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3Ch4%3E%3Ca%20href=%22https://finance.yahoo.com/m/1cdd887c-54c3-37d7-a378-023643f7f597/bill-ackman-has-had-another.html%22%20target=%22_blank%22%3EBill%20Ackman%20Has%20Had%20Another%20Blockbuster%20Year.%20His%20Fund%20Is%20Still%20Cheap.%3C/a%3E%3C/h4%3E%3Cp%3EBill%20Ackman%20is%20ending%20a%20second%20blockbuster%20year%20in%20a%20row,%20but%20investors%20still%20aren%E2%80%99t%20won%20over,%20as%20Ackman%E2%80%99s%20large%20overseas%20closed-end%20fund,%20%20(PSH)%20continues%20to%20trade%20at%20a%20large%20discount%20to%20its%20net%20asset%20value.%20%20Barron%E2%80%99s%20has%20written%20favorably%20on%20Ackman%E2%80%99s%20fund%20and%20on%20his%20investment%20score.%3C/p%3E%3C/div%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3E%3Clabel%3E9h%20ago%3C/label%3E%3C/div%3E%3C/div%3E%3C/li%3E%3Cli%3E%3Cdiv%3E%3Cdiv%3E%3Cimg%20src=%22https://s.yimg.com/cv/apiv2/default/20190501/placeholder.gif%22%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3EBloomberg%3C/div%3E%3Ch4%3E%3Ca%20href=%22https://finance.yahoo.com/news/goldman-sheila-patel-chairman-1-150541217.html%22%20target=%22_blank%22%3EGoldman%E2%80%99s%20Sheila%20Patel,%20Chairman%20of%20$1.8%20Trillion%20Manager,%20to%20Retire%3C/a%3E%3C/h4%3E%3Cp%3E(Bloomberg)%20--%20Sheila%20Patel,%20chairman%20of%20Goldman%20Sachs%20Group%20Inc.%E2%80%99s%20asset-management%20unit,%20is%20leaving%20the%20$1.8%20trillion%20division%20after%20almost%20two%20decades%20at%20the%20firm.Patel,%2051,%20is%20among%20the%20company%E2%80%99s%20most%20senior%20women%20and%20shepherded%20some%20of%20Goldman%E2%80%99s%20highest-profile%20relationships%20with%20investors%20around%20the%20world.%20She%20will%20step%20down%20from%20the%20partnership%20and%20become%20an%20advisory%20director%20in%20the%20new%20year,%20Chief%20Executive%20Officer%20David%20Solomon%20said%20in%20a%20memo%20to%20staff%20Monday.%E2%80%9CSheila%20has%20contributed%20to%20our%20culture,%20including%20by%20serving%20as%20a%20mentor%20to%20many%20Goldman%20Sachs%20professionals%20around%20the%20world,%E2%80%9D%20Solomon%20said%20in%20the%20memo.%20%E2%80%9CI%20look%20forward%20to%20benefiting%20from%20her%20continued%20counsel.%E2%80%9DPatel%20rose%20to%20Goldman%E2%80%99s%20highest%20ranks%20in%202006%20when%20she%20was%20named%20partner%20within%20three%20years%20of%20joining%20the%20firm.%20Part%20of%20the%20bank%E2%80%99s%20management%20committee%20in%20Europe,%20she%E2%80%99s%20overseen%20the%20fast-growing%20areas%20of%20environmental,%20social%20and%20governance%20and%20impact%20investing.Prior%20to%20joining%20the%20asset-management%20unit,%20she%20worked%20in%20various%20roles%20in%20the%20equities%20division,%20including%20as%20co-head%20of%20distribution%20in%20Asia%20and%20head%20of%20U.S.%20derivatives%20sales.Goldman%E2%80%99s%20partnership%20ranks%20have%20been%20shrinking,%20with%20a%20number%20of%20long-time%20executives%20departing%20in%20recent%20years.%20This%20year,%20the%20firm%20has%20added%20the%20smallest%20number%20of%20partners%20since%201998,%20a%20move%20that%20can%20limit%20costs,%20as%20the%20elite%20ranking%20tends%20to%20come%20with%20significant%20perks.The%20asset-management%20unit%20has%20also%20been%20facing%20tremendous%20changes.