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US market: overview and forecast for January 21. The Bears are on the defensive
Dow Jones, index, NASDAQ 100, index, S&P 500, index, EURO STOXX 50, index, Brent Crude Oil, energetic, Gold, mineral, Airbnb, stock, US market: overview and forecast for January 21. The Bears are on the defensive The market the day beforeAt the auction on January 20, the decline of the main indices on American stock exchanges continued. The S&P 500 dropped 1.10% to 4,483 points, the Nasdaq adjusted 1.30%, and the Dow Jones lost 0.89%. In the green zone, only utility providers were closed (+0.14%). Other sectors showed negative dynamics. The outsiders were producers of cyclical consumer goods (-1.94%), raw materials companies (-1.43%) and the IT sector (-1.33%).Company newsThe shareholders of Casper Sleep (CSPR: +9.8%) voted for the privatization of the company.Insurance company Travelers Cos. (TRV: +3.2%) presented a strong quarterly report with record profit. Management emphasized the high underwriting revenues.Peloton Interactive (PTON: -23.9%) ceases production of Connected Fitness products amid a significant reduction in demand.We expectThe day before, President Joe Biden announced the possibility of breaking the Build Back Better program with a total volume of about $1.7 trillion into its component parts. At the moment, the White House is considering alternatives after initial efforts to coordinate were thwarted by the opposition led by Senator Joe Manchin. A preliminary consensus was reached only on the climate part of the package (just over $500 million). At the same time, provisions on maternity leave may be excluded from the updated draft law, and the expansion of tax benefits for children may be limited.The number of initial applications for unemployment benefits for the week increased by 55 thousand, to 286 thousand, reaching a three-month high amid the active spread of the strain "omicron", negatively affecting the labor market. At the same time, due to problems with hiring, employers are taking measures to retain employees, so the observed surge in applications for benefits is likely to be short-term.The December index of manufacturing activity published by the Philadelphia Federal Reserve increased by 8 points compared to November, reaching 23.2 points, which indicates optimistic assessments of business prospects on the part of entrepreneurs, despite the next wave of COVID-19 and the persistence of labor shortages, as well as logistical problems.Stock markets in Southeast Asia showed mostly negative dynamics during the last trading session. The Tokyo Stock Exchange Nikkei index lost 0.90%, the Chinese CSI 300 fell by 0.92%, the Hong Kong Hang Seng rose by 0.05%. EuroStoxx 50 has been losing more than 1.1% since the opening of trading.Brent crude futures are trading at $88.38 per barrel. The price of gold is around $1842.5 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 4440-4490 points.MacrostatisticsNo significant macro statistics are expected to be published today.Technical pictureThe S&P 500 has broken down support in the area of 4,500 points and continues to move towards the lower border of the ascending channel. The RSI is in the oversold zone. The MACD indicator is still showing a downward trend, indicating the probability of a continuation of the correction. However, the passing reporting season can provide the broad market index with growth ...
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US market: overview and forecast for January 19. The growth of treasury yields continues
Dow Jones, index, NASDAQ 100, index, S&P 500, index, Hang Seng, index, Brent Crude Oil, energetic, Activision Blizzard, stock, Microsoft, stock, Unilever, stock, CSI 300, index, US market: overview and forecast for January 19. The growth of treasury yields continues The market the day beforeOn January 18, the main American stock indexes ended trading in the red zone. The S&P 500 dropped 1.84% to 4,577 points, the Dow Jones lost 1.51%, the Nasdaq showed a stronger drop, down 2.6%. Almost all sectors included in the S&P 500 closed in the red. The exception was the issuers of the energy industry (+0.40%) against the background of the continuing rise in oil prices. Technology companies (-2.49%) and telecoms (-1.99%) looked worse than the market.Company newsMicrosoft (MSFT: -2.4%) announced the takeover of Activision Blizzard (ATVI: +25.9%).Unilever PLC securities (UL: -14.44%) continue to fall on the news of the company's plans to buy assets of GlaxoSmithKline plc (GSK: +2.97%).The US government is checking Alibaba Group Holding Limited's (BABA: -2.26%) cloud business for threats to national security.ExpectationsInvestors fear the acceleration of inflation, as the active spread of the omicron strain exacerbates