Roku And Netflix Stocks Jump On Wall Street Analysts’ Streaming Optimism
Roku stock rose 11% to near an all-time high after Citibank analyst Jason Bazinet initiated coverage of the streaming firm with a “buy” rating and an optimistic thesis.
Netflix shares also jumped 10% on a Piper Sandler report indicating a high degree of subscriber loyalty. They entered the final hour of the trading day at about $538 a share.
Roku shares, which have seen volatility in 2020 after beginning the year at $137.10, were at $164, within sight of their all-time high of $176.55.
The streaming gains stood out during a trading session where overall stocks were only mildly in positive territory.
Bazinet attached a 12-month price target of $180 on Roku. Shares were above $164 heading into the close of Wednesday’s session. In a note to clients, he predicted Roku’s current level of active accounts will grow to 125 million from its current level of 40 million, lifting revenue per subscriber to $32 in 2022 from $23 in 2019. The overall value of an active account — due to advertising and other monetization — will increase to $180 from $115, Bazinet wrote.
Respondents to Piper Sandler’s survey of streaming video subscribers identified Netflix as the one streaming service that subscribers say they will keep after COVID-19 recedes. Even a price hike — which isn’t currently on the table at Netflix in the U.S. — was deemed acceptable for more than half of the survey participants.
Struggling designers find ways to help fight COVID in Indonesia
A challenge turned into fashion – how the coronavirus pandemic provided textile designers with an opportunity to make millions of masks every day.
The outbreak of COVID-19 is challenging creative industries around the world.
In Indonesia, many artisans have had to adapt to keep their businesses viable.
Textile designers are now helping combat the pandemic by making millions of masks a day.
Al Jazeera’s Jessica Washington reports from Jakarta.
Crude Oil Futures Settle Nearly Flat
Crude oil futures ended roughly flat on Wednesday, with traders weighing the likely impact of Hurricane Laura and data showing another drop in U.S. crude inventories.
According to the data released by Energy Information Administration (EIA) this morning, U.S. crude inventories dropped by 4.7 million barrels in the week ended August 21, falling for a fifth straight week. That was slightly higher than an expected drop of about 4.5 million barrels.
The EIA data also showed gasoline inventories fell by 4.6 million barrels last week, while distillate stockpiles were up by 1.4 million barrels.
The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.524 million barrels for the week ending August 21, while analysts had predicted an inventory draw of 3.694-million barrels.
West Texas Intermediate crude oil futures for October ended up 4 cents or less than 0.01% at $43.39 a barrel.
Brent crude futures edged down by 6 cents to $45.80 a barrel.
According to reports, Hurricane Laura is expected to make landfall along the Gulf Coast late Wednesday or early Thursday. Texas and Louisiana are sending resources in and evacuating residents out of the storm’s path.
According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), approximately 84.3% of the current oil production and 60.9% of the natural gas production in the Gulf of Mexico were shut-in.
South Korea church groups in conflict with COVID-19 efforts
Government’s efforts to contain the coronavirus have now become entangled in a conflict with some religious groups.
South Korea reported 280 new coronavirus cases on Tuesday as it continues to tackle a recent surge in infections.
And the government’s efforts to contain the virus have now become entangled in a conflict with some religious groups.
Al Jazeera’s Rob McBride has more from Seoul, South Korea.
Floods devastate parts of Afghanistan, Pakistan
Nearly 100 people killed, hundreds of homes destroyed as seasonal rains cause worst flooding in Parwan province.
The Afghan president has ordered aid deliveries for the worst affected areas and troops have been sent to flooded neighbourhoods in Pakistan as floods devastate parts of Afghanistan and Pakistan.
Al Jazeera’s Priyanka Gupta reports.
Gold Futures Settle At One-Week High
Gold prices rose sharply on Wednesday and the most active futures contract posted a one-week closing high, as traders looked ahead to Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium on Thursday.
Powell’s speech is expected to provide clues about the Fed’s monetary policy and the central bank’s approach towards inflation.
Data showing a much bigger than expected increase in U.S. durable goods orders in the month of July limited gold’s uptick.
The dollar index, which was up notably at 93.36 in the morning, slipped to a low of 92.85 around mid-afternoon before edging up to 92.99, down marginally from the previous close.
Gold futures for December ended up $29.40 or about 1.5% at $1,952.50 an ounce, the highest settlement since last Wednesday. The contract touched a low of $1,908.40 an ounce earlier in the session.
Silver futures for September gained $1.18 or about 4.4% to settle at $27.449 an ounce, while Copper futures for September climbed up 0.9% to $2.9615 per pound.
According to data released by the Commerce Department, new orders for U.S. manufactured durable goods spiked by much more than expected in the month of July. The report said durable goods orders skyrocketed by 11.2% in July after surging up by a revised 7.7% in June.
Economists had expected durable goods orders to increase by 4.3% compared to the 7.6% jump that had been reported for the previous month.