%20Tim%20O%E2%80%99Neill,%20a%20key%20leader%20at%20the%20division%20since%202008%20and%20partner%20since%201990%20who%20helped%20transform%20the%20business%20into%20a%20juggernaut,%20was%20moved%20into%20a%20senior%20advisory%20role%20in%20recent%20months,%20while%20Eric%20Lane%20and%20Julian%20Salisbury%20were%20assigned%20to%20co-lead%20asset%20management%20as%20it%20adds%20more%20heft%20in%20merchant-banking%20capabilities.%20The%20bank%20is%20seeking%20to%20boost%20its%20presence%20in%20private%20fundraising.Meanwhile,%20leaders%20at%20the%20business%20including%20quantitative%20investing%20co-head%20Gary%20Chropuvka%20and%20Kane%20Brenan,%20who%20oversaw%20a%20business%20that%20worked%20with%20pension%20funds,%20have%20announced%20their%20departures%20since%20mid-2019.Patel%20was%20elevated%20to%20the%20firm%E2%80%99s%20management%20committee%20in%202018%20as%20part%20of%20Solomon%E2%80%99s%20first%20major%20personnel%20moves%20after%20being%20named%20CEO,%20boosting%20the%20number%20of%20women%20in%20the%20firm%E2%80%99s%20senior-most%20governing%20body.(Updates%20with%20past%20departures%20starting%20in%20sixth%20paragraph.)For%20more%20articles%20like%20this,%20please%20visit%20us%20at%20bloomberg.comSubscribe%20now%20to%20stay%20ahead%20with%20the%20most%20trusted%20business%20news%20source.%C2%A92020%20Bloomberg%20L.P.%3C/p%3E%3C/div%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3E%3Clabel%3E7h%20ago%3C/label%3E%3C/div%3E%3C/div%3E%3C/li%3E%3Cli%20id=%22gemini-item-36063492699-1609211269823%22%3E%3Cdiv%3E%3Cimg%20src=%22https://s.yimg.com/cv/apiv2/default/20190501/placeholder.gif%22%3E%3C/div%3E%3Cdiv%3E%3Ch4%3E%3Cb%3EAd%3C/b%3E%3Ca%20href=%22https://beap.gemini.yahoo.com/mbclk?bv=1.0.0%26amp%3Bes=Bw8q3dMGIS8bCtgAfvW_3zDbZEg.ZOHPeHCeMfPbFc2kiTthdJiuTZymNhqf_vKgwejBYTC.VbWJNbye82MCNgaU7Z6R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ould%20pressure%20shares,%E2%80%9D%20the%205-star%20analyst%20noted.Accordingly,%20Zukin%20currently%20has%20a%20Sector%20Perform%20(i.e.%20Hold)%20rating%20on%20the%20shares%20along%20with%20a%20$15%20price%20target.%20The%20downside%20here%20is%20even%20heavier,%20with%20a%2041%25%20drop%20anticipated%20from%20the%20stock%E2%80%99s%20current%20price.%20(To%20watch%20Zukin%E2%80%99s%20track%20record,%20click%20here)The%20rest%20of%20the%20Street%20is%20on%20the%20same%20page.%20Palantir%E2%80%99s%20Hold%20consensus%20rating%20is%20based%20on%201%20Buy,%203%20Holds%20and%202%20Sells.%20Overall,%20the%20analysts%20expect%20shares%20to%20pullback%20significantly%20as%20the%20$14.50%20average%20price%20target%20indicates.%20(See%20Palantir%20stock%20analysis%20on%20TipRanks)To%20find%20good%20ideas%20for%20stocks%20trading%20at%20attractive%20valuations,%20visit%20TipRanks%E2%80%99%20Best%20Stocks%20to%20Buy,%20a%20newly%20launched%20tool%20that%20unites%20all%20of%20TipRanks%E2%80%99%20equity%20insights.Disclaimer:%20The%20opinions%20expressed%20in%20this%20article%20are%20solely%20those%20of%20the%20featured%20analysts.%20The%20content%20is%20intended%20to%20be%20used%20for%20informational%20purposes%20only.%20It%20is%20very%20important%20to%20do%20your%20own%20analysis%20before%20making%20any%20investment.