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Traders betting against Netflix lost $287 million on the streaming giant's earnings beat — erasing all of their gains for the year (NFLX)

Traders betting against Netflix just saw all of their gains for the year wiped out after the stock surged on the company's latest earnings beat.  Netflix short sellers are now down more than $238 million in mark-to-market losses this year, according to data from financial analytics provider S3 Partners. The streaming juggernaut is the fifth most-shorted stock in the US market with about $6.13 billion in total short interest, S3 Partners said.  Watch Netflix trade live. Traders betting against Netflix just got crushed.  Short sellers — which aim to make money by wagering that a stock will fall — erased all of their gains for the year after shares of Netflix surged as much as 8% on Thursday following its latest earnings beat. The stock also spiked 11% in after-market trading following the report. That amounted to a roughly $287 million bloodbath for short sellers — a $44 million mark-to-market loss on Wednesday, plus a $243 million on Thursday. Netflix shorts are now down more than $238 million in mark-to-market losses this year, according to data from financial analytics provider S3 Partners. Further, shorts have absorbed a $645.5 million loss for the month of October alone, S3 said in an email to Markets Insider.  The streaming giant is the fifth most-shorted stock in the US market behind Apple, Tesla, Bristol-Myers Squibb, and Microsoft. It has a total of about $6.13 billion in short interest, or about 5% of the company's shares available for trading, according to S3 Partners.  The highlight of Netflix's earnings report — and the likely impetus for the stock gain — was international new subscriber additions that beat Wall Street forecasts. The company also reported earnings per share that surpassed estimates. The spike came after the stock lost about 20% of its market value following a surprising contraction in US subscribers during the second quarter, juicing short-sellers' profits.  Shares of Netflix are now up about 10% year-to-date.  Read more: Wall Street's biggest firms pay Raoul Pal $40,000 a year for his research. He explains why the market is heading for a negative-rate situation that could crush banks and roil pension funds. Join the conversation about this story » NOW WATCH: This is the shortest route for a road trip across the US to see 50 national landmarks
Business Insider

Traders betting against Netflix lost $287 million on the streaming giant's earnings beat — erasing all of their gains for the year (NFLX)

Traders betting against Netflix just saw all of their gains for the year wiped out after the stock surged on the company's latest earnings beat.  Netflix short sellers are now down more than $238 million in mark-to-market losses this year, according to data from financial analytics provider S3 Partners. The streaming juggernaut is the fifth most-shorted stock in the US market with about $6.13 billion in total short interest, S3 Partners said.  Watch Netflix trade live. Traders betting against Netflix just got crushed.  Short sellers — which aim to make money by wagering that a stock will fall — erased all of their gains for the year after shares of Netflix surged as much as 8% on Thursday following its latest earnings beat. The stock also spiked 11% in after-market trading following the report. That amounted to a roughly $287 million bloodbath for short sellers — a $44 million mark-to-market loss on Wednesday, plus a $243 million on Thursday. Netflix shorts are now down more than $238 million in mark-to-market losses this year, according to data from financial analytics provider S3 Partners. Further, shorts have absorbed a $645.5 million loss for the month of October alone, S3 said in an email to Markets Insider.  The streaming giant is the fifth most-shorted stock in the US market behind Apple, Tesla, Bristol-Myers Squibb, and Microsoft. It has a total of about $6.13 billion in short interest, or about 5% of the company's shares available for trading, according to S3 Partners.  The highlight of Netflix's earnings report — and the likely impetus for the stock gain — was international new subscriber additions that beat Wall Street forecasts. The company also reported earnings per share that surpassed estimates. The spike came after the stock lost about 20% of its market value following a surprising contraction in US subscribers during the second quarter, juicing short-sellers' profits.  Shares of Netflix are now up about 10% year-to-date.  Read more: Wall Street's biggest firms pay Raoul Pal $40,000 a year for his research. He explains why the market is heading for a negative-rate situation that could crush banks and roil pension funds. Join the conversation about this story » NOW WATCH: How Area 51 became the center of alien conspiracy theories
Business Insider

