.

What happened Shares of DraftKings (NASDAQ: DKNG) climbed 13% on Monday, following the release of strong online gaming revenue figures in a major market.

Oil prices dipped on Tuesday on jitters that a rise in coronavirus infections around the world could hurt fuel demand, but hopes that production cuts could be extended kept declines in check.

Huawei Chief Financial Officer Meng Wanzhou is raising a new argument in a Canadian court in a bid to fight extradition to the United States on bank fraud charges, court documents released on Monday showed.

(RTTNews) - The Taiwan stock market has ended lower in three straight sessions, declining almost 425 points or 4 percent along the way. The Taiwan Stock Exchange now rests just above the 11,300-point plateau although it may regain its footing on Tuesday.

Cricket Australia chairman Earl Eddings has called a media conference at midday (0200 GMT) on Tuesday where he is expected to confirm that Chief Executive Kevin Roberts has been axed.

Brazilian retailer Via Varejo raised 4.45 billion reais ($864 million) with the sale of 297 million shares, two sources close to the company said on Monday.

Huawei Chief Financial Officer Meng Wanzhou is raising a new argument in a Canadian court in a bid to fight extradition to the United States on bank fraud charges, court documents released on Monday showed.

(RTTNews) - The Singapore stock market has ended lower in three consecutive sessions, retreating more than 185 points or 6.7 percent in that span. The Straits Times Index now rests just beneath the 2,615-point plateau although it may find support on Tuesday.

Asian stocks were set to follow a late Wall Street surge on Tuesday, after the Federal Reserve's fresh move to support financial markets through the coronavirus pandemic cheered investors.

New Zealand's quarterly growth contracted for the first time in over nine years, according to a Reuters poll, and there's more pain coming as the real impact of the lockdown enforced to contain the coronavirus may only be seen in the coming months.

Australia's top flight A-League soccer competition will resume on July 16 after a four-month hiatus due to the coronavirus outbreak, Football Federation Australia said on Tuesday.

The United States and China will each allow four weekly flights between the two countries, the U.S. Transportation Department said on Monday, easing a standoff on travel restrictions in the midst of the novel coronavirus pandemic.

It has been a rough 12 months for Canadian cannabis player Hexo (HEXO). A pot stock that soared after cannabis became legal in Canada has been on a precipitous downward slide over the last year. Along with broader industry struggles, Hexo has been hampered by earnings misses, a shaky cash position and the resignation of its CFO - all contributing to investor disquiet and an 84% share loss.

But is it possible Hexo stock has finally found the bottom? Shares have been on a tear over the past month, up by 131%, while a better than expected 3FQ20 earnings report has played its part in restoring investors’ confidence.

It is also the reason why Canaccord analyst Matt Bottomley believes Hexo is taking a “step in the right direction.”

In the quarter, Hexo reported net revenue of C$22.1 million, beating the Street’s call for C$20.3 million and up by 30% quarter-over-quarter. The figure was also a 70% increase over the same period last year.

The sales growth is mainly down to newly launched products such as hash and extract drops and a strong showing from its value brand Original Stash - first launched toward the end of 2019.

Bottomley points out that “...improved operating leverage, higher automation, and a product mix that required less labour hours,’’ resulted in adj. gross margin of approximately 40%, roughly 700bps higher than the previous quarter. The combined effect of reduced operating expenses, improving sales and adj. gross margin led to an adj. EBITDA loss of C$4.3 million, a big improvement on the C$8.5 million loss in the prior quarter.

Bottomley is buoyed by the results. However, there’s work to be done before sentiment can truly change.

“We believe HEXO’s ability to realize a gross margin that is at the higher end of the industry range is particularly encouraging, given its focus on the lower-priced value segment of the market… However, as we believe HEXO is still in the early stages of its refocused efforts (with its new Cannabis 2.0 products just beginning to launch) we would remain on the sidelines as the company continues to navigate what is still a challenging market in Canada – but we're encouraged by the FQ3 print,” the analyst said.

As a result, Bottomley stays on the sidelines, reiterating a Hold rating, while bumping the price target from C$1.30 ($0.96) to C$1.50 ($1.10). The new figure implies upside of 13% in the coming months. (To watch Bottomley’s track record, click here)

Is Bottomley’s renewed optimism backed by the rest of the Street? Not quite. Hexo has a Moderate Sell consensus rating, based on 5 Holds and Sells each. At C$1.36 ($1.00) the analysts forecast shares to stay range bound in the near-term. (See Hexo price targets and analyst ratings on TipRanks)

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

(RTTNews) - The Malaysia stock market has finished lower in three straight trading days, sinking almost 80 points or 5 percent in that span. The Kuala Lumpur Composite Index now rests just beneath the 1,500-point plateau although it may halt its slide on Tuesday.

Image source: The Motley Fool.

Image source: The Motley Fool.

Royalty Pharma is set to sell shares in its U.S. initial public offering (IPO) at the top end its target range, in the biggest U.S. listing of the year so far, according to people familiar with the matter.

Shares of Canaan Creative, one of the few publicly traded crypto miner manufacturers, plummeted below $2, their lowest after going public in November. 

The Nasdaq-listed stock has been steadily falling since the bitcoin halving on May 11, according to data from Yahoo Finance. It closed at $1.98 at the end of the trading session Monday, down 3.9%. 

The China-based crypto miner maker is trying to make a comeback after the halving damped demand for its machines and logistics disruptions caused by coronavirus hurt first-quarter sales. 

Related: Illegal Miners in Russia Stole $6.6M Worth of Electricity, Power Grid Firm Says

Demand for crypto mining machines from some Chinese miners may have begun to soften a few months before the halving in May, Aries Wang, co-founder of crypto exchange Bibox, said. 

As early as last July, “Some of the earliest Chinese miners started to raise funding from institutional investors and buy new models and phase out old machines so that they would be prepared for the halving,” said Wang, whose company has invested in crypto mining businesses. “Many had already completed the update on infrastructure such as mining sites and miners before the end of February.”

Canaan tried to spur sales earlier this year by cutting prices in half, compared with 2019 average prices. However, it still suffered a $5.6 million net loss for the period, according to the latest quarterly report. 

First-quarter sales were also affected by the coronavirus outbreak in China, according to the report. Logistics in mainland China had stopped around the Chinese new year on Feb 10. The firm couldn’t deliver machines to customers even as demand surged due to a price rally in bitcoin, Nangeng Zhang, CEO and chairman of Canaan, said on its first-quarter earnings call. 

Related: Argo’s Mining Revenue Dips After Bitcoin’s Halving

The firm enjoyed a rebound in April after China declared it had contained the spread of coronavirus and the logistics issues subsided. The stock reached $5.99 per share on May 13, two days after the halving, and has tumbled since then.  

The halving, a preprogrammed event that cuts mining revenue by half every four years, previously had been considered bullish for miner makers.

The Chinese crypto miner manufacturer’s Nov. 20 initial public offering (IPO) priced the stock at $9 per share, but a month afterward the shares were down by half. It was briefly back above $8 on Feb. 12 after a surge of more than 80% from $4.40 from the previous day. The price started to fall again as China rolled out coronavirus quarantine measures. 

Canaan’s cash and cash equivalents on hand decreased by 48% in the first quarter, from $71 million as of the end of last year. The firm said the drop was partly due to $24.5 million in short-term investments including its partnership with Semiconductor Manufacturing International Corporation (SMIC), one of the largest computer chip makers from mainland China.

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• Market Wrap: Bitcoin Can’t Stick to $9,000 While Stocks Rally
• Canaan Reports $5.6M Loss in Q1 Despite Bitcoin Miner Price Cut