%3C/p%3E%3C/div%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3E%3Clabel%3E1h%20ago%3C/label%3E%3C/div%3E%3C/div%3E%3C/li%3E%3Cli%3E%3Cdiv%3E%3Cdiv%3E%3Cimg%20src=%22https://s.yimg.com/cv/apiv2/default/20190501/placeholder.gif%22%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3ETechCrunch%3C/div%3E%3Ch4%3E%3Ca%20href=%22https://finance.yahoo.com/news/global-investors-flee-chinese-tech-182732349.html%22%20target=%22_blank%22%3EGlobal%20investors%20flee%20from%20Chinese%20tech%20stocks%20after%20the%20government%20crackdown%20on%20Ant%20and%20Alibaba%3C/a%3E%3C/h4%3E%3Cp%3EGlobal%20investors%20are%20running%20from%20Chinese%20tech%20stocks%20in%20the%20wake%20of%20the%20government's%20crackdown%20on%20Ant%20Group%20and%20Alibaba,%20two%20high-flying%20businesses%20founded%20by%20Ma%20Yun%20(Jack%20Ma)%20that%20were%20once%20hailed%20as%20paragons%20of%20China's%20new%20tech%20elite.%20%20Shares%20of%20major%20technology%20companies%20in%20the%20country%20have%20fallen%20sharply%20in%20recent%20days,%20with%20Bloomberg%20calculating%20that%20Alibaba,%20Tencent,%20JD.com%20and%20Meituan%20have%20lost%20around%20$200%20billion%20in%20value%20during%20a%20handful%20of%20trading%20sessions.%3C/p%3E%3C/div%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3E%3Clabel%3E9h%20ago%3C/label%3E%3C/div%3E%3C/div%3E%3C/li%3E%3Cli%3E%3Cdiv%3E%3Cdiv%3E%3Cdiv%3EMarketWatch%3C/div%3E%3Ch4%3E%3Ca%20href=%22https://finance.yahoo.com/m/71be41c7-a69a-350f-919c-5c2027087302/here%25E2%2580%2599s-where-to-invest-your.html%22%20target=%22_blank%22%3EHere%E2%80%99s%20where%20to%20invest%20your%20money%20before%20traders%20start%20%E2%80%98rotating,%20if%20not%20stampeding%E2%80%99%20out%20of%20stocks,%20according%20to%20one%20Warren%20Buffett%20disciple%3C/a%3E%3C/h4%3E%3Cp%3EEarlier%20this%20year,%20Berkshire%20Hathaway%20threw%20its%20heavyweight%20name%20behind%20Barrick%20Gold%20with%20an%20investment%20that%20flew%20in%20the%20face%20of%20Warren%20Buffett's%20longtime%20aversion%20to%20gold.%20The%20news%20was%20%22earth-shaking%20in%20the%20gold%20market,%22%20one%20strategist%20said%20at%20the%20time.%3C/p%3E%3C/div%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3E%3Clabel%3E1d%20ago%3C/label%3E%3C/div%3E%3C/div%3E%3C/li%3E%3Cli%20id=%22gemini-item-36109376811-1609211269842%22%3E%3Cdiv%3E%3Cimg%20src=%22https://s.yimg.com/cv/apiv2/default/20190501/placeholder.gif%22%3E%3C/div%3E%3Cdiv%3E%3Ch4%3E%3Cb%3EAd%3C/b%3E%3Ca%20href=%22https://beap.gemini.yahoo.com/mbclk?bv=1.0.0%26amp%3Bes=moSwdb0GIS8spxpqJrdBn6SzgStaI9GYuq2mpeSED_Z59JtPh347c_bKlKlAENSDaZW513aj864vmOaSfBMXKOhDNfRnZJLjLlwKdSkQIRv52xQzdR1hFcOZwMvwSjf6Bmj_J5bG.NcFBZtxZtClLex1s4JVnnGOCOaK7AHV97K_HjoD_IO1Rw.Of_vKXplcezKF7AnxtRBy2dQ4vVHdQ4QkPZcqtBMqo0Lts_Fz9SMYc39Hqe_4p2uGxOuvGxmVnxYhz1.S6dgWta6zrqgdVQaUwRTsjz9xWDUuLRoytN0yVMSi2HxrvBm6tI39q7R1NOZ12JUJrwI4apM85bLE2P1Rlh.DhgVHdu9cWE3qxvNh_V5p6aLZHwupnzHjFNXclsTQZK2aEwTD7Hd5y5wbDp3vOIUROB.VKJcQtsZfDls83ipo79ocrR6UMEPR8Ozor.WcMOe4KrfpeGxAF117A9afyxV0vkho5YD7QQ28nG7xAdMyYOuw6qjeNYLlfIP1pBDQkjP1IbDMmOl3luah1eT0xYPOVoETmrwMUdvmDrc-%22%20target=%22_blank%22%3E%E8%80%B3%E9%B3%B4%E4%B8%8D%E5%86%8D%E7%8A%AF%EF%BC%8C%E8%BA%AB%E5%BF%83%E8%88%92%E6%9A%A2%EF%BC%8C%E5%B9%B8%E5%A5%BD%E6%9C%89%E5%AE%83%E3%80%82%3C/a%3E%3C/h4%3E%3Cp%3E%E5%97%A1%E5%97%A1%E8%81%B2%E5%86%8D%E4%B9%9F%E8%81%BD%E4%B8%8D%E8%A6%8B%E4%BA%86%E3%80%82%3C/p%3E%3C/div%3E%3C/li%3E%3Cli%3E%3Cdiv%3E%3Cdiv%3E%3Cimg%20src=%22https://s.yimg.com/cv/apiv2/default/20190501/placeholder.gif%22%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3EBenzinga%3C/div%3E%3Ch4%3E%3Ca%20href=%22https://finance.yahoo.com/news/warren-buffett-called-bitcoin-rat-215429628.html%22%20target=%22_blank%22%3EWarren%20Buffett%20Called%20Bitcoin%20'Rat%20Poison'%20%E2%80%94%20Now%20It's%20Closing%20In%20On%20Berkshire%20Hathaway's%20Valuation%3C/a%3E%3C/h4%3E%3Cp%3EThe%20rise%20of%20bitcoin%20has%20been%20one%20of%20the%20top%20stories%20of%202020.What%20Happened:%20Bitcoin%20hit%20all-time%20highs%20throughout%20December,%20passing%20the%20$27,000%20level%20on%20Dec.