Michael Harris
Latest articles by Michael Harris
Shares of Novartis (SIX: NOVN) fell almost 4% Tuesday after the Swiss pharmaceuticals company reported lower-than-expected sales in the third quarter. Fundamental analysis: Higher income, lower sales Novartis elevated its operating profit outlook on Tuesday on predictions that healthcare systems would handle the second coronavirus wave better than the first. The drugmaker estimated to see a moderate double-digit 2020 operating income growth...
Polkadot (DOT) price has broken out of its range this week to trade over 10% in the green on a weekly basis. In the meantime, the platform is collaborating with Ontology (ONT) in an effort to boost the adoption of decentralized identity solutions. Fundamental analysis: ONT partnership Polkadot, on which Ontology plans to develop applications, is a sharded blockchain that can perfectly link a number of chains within a single network. According to...
Shares of Alibaba (NYSE: BABA) logged fresh record highs as Ant Group, which is controlled by Alibaba, recorded the world’s largest IPO ever. Fundamental analysis: Record IPO amid strong demand Ant Group, the Chinese tech giant, is set to close its initial public offering (IPO) to investors a day earlier than previously planned amid strong demand. This way, the book-building process in Hong Kong will close at 5 p.m. local time on Wednesday,...
FTSE 100 opened the week lower amid the surging number of new cases and fears of Brexit effects. Companies in the U.K. are set to face extraordinary challenges when Brexit comes into effect on January 1, the industry experts warn. Fundamental analysis: Prepare for queues Once a new era begins for Britain and it deserts the European Union, companies in the U.K. that together drive almost $1 trillion in annual trade will have to operate in complian...
CAC 40 price fell nearly 2% today after France reported 52,010 new coronavirus cases on Sunday, which is another 24-hour record. Fundamental analysis: New daily record On Saturday, France reported a new daily record of 45,422 cases, before topping this number with 50k+ new infections on Sunday. The latest numbers have contributed to the total number of 1,138,507 coronavirus infections in France, which now has the fifth-highest number of cases in...
Shares of SAP (ETR: SAP) collapsed over 23% on Monday after the German tech firm decided to stop pursuing its mid-term margin targets and accelerated its shift to cloud computing. Fundamental analysis: SAP to focus on long-term value SAP reported that its revenue fell by 4% in the third quarter, which prompted the software company to cut the revenue forecast for the full-year. “We are at an inflection point. I am not willing to trade...
Shares of companies owned by Samsung rose today in Asia after yesterday’s news of Chairman Lee Kun-hee’s death. Fundamental analysis: Investors hope for a restructuring On Sunday, Samsung announced that Lee, 78, lost his life following six years in the hospital to a heart attack. Lee Kun-hee helped make Samsung a worldwide technology and industrial giant. He stepped up as the leader of Samsung in 1987 following the death of his...
Shares of Uber (NYSE: UBER) closed the week about 9% higher to stay above the important support in the short term. The ride-hailing firm is reportedly looking to acquire its rival Free Now for over €1 billion ($1.2 billion). Fundamental analysis: New targets identified Free Now is a ride-hailing taxi company, jointly owned by Daimler and BMW. Daimler is ready to strike an agreement with Uber while Oliver Zipse, the CEO of BMW, remained hesi...
Shares of Kering (EPA: KER), the owner of Gucci brand, closed more than 3% in the red on Friday despite a rebound in sales. Kering said sales of its luxury products saw a sharp recovery in the third quarter, thanks to an increase in demand in Asia and the United States. Comparable sales remained relatively unchanged in Q3, compared to the year-ago, as the Paris-based luxury goods company outshined consensus estimates. Kering reported a decl...
Zilliqa (ZIL) price has spent the past 5 months in a triangle consolidation pattern. As two converging trend lines have almost touched now, the digital asset is about to break out. Here, we take a closer look at where ZIL is likely to trade in November. Fundamental analysis: 1 billion ZIL staked Last week, Zilliqa announced that one billion of ZIL was staked during the first few hours after the official rollout of Zilliqa’s non-custodial st...
The dollar is likely to start a bearish cycle in case the Democratic candidate Joe Biden wins in the next month’s elections, analysts believe. Fundamental analysis: Dollar remains vulnerable The U.S. dollar remains vulnerable to “substantial devaluation” as the fundamental aspect of the market points towards a deeper pullback, warns Standard Chartered’s Eric Robertsen. “You have the twin deficits in the U.S. getting worse, you have the trad...
Ethereum (ETH) price is on its way to secure the biggest weekly gains in over 2 months after the world’s second largest digital asset broke above the intraweekly resistance line. Fundamental analysis: The first blockchain to process $1 trillion this year Ethereum is close to becoming the first blockchain to process $1 trillion this year, recording a twice higher transaction volume than Bitcoin. The transaction volume’s 30-day rolling daily...
