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AMD earnings: If Intel gets its act together, can AMD maintain swollen valuation? - MarketWatch
How much of AMD’s share price relies upon poor execution at Intel? A ‘large part,’ one analyst says
After Advanced Micro Devices Inc. capitalized on Intel Corp.s missteps in 2020, billions of dollars depends on the company continuing on that path as its larger rival attempts to right itself.The arrival of Gelsinger is seen as a much-needed talent infusion to better counter the likes of AMD CEO Lisa Su, who in the past six years has turned the Santa Clara, Calif.-based chip maker into a formidable rival to Intel after years of being a sad Silicon Valley stepsister. AMD rode roughshod over Intel back in July, when Intel said it would have to delay its next-generation 7-nanometer chips until 2023 because of manufacturing issues, the same chip architecture that AMD first launched in late 2019. Over the past 12 months alone, AMD shares have surged nearly 80% while Intel shares have dropped nearly 10%, compared with a 60% rise in the PHLX Semiconductor Index SOX, -1.84% . AMD stock doubled in 2020, after being the biggest gainer on the S&P 500 index in both 2018 and 2019, pushing AMDs market capitalization higher than $100 billion. Also: AMD to buy Xilinx for $35 billion in stock BMO Capital Markets analyst Ambrish Srivastava, who recently downgraded AMD to underperform and reduced his price target to $75, said he expects the changing of the guard at Intel to weigh upon AMDs stock price. We do think a large part of the rich valuation is also attributable to how poorly Intel has executed, Srivastava said. Which in turn has opened up a blue sky scenario for how much share AMD could gain vs. Intel driving valuation even higher. What to expect Earnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 47 cents a share, up from 39 cents a share expected at the beginning of the quarter and 32 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 50 cents a share. Revenue: Back in November, AMD predicted fourth-quarter sales of $2.9 billion to $3.1 billion, while analysts on average had forecast revenue of $2.6 billion at the time. Now, 30 analysts, on average, expect revenue of $3.02 billion, up from the $2.13 billion reported in the year-ago quarter. Estimize expects revenue of $3.08 billion. Stock movement: In the fourth quarter, AMD shares rose 12%. In comparison, the SOX index rose 25%, the S&P 500 index SPX, -0.30% gained 12%, and the tech-heavy Nasdaq Composite Index COMP, +0.09% rose 15%. What analysts are saying Cowen analyst Matthew Ramsay, who has an outperform rating, said he expects AMDs earnings and product road maps to continue to be less volatile compared with Intels in the coming year. Over the next 2+ years, we see little change competitively or fundamentally from AMDs perspective, Ramsay said. Road maps are set. While renewed focus and clarity around Intels internal priorities and road maps may garner some customer loyalty and help slightly slow its share loss in the interim, should Intel be successful in fixing its 7nm road map the earliest products would likely be at scale in 2023, the Cowen analyst said. B of A Securities analyst Vivek Arya, who has a buy rating on AMD, said that while the company announced new lines of gaming laptop and Milan data-center chips at CES earlier in the month, there were noted omissions. Arya said investors were concerned about the lack of details on Milan with no new server customers disclosed, and focus on gaming not commercial notebooks where AMD is most challenged. Also at CES, rival Nvidia Corp. NVDA, -1.12% announced a new line of gaming laptops. Benchmark analyst Ruben Roy, who has a hold rating, said he expects tailwinds to lift both of AMDs business segments. We are updating our 2021 revenue and EPS estimates to reflect modestly higher Computing and Graphics Segment revenue given continued strength in the PC market and higher semi-custom revenue given the ongoing strength of recent gaming console launches, Roy said. Analysts, on average, expect $1.77 billion in computing and graphics sales from AMD, and $1.23 billion in enterprise, embedded, and semi-custom sales, the segment containing data-center and gaming-console chips. Of the 35 analysts who cover AMD, 20 have buy or overweight ratings, 12 have hold ratings and three have sell ratings, with an average price target of $95.30.
Tesla Inc. stock outperforms market on strong trading day - MarketWatch
Shares of Tesla Inc. inched 0.20% higher to $846.64 Friday, on what proved to be an all-around mixed trading session for the stock market, with the NASDAQ...