%2027.With%20the%20rise%20in%20the%20price%20of%20the%20cryptocurrency,%20bitcoin's%20market%20capitalization%20has%20taken%20it%20past%20that%20of%20several%20financial%20companies.Earlier%20in%202020,%20bitcoin%20passed%20JPMorgan%20Chase%20(NYSE:%20JPM)%20and%20Mastercard%20Inc%20(NASDAQ:%20MA).%20Over%20the%20weekend,%20bitcoin's%20market%20capitalization%20passed%20$500%20billion%20and%20made%20it%20more%20valuable%20than%20Visa%20Inc%20(NYSE:%20V).Related%20Link:%208%20Stocks%20To%20Play%20Bitcoin's%20ResurgenceWhy%20It's%20Important:%20According%20to%20AssetDash,%20bitcoin%20is%20now%20the%2011th-most%20valuable%20asset%20by%20market%20cap,%20with%20a%20$500-billion%20valuation.Bitcoin%20has%20passed%20four%20companies%20on%20the%20list%20in%20the%20month%20of%20December.Up%20next%20on%20the%20list%20is%20Berkshire%20Hathaway%20(NYSE:%20BRK-%20A)%20(NYSE:%20BRK-B),%20led%20by%20legendary%20investor%20Warren%20Buffett.%20The%20Oracle%20of%20Omaha%20has%20been%20a%20vocal%20bitcoin%20bear.%20Buffett%20once%20said%20bitcoin%20is%20%22probably%20rat%20poison%20squared.%22%22In%20terms%20of%20cryptocurrencies,%20generally,%20I%20can%20say%20with%20almost%20certainty%20that%20they%20will%20come%20to%20a%20bad%20ending.%20If%20I%20could%20buy%20a%20five-year%20put%20on%20every%20one%20of%20the%20cryptocurrencies,%20I'd%20be%20glad%20to%20do%20it%20but%20I%20would%20never%20short%20a%20dime's%20worth,%22%20Buffett%20told%20CNBC%20in%202018.Berkshire%20Hathaway%20ranks%2010th%20on%20the%20asset%20list%20with%20a%20market%20cap%20of%20$535.7%20billion.With%2018,583,275%20bitcoins%20out,%20the%20price%20would%20need%20to%20be%20$28,827%20to%20pass%20the%20value%20of%20Berkshire%20Hathaway.%20With%20additional%20bitcoins%20mined%20and%20the%20cryptocurrency's%20continued%20rise,%20it%20could%20occur%20very%20soon.Apple%20Inc%20(NASDAQ:%20AAPL)%20tops%20the%20AssetDash%20list%20with%20a%20market%20cap%20of%20$2.3%20trillion.%20Alibaba%20Group%20(NYSE:%20BABA)%20ranks%20eighth%20with%20a%20cap%20of%20$602%20million,%20and%20has%20fallen%20three%20spots%20in%20the%20month%20of%20December.Price%20Action:%20Bitcoin%20was%20trading%20at%20$26,714.06%20at%20last%20check%20Monday.%20The%20Grayscale%20Bitcoin%20Trust%20(OTC:%20GBTC)%20ended%20Monday's%20session%20up%2011.33%25%20at%20$30.45%20and%20is%20over%20200%25%20higher%20in%202020.See%20more%20from%20Benzinga%20%20*%20Click%20here%20for%20options%20trades%20from%20Benzinga%20%20*%20Ideanomics%20Shares%20Rally%20On%20Ride-Hailing%20EV%20Purchase:%20What%20Investors%20Should%20Know%20%20*%20Buffett:%20Small%20Businesses%20Have%20Become%20Collateral%20Damage,%20Congress%20Should%20Renew%20PPP(C)%202020%20Benzinga.com.%20Benzinga%20does%20not%20provide%20investment%20advice.%20All%20rights%20reserved.%3C/p%3E%3C/div%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3E%3Clabel%3E5h%20ago%3C/label%3E%3C/div%3E%3C/div%3E%3C/li%3E%3Cli%3E%3Cdiv%3E%3Cdiv%3E%3Cimg%20src=%22https://s.yimg.com/cv/apiv2/default/20190501/placeholder.gif%22%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3ECoinDesk%3C/div%3E%3Ch4%3E%3Ca%20href=%22https://finance.yahoo.com/news/coinbase-suspend-xrp-trading-following-223007471.html%22%20target=%22_blank%22%3ECoinbase%20to%20Suspend%20XRP%20Trading%20Following%20SEC%20Suit%20Against%20Ripple%3C/a%3E%3C/h4%3E%3Cp%3ECoinbase%20said%20it%20will%20suspend%20trading%20of%20XRP,%20the%20cryptocurrency%20at%20the%20heart%20of%20an%20SEC%20lawsuit%20against%20Ripple%20Labs.