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Another day, another set of recommendations for how to play the cloud.
Since the start of the year, a number of analysts have weighed in with thoughts on the outlook for the cloud software sector, after the group cranked out fantastic returns in 2020. On Thursday it was Oppenheimer analyst Brian Schwartz’s turn.
In a 116-page report, he laid.
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Another day, another set of recommendations for how to play the cloud.
From
VMware, Pat Gelsinger, effective Feb. 15. Since Swan took over in 2019, Intel has divested from non-core assets while making acquisitions that
strengthened its core business. But as
Barron’s notes, “Swan doesn’t have semiconductors in his DNA and is known as more of a software and finance executive than a man with deep technical expertise.” Gelsinger, on the other hand, is
a prominent technical expert in the chip industry. He’s a trained engineer who has written a microprocessor programming book, holds several patents, helped create Wi-Fi technology and spent three decades at Intel earlier in his career. “After careful consideration, the board concluded that now is the right time to make this leadership change to draw on Pat’s technology and engineering expertise during this critical period of transformation at Intel,” Intel chairman Omar Ishrak said in a statement.
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Poshmark stock has more than doubled from its IPO price. CEO Manish Chandra sees the secondhand market ramping up for branded apparel and other goods as consumers embrace social selling. Michael Nagle/Bloomberg
Poshmark on Thursday continued the recent run of spectacular venture-backed initial public offerings, priced at $42 a share, above the $35 to $39 target range and opening at $97.50, a gain of more than 130% from the IPO price. Poshmark founder and CEO Manish Chandra sees a potentially huge market that’s just getting started and apparently investors agree with him.
Including the “green shoe,” over-allotment option, Poshmark (ticker: POSH)will have 74 million primary shares outstanding after the offering, giving the company a market valuation of around $7.5 billion. On a fully diluted basis, reflecting in-the-money options and restricted stock units, there are about 10 million more shares, boosting the valuation
Dreamstime
Investors have been betting big on shares that can benefit from fiscal stimulus, such as consumer discretionary stocks. But the government isn’t the only one doing a lot of spending many companies are poised to spend the piles of cash they built during the pandemic.
As the pandemic swept the globe,
S&P 500 companies raised more than $2.5 trillion in 2020 through debt and equity issuances, the highest amount in two decades. Meanwhile, share buybacks and capital spending both fell significantly last year as companies faced an uncertain economy. That left firms with war chests to spend: Cash as a percent of total assets for the average S&P 500 company has been sitting at almost 8%, a record level. That’s up from roughly 6% to start 2020, according to Jefferies.