problems in supply chains and increases the shortage of labor. For example, some companies that published results for the fourth quarter indicated in their reports that the forced increase in employee salaries could become one of the key risks for financial indicators in 2022 and eventually prevent them from earning record profits.Against this background, there is a steady increase in Treasury bond yields. This indicates growing expectations that the Fed will raise rates four times this year, including a possible increase of 50 basis points (bp) in March in order to curb inflation.The yield of two-year treasuries increased by 8 bps, to 1.04%, exceeding 1% for the first time since 2020. The same indicator for "ten-year-olds" jumped by 6 bps, to 1.87%, and the yield of 30-year securities rose to 2.18%. Concerns about inflation continue to be fueled by an increase in oil prices, which have shown an increase for four consecutive weeks. In our opinion, black gold will continue to rise in price in the coming days amid increasing tensions in the Middle East.Most of the sites in Southeast Asia ended trading on January 18 in the red zone. China's CSI 300 declined by 0.68%, Japan's Nikkei 225 fell by 2.80%, Hong Kong's Hang Seng lost 0.17%. EuroStoxx 50 has been adjusted by 0.30% since the opening of the session.Brent crude futures are quoted at $87.51 per barrel. Gold is trading at $1812.3 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 4540-4590 points.MacrostatisticsData on the number of construction permits issued in the United States for December will be released today (forecast: 1701 million vs. 1717 million in November).Technical pictureThe S&P 500 continues to fall towards the lower boundary of the ascending channel. The nearest resistance for the index is at the level of 4533 points. The RSI is also moving below 50 points, falling closer to the oversold zone, the MACD signals a possible continuation of the downward trend, which together indicates a correction of the indices in the upcoming ...
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US market: overview and forecast for January 18. Under the sword of Damocles strain "Omicron"
Dow Jones, index, NASDAQ 100, index, S&P 500, index, EURO STOXX 50, index, Hang Seng, index, JPMorgan Chase, stock, Netflix, stock, Wells Fargo & Co., stock, Kospi, index, CSI 300, index, US market: overview and forecast for January 18. Under the sword of Damocles strain \ The market the day beforeYesterday, the American stock exchanges did not work, because Martin Luther King Day was celebrated in the United States. On January 14, the main stock indexes showed mixed dynamics. The S&P 500 rose 0.08% to 4,663 points, the Dow Jones lost 0.56%, and the Nasdaq rose 0.59%. Energy companies looked better than the market (+2.45%) due to the rally in oil prices. The outsiders were the real estate sector (-1.18%) and finance (-1.01%) against the background of the publication of quarterly reports.Company newsWells Fargo's quarterly results (WFC: +3.7%) exceeded market expectations for EPS due to an increase in lending volume, an increase in interest margin and commission income. In addition, a positive guidance was given on interest income and costs.Boston Beer (SAM: -8.1%) lowered its forecast for fiscal year 2021 for EPS due to increased logistics costs.JPMorgan Chase (JPM: -6.2%) reported EPS better than market-wide expectations, management guidance on NII also beat consensus. However, the spending forecast for 2022 disappointed investors.ExpectationsToday, the market will continue to monitor the reporting season in the financial sector. Despite the fairly strong results of the companies for the fourth quarter, the forecast for expenses for 2022 in most cases may turn out to be a negative factor for quotations.Also in the focus of investors' attention remains the question of how significantly the spread of the omicron strain affects the economy. The number of new infections in the United States is still at record high levels of 800 thousand - 1 million per day. Discussions are resuming about possible pressure on supply chains due to the zero-COVID approach adopted in China, which puts major cities at risk of lockdowns. This can lead to port closures, production disruptions and prolonged transport delays. China's four largest port cities have tightened restrictions in response to the spread of the omicron strain. Although the docks remain open for the time being, the possible closure of ports threatens to cause large delays in the delivery of orders. These delays will spread through supply chains and, ultimately, spur inflation. The pressure on logistics chains in the United States is compounded by a shortage of labor due to the large number of infections with the omicron variant. Against this background, respondents