%3C/p%3E%3C/div%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3E%3Clabel%3E5h%20ago%3C/label%3E%3C/div%3E%3C/div%3E%3C/li%3E%3Cli%3E%3Cdiv%3E%3Cdiv%3E%3Cimg%20src=%22https://s.yimg.com/cv/apiv2/default/20190501/placeholder.gif%22%3E%3C/div%3E%3Cdiv%3E%3Cdiv%3ETipRanks%3C/div%3E%3Ch4%3E%3Ca%20href=%22https://finance.yahoo.com/news/wells-fargo-3-chip-stocks-162749094.html%22%20target=%22_blank%22%3EWells%20Fargo:%203%20Chip%20Stocks%20to%20Buy%20as%20We%20Head%20Into%202021%3C/a%3E%3C/h4%3E%3Cp%3ESemiconductors%20are%20one%20of%20the%20modern%20world%E2%80%99s%20essential%20industries,%20making%20possible%20so%20much%20of%20what%20we%20rely%20on%20or%20take%20for%20granted:%20internet%20access,%20high-speed%20computers%20with%20high-speed%20memory,%20even%20the%20thermostats%20that%20control%20our%20air%20conditioning%20%E2%80%93%20there%20isn%E2%80%99t%20much,%20tech-wise,%20that%20doesn%E2%80%99t%20use%20semiconductor%20chips.With%20the%20end%20of%202020%20in%20sight,%20it%E2%80%99s%20time%20for%20the%20annual%20ritual%20of%20evaluating%20the%20equities%20for%20the%20New%20Year.%20Wells%20Fargo%20analyst%20Aaron%20Rakers%20has%20cast%20his%20eye%20on%20the%20chip%20industry,%20tagging%20several%20companies%20as%20likely%20gainers%20next%20year.The%20analyst%20sees%20several%20factors%20combining%20to%20boost%20demand%20for%20chips%20in%202021,%20including%20cloud%20demand,%20new%20gaming%20consoles,%20and%20a%20market%20resolution%20to%20the%20future%20of%20the%20PC%20segment.%20Overall,%20however,%20Rakers%20expects%20that%20memory%20chips%20and%205G%20enabled%20chips%20will%20emerge%20as%20the%20drivers%20of%20the%20industry%20next%20year.%20The%20analyst%20expects%20that%20semiconductor%20companies,%20as%20a%20group,%20will%20see%20between%2010%25%20and%2012%25%20growth%20over%20the%20next%2012%20months.That%E2%80%99s%20an%20industry-wide%20average,%20however.%20According%20to%20Raker,%20some%20chip%20companies%20will%20show%20significantly%20higher%20growth,%20on%20the%20order%20of%2030%25%20to%2040%25%20in%20year%20ahead.%20We%20can%20look%20at%20those%20companies,%20along%20with%20the%20latest%20TipRanks%20data,%20to%20find%20out%20what%20makes%20these%20particular%20chip%20makers%20so%20compelling.Micron%20Technology%20(MU)Among%20the%20leading%20chip%20makers,%20Micron%20has%20staked%20out%20a%20position%20in%20the%20memory%20segment.%20The%20company%20has%20seen%20its%20market%20cap%20expand%20to%20$78%20billion%20this%20year,%20as%20shares%20have%20appreciated%2032%25%20year-to-date.%20The%20surge%20comes%20on%20a%20product%20line%20heaving%20on%20computer%20data%20storage,%20DRAM,%20and%20flash%20storage.Look%20back%20at%202020,%20Micron%20has%20seen%20revenues%20increase%20each%20quarter,%20from%20$4.8%20billion%20in%20Q1%20to%20$5.4%20billion%20in%20Q2%20to%20$6.1%20billion%20in%20Q3.%20Earnings%20came%20in%20at%2087%20cents%20per%20share,%20up%20from%2071%20cents%20in%20Q2%20and%2036%20cents%20in%20Q1.The%20calendar%20third%20quarter%20was%20Micron%E2%80%99s%204QFY20,%20and%20the%20full%20fiscal%20year%20showed%20a%20decline%20due%20attributed%20to%20the%20COVID%20pandemic.%20Revenue%20came%20in%20at%20$21.44%20billion,%20down%208.4%25%20year-over-year,%20and%20operating%20cash%20flow%20fell%20to%20$8.31%20billion%20from%20$13.19%20billion%20in%20FY19.