Netflix Stock Price Shoots Northwards as Q3 Earnings Beat Estimates

Coinspeaker Netflix Stock Price Shoots Northwards as Q3 Earnings Beat EstimatesThe online-streaming media powerhouse Netflix has given strong Q3 earnings numbers resulting in its stock price (309,25 USD, +8.02%) shooting northwards on Wednesday, October 16. Beating street expectations, Netflix reported a 31% jump in its year-over-year revenue which is currently at 45.24 billion.Another impressive thing is its GAAP earning stands at $1.47 per share instead of analysts’ expectations of $1.05 per share. When it comes to growth in the subscriber-base, the U.S. figures are not much impressive but global subscriber-base sees an uptick. Netflix saw 500,000 net additions in the U.S. against the expected 800,000. While it has seen a 6.3 million net adds internationally against the expected 6.2 million adds.This year so far, the U.S. subscriber growth looks partially week when compared to 2018’s growth in the same period. While Netflix has added 2.1 million subscribers domestically until now in 2019, it was around 4.1 million in the same period of 2018. In a letter to the investors, Netflix assumes the price hikes to be the reason behind these falling numbers. It wrote:“Since our US price increase earlier this year, retention has not yet fully returned on a sustained basis to pre-price-change levels, which has led to slower US membership growth. On a member base of more than 60m, very small movements in churn can have a meaningful impact on paid net adds.”However, the price hike has helped Netflix to grow its revenue. The streaming giant that its average revenue has surged 16.5% year-over-year in the United States.Keeping the Q4 Expectations on a Humble NoteWhen it comes to project the Q4 2019 growth, Netflix takes a cautious approach. Based on the current movement, Netflix predicts 26.7 million net adds in Q4 2019 against 28.6 million net adds last year. The streaming giant said:“While we had previously expected 2019 paid net adds to be up year over year, our current forecast reflects several factors including less precision in our ability to forecast the impact of our Q4 content slate, which consists of several new big IP launches (as opposed to returning seasons), the minor elevated churn in response to some price changes, and new forthcoming competition”.Netflix is certainly aware of all the competition coming ahead from giants like Apple and Disney. However, at the same time, it is confident of its growth. “The launch of these new services will be noisy. There may be some modest headwind to our near-term growth, and we have tried to factor that into our guidance,” wrote Netflix in its press release.The company said that the ‘streaming wars’ are nothing new for them since they have been competing against streamers (Amazon, YouTube, Hulu) along with the linear TV for over a decade. While there are headwinds in the short-term, Netflix is confident of the long-term opportunities in the market.“In our view, the likely outcome from the launch of these new services will be to accelerate the shift from linear TV to on-demand consumption of entertainment. Just like the evolution from broadcast TV to cable, these once-in-a-generation changes are very large and open up big, new opportunities for many players”, explained the streaming giant.Netflix Stock Price Shoots Northwards as Q3 Earnings Beat Estimates
Coinspeaker

Can Aaron Rodgers Beat Father Time and the Detroit Lions on MNF?

It has been a few years since there has been a meaningful game between the Detroit Lions and Green Bay Packers. Some would say that week seven is too soon for any game to be called ‘meaningful.’ However, when both teams only have one loss, and every team in their division has a winning record, […] The post Can Aaron Rodgers Beat Father Time and the Detroit Lions on MNF? appeared first on CCN.com
CCN

Fastenal’s stock rockets toward best day in 19 years after earnings beat

Shares of Fastenal Co. soared toward a record high Friday, as the industrials company managed to fend off a continued slowing in economic activity and a mysterious weakening in its local construction business to produce a third-quarter profit and sales that rose above Wall Street forecasts.
MarketWatch

Bakkt Set to Beat CME in Bitcoin Options Race as BTC Futures Volume Explodes 800%

