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October 15, 2024

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North Korea blew up parts of two major roads connected to the southern part of the peninsula on Tuesday, South Korean authorities said, after Pyongyang warned it would take steps to completely cut off its territory from the South.

Parts of the Gyeongui line on the West coast and Donghae line on the East coast, two major road and railway links connecting the North and South, were destroyed by explosives at around 12 p.m. Korean local time, according to Seoul’s Joint Chiefs of Staff (JCS).

In practical terms, the destruction of the travel routes makes little difference – the two Koreas remain divided by one of the world’s most heavily fortified borders and the roads were not in use for years. But its symbolism comes at a time of particularly fiery rhetoric between the two Korean leaders.

Video shared by the South Korean Defense Ministry showed several explosions on roads on the north side of the military demarcation line that separates two Koreas. Heavy machinery including trucks and excavators were then deployed to at least one of the roads, which was partially blocked by a black barrier, according to the video. The JCS said the North was conducting “additional works with heavy machinery” at the scene, but didn’t specify further.

In response to the explosions, the South Korean military fired artillery within the area south of the military demarcation line and is closely monitoring the North Korean military’s movements, maintaining “fully readiness posture under cooperation with the US,” the JCS said.

On Monday, South Korea said it had detected signs that North Korea was preparing to demolish roads that connect the two countries, warning that the explosions could occur imminently. Its military had implemented countermeasures, the Defense Ministry said, but did not provide specifics.

A spokesman for the JCS, Lee Sung-joon, said the South Korean military detected people working behind barriers installed on the roads on the North’s side of the border.

The blasts come a few days after North Korea accused South Korea of flying propaganda-filled drones over its capital Pyongyang and threatened “retaliation,” in the latest tit-for-tat exchange following months of Pyongyang sending trash-laden balloons to the South.

Last week, North Korea’s army warned that it would take the “substantial military step” of completely cutting off its territory from South Korea, after North Korean leader Kim Jong Un scrapped a longstanding policy of seeking peaceful reunification with the South earlier this year.

North and South Korea have been separated since the Korean War ended in 1953 with an armistice agreement. The two sides are still technically at war, but both governments had long sought the goal of one day reunifying.

In January, Kim said North Korea would no longer seek reconciliation and reunification with South Korea, calling inter-Korean relations “a relationship between two hostile countries and two belligerents at war,” KCNA reported at the time.

An ‘acute military situation’

In a statement carried by state-run news agency KCNA on October 9, the general staff of the Korean People’s Army (KPA) declared that remaining roads and railways connected to the South would be completely cut, blocking access along the border.

“The acute military situation prevailing on the Korean peninsula requires the armed forces of the DPRK to take a more resolute and stronger measure in order to more creditably defend the national security,” he said in the KCNA notice that referred to North Korea by the initials of its official name, the Democratic People’s Republic of Korea.

The general staff said the measures were a response to recent “war exercises” held in South Korea and visits by what it claims were US strategic nuclear assets in the region. Over the past year, a US aircraft carrier, amphibious assault ships, long-range bombers and submarines have visited South Korea, drawing angry rebukes from Pyongyang.

Since January, Pyongyang has fortified its border defenses, laying land mines, building anti-tank traps and removing railway infrastructure, according to the South Korean military.

The North and South Korean leaders have also ramped up the use of fiery rhetoric.

Earlier this month, Kim threatened to use nuclear weapons to destroy South Korea if attacked, after South Korea’s president warned that if the North used nuclear weapons it would “face the end of its regime.”

The comments came as North Korea appears to have intensified its nuclear production efforts and strengthened ties with Russia, deepening widespread concern in the West over the isolated nation’s direction.

Leif-Eric Easley, a professor at Ewha Womans University in Seoul, suggests North Korea’s move to cut its territory off from the South could be a way for Kim to “shift blame for its economic failures and legitimize its costly buildup of missiles and nuclear weapons” by exaggerating external threats.

“Kim Jong Un wants domestic and international audiences to believe he is acting out of military strength, but he may actually be motivated by political weakness,” he said. “North Korea’s threats, both real and rhetorical, reflect the regime survival strategy of a hereditary dictatorship.”

This post appeared first on cnn.com

She appeared to be a beautiful woman and in the minds of men across Asia, the video calls they spoke on confirmed their newfound love was real.

But Hong Kong police say the men had fallen prey to a romance scam that used deepfake artificial intelligence to lure its victims into parting with more than $46 million.

In a news conference Monday, police in the Asian financial hub announced the arrests of more than two dozen members of the alleged scam ring, which they say targeted men from Taiwan to Singapore and as far away as India.

Police said the 21 men and six women were held on charges including conspiracy to defraud following a raid on the gang’s alleged operating center at a 4,000-square-foot industrial unit in the city’s Hung Hom district.