Intel stock gains after early release of earnings - MarketWatch
Chip maker drops fourth-quarter numbers before the end of trading session, stock jumps more than 6% before the close
Intel Corp.s stock rallied to close higher in the last minutes of trading Thursday after the chip maker unexpectedly released quarterly results before the end of the trading session.Intel INTC, +6.46% shares rallied to close up 6.5% at $62.46 after releasing holiday sales and an outlook that beat expectations, and slipped 2% in after-hours activity. The chip maker reported fourth-quarter net income of $5.86 billion, or $1.42 a share, compared with $6.91 billion, or $1.58 a share, in the year-ago period. After adjusting for restructuring and acquisition-related costs, Intel reported earnings of $1.52 a share, flat from a year ago.Revenue fell to $19.98 billion from $20.21 billion in the year-ago quarter. Analysts surveyed by FactSet had estimated adjusted earnings of $1.11 a share on revenue of $17.53 billion, while Intel had forecast adjusted earnings of $1.10 a share on revenue of approximately $17.4 billion. Intels data-center group saw revenue decline 16% to $6.1 billion, while analysts expected $5.48 billion. Intels largest segment client-computing, the traditional PC group rose 9% to $10.9 billion with analysts expecting $9.57 billion. Intel reported that nonvolatile memory solutions revenue declined 1% to $1.2 billion, while Wall Street expected $1.08 billion. Internet of Things, or IoT, revenue declined 16% to $777 million, compared with an expected $764.2 million. Mobileye revenue rose 39% to $333 million, while the Street had expected $234.2 million. For the first quarter, Intel forecast adjusted revenue of $17.5 billion and adjusted earnings of $1.10 a share. Analysts on average expect first-quarter adjusted earnings of 93 cents a share on revenue of $16.08 billion. Demand for the computing performance Intel delivers remains very strong and our focus on growth opportunities is paying off, said Bob Swan, Intels outgoing chief executive, in a statement. Last week, Intel announced that Pat Gelsinger was returning to the company to take over the CEO position from Swan. Over the past 12 months, Intel shares have gained 3%, while the Dow Jones Industrial Average DJIA, -0.04% which counts Intel as a component is up 7%, the S&P 500 index SPX, +0.03% is up 16%, the tech-heavy Nasdaq Composite Index COMP, +0.55% is up 44%, and the PHLX Semiconductor Index SOX, +1.53% is up 64%.
World's largest asset manager applies to buy bitcoins in pair of funds - MarketWatch
BlackRock set to venture into bitcoin investing
BlackRock is set to dip its considerably massive toes into the world of cryptoassets, according to public filings and reports by a number of outlets. The gargantuan money manager headed by Larry Fink has filed to offer its clients exposure to bitcoin futures BTC.1, -1.46% through funds, BlackRock Strategic Income Opportunities BSIIX, +0.10% and BlackRock Global Allocation Fund Inc. MALOX, +0.86% , part of the BlackRock Funds V series, according to paperwork submitted with the Securities and Exchange Commission. The filing states that certain funds may buy futures contracts based on bitcoin and described its focus in the nascent industry as on cash-settled bitcoin futures traded on commodity exchanges registered with the Commodity Futures Trading Commission. The interest in bitcoin futures for the money manager that manages some $8.7 trillion comes as bitcoin prices have been seeing parabolic moves higher, with a pullback in recent days highlighting the inherent volatility in the virtual asset that came into existence just over a decade ago. Notwithstanding the recent retracement, bitcoin prices BTCUSD, -0.65% on CoinDesk have climbed 21% so far in January after a blistering run-up in 2020. Bitcoin futures tied to the blockchain asset also have been on the rise, with values up nearly 19% so far this month and 192% higher over the past three months, according to FactSet data tracking the most-active contract traded on the CME Group CME, -1.23% . BlackRocks latest moves come after Fink back in December said bitcoin, which has gained greater traction among institutional investors over the past 12 months, has caught the attention and the imagination of many people. Fink said that the distributed-ledger-backed asset could eventually evolve into a global market, but described its current status as in its infancy. Another BlackRock top dog, Rick Rieder, chief investment officer of global fixed income and head of the global allocation team, last month described himself as maintaining a relatively sober view of the popular virtual asset that some bulls say is challenging gold GC00, +0.09% as an alternative investment but said that he believes cryptos are here to stay. It should, perhaps, come as no surprise that BlackRock would wade into bitcoin as an investment. Back in 2018, the money manager assembled a team to explore potential investments in digital currencies and blockchain, the underlying technology that drives cryptocurrencies, the Financial Times reported. Back then, Fink was less sanguine about bitcoin, saying back in 2018 during a Bloomberg TV interview that he doubted that there was much enthusiasm