IPO

QuantumCTek jumps 924% on IPO

In its first day of trading on China’s STAR market yesterday the quantum information technology company jumped from its issue price of CNY38 to close above CNY370, according to Business Insider. The tenfold increase makes QuantumCTek’s $4.2bn market cap 110 times its sales for last year, and 600 times its net income.

Markets muted

Major indices across Asia steadied yesterday to point upwards at close of play and major Chinese markets pared back some of their previous gains. European indices were largely negative, while the FTSE 100 dropped into the red. US benchmarks provided a mixed message.

  • FTSE 100 – 6,049.62 (-1.73%)
  • Dow Jones – 25,749.98 (-1.22%)
  • S&P 500 – 3,152.87 (-0.54%)
  • NASDAQ – 10,531.84 (+0.37%)
  • Stoxx 600 – 363.61 (-0.78%)
  • SSE Index – 3,450.59 (+1.39%)

Wirecard’s precipitous drop

The fintech firm has hit headlines recently following the revelation of a €1.9bn accounting black hole, the arrest of its former CEO and the company filing for insolvency. The stock dropped 98% from April to yesterday’s close (9 July).

Nvidia takes Intel’s crown

On Wednesday, chipmaker Nvidia surpassed rival Intel to become the largest US chipmaker by market cap, valued at $251.3bn, according to MarketWatch and FactSet data. Nvidia’s share price rose 3.5% to close the session at $406.64, while Intel increased just 0.5% to close at $58.61 — giving it a market cap of $248.2bn.

Joe Kunkle’s top cloud monitoring stocks

As the market for IT operations management shifts to the cloud, a number of stocks are well placed to benefit. Joe Kunkle, head research analyst at Relativity Capital and founder of Options Hawk, takes a look at the opportunities presented by these cloud monitoring application stocks.

Bad half for hedge funds

The first half of the year saw a 7.9% drop for hedge funds on an asset-weighted basis, the steepest decline for the period since 2008, according to Bloomberg and data from HFR. The worst hit were event-driven funds, dropping 9.6%. On the other end of the spectrum relative-value funds registered the smallest drop, declining 5.1% in the period.

Gold ETFs’ $40bn inflows

Gold-backed ETFs have seen nearly $40bn of inflows in H1, already nearly topping the record full-year total set in 2009, Bloomberg reports. As the precious metal reached $1,800 Warren Patterson, head of commodities strategy at ING, told the publication it would appear it’s “only a matter of time before we test the all-time highs”.

Tracking Robinhood

Speaking to CNBC, Robintrack founder Casey Primozic highlights some interesting trends on the site — which tacks Robinhood users’ activity. He pointed out two different modes he’s noticed retail traders are in recently — mean reversion and, as things have heated up, trend following. Primozic also explained how fractional shares have become really appealing to investors, highlighting Berkshire Hathaway’s class A shares in particular.

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