Coinspeaker Bakkt Set to Beat CME in Bitcoin Options Race as BTC Futures Volume Explodes 800%The Intercontinental Exchange (ICE) in conjunction with their Bitcoin futures platform Bakkt is reportedly seeking to jump ahead of the CME group to release a Bitcoin options contract. This suggests that it wants to beat its CME rival that is considering a Q1 2020 launch for its Bitcoin option contract.Amsterdam-based Deribit already sells Bitcoin options but they have no standing compared to ICE or CME. Reportedly, BTC options will attract more institutional investors and enhance the cryptocurrencies’ reputation in the financial world. On October 10, the CME Group announced that it is looking into the Ethereum futures contract after CFTC chairman called Ether a “commodity”.While speaking at the Yahoo! Finance All Markets Summit, Mr. Tarbert stated that he is convinced that ether is not secure. In his strong opening statement, he said that he wants America to lead in the blockchain technology field. He added:“We’ve been very clear on Bitcoin: Bitcoin is a commodity. We haven’t said anything about ether – until now. It is in my view as chairman of the CFTC that ether is a commodity.”Now, it appears like it is a battle of the exchanges eyeing the potentially lucrative options contracts. Thus, being first in this market could offer the exchange a competitive edge.Bakkt Improves After a Shaky StartThe trading volume of Bitcoin futures on the ICE’s Bakkt platform is registered to have surged to 224 contracts on October 9. That represents a 796% increase from the previous day. According to the tracking data compiled by Twitter account Bakkt Volume Bot (@BakktBot), these 224 contracts represent an all-time high for the platform.Daily summary of Wednesday's Bakkt Bitcoin Monthly Futures:💸 Traded contracts: 224 (+796%) (New ATH 🚀) 📈 Day before: 25🚀 New all time high: 224Follow @BakktBot for realtime updates. pic.twitter.com/gd7nu1GndG— Bakkt Volume Bot (@BakktBot) October 10, 2019This data comes in amidst a sigh of relief from the investors who were skeptical about the sustenance of the Bakkt platform after a shaky start. As we highlighted earlier, the first-week performance of Bakkt’s Bitcoin futures was disappointing after the platform saw very lukewarm response from investors.The Bakkt Volume Bot’s data shows that the daily traded volumes of Bakkt’s Bitcoin monthly futures contracts surged from 25 to 224 in a day. This increased volume was followed by a significant increase in BTC price from roughly $8,200 to $8,600.On September 23, Bakkt’s much-anticipated contracts settled in physical Bitcoin went live. Bakkt’s initial underwhelming volumes were immediately compared to the fiat-settled BTC futures on CME. Binance Research suggested that Bakkt’s dismal performance in its early days was responsible for the price of Bitcoin dropping rapidly from near $10,000 to under $8,000.Why Bakkt Volume Increased Rapidly?This impressive performance could have some connection with the increase in Bitcoin’s spot price. On October 9, BTC surged to a 2-week high crashing the major resistance at $8,500. That marked one of the biggest single-day price increases in over a month. Traders are desperate for recovery since BTC plunged into a doom-ridden downward spiral that took it below $8,000.The major dip in September was sarcastically blamed on the Bakkts pitiful launch performance. At that time, eToro’s Mati Greenspan said:“The main catalyst seems to be the underwhelming volumes of Bakkt’s Bitcoin debut on Wall Street. Traders have been buying this rumor heavily for months and it seems that they’ve now sold the news.”Now it seems the roles have reversed with Bitcoin firmly driving and Bakkt enjoying the smooth ride. Whether things will continue as they are now, only time will tell. Currently, Bakkt’s performance seems to rely heavily on positive BTC market performance. Thus, if Bitcoin taking a volatile turn downwards, Bakkt may follow suit and dive too.CME Gets Lukewarm InterestIn the meantime, the CVE Group, Bakkt’s main competitor in Bitcoin futures, received dwindling interest. That could be as a result of BTC’s price drop which CME can blame on Bakkt.Before Bakkt’s launch, CME was growing exponentially even aiming to double their open position limit. The day before BTC dropped to under $8,000, CME registered a monthly high of 14340 contracts. Just a day later, that dropped by 42% with just 8,181 contracts traded.Skew Markets reported that open interest for CME’s Bitcoin futures contracts has shrunk by 50% in the last quarter. In July, open interest stood in the region of $350 million but has since declined citing a 50% retrace to a valuation of just $150 million.Bakkt Set to Beat CME in Bitcoin Options Race as BTC Futures Volume Explodes 800%
Coinspeaker