from client sfor bitcoins and its ilk. I dont believe any client has sought out crypto exposure, Fink said. Much has changed and institutional interest in bitcoin has been often credited with helping to lead a fresh run-up in values for the worlds most popular crypto and alternatives to bitcoin, like ether ETHUSD, +0.77% on the ethereum blockchain and Litecoins LTCUSD, -1.17% , a spinoff from the original bitcoin that was written into code in 2009 by a person or persons known as Satoshi Nakamoto. Bitcoin futures are even newer than the underlying asset it gives investors exposure to. Cboe Global Markets Inc. CBOE, +0.05% launched its bitcoin futures contract, trading with the symbol XBT back in Dec. 17, 2017, during the initial fervor for all-things crypto that ended with bitcoin teasing a price near $20,000 before collapsing to a low around $3,000. Rival CME kicked off its bitcoin futures contracts about a week after the Cboe, but two years later the Cboe Futures Exchange pulled the plug on its bitcoin futures experiment rather unceremoniously, noting tepid interest in its contracts and low volumes.
Netflix tops 200 million subscribers with year-end flourish, stock jumps 10% - MarketWatch
Streaming service bounces back from third-quarter stall to top 8 million new customers in holiday period, though earnings come in lighter than expected
Netflix Inc. topped 200 million streaming subscribers for the first time at the end of 2020, as sign-ups surged yet again despite higher prices in the U.S. and Canada.On Tuesday afternoon, Netflix NFLX, +0.76% reported 8.5 million net new subscribers in its fourth quarter, a dramatic uptick from the 2.2 million reported in the previous quarter and well ahead of Netflix and analyst estimates. Netflix lured 25.9 million new subscribers in the first half of the year, as shelter-in-place orders related to the COVID-19 pandemic spread globally, for an annual net gain of 36.6 million subscribers to 203.7 million total. That performance led to Netflix revenue rising to $25 billion for the first time, and profit increasing 48% for the full year. Executives gave investors a special treat after the big gains, telling them that they expect the cash generated by the business should reliably finance day-to-day operations moving forward, after years of using massive debt to finance its growing library of video content. The news sent Netflix shares up more than 10% in after-hours trading Tuesday, despite profits being lower than expected. After big gains amid the early-2020 surge, Netflix shares had calmed down in the second half of the year, and were down more than 5% in the past three months. The No. 1 streaming service reported fourth-quarter net income of $542 million, or $1.19 a share, compared with net income of $1.30 a share in the year-ago quarter. Revenue improved to $6.64 billion from $5.47 billion a year ago. Analysts surveyed by FactSet had expected adjusted earnings of $1.36 a share on sales of $6.6 billion. After Netflix reported modest gains in the third quarter, there were fears that demand for Netflix was cooling amid intensifying competition, and content, from the likes of Walt Disney Co.s DIS, +0.48% Disney+ and Hulu, Apple Inc.s AAPL, +0.54% Apple TV+, AT&T Inc.s T, -0.75% HBO Max, Amazon.com Inc.s AMZN, +0.53% Prime Video, and Comcast Corp.s CMCSA, +0.32% Peacock. The big growth in streaming entertainment has led legacy competitors like Disney, WarnerMedia and Discovery to compete with us in new ways, which weve been expecting for many years, executives wrote in a letter to shareholders Tuesday. This is, in part, why we have been moving so quickly to grow and further strengthen our original content library across a wide range of genres and nations. Netflix has used massive amounts of debt to finance that content creation, but executives said in the letter that we believe we are very close to being sustainably [free-cash-flow] positive, and bolded only one bit of text in the entire letter. We believe we no longer have a need to raise external financing for our day-to-day operation, the bolded text in the letter reads. Netflix began increasing the price of popular streaming tiers in the U.S. and Canada near the end of last year as a way to counteract any slowing subscriber growth. Executives forecast that Netflix would woo a net 6 million new subscribers in the first quarter of the year, which would be a massive decline from more than 15 million who signed up as COVID-19 spread around the globe in the first quarter of 2020. While executives did not provide yearly guidance for subscription additions, they did say that operating margin growth would slow down, a signal that they expect to not add as many subscribers in 2021. After gross margin grew 5 percentage points to 18% in 2020, they expect more modest growth of around 2 percentage points, to 20%, this year. We intend to continue to grow our operating margin each year at an average rate of 3 percentage points per year over any few-year period, but we anticipate some lumpiness, executives wrote. Some years well be a little over (like in 2020), some years a little under (like in 2021). Netflix shares are up 48% over the past 12 months, while the S&P 500 index SPX, +0.81% has risen 14%.
