China’s antitrust authority has announced a conditional approval for Nvidia’s (NVDA) highly anticipated $6.9B acquisition of Mellanox (MLNX). On the news Nvidia stock is currently up 4% in Thursday’s trading.Encouragingly the conditions only require the companies to not add bundles or other “unreasonable” requirements when selling devices in China.Following the reported approval, Bank of America analyst Vivek Arya reiterated his NVDA buy rating with a $340 price target (17% upside potential).“Our positive views on NVDA are based on its attractive organic prospects” he told investors.“However, we believe potentially adding highly complementary Mellanox high-performance computing/networking products could enhance NVDA’s critical data center segment, while adding new opportunities in 5G/edge computing” the analyst added.Meanwhile Susquehanna analyst Christopher Rolland pointed out that NVDA was confident the deal would close, writing “We believe that NVIDIA already has plans for Mellanox IP in their next DGX system.” He ramped up his NVDA price target from $320 to $330 on March 31.Indeed,...
Billionaire Paul Singer’s Elliott Management said global stocks could tumble more -- ultimately losing half of their value from February's high -- as the world braces for the deepest recession since the 1930s-era Great Depression, according to a letter sent to clients on Wednesday and reviewed by Reuters. The New York-based hedge fund firm, which controls $40.4 billion in assets and whose views on markets and economics are closely watched by investors, wrote that the sharp market decline seen between late February and late March "provided a heavy bookend to a dozen years of basically nonstop positive returns in global stocks, bonds and real estate." The benchmark U.S. S&P 500 stock market index tumbled 36% over four weeks but reversed course and rallied 31% from the March 23 low, leaving it 16% below the high set on Feb. 19, Elliott wrote....
OPEC on Thursday again cut its forecast for 2020 global oil demand due to the "historic shock" delivered by the coronavirus outbreak, and said the reduction may not be the last. Last month, OPEC expected a small increase in demand of 60,000 bpd. "The oil market is currently undergoing historic shock that is abrupt, extreme and at global scale," OPEC said in the report....
The S&P 500 has rallied hard off its March lows, but the index remains down 12.4% year-to-date overall. The near-term economic outlook amid the COVID-19 shutdown is still unclear, creating a lot of uncertainty on Wall Street. The International Monetary Fund cut its 2020 global economic growth forecast to negative 3% this week.A number of stocks have been hit much harder than the 12.4% overall market decline. Some of those stocks will ultimately prove excellent long-term buying opportunities. Some of them will end up dropping significantly lower.Here's what analysts have to say about the nine worst-performing S&P 500 stocks of 2020.Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) - Hold Norgwegian has been the single worst-performing stock in the entire S&P 500 in 2020, dropping 80.5% year-to-date.The cruise line industry has been one of the hardest-hit industries from the coronavirus outbreak. Not only is the cruise business shut down indefinitely, there is...
Slack CEO and Co-Founder Stewart Butterfield joins Yahoo Finance’s Alexis Christoforous and Brian Sozzi to discuss how Slack is faring amid the coronavirus outbreak....