Bakkt is looking to beat CME to the punch on options tied to bitcoin

Intercontinental Exchange’s cryptocurrency venture Bakkt is eyeing the launch of an additional derivative tied to the bitcoin market, according to several sources with knowledge of the firm’s product roadmap.  Bakkt, which launched its long-awaited contract for physically delivered bitcoin futures in September, is aiming to add bitcoin options to its product suite, according to sources. The firm, which is led by former ICE marketing executive Kelly Loeffler, is hoping to beat rival CME Group, which said last month that is launching its own option contract tied to the cryptocurrency in Q1 2020. One source said the firm has been “hyping up” the options to market makers for the past few weeks. Join Genesis now and continue reading, Bakkt is looking to beat CME to the punch on options tied to bitcoin!
The Block Crypto

Microsoft Surface Duo Could Beat Samsung Fold if Added Rear Camera

Coinspeaker Microsoft Surface Duo Could Beat Samsung Fold if Added Rear CameraMicrosoft announced something we didn’t really expect – a new foldable Surface Neo counterpart with phone functionality. Dubbed the Surface Duo, it runs Android instead of Windows. It seems that the world strongly needs a “clasp” because foldable phones are starting to be very much “in fashion” again.Microsoft came as a direct challenge to Samsung’s Galaxy Fold but also the upcoming Motorola Razr. The main difference will be in the fact that you may choose between one big screen that bends in half, or two separate displays, one on either side of a hinge.The Microsoft Duo comes amid growing demand for multitasking but also working on a larger screen. Be it as it may, if this Microsoft’s step shows as successful, it could push the attention away from early problems that Samsung had with its foldable screen.Microsoft’s chief product officer, Panos Panay said the company conducted few serious researches and discovered that people are definitely more productive when working on.“But it has to be elegant. It has to fit in your pocket,” he noted.One thing is sure – the official battle between the two designs has begun. Surface Duo is expected to launch in holiday 2020, and at that time, Galaxy Fold will be selling for a year already. However, even though Samsung could have some advantages, analysts in the sector are saying Surface Duo could beat Galaxy Fold after all.The first comparative advantage is the fact Surface Duo has glass screens. The Fold has polymer screen (essentially plastic), pretty easy to damage and that isn’t the best recommendation if you choose to buy a phone for $2,000.Also, if we get back to the research, if getting more screen is the goal, the Surface Duo has two 5.6-inch displays. The Fold, on the other hand, opens up into a 7.3-inch screen. Fold also has a 4.6-inch display on the outside, but allegedly this outer screen is so tall and narrow, it isn’t very practical to use. Also the keyboard is too tiny and not really practical to work on.The Surface Duo is more like a foldable Gameboy – one screen serves as a working pad, while the other could be used for content only.On the other hand, the Fold allegedly works best when fully opened but, however, it won’t work with a digital pen that only Galaxy Note phones had. The glass Surface Duo has no such problem.However, we still don’t have anything on Surface Duo’s camera while Galaxy Fold has six of them – three on the back, one on the closed-up front and two inside. Allegedly, the working prototype of the Surface Duo doesn’t have a rear camera at all that is bringing us back in the 00’s when you had to turn the device around to use the front-facing camera to take photos. Hopefully, the final version will be changed because that could mean significant failure because millennials are mostly all about cameras.Yes, the Galaxy Fold has a visible crease, but when you’re watching movies, reading an article or e-book or scrolling trough photos, allegedly it blends into the background.Surface Duo: "We know scientifically you'll be more productive on two screens…But it has to be elegant. It has to fit in your pocket." Microsoft is defending the seam as a benefit, because it defines the space #SurfaceEvent #MicrosoftEvent @CNET— Jessica Dolcourt (@jdolcourt) October 2, 2019We will probably have to wait and see how the final product will look like. Still, there are some other producers that are also trying to get their piece of the foldable phone’s market.LG recently launched the LG G8X with a dual-screen case, and before the Surface Duo, there was the ZTE Axon M, a same-looking dual-screen phone with the same central seam but also with some major design issues (the battery on one side made balance a real problem, and using the camera was complicated).Before the Axon M there were the Yota Phone, the Kyocera Echo, the LG DoublePlay, the Samsung DoubleTime and more in a parade of attempts at the dual-screen design that just wasn’t working as imagined.At the time of writing, Microsoft (MSFT) stock went down by 1.77% to $134.65 while Samsung went down 2.56% to 47.600 Korean won.Microsoft Surface Duo Could Beat Samsung Fold if Added Rear Camera
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Opera Brings BTC to Android; Now Looking to Add TRON