%20During%20this%20past%20quarter,%20Micron%E2%80%99s%201QFY21,%20the%20company%20announced%20the%20release%20of%20the%20world%E2%80%99s%20first%20176-layer%203D%20NAND%20chip.%20The%20new%20chip%20promises%20higher%20density%20and%20faster%20performance%20in%20flash%20memory,%20and%20the%20architecture%20is%20described%20as%20a%20%E2%80%98radical%20breakthrough.%E2%80%99%20The%20layer%20count%20is%2040%25%20higher%20than%20competing%20chips.Looking%20ahead,%20Micron%20has%20updated%20its%20F1Q21%20guidance,%20predicting%20total%20revenue%20of%20$5.7%20billion%20to%20$5.75%20billion.%20This%20is%20a%2010%25%20increase%20from%20the%20previous%20guidance.Wells%20Fargo's%20Aaron%20Rakers%20calls%20Micron%20his%20top%20semiconductor%20idea%20for%202021.%20He%20points%20out%20%E2%80%9Ca%20deepening%20positive%20view%20on%20the%20memory,%20and%20in%20particular%20the%20DRAM%20industry.%20DRAM%20accounts%20for%20approximately%20two-thirds%20of%20Micron%E2%80%99s%20revenue%20and%20over%2080%25%20of%20the%20company%E2%80%99s%20bottom-line%20profits.%E2%80%9D%20In%20addition,%20Rakers%20notes%20%E2%80%9CMicron%E2%80%99s%20technology%20execution%20%E2%80%93%201Znm%20DRAM%20leadership%3B%20recently%20outlined%201%CE%B1nm%20ramp%20into%202021,%20as%20well%20as%20Micron%E2%80%99s%20move%20to%20176-Layer%202nd%20-gen%20Replacement%20Gate%203D%20NAND%20to%20drive%20improved%20cost%20curve.%20We%20would%20also%20highlight%20Micron%E2%80%99s%20execution%20on%20graphics%20memory%20(e.g.,%20GDDR6X),%20Multi-Chip%20Packages%20(MCPs),%20and%20High-Bandwidth%20Memory%20(e.g.,%20HBME2)%20as%20positives.%E2%80%9DIn%20line%20with%20these%20comments,%20Rakers%20rates%20Micron%20shares%20a%20Buy,%20along%20with%20a%20$100%20price%20target.%20This%20figure%20suggests%20room%20for%2041%25%20growth%20in%202021.%20(To%20watch%20Rakers%E2%80%99%20track%20record,%20click%20here)Micron%20has%2024%20recent%20reviews%20on%20record,%20breaking%20down%20to%2019%20Buys,%204%20Holds,%20and%201%20Sell,%20and%20giving%20the%20stock%20a%20Strong%20Buy%20from%20the%20analyst%20consensus.%20Shares%20are%20priced%20at%20$70.96,%20and%20recent%20appreciation%20has%20pushed%20them%20almost%20to%20the%20$74.30%20average%20price%20target.%20But%20as%20Rakers%E2%80%99%20outlook%20suggests,%20there%20may%20be%20more%20than%20just%204.5%25%20upside%20available%20here.%20(See%20MU%20stock%20analysis%20on%20TipRanks)Advanced%20Micro%20Devices%20(AMD)With%20$6.5%20billion%20in%20total%20sales%20last%20year,%20and%20a%20market%20cap%20of%20$110.7%20billion,%20AMD%20is%20a%20giant%20company%20%E2%80%93%20but%20it%20doesn%E2%80%99t%20even%20crack%20the%20top%20five%20of%20the%20world%E2%80%99s%20largest%20chip%20makers.%20Still,%20AMD%20has%20a%20solid%20position%20in%20the%20industry,%20and%20its%20x86%20processors%20provide%20stiff%20competition%20for%20market-leading%20Intel%20(INTC).%20AMD%20shares%20have%20shown%20solid%20growth%20this%20year,%20and%20are%20up%20101%25%20as%202020%20comes%20to%20a%20close.The%20share%20growth%20rides%20on%20the%20back%20of%20steady%20revenue%20gains%20since%20the%20corona%20crisis%20peaked%20in%20Q1.%20AMD%E2%80%99s%20Q3%20top%20line%20came%20in%20at%20$2.8%20billion,%20up%2055%25%20from%20the%20$1.8%20billion%20recorded%20in%20the%20year-ago%20quarter%20and%20beating%20the%20forecast%20by%2010%25.%20Earnings,%20at%2037%20cents%20per%20share,%20were%20up%20220%25%20year-over-year.