In parting shot, Trump administration revokes licenses to do business with Huawei: report - MarketWatch
Intel, other suppliers reportedly have approvals revoked, while new license applications will be rejected in Trump administration’s waning days
The Trump administration has notified Intel Corp. and other tech companies that it is revoking licenses to do business with Chinas Huawei Technologies Co. and rejecting new license applications, Reuters reported Sunday.The latest move against Chinese tech companies comes just days ahead of Trumps departure from the White House on Wednesday. The U.S. claims telecom-equipment maker Huawei is a threat to national security.The Trump administration restricted U.S. companies from doing business with Huawei in 2019, but a handful including Intel INTC, -2.82% had since been granted special approval to do so. Citing unnamed sources, Reuters reported eight licenses have been revoked from four companies, and cited a Friday email from the Semiconductor Industry Association describing the Commerce Departments intent to deny a significant number of license requests for exports to Huawei. Reuters said the vast majority of about 150 pending license applications, worth about $120 billion in goods and services, were denied. The Trump administration has taken punitive action against a number of Chinese companies in recent months, including a failed attempt to ban TikTok and an executive order that forced the New York Stock Exchange to delist Chinas three largest telecom companies. It is unclear if the incoming Biden administration will continue the restrictions against Chinese companies, with some experts predicting the orders could be paused while the new administration reviews the cases.
Fear of new virus variant pushes U.S. toward more genomic sequencing - MarketWatch
The CDC said this week that the new B.1.1.7 strain may become the most dominant form of the virus in the U.S. by March
The United Kingdoms use of genomic sequencing to identify a more infectious strain of SARS-CoV-2 has largely served as a wake-up call for inadequate use of the technology in the U.S. Up until mid-December, the U.S. had sequenced about 0.3% of its COVID-19 samples, a percentage that is significantly lower than other developed countries despite the fact that it has one-fourth of the worlds cases. In comparison, the U.K. is sequencing about 10% of its samples, and Australia aims to real-time sequence all of the relatively limited number of positive COVID-19 tests there. The U.S. has been a no-show for sequencing if you look at the world stage, said Dr. Eric Topol, director of the Scripps Research Translational Institute. Sequencing gives us many different things. It tells us how the virus is moving from place to place. It tells us how fast its changing. We can say it was here on this day, and it was there another day. It can tell a super-spreader. See also:Heres what we know so far about the new strain of COVID-19 Growing concern about hyper-transmissable new strains of SARS-COV-2 has raised more awareness about the nations lack of federal funding and development of the kind of genomic surveillance that helped the U.K. identify the B.1.1.7 strain and South Africa pinpoint the B. 1.351 strain in December. The Centers for Disease Control and Prevention said Friday its likely that B.1.1.7 will become the most dominant form of the virus in the U.S. by March. We simply do not have the kind of robust surveillance capabilities that we need to track outbreaks and mutations, President-elect Joe Biden said Thursday, when he called for a dramatic boost in genomic sequencing and surveillance as part of his proposed $1.9 trillion American Rescue Plan. While a good chunk of federal pandemic dollars have gone so far toward immediate needs like testing, contact tracing, and helping drugmakers scale up their vaccine manufacturing capabilities, experts are now pushing the U.S. to build a stronger genomic surveillance system that can help public-health departments identify new strains while also better addressing regional or community outbreaks. All viruses evolve, and SARS-CoV-2 is thought to develop one to two variants a month, though it mutates much more slowly than the flu virus. Back in mid-2020, researchers began talking about the 614G mutation, which is now considered the dominant form of the virus worldwide. Now, concern has shifted to the B.1.1.7 and B. 1.351 strains, which are both thought to be more infectious. The B.1.1.7 strain from the U.K. has been detected in at least 76 people in 12 states, as of Jan. 13, according to the Centers for Disease Control and Prevention. (The B. 1.351 strain from South Africa has not been identified in the U.S. at this time.) In the U.S., where rates of infections, hospitalizations, and deaths continue to soar, there has been less emphasis on population-level public health initiatives when testing and care remain in