Aged 21 to 34, the suspects were mostly well-educated, with many of them digital media and technology graduates allegedly recruited by the gang after attending local universities, police said. The suspects allegedly worked with IT specialists overseas to build a fake cryptocurrency platform, where the victims were coerced to make investments, police added.

Deepfakes are comprised of realistic fake video, audio and other content created with the help of AI. The technology is being increasingly adopted by a variety of bad actors, from people wishing to spread convincing disinformation to online scammers.

“Pig-butchering” scams – named for the “fattening up” of victims before taking everything they have – are a multibillion-dollar illicit industry in which the con artists take on false online identities and spend months grooming their targets to get them to invest on bogus crypto sites. Deepfakes are one more weapon in their arsenal to try and convince unsuspecting marks to part with money.

Typically run by Chinese gangs out of Southeast Asia, it is unclear how widespread the crime is in Hong Kong, a wealthy city where police have long campaigned to raise awareness of telephone scams following several high-profile cases in which the victims –often elderly people – reported staggeringly high losses.

But increasingly realistic deepfake technology has raised the stakes and put authorities on high alert.

Earlier this year, a British multinational design and engineering company in Hong Kong lost $25 million to fraudsters after an employee was duped by scammers using deepfake tech to pose as its chief financial officer and other staff.

According to Hong Kong police, the romance gang’s deepfake scam typically began with a text message, in which the sender – posing as an attractive woman – said they had mistakenly added the wrong number.

The alleged scammers then struck up online romances with their victims, fostering a sense of intimacy until they began planning a future together.

The group was highly organized, divided into departments responsible for different stages of the scam, police said. They even used a training manual to teach members how to carry out the con by taking advantage of “the victim’s sincerity and emotion,” said police, who posted parts of the manual on Facebook.

Among the steps: learning about the victim’s worldview to create a “tailor-made” persona; inventing difficulties such as failed relationships or businesses to “deepen the other person’s trust”; and finally, painting a “beautiful vision” including travel plans together to push the victim into investing.

The scam ran for about a year before police received intelligence about it around August, police said. More than 100 cell phones, the equivalent of nearly $26,000 in cash and a number of luxury watches were recovered in the raid, police said.

This post appeared first on cnn.com

Super Micro Computer (SMCI) Stocks Gain 9% Among the Turbulent Market Conditions  

Super Micro Computer (SMCI) shares have had a difficult time this week, as they fell by 1.7% on Thursday. However, they managed to gain 9% the day before. Investors are divided between the excitement around the prosperous financials of the company and the possible regulatory problems that the company might face. The stock, which has been struggling since the late August report by Hindenburg Research. The latter accused the company of suspicious business practices, and an ongoing Department of Justice investigation also took a toll. Consequently, the shares have been hovering below $50 per share.

However, these obstacles, in spite of the company’s very prosperous week, did not prevent them from posting excellent profits earlier this week. The company’s stock price reached a new peak on Monday, having risen by 16% over the announcement of the first high demand for AI servers. The servers, which are being manufactured by Nvidia (NVDA), are key for the AI data centers’ operations.

According to the company, they deliver more than 100,000 Nvidia GPUs to customers every quarter, supporting the biggest AI projects on the global market with their capacity.

Analysts Are Positive About SMCI Despite The Price Fluctuations 

However, the stock declined by 5% on Tuesday as the initial euphoria over the data diminished while the general concerns about the company’s regulation loomed. As pointed out by the CEO of Futurum Group, Daniel Newman, the fluctuations in the stock market showed the internal struggle between Super Micro’s AI prospects and the legal problems it faces. Nevertheless, even with the given circumstances, analysts retain their positive view and are projecting a target price of $66 over the next year.

Super Micro’s new financial report was inconsistent. Even though the company was able to generate about $5.3 billion, it fell short of the market’s demand; the given sales figures were 143% up since last year. Thus, the profit amounted to $0.63, which was well below the projection of $0.83.

Super Micro Computer (SMCI) Stock Chart Analysis

Today, Super Micro Computer, Inc. (SMCI) is trading near $46.46, which has increased by 0.41%  by trading up to now. The stock is moving in a tight band, having a low of $46.28  and a high of $46.58  during the day. It seems that the market is quite stable today, with no noticeable pulls in volatility.

The past few days have seen some noticeable market activity, notably the crash of the cryptocurrency on October 8. The latter event saw the price fall to $44.50, causing the deceptive pullback to the touch of $47.00 on October 9  before the mild reversal. 

The market has a moderate volume of 260.24 K shares changing hands today, which suggests that the investors’ interest is steady, but there is no one-sided victory in trading. The level of $46.00, which we are closely monitoring, may become a supportive level for the stock.

