Snowflake Keeps Rallying, Sending Market Value Past $100 Billion
Snowflake Inc. continued a post-earnings surge on Friday that sent its market valuation above $100 billion for the first time.
The cloud-computing company gained as much as 16%, a day after Wall Street largelycheered its third-quarter earnings report that revealed triple-digit revenue growth. Short-term bullish options were also active for a second day as total call volume spiked to almost five times the 20-day average.
Snowflake shares have now more than tripled since its initial public offering in September. Yet, despite the investor fanfare, analysts remain relatively cautious on the stock with more than half of the 22 covering it maintaining a hold rating, according to data compiled by Bloomberg.
Snowflake shares are now 31% higher than the average analyst price target.
CAA Signs ‘Selena: The Series’ Star Christian Serratos
EXCLUSIVE: CAA has signed Christian Serratos, who stars in Selena: The Series as the titular music icon. She also serves as producer of the Netflix series which debuted today.
Selena: The Series is the highly anticipated series that follows the life of Selena Quintanilla, who was known as the Queen of Tejano music. Created by Moises Zamora, the series is not only a coming-of-age story but also a family drama. The series takes us on Selena’s journey as she pursues her dreams. Along the way, we experience the heart-wrenching and life-changing choices she and her family have to make as they navigate success, family, and music. The series also features Gabriel Chavarria, Ricardo Chavira, Noemí Gonzalez and Seidy López.
In addition to Selena, Serratos stars as Rosita Espinosa on AMC’s hit sci-fi/supernatural drama series The Walking Dead and previously starred as the non-vampire Angela in the multi-billion dollar Twilight franchise.
Serratos continues to be represented by Emily Gerson Saines at Brookside Artist Management, Narrative PR, and Rick Genow at Goodman, Genow, Schenkman, Smelkinson & Christopher.
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LIC’s online policy sales rise 128%, says MD Kumar
Digital payments gain in popularity
Life Insurance Corporation (LIC) has posted a 128% growth year-on-year in online sales of insurance policies during this fiscal up to October, and settled maturity claims and survival benefits worth more than ₹57,000 crore, said Managing Director Raj Kumar.
The insurer has been resilient during COVID-19 times, reaching out to people, he added. Alternative payment channels such as Google Pay and PhonePe witnessed ‘a huge response’ during the pandemic with more than 42% of the premium being collected via the digital route, he said.
In all, 72% of the premium collections occurred outside of the traditional cash counters in offices. Thus, digital route had gained popularity during the pandemic, he added.
Till November, LIC recorded an investment income of more than ₹1.49 lakh crore, registering a growth rate of 20%. It had booked ₹25,000 crore in profit via stock trading, Mr. Kumar said in a statement.
U.S. Factory Orders Jump More Than Expected In October
Data released by the Commerce Department on Friday showed new orders for U.S. manufactured goods increased for the sixth consecutive month in October.
The Commerce Department said factory orders climbed by 1.0 percent in October after surging by an upwardly revised 1.3 percent in September.
Economists had expected factory orders to increase by 0.8 percent compared to the 1.1 percent jump originally reported for the previous month.
The report said orders for durable goods shot up by 1.3 percent, unchanged from the previously published increase, while orders for non-durable goods rose by 0.7 percent.
Shipments of manufactured goods also increased for the sixth consecutive month, jumping by 1.0 percent in October after rising by 0.5 percent in September.
Meanwhile, the Commerce Department said inventories ticked up by 0.2 percent in October after edging down by 0.1 percent in September.
With shipments rising by more than inventories, the inventories-to-shipments ratio slipped to 1.41 in October from 1.42 in September.
Supply-side issues fuelling inflation, says RBI’s Patra
Huge retail margins, taxes to blame
RBI Deputy Governor Michael Patra on Friday said supply-side issues, including profit maximisation at retailers’ end, are hurting the inflation situation, which has breached the central bank’s comfort level in the past few months.
There is a window for cooling off in prices presented by the softness in vegetable prices in winters and arrivals of the kharif or summer crop, Mr. Patra said affirming the RBI is watchful of the demand-side issues.
“At current time, our assessment is that the large part of inflation pressures are emanating out of supply-side disruptions (like) at the level of retailer, very high margins being charged by the retailers and some amount of indirect taxes,” Mr. Patra told reporters.
He added, “if supply-side management is timely and effective, you will see the trajectory of inflation completely changing.”
Zeldin Beats Goroff for Hamptons House Seat; Republicans Hold
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Republican Representative Lee Zeldin was re-elected for a fourth term in New York’s 1st Congressional District in eastern Long Island, the Associated Press projected, defeating Democrat Nancy Goroff.
Zeldin is an ally of President Donald Trump, though hebucked his party in voting to prohibit oil and gas leasing off the Pacific and Atlantic coasts and against the 2017 Republican tax law that capped a popular deduction for state and local taxes. The district spans much of Suffolk County including the Hamptons.
Goroff, who has a doctorate in chemistry, has never held elected office.