such high demand. Read:Biden plans to distribute COVID-19 vaccine doses immediately Intermountain Healthcare, a hospital system based in Salt Lake City, sent off all positive COVID-19 tests for sequencing in the early days of the pandemic. But when cases began to rise, and workload increased, the process began too disruptive and time-consuming, and it was stopped, said Dr. Bert Lopansri, chief of Intermountains Division of Infectious Diseases and Epidemiology. With increasing treatment options, vaccine rollout and emergence of novel variants, scaling up sequencing is critical going forward, he said in an email. If the U.S. sequenced at least 5% of positive COVID-19 tests, then it would be able to detect emerging strains or variants when they make up less than 1% of total positive cases, according to a model developed by the sequencing company Illumina Inc. ILMN, +1.24% . (Their model is set to be published this weekend as a preprint, a type of preliminary medical study.) This would cost less than $500 million in 2021, according to Dr. Phil Febbo, the companys chief medical officer. Experts say that putting money behind a national genomic sequencing surveillance network cannot only help identify new variants in the future, it could aid overworked public-health departments with giving priority to who should get tested, contact traced, and isolated. It could also be used to inform vaccine makers if there is a vaccine escape strain, a strain of the virus that could render currently available vaccines less effective or ineffective. (A study conducted in a lab in mice by BioNTech SE BNTX, -3.91% and Pfizer Inc. PFE, -0.24% showed that their vaccine is still effective against the new strains, according to the Jan. 7 preprint. Moderna Inc. MRNA, -0.21% has also said its confident its MRNA vaccine will work against the U.K. strain) When they see a small cluster of a new variant come into a community, they can react quickly, Febbo said, and they can raise awareness to those who are infected and make sure that they do their best efforts to contain that. See also:FDA identifies 3 COVID-19 tests that may be impacted by new variant Earlier this month, Illumina announced plans with a privately held testing company called Helix OpCo to develop a CDC-backed national sequencing surveillance system. Helix looks for samples from positive COVID-19 tests with the S gene dropout for Illumina to sequence. So far, theyve IDed at least 51 cases of B.1.1.7. in the U.S. Incorporating genomic sequencing into national surveillance isnt the only way to modernize the way the U.S. can track and take action against the virus. Beyond testing, contact tracing, and isolating, this could include genomic sequencing, monitoring wastewater, gathering mobility data, and using digital sensors, according to Topol. As we get vaccines out there at full tilt, were going to start seeing containment of the virus, he said. And then theres going to be places that are like whack-a-mole, where the virus tends to crop up again. If youre sequencing, doing wastewater, digital, mobility, you basically have a real time dashboard in the country, and you see that, Oh, wow, Kalamazoo is lighting up. Illumina shares have gained 18% in the last 12 months, while the SPDR S&P Biotech ETF XBI, -0.95% has gained 59% and the S&P 500 SPX, -0.73% has gained 15%.
Wells Fargo's stock slumps after revenue falls more than forecast, but profit breaks streak of misses - MarketWatch
Shares of Wells Fargo & Co. undefined slumped 2.5% in premarket trading Friday, after the bank reported a fourth-quarter profit that beat expectations for...
Shares of Wells Fargo & Co. WFC, -7.06% slumped 2.5% in premarket trading Friday, after the bank reported a fourth-quarter profit that beat expectations for the first time in six quarters, but revenue that fell more than forecast as lower interest rates weighed on net interest income. Net income rose to $2.99 billion, or 64 cents a share, from $2.87 billion, or 60 cents a share in the same period a year ago. The FactSet consensus was for earnings per share of 59 cents. Total revenue fell 9.7% to $17.93 billion, missing the FactSet consensus of $18.12 billion, as all of the bank's business segments saw revenue decline. Net interest income dropped 17% to $9.28 billion, below the FactSet consensus of $9.35 billion. Consumer banking and lending revenue fell 5% to $8.61 billion, as an 8% decline in consumer and small business banking revenue and a 7% fall in credit card revenue offset a 2% increase in home lending. "Although our financial performance improved and we earned $3.0 billion in the fourth quarter, our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us," said Chief Executive Charlie Scharf. The stock has soared 51.4% over the past three months through Thursday, while the SPDR Financial Select Sector ETF XLF, -1.48% has advanced 26.0% and the S&P 500 SPX, -0.35% has gained 9.0%.