surveyed by the WSJ this month lowered their expectations of GDP growth in the first quarter by more than 1 percentage point, to 3% YoY, compared with their forecast of 4.2% in October.Asian stock exchanges ended trading on January 18 in different directions. China's CSI 300 added 0.97%, Japan's Nikkei 225 fell by 0.27%, Hong Kong's Hang Seng sank by 0.43%. EuroStoxx 50 has been falling by 1.11% since the opening of the session.Risk appetite is uncertain. The yield of treasuries rose to 1.77%. Brent crude futures are quoted at $87.6 per barrel. Gold is trading at $1814.7 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 4620-4680 points.MacrostatisticsThe NAHB/Wells Fargo Housing Market Index, which reflects the level of confidence of developers, will be published today. According to the consensus, the January indicator will coincide with the December value of 84 points.Technical pictureOn the eve of the open market index found local support at the level of 4615 points, continuing to move within the ascending channel. The shape of Friday's "candle" indicates the possibility of a short-term reversal to growth. The RSI indicator continues to fluctuate near 50 points. The MACD is not giving signals for a reversal yet.In sightToday, the quarterly report will be published by the second largest US bank by assets, Bank of America (BAC). According to FacstSet's forecast, quarterly EPS will reach $0.77 (+18% YoY), net revenue may reach $22.18 billion (+10% YoY). Based on the results of reports from other key US banks published earlier on Friday, we expect that the main support for BAC's non-interest income will be provided by an increase in remuneration for investment banking services (in particular, consulting and underwriting) due to the high activity of companies in the M&A and IPO market. It is expected that BAC will continue to disband reserves for possible credit losses, as management has already indicated a decrease in the share of net write-offs on loans in October-November. Nevertheless, in subsequent reporting periods, the bank may reduce the release of reserves in the context of tightening credit conditions by the Fed. Also, at the end of the quarter, net interest income is likely to show weak dynamics in the conditions of low interest rates, while the growth in lending volumes is only beginning to recover. A decrease in volatility in financial markets may cause a reduction in income from trading operations. The growth rate of net profit at the end of the quarter is expected to slow down due to an increase in operating expenses against the background of bonuses and employee compensation payments at the end of the year, as well as increased investment in technology.On January 20, the streaming service Netflix (NFLX) will present quarterly results. The consensus forecast predicts revenue growth of 16% YoY, to $7.7 billion, with a decrease in EPS from $1.19 to $0.83. It is expected that the subscriber base will expand by 8.4 million, while management three months ago predicted an increase of 8.5 million. We expect a mixed report from Netflix. In particular, we note the risk that the actual growth of subscribers may be weaker than forecasts. The phenomenal success of the series "The Squid Game", most likely, could not provide a stable trajectory of growth in the fourth quarter. However, given the 16% drop in shares since the publication of the last report, we believe that the market has already taken into account more moderate expectations for expanding the customer base in NFLX quotes. The reaction of investors will also depend on whether the company's forecast for the dynamics of the indicator for the first quarter of 2022 coincides with the consensus of expectations, which assumes an audience growth of 5.8-5.9 million people. In addition, an important aspect of the report will be the issue related to the decision to increase the cost of subscriptions in the United States and Canada by about 11%, which was announced on January 14.On January 21, the largest oilfield services company Schlumberger (SLB) will report for the fourth quarter. We expect strong results from the issuer due to increased global drilling activity. On average, the number of active drilling rigs in the last three months of 2021 was 1,537 units, which is 8.2% higher than in the third quarter. SLB's revenue is expected to increase to $6.1 billion (+10.1% YoY, +4.2% QoQ). At the same time, adjusted net profit may grow to $0.39 per share (+77.3% YoY, +8.3% QoQ). In our opinion, the company's shares are trading above fair value, so positive reporting can be considered as a signal for profit-taking on SLB securities. It is worth noting that the first quarter of the year, as a rule, is weak for oilfield service companies due to a seasonal decrease in drilling ...