Intercontinental Hotels Group PLC (LON: IHG), which owns hotel brands such as Holiday Inn and InterContinental, reported a decline in revenues in Q3 as coronavirus continues to batter the hospitality industry. Fundamental analysis: Covid-19 creates havoc After the breakout in March, the majority of hospitality companies saw a significant slump in revenues due to travel restrictions and lockdown measures, including IHG. Revenue p...
Shares of Nestle (SIX: NESN) have fallen almost 2% this week despite the better-than-expected Q3 results. Nestle stock price is now heading towards an important support. Fundamental analysis: A better-than-anticipated Q3 sales Nestle posted better-than-expected earnings for Q3, reporting a nearly 5% growth thanks to higher demand for pet food and health products. The food company lifted its guidance for this year organic sales growth...
Unilever PLC (LON: ULVR) stock price slipped around 4% this week after the CEO of the consumer goods firm said the economic downturn seems “inevitable” in the current coronavirus-driven environment. Fundamental analysis: Strong sales reported Unilever reported better-than-expected sales growth in the third quarter on Thursday, however, the company’s Chief Executive said the outlook remains uncertain. The London-based company reported an inc...
The UK’s blue-chip index FTSE 100 Index and its French counterpart CAC 40 both raced higher in the afternoon to erase this morning’s losses on the increased hopes that an agreement over a new stimulus bill in the United States could be reached. Still, some analysts are pessimistic that the agreed deal will be passed through the Senate before November 03. “Even if both sides do manage to reach an agreement, given the tight deadline ahead of...
Ripple (XRP) price has gained over 4% today to trade above the $0.26 handle for the first time since the first week of September. Ripple’s CTO believes that XRP’s could potentially become a neutral digital asset. Fundamental analysis: CTO discusses the future role of Ripple David Schwartz, Chief Technology Officer of Ripple talked about the potential rise of a “global stablecoin” and the role of Ripple’s native coin XRP in that regard. The...
Shares of Avangrid (NYSE: AGR) fell about 8% on Wednesday after the subsidiary of the Spanish electric utility giant Iberdrola (BMV: IBEN) agreed to acquire PNM Resources (NYSE: PNM) for $8.3 billion including debt. Fundamental analysis: A major deal in the energy sector The agreed deal will create the third-largest renewable energy operator in the United States. A new company will be set up with operations across 24 states and will have a combin...
Bitcoin (BTC) price has continued its impressive bull run to trade above the $12k handle again. As predicted by Invezz a few days ago, the BTC/USD price activated the bull pennant chart pattern that is facilitating a move to $12,400. Fundamental analysis: Inactive Bitcoin addresses are selling BTC It seems that inactive Bitcoin addresses are selling their holdings, according to on-chain data, resulting in bearish claims among crypto analysts. Wil...
Commodities are trading in a tight range today as investors are eagerly waiting for news from the U.S. related to the new stimulus plan. While gold and oil trade in a narrow range, silver prices have made important gains this week. Gold price should race higher on a stimulus agreement Gold prices hovered in a tight range today north of $1,900 per ounce in the lead up to the deadline for a deal over a new coronavirus stimulus plan in the United St...
Intel (NASDAQ: INTC) announced the sale of its NAND memory chip business to SK Hynix (KRX: 000660) for $9 billion. Shares of the company initially rose 3% yesterday on media reports before closing only 0.78% higher on the day. Fundamental analysis: SK Hynix becomes the second-largest flash memory chipmaker in the world SK Hynix will gain control of Intel’s NAND business, the company’s factory in Dalian (China), we well as design patents. With thi...
Shanghai Composite Index (SHCOMP) price fell yesterday after the latest GDP data shows that the country’s economy grew at a lower-than-expected rate. Fundamental analysis: ‘Complicated international environment’ A new data from the National Bureau of Statistics of China showed that the country’s economy has grown in the third quarter, continuing its recovery from the coronavirus. China posted a GDP growth of 4.9%, compared to the same perio...
The DAX Index has extended last week’s losses to trade about 0.8% lower in the current week. The number of new COVID-19 infections has continued to surge on a daily basis across the continent, prompting officials to ask for responsible behaviour. Fundamental analysis: Difficult months are ahead – Merkel There has been a substantial increase in the number of new coronavirus cases and a few European countries have taken new measures in a bid...
Crypto.com (CRO) price has dropped more than 20% in the last two days after the staking rewards were slashed by 70%. Fundamental analysis: Five million active users The number of active users has reached five million, a landmark that’s been overshadowed by 70% staking rewards cuts for the exchange’s native CRO token. This is the first time the famous cryptocurrency exchange has reached five million users, just three months after it hit the three...
Stellar (XLM) price is trading nearly 10% higher on the day after the buyers forced a break of the daily resistance line at $0.0844. The latest news that Stellar will become the third blockchain to support the USDC stablecoin have continues to drive XLM price higher. Fundamental analysis: Stellar support to increase transaction speed and reduce fees Centre Consortium, which manages the USDC stablecoin, announced that Stellar will become the...