Tesla's new $950 stock price target at Wedbush is the highest on Wall Street, but the analyst still won't say buy - MarketWatch
Analyst Dan Ives also boosted his ‘bull case’ target to $1,250, but kept the neutral rating he’s had on Tesla for nearly 2 years
Tesla Inc. got a another bullish endorsement Friday from Wedbushs prolific analyst Dan Ives, who raised his stock price target by 33%, but he still wont recommend investors buy the stock.Ives said the hearts and lungs of investors bull thesis on Tesla TSLA, +1.15% has been centered on China, as consumer demand has skyrocketed into 2021, not just for Teslas Model 3s, but for electric vehicles from impressive domestic competitors such as Nio Inc. NIO, -4.22% , Li Auto Inc. LI, -2.55% and Xpeng Inc. XPEV, -4.05% He said although competition is increasing, Tesla remains top of the EV mountain. And given the robust demand globally for EVs, Ives now expects Tesla to surpass the 1 million delivery threshold in 2022, and said deliveries could start to approach 5 million a year by the end of the decade. While there are 150+ auto makers aggressively going after the EV opportunity globally, right now in the EV market we believe its Teslas world and everyone else is paying rent, Ives wrote in a note to clients. He lifted his base price target for Tesla to $950, which is 12.4% above Thursdays closing price, from $715. His target is now the highest of the 37 analysts surveyed by FactSet, and nearly double the average target of $498.66. Teslas stock edged up 0.5% in premarket trading. It fell 1.1% on Thursday, to close 4.0% below the Jan. 8 record close of $880.02. Joe Biden as president and a Democrat-controlled Congress should also provide a tailwind for the EV sector, Ives said. A Blue Senate is very bullish and a potential game changer for Tesla and the overall EV sector in the U.S., with a more green-driven agenda now certainly in the cards over the next few years, he wrote. Ives also raised his bull case price target by 25%, to $1,250 from $1,000. However, he reiterated his neutral rating that hes had on the Tesla since April 2019. For Wedbush, a neutral rating means the analysts expects the stocks total return to perform in line with the medial total return of the analysts coverage universe. Ives is listed has Wedbushs enterprise software analyst, and other companies he covers include Apple Inc. AAPL, +0.11% , Uber Technologies Inc. UBER, +0.32% and Zscaler Inc. ZS, +1.19% , which he rates outperform. Teslas stock has rocketed 714.9% over the past 12 months through Thursday, while shares of Apple have rallied 65.6%, Uber have advanced 62.6% and Zscaler have soared 249.8%. Over the same time, the S&P 500 index SPX, -0.34% has gained 15.4%.
Pfizer Inc. stock falls Thursday, still outperforms market - MarketWatch
Shares of Pfizer Inc. sank 0.30% to $36.75 Thursday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index...
Pfizer Inc. stock falls Wednesday, underperforms market - MarketWatch
Shares of Pfizer Inc. slumped 0.86% to $36.86 Wednesday, on what proved to be an all-around mixed trading session for the stock market, with the S&P 500...
Zoom Video prices $1.75 billion secondary offering at 5% discount - MarketWatch
Zoom Video Communications Inc. undefined announced late Tuesday that it has priced its 5.1 million-plus-share secondary offering at $340 a share, roughly a...
Zoom Video Communications Inc. ZM, +5.66% announced late Tuesday that it has priced its 5.1 million-plus-share secondary offering at $340 a share, roughly a 5% discount on the stock's trading range Tuesday. It anticipates gross proceeds of $1.75 billion from the offering, which is anticipated to close on or about Friday, Jan. 15. J.P. Morgan is the sole book-running manager for the offering and has been granted a 30-day option to purchase up to an additional 735,000-plus shares. Zoom shares, widely considered a prime beneficiary of the work- and learn-from-home response to the coronavirus pandemic, have surged nearly 390% in the past year.