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US market: overview and forecast for January 14. Reporting season starts with banks
Nikkei 225, index, Dow Jones, index, NASDAQ 100, index, S&P 500, index, Hang Seng, index, JPMorgan Chase, stock, Virgin Galactic, stock, CSI 300, index, US market: overview and forecast for January 14. Reporting season starts with banks The market the day beforeOn January 13, the main American stock indexes finished trading in the red zone. The S&P 500 fell 1.42% to 4,659 points, the Dow Jones declined 0.49%, and the Nasdaq lost 2.51%. Only issuers from the utilities sector (+0.45%), non-cyclical consumer goods (+0.22%) and industry (+0.18%) closed in the black. The outsiders were IT companies (-2.65%) and manufacturers of cyclical consumer goods (-2.08%).Company newsKB Home Construction Company (KBH: +16.5%) reported better than expected for the fourth quarter, helped by continued high demand for housing.The quarterly results of Taiwan Semiconductor Manufacturing (TSM: +5.3%) were better than analysts' forecasts due to the growing demand for semiconductors. The chip manufacturer also plans to modernize and expand production facilities around the world.Virgin Galactic (SPCE: -18.9%) has announced plans to raise up to $500 million through convertible bonds.ExpectationsThe producer price index increased by 0.2% mom in December, falling short of the consensus forecast (+0.4% mom) and the November value revised down (+0.7%). The increase in annual terms (+9.7%) was the largest since 2010, while almost coinciding with analysts' expectations. The increase in the cost of services in various areas, including retail trade in fuel and lubricants, air transportation and retail trade in food, contributed to the growth of the indicator. At the same time, prices for goods decreased for the first time since April 2020 by 0.4% mom against the background of a correction in the cost of gasoline. The increase in the producer price index excluding food and energy was 8.3%. It is expected that the price increase will have a negative impact on the marginality of companies. As a result, investors will pay special attention to this financial metric in the coming weeks of the reporting season.According to published data on the labor market, 230 thousand initial applications for unemployment benefits were submitted over the past week, which turned out to be higher than the consensus of analysts and indicators over the past two months. Nevertheless, the number of repeated applications for unemployment continues to decline, ahead of market forecasts.The reporting season for banks starts today. JPMorgan, Citi and Wells Fargo will be the first to publish the results. In the preliminary reports on the income of these credit institutions, the main topic was the expectations associated with a short-term change in the volume of lending, an improvement in net interest income, and the still high quality of loans/assets, normalization of income from trading operations and mortgage lending, high return on capital and continued growth of expenses.Asian stock exchanges ended trading on January 14 in the red zone. China's CSI 300 fell by 0.82%, Japan's Nikkei 225 declined by 1.28%, Hong Kong's Hang Seng adjusted by 0.19%. EuroStoxx 50 has been losing more than 0.70% since the opening of the session.Risk appetite is uncertain. The yield of treasuries is at the level of 1.71%. Brent crude futures are quoted at $84.47 per barrel. Gold is trading at $1,821 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 4630-4690 points.MacrostatisticsData on retail sales in December will be published today (consensus: unchanged after +0.3% a month earlier).ReportsToday, the largest American bank JPMorgan Chase & Co. (JPM) will release a report for the fourth quarter. According to the forecast of FactSet, the revenue of the credit institution will reach $29.82 billion (-1% YoY). Earnings per share (EPS) may be $3.00, which is lower than last year's result ($3.79). At the same time, according to the results of the full fiscal year 2021, EPS may increase by 69% YoY, to $15.03, with a slight increase in revenue to $123.11 billion after $122.98 billion last year. In 2021, the increase in the bank's net profit was mainly due to the release of reserves to cover possible loan losses, which, however, is not a permanent source of income, but may contribute to positive profit dynamics in the medium term. The drivers of JPM's growth can also be attributed to the increase in commissions for investment banking services against the background of high activity in the M&A sector. JPMorgan has maintained its position as the second largest provider of mergers and acquisitions consulting services after Goldman Sachs.Technical pictureThe day before, the index of the Russian market corrected and broke through the support level in the area of the 50-day moving average. Nevertheless, the S&P 500 continues to move within the ascending long-term corridor. The RSI indicator dropped slightly below 50 points, closer to the oversold zone. The MACD signals a possible continuation of the downward ...
