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The Tiger Grandcub, led by Glen Kacher, has maintained its status as a top performer, with its long-short fund gaining 5.78% in October, bringing its year-to-date return to 53.26%. Light Street Capital's long-only fund rose 3.84% in October, up 39.85% for the year. The firm remains bullish on AI and semiconductor stocks, with Nvidia and TSMC as major holdings, while also initiating a position in Celestica, which surged 34% in October.
UBS has raised its target price for Amazon from $223 to $230, maintaining a "Buy" rating, citing strong profitability and a positive outlook for the fourth quarter. Other analysts have also increased their targets, with Jefferies at $235 and Goldman Sachs at $240, following Amazon's impressive Q3 earnings. The company anticipates robust profits and sales during the holiday shopping season.
Super Micro's shares plummeted 35% after the resignation of its auditor, Ernst & Young, which cited concerns over the company's governance and board independence. EY expressed it could no longer rely on management's representations, following earlier warnings about internal financial controls. The company, under federal investigation, has yet to release its financial statements for the year and previously faced regulatory issues, including a $17.5 million penalty from the SEC in 2020 for improper revenue recording.
Throughout 2024, the stock market has shown a strong uptrend, with the S&P 500 rising 22.1% year-to-date and reaching an all-time closing high of 5,860s on October 18. Despite some fluctuations, the index has consistently remained above its 50-day simple moving average, indicating robust market momentum. The Nasdaq has outperformed with a 23.7% gain, while the DJIA lags at 12.5%, impacted by underperforming stocks like Boeing, Intel, and Nike.
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light street capital excels with strong gains in turbulent market conditions
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22:21 05.11.2024
ubs raises amazon target price to 230 dollars maintaining buy rating
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11:40 01.11.2024
super micro shares drop 35 percent after auditor resignation over governance issues
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14:06 30.10.2024
s and p 500 reaches all time high amid strong market trends
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23:18 29.10.2024
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