%20The%20company%20credited%20the%20growth%20to%20solid%20results%20in%20the%20PC,%20gaming,%20and%20data%20center%20product%20lines,%20and%20boasted%20that%20it%20was%20the%20fourth%20consecutive%20quarter%20with%20%26gt%3B25%25%20yoy%20revenue%20growth.AMD%20announced%20last%20month%20a%20new%20product%20for%20the%20scientific%20research%20market,%20the%20Instinct%20MI100%20accelerator.%20The%20new%20chip%20is%20billed%20as%20the%20world%E2%80%99s%20fasted%20HPC%20GPU,%20and%20the%20first%20such%20x86%20server%20to%20exceed%2010%20teraflops%20performance.Covering%20AMD%20for%20Wells%20Fargo,%20Rakers%20wrote:%20%E2%80%9CWe%20remain%20positive%20on%20AMD%E2%80%99s%20competitive%20positioning%20for%20continued%20sustained%20gradual%20share%20gains%20in%20PCs%E2%80%A6%20We%20also%20believe%20AMD%E2%80%99s%20deepening%20data%20center%20GPU%20strategy%20with%20new%20Instinct%20MI100%20GPUs%20and%20the%20release%20of%20RoCM%204.0%20software%20platform%20could%20become%20increasingly%20visible%20as%20we%20move%20through%202021.%20AMD%E2%80%99s%20roadmap%20execution%20would%20remain%20an%20important%20focus%20%E2%80%93%207nm%2B%20Ryzen%204000-series,%20new%20RDNA%20Radeon%20Instinct%20data%20center%20GPUs%20(MI100%20/%20MI120),%20and%20the%203%20rd%20-gen%207nm%2B%20EPYC%20Milan%20CPUs%E2%80%A6%E2%80%9DRakers%E2%80%99%20stance%20supports%20his%20Buy%20rating,%20and%20his%20$120%20price%20target%20implies%20a%2030%25%20one-year%20upside%20to%20the%20stock.The%20Moderate%20Buy%20analyst%20consensus%20view%20on%20AMD%20reflects%20some%20residual%20Wall%20Street%20caution.%20The%20stock%E2%80%99s%2020%20recent%20reviews%20include%2013%20Buys,%206%20Holds,%20and%201%20Sell.%20AMD%20shares%20are%20selling%20for%20$91.64,%20and%20like%20Micron,%20their%20recent%20appreciation%20has%20closed%20the%20gap%20with%20the%20$94.71%20average%20price%20target.%20(See%20AMD%20stock%20analysis%20on%20TipRanks)Western%20Digital%20Corporation%20(WDC)Closing%20out%20the%20Wells%20Fargo%20picks%20on%20this%20list%20is%20Western%20Digital,%20a%20designer%20and%20manufacturer%20of%20memory%20systems.%20The%20company%E2%80%99s%20products%20include%20hard%20disk%20drives,%20solid%20state%20drives,%20data%20center%20platforms,%20embedded%20flash%20drives,%20and%20portable%20storage%20including%20memory%20cards%20and%20USB%20thumb%20drives.%20WDC%20has%20had%20a%20tough%20year%20in%202020,%20with%20shares%20down%2019%25%20year-to-date.%20Still,%20the%20stock%20has%20seen%20gains%20in%20November%20and%20December,%20on%20the%20heels%20of%20what%20was%20seen%20as%20a%20strong%20fiscal%201Q21%20report.That%20earnings%20report%20showed%20$3.9%20billion%20in%20revenue,%20which%20was%20down%203%25%20year-over-year,%20but%20the%20EPS%20net%20loss,%20at%2019%20cents,%20was%20a%20tremendous%20yoy%20improvement%20from%20the%2093-cent%20net%20loss%20in%20the%20year-ago%20quarter.%20The%20earnings%20improvement,%20which%20beat%20the%20forecast%20by%2020%25,%20was%20key%20for%20investors,%20and%20the%20stock%20is%20up%2030%25%20since%20the%20quarterly%20report.%20The%20company%20also%20generated%20a%20solid%20cash%20flow%20in%20the%20quarter,%20with%20cash%20from%20operations%20growing%20111%25%20sequentially.Wells%20Fargo%E2%80%99s%20Rakers%20acknowledges%20WDC%E2%80%99s%20difficulties%20in%202020,%20but%20even%20so,%20he%20believes%20that%20this%20is%20a%20stock%20which%20is%20worth%20the%20risk.