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Articles about financial markets

Updating drivers - looking for landmarks
S&P 500, index, Updating drivers - looking for landmarks The past year ended very successfully for the American market: the S&P 500 rose by 26.9%, although initially a more modest increase was expected. So, our optimistic (!) scenario included an increase in the broad market index to only 10%. However, the US stock markets got off to a good start and remained on top with the support of the adoption of infrastructure reform. The economic recovery also turned out to be more active than we expected, and this helped companies to increase revenue and profit more intensively. At the same time, the development of all these trends contributed to the acceleration of inflation, which went far beyond the expectations of the Fed, the market and our forecasts. It was inflation that became the most discussed topic last year and will absolutely remain at the top of the agenda in the first half of 2022.To bring inflation under control, the Fed thought about reducing the balance sheet only at the beginning of this year: even in December 2021, there was no talk about it. The reduction of the balance sheet, combined with a sharper than originally planned increase in rates, can act as a reliable way to curb inflation expectations. These expectations are formed mainly on stock exchanges, which excludes their negative impact on the economy in general and on the labor market in particular. A steady positive trend in the labor market is indicated by data for October, when the number of open vacancies reached a record 11.03 million, 1.5 times exceeding the number of applicants. This ratio was last observed 50 years ago. Together with an increase in logistics efficiency, the restoration of production capacities and the gradual opening of the economy, this will lead to a gradual decrease in inflation. Of course, we have repeatedly talked about the upcoming opening of the economy after the pandemic during the second half of 2021, but this event is delayed due to the appearance of new COVID-19 strains. And yet, the longer the pandemic continues, the closer its end is.After a negative start to the year for most securities in the technology sector and a general correction, investors should consider closing hedging positions that I advised opening at the end of last year. Now is the time to buy a wide range of stocks with a focus on "value" and "quality" companies. The intensive growth of the economy serves as the basis for optimistic expectations regarding revenue and profit. That is why the upcoming reporting season is the strongest driver of the growth of quotations of representatives of the real sector of the economy. Of course, there is also a trend to reduce the cash flows of companies, since there is no effect of a low base and economic growth begins to slow down. However, it is predicted that the S&P 500 companies will increase sales by almost 15%, and their earnings per share will increase by 21.5%. Among the leaders will be the energy, raw materials and industrial sectors, as well as the segment of secondary necessities. The momentum for an upward movement in their quotes will be provided by strong results for the fourth quarter and optimistic forecasts for January-March. Separately, I would like to note the financial sector, which will not be able to demonstrate a record increase in revenue and profit, but industry forecasts for 2022 may become one of the most optimistic, taking into account the plans of the Federal Reserve to actively raise the key ...
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Weekly review. January 10, 2022
EUR/USD, currency, US Dollar Index, index, Brent Crude Oil, energetic, Gold, mineral, Weekly review. January 10, 2022 The year 2022 on world markets will largely be determined by the tightening of monetary policy in the United States, and the first week of the new year confirmed this. The minutes of the Fed's December meeting published last week showed a significant tightening of the position of the regulator's representatives – Fed members believe that the rate can be raised as early as March, and also see a faster reduction in the balance sheet as appropriate. Representatives of the regulator believe that the current economic conditions are already in many ways conducive to tightening the labor market, some even noted the recovery of the labor market already sufficient for such actions, although the majority still expects further improvement in the labor situation. Against this background, it is worth noting the publication of December labor data in the United States, which came out ambiguous. On the one hand, employment in December increased by only 200 thousand. The Bloomberg consensus forecast assumed an employment growth of 450 thousand, and the actual growth rate of the indicator was the lowest since the beginning of 2021. Nevertheless, in many respects such weak employment growth is explained by seasonal adjustment, and the unemployment rate in December fell more than expected. Thus, the indicator has updated the next lows since the beginning of the pandemic, dropping to 3.90% against the expected 4.10%. The unemployment rate continues to approach a historic low of 3.40%, and labor statistics have further increased fears in the market of an imminent tightening of the PREP in the United States. As a result, on Friday, the yields of ten-year US treasuries at the moment exceeded 1.80% per annum - the maximum since the beginning of the pandemic. Today they have returned to these levels again.This week, the dynamics in the market will continue to be determined by expectations for the actions of regulators - investors will follow the statements of representatives of the Fed and the ECB, as well as the publication of price data in the United States for December. Statistics published last week showed an increase in inflation in the EU to 5.00% YoY. As a result, the topics of price growth in December updated the historical maximum, while analysts expected a slight slowdown in price growth. The situation on the supply side also has high inflation in the United States. The December business activity indices indicated a slight easing of logistical problems, however, the further deterioration of the epidemiological situation again intensified disruptions in logistics chains, which does not lead to a significant slowdown in price growth. The FAO World Food Price index fell in December for the first time since July, but food inflation remains at elevated levels. Against this background, US inflation data is likely to continue to bring the Fed rate hike closer, intensifying the negative in the markets.The main event for the oil market in early 2022 was the OPEC+ meeting. However, as expected, it was decided to stick to the current plan to increase production. Nevertheless, the cartel lowered its forecasts for a surplus in the oil market, which allowed Brent crude futures to exceed the level of $80/bbl. Moreover, against the background of interruptions in the supply of black gold from Kazakhstan and Libya, quotations were close to $83/bbl. However, at the end of the week they declined from these levels, today Brent futures are growing by 0.35% and are trading around $82.05/bbl. The main negative for oil this week may be related to the potential strengthening of the dollar amid expectations of a tightening of the PREP in the United States. However, in the absence of a significant strengthening of the dollar, Brent futures may still exceed the levels of $83/bbl– - the quotes may be supported by another weekly decline in oil ...