Who would have known Opera and bitcoin could go so well together? We’re not necessarily talking about classically trained singers that wear Viking horns and hit high notes, but rather the Norwegian financial platform that’s been touting the addition of bitcoin to its Android app since July of 2018. Opera and BTC: A Perfect Match? The app was launched privately and was later available to the public in December. Opera inherently became one of the first browsers to support bitcoin directly, and customers did not need any extensions or follow-up downloads to engage in crypto transactions. From there, bitcoin support came to the Opera iPhone app. Opera presently has about 350 million users, and many enthusiasts see this as a prime movement in the fight to make bitcoin mainstream. In a blog post, the company writes: With this release, Opera opens its crypto wallet to the world’s most popular blockchain, making it possible to send and receive BTC directly from the browser the way one would with an image or a music file. This means anyone can now not only send bitcoin and Ethereum to another person but can also use it while interacting with websites to pay for goods or services. Up to this stage, Opera only provided support for Ethereum, the world’s second-largest cryptocurrency and a primary competitor to bitcoin. However, the company is also introducing plans to support Tron in the coming months. The last few weeks have marked by a whole new list of platforms or companies showing support for cryptocurrencies they otherwise were ignoring. One such example comes in the form of the new HTC smartphone known as Exodus 1s, which can allegedly support a full bitcoin node. This means that the phone can hold the entire blockchain ledger. Other examples include Electrum, a new bitcoin wallet which has recently added the Lightning Network to its platform. The Lightning Network is designed to assist with scalability on the bitcoin blockchain. While bitcoin is the oldest, largest and arguably the most popular of the world’s cryptocurrencies, it often lacks the up-to-date technology of its newer altcoin counterparts. Thus, it suffers from slow transaction times and smaller blocks. How Lightning Is Making Things Simpler The Lightning Network initiates micropayments that occur off-chain to ensure that they are pushed through quickly. Electrum’s addition of Lightning is likely to enable faster speeds for customers and ensure that payments are pushed through with ease. We’ve also received word of a new startup called Moon, which allows Amazon customers to purchase goods and services from the online retailer with crypto. The application also works through Lightning-based technology and appears to recognize the Amazon page once you log in. When you’re ready to check out, it provides you with a crypto pay option that shows how many available funds you can spend. The post Opera Brings BTC to Android; Now Looking to Add TRON appeared first on Live Bitcoin News.
Live Bitcoin News

Opera Continues Bullish Crypto Mainstream Drive With Bitcoin Payments

Browser minnow Opera is ramping up cryptocurrency support for Android users in version 54, which has just been released on Tuesday. Among a host of other cosmetic improvements and a new UI, this latest release improves upon the current crypto wallet with support for both Bitcoin and Tron payments. Ethereum has been the staple payment […] The post Opera Continues Bullish Crypto Mainstream Drive With Bitcoin Payments appeared first on CCN.com
CCN

Carson Wentz Gossip Turns Eagles Into Daytime Soap Opera

After the beating the Dallas Cowboys gave the Philadelphia Eagles Sunday night, fans were probably wondering how things could get worse. When they woke up Monday morning, they found out. It appears that at least one fool decided to burn his Carson Wentz jersey following the loss, and – more significantly – Alshon Jeffery is […] The post Carson Wentz Gossip Turns Eagles Into Daytime Soap Opera appeared first on CCN.com
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The Ethereum Ecosystem: Still Relevant After All These Years