%E2%80%9CWestern%20Digital%20has%20been%20our%20toughest%20constructive%20call%20of%202020%20and%20while%20we%20believe%20calling%20a%20bottom%20in%20NAND%20Flash%20(mid/2H2021?)%20remains%20difficult%20and%20WD%E2%80%99s%20execution%20in%20enterprise%20SSDs%20will%20remain%20choppy,%20our%20SOTP%20analysis%20leaves%20us%20to%20continue%20to%20believe%20that%20shares%20present%20a%20compelling%20risk%20/%20reward.%20We%20continue%20to%20believe%20that%20Western%20Digital%20can%20drive%20to%20a%20~$7/sh.%2B%20mid-cycle%20EPS%20story%3B%20however,%20we%20continue%20to%20think%20a%20key%20driver%20of%20this%20fundamental%20upside%20will%20not%20only%20be%20a%20recovery%20in%20the%20NAND%20Flash%20business,%20coupled%20with%20WD%E2%80%99s%20ability%20to%20see%20improved%20execution%20in%20enterprise%20SSDs,%20but%20also%20a%20continued%20view%20that%20WD%E2%80%99s%20HDD%20gross%20margin%20can%20return%20to%20a%20sustainable%2030%25%2B%20level,%E2%80%9D%20Rakers%20opined.To%20this%20end,%20Rakers%20rates%20WDC%20a%20Buy%20along%20with%20a%20$65%20price%20target.%20Should%20the%20target%20be%20met,%20investors%20could%20pocket%20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Summary | 6 Annotations
When you ask market participants what are some of the biggest lessons you learned in 2020, you will hear two common themes: Don’t fight the Fed and follow price action. These are important because they will continue to apply in 2021. Let’s start with price.
2020/12/24 14:58
Many people forget that the big institutions control the market and that the market is a discounting mechanism. In other words, the price action was firming up in late March and early April in anticipation of the economy rebounding later in the year.
2020/12/24 14:58
After the market recovered for approximately six months, two interesting “price thrust” events happened that could potentially give us a preview of what to expect in 2021. In early October 2020, we had a “Breadth Thrust Indicator.” This is a technical momentum indicator developed by the great Marty Zweig. Without boring you too much, it’s basically a rare event where the S&P 500 rapidly moves from an oversold condition to one of extreme strength. Thirty-two of the last 33 times this occurred, the index was higher one year later by an average of 16%.
2020/12/24 14:59
The second instance came via the “Three Day Thrust” signal, an event where the S&P 500 gains at least +1.5% on three consecutive days. This occurred in early November 2020. The other nine times this happened since 1970 all led to strong gains with the index up +14% on average six months later and 22% on average a year later. Bottom line, one of the biggest mistakes investors made in 2020 was getting brainwashed by the negative news and ignoring the incredibly strong price action in late March and early April. After a six month pause, this extreme strength resumed in early October and November. Institutional buying of this magnitude usually leads to higher prices one year later.
2020/12/24 14:59
The virus outbreak led to a globally coordinated stimulus effort on steroids. Whether we agree with it is not the issue. Our job isn’t to argue with Fed policy, it’s to take advantage of it. They say “Don’t fight the Fed” — well good luck fighting all the global central banks.
2020/12/24 14:59
Again, the price action will be more important to me than the news and the politics. Remember the words of Warren Buffett: “If you mix your politics with your investment decisions, you’re making a big mistake.”
2020/12/24 14:59