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Inflation is rising in Germany
DAX, index, Inflation is rising in Germany The German Statistical Office published the final data on the dynamics of consumer prices in October in accordance with European reporting standards. They indicate an acceleration of inflation to 4.6%. The indicator is calculated in relation to the prices that were fixed a year earlier. In monthly terms, consumer prices showed an increase of 0.5%. For comparison: in September, inflation in annual and monthly terms was 4.1% and 0.3%, respectively. The calculation of indicators according to German standards showed an increase in the inflation rate in Germany to a maximum for the period since 1993. It amounted to 4.5% in annual terms. Compared to September, prices rose by 0.5%. Both indicators correspond to the forecasts of the surveyed analysts. By the end of September, inflation was 4.1% compared to the same month last year. In monthly terms, it showed zero dynamics. The largest contribution to the growth of October inflation was made by energy carriers. They have risen in price by 18.6%. The cost of food increased by 4.4%. Prices for services increased by ...
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Overview of Lilium and Asana companies
Dow Jones, index, NASDAQ 100, index, S&P 500, index, Overview of Lilium and Asana companies Lilium – do not be overly optimisticLilium is a German startup that is developing an air taxi-a fully battery-powered vehicle with a vertical take-off and landing function, whose speed will reach 281 km/h at an altitude of 3 km. The flight range is 250 km, so the company aims to completely change the current situation in the field of intercity communication. The carrier's shares appeared on the market on September 15 through a deal with SPAC. It was possible to collect only $584 million instead of the expected $830 million, as 65% of the holders of SPAC shares returned securities that began trading below $10. After Lilium distributes the debts and pays all the commissions, only about $400 million will be on the balance sheet. The first launch of the product is planned for 2024. It should be a seven-seat eVTOL jet, after which a 16-seat model should appear. The number of seats distinguishes Lilium from other companies that focus more on intra-city transportation using 2-4 local vehicles. In August, Lilium entered into a strategic partnership with the leading Brazilian air carrier Azul S. A, under which it undertakes to deliver 220 aircraft worth $1 billion. In addition to partnerships with major carriers, Lilium plans to develop its own network: management expects revenue of $1.7 billion in 2026 and $3.2 billion in 2027. The shares from vehicle sales and from network management should be approximately the same – 50% each. According to preliminary calculations, each aircraft should bring partners about $5 million a year, at a cost of $2.5 million. A ticket for a flight from Philadelphia to New York will cost about $170. Buying shares of a company that will start receiving revenue only in 2026 looks too risky. Especially against the background of the failure of many other players who promised to bring revolutionary ideas to life, like Nikola Motors.Asana shares are the most overbought securities on the marketSince the beginning of the month, Asana shares have risen by more than 55%. Recall that the company is developing solutions for managing team projects, and its founder is one of the first Facebook developers – Dustin Moskowitz. The main consumers of Asana services are programmers who work on a large task, as well as sellers and marketers. Of course, the transition to remote work had an extremely positive impact on financial results. It is important to understand that the Asana product is not unique at all. There are many competitors on the market from Salesforce to Airtable, Trello and SmartSheet. At the same time, the EV/S ratio exceeds 45x – these are simply unrealistically high values, even taking into account today's huge demand for “growing” stocks. It is incredibly risky to hold ASAN shares in an environment where there is more and more talk about the overheating of the market. In the second quarter of 2021, revenue increased by 72% YoY, to $89.5 million. Even more impressive is that the rate of revenue growth has been increasing since the third quarter of 2020. For example, in the previous quarter, revenue increased by 61% YoY. The number of ”paid" customers increased by 7 thousand, to 107 thousand, while the number of users spending more than $50 thousand a year doubled and reached 598. The ARR indicator is 118%, which means that existing customers started paying 18% more than a year ago. Among users with expenses above $50 thousand, this figure is even higher – ...
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