Ethereum first went live in 2015, and since then, it’s become one of the market’s top coins. And while four years may not be a lot in most markets, in crypto it’s a lifetime. For Ethereum, it has been quite a ride. With a market cap of $19 billion, Ethereum is the second largest cryptocurrency in existence, and recent reports show that it provides a benchmark for the market. Of course, there’s much more to its success: the Ethereum ecosystem is thriving in its own right. In short, Ethereum is one of the most extensible blockchains. It offers developers the opportunity to create tokens, dApps, collectibles, financial applications, and more. Plus, Ethereum itself will soon be better than ever. Here’s what the Ethereum community is up to right now—and what the Ethereum ecosystem has to offer. Dominance Over dApps and Tokens Ethereum currently leads the dApp market with its sheer number of listings. Right now, it has a total of 2000 dApps—four times more than TRON or EOS, its closest competitors. Ethereum also closely matches those blockchains in terms of dApp volume—each platform handles about $10 million of crypto through its apps in a typical day.   Daily dApp transaction volumes in dollars, via DAppReview   To be fair, EOS and TRON dominate in terms of dApp users and transactions (although many of these are simple gambling apps). Still, Ethereum has a few notable apps in those measures: MakerDAO attracted 2200 users on Monday, making it the third largest dApp by user count. Meanwhile, dYdX, a derivatives platform, handled $371,000 on Monday—making it the 9th largest app by that metric. Ethereum’s token standards are also incredibly influential. Of the top 50 cryptocurrencies by market cap, at least 20 are based on Ethereum’s ERC-20 token standard—including big names like BAT and LINK. Plus, Ethereum’s non-fungible ERC-721 standard has begat collectible items like Decentraland properties and CryptoKitties. New Opportunities For Investment As Ethereum matures, there might be new ways to invest. Recently, the CFTC declared that Ethereum is a commodity, meaning that ETH futures may become an option for institutional investors in the future. It’s conceivable that Bakkt might add ETH futures alongside its BTC futures—though it hasn’t said so explicitly. Additionally, there are some retail platforms that already trade Ethereum futures, such as BitMEX and Kraken. These options attract speculative investors who might not trade on the crypto market itself. Even though futures don’t affect Ethereum’s value directly, they bring value into the crypto ecosystem and facilitate price discovery. There are other investment opportunities as well. MakerDAO, for example, allows you to lock up your Ether as collateral and create Dai stablecoins in return. Meanwhile, peer lending platforms like ETHLend allow you to earn interest by lending out Ether. Suffice to say, there’s a lot you can do with your Ether holdings. Preparing For Ethereum 2.0 Ethereum’s next big milestone will be Ethereum 2.0, which will introduce staking, which allows coinholders to earn rewards. It will also improve scalability through features like sharding, which will allow the blockchain to handle many more transactions. Though Ethereum 2.0 is a multi-year effort, staking should be available in the next few months. At the moment, different Ethereum development groups are running separate testnets. These became interoperable in early September, and according to Ethereum’s creator, Vitalik Buterin, a public network is rapidly approaching. This will be the “last major milestone [before] the network,” Buterin stated during a recent event in Hong Kong. Buterin has also suggested that the upgrade will be seamless. In a post on Ethresear.ch, Buterin suggested that app developers will need to migrate, but coinholders won’t need to do anything at all: “You may want to move your funds into [an ETH2] wallet eventually, but you do not strictly have to and there is no time limit,” he wrote. Can Ethereum Stay Relevant? Of course, not everyone is happy with Ethereum. Some dApps, such as Ethermon, have moved to blockchains like Zilliqa due to the promise of faster transaction speeds. Meanwhile, some projects with ERC-20 tokens have migrated to other platforms like Binance Chain. Finally, some critics believe that sharding is not secure. But despite criticism, Ethereum probably won’t go away. Its brand, market standing, its dominance over dApps, and its ability to drive hype for version 2.0 seem to be a winning combination. Though it has many competitors, Ethereum has first mover advantage and the biggest developer community in crypto —giving it a head start and making it the favorite to continue to tower over the competition.     The post The Ethereum Ecosystem: Still Relevant After All These Years appeared first on Crypto Briefing.
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