Going forward, achieving SMCI to reach beyond the threshold of $47.00 hails a possibility for a wholesome rally. Conversely, a downfall beneath the cost of $46.00 would be a trigger for another lower support level of around $45.00. The situation is such that the AI demand itself, while developing optimism and regulation risk through the inevitable sentiment deterioration, also underscores the unprecedented journey here. Be mindful of the price limits for likely investment or disinvestment chances.

ProShares Ultra Bloomberg Crude Oil ETF (UCO) Chart Analysis

Looking at the 15-minute chart for ProShares Ultra Bloomberg Crude Oil (UCO) from October 8 to 11, we can see some interesting price action. The stock started around $29.70 on October 8, but we noticed significant volatility early on, with the price dropping below $28.50 by mid-day. A substantial bounce back in buying activity soon fallowed this  fall. It was a beautiful sign of the quality of the market and the performance of each buyer.

On October 9, Universal Corporation of Oklahoma traded just above $29, moving in a tight range. However, come October 10, it made a distinct uptrend, moving above the threshold of $29.50 and reaching its peak at $29.70. The rally might point to a more optimistic perspective.  Surging crude oil costs or mounting market fears that have to do with oil supply enhances such mood on the markets. 

As of early October 11, UCO is at almost $29.67 still. Trade in the stocks was quite low, only 6.7K shares were traded on a day, and this might be the reason why the traders are currently indecisive about the stock. On the other hand, this might be an opportunity to purchase oil stocks – only if it results in consultancy or shifts in ideology.

The post Super Micro Computer (SMCI) Stocks Volatility: 9% Rally  appeared first on FinanceBrokerage.

Uber Surges 5% after  Tesla’s Delay Signals

Uber Technologies (NYSE: UBER) saw its shares move up 5% in the premarket on Friday after Tesla’s Robotaxi event, which is below par with investors’ expectations. The financial company Jefferies, through its analysts, has described Tesla’s plans of having a self-driving taxi, telling the story in a positive light for Uber.

Tesla (NASDAQ: TSLA) has recently presented its brand new “Cybercab” and is also going to run the full self-driving hardware on Model 3 and Model Y vehicles by the year 2025. Yet, the authentic rollout of Cybercab, the Tesla robotaxi, should be in 2027. Uber, the autonomous vehicle (AV) market leader, has been given a prolonged timeline to exploit it to maximize its advantages. That is good news, especially for the near future.

Uber’s key position in the strategy is certainly well supported by its capability to aid AV developers with fleet management, pricing strategies, and local regulations. Citi analysts second this optimism, by indicating Tesla’s explanation of their long-term vision as one of the reasons why  market participants gave an expression of confidence in Uber’s stock.

Moreover, Uber has other links with other firms, for example, its cooperation with Waymo in places like Austin and Atlanta is a big advantage in the autonomous driving race. These alliances will also give the company an additional tailwind when scaling its operations globally.

Because it has such a large network of drivers and millions of users per month (MAPCs) who access the platform, Uber will be in a favourable position to benefit from the progressing move to self-driving cars. That’s why the investors are extremely optimistic about it.

Uber Technologies (NYSE: UBER) Stock Analysis

At Uber Technologies, Inc. (NYSE: UBER), we’ve seen a positive momentum with the stock now trading at $ 77.89, that is 0.59% higher (or +$0.46). From a quick overview of the 15-minute chart, it’s noticeable that the stock has been quite steady in the last few sessions by finding backing around the $77.00 level and testing the $78.00 level.

Firstly, on October 8th, the stock price fell to its lowest point, $75.00, but it soon gained a lot of buyers. Since then, Uber has been moving in a narrow range from $77.00 to $78.00. In the session today, there was an abnormal increase in volume as 179.16K share turnover occurred, so the stock is close to the 78.00 resistance level, indicating a high interest. This rise in volume, alongside the current price action, signals that a breakout above $78.00 could be on the horizon. If Uber clears this level with continued strong buying, it may push higher towards the $80.00 mark. However, if the stock struggles to break $78.00, we could see some consolidation or a pullback to around $76.50.

We think the stock can become a good deal for buying if Uber climbs over $78.00 due to high volume. For a more conservative investment strategy, buying a stock only after it goes down to $76.50 support may be a wiser decision.

Hycroft Mining Holding Corporation (HYMC) Stock Chart Analysis

So, today, we saw a little improvement with Hycroft Mining Holding Corporation, whose (HYMC) stock market moved up by 0.40% and closed at $2.48. It opened at $2.47 and hit the high of $2.48, besides the low of $2.47, with a trading volume of 2.47K shares. One of the interesting features of the week’s trading activity is that, although it has been a downer, there has been a small recovery.

Earlier this week, HYMC’s share price fell from over $2.60 to under $2.40. Therefore this small gain might be a symbol of some stability. On the contrary, the inventory is still limited, which implies that most of us are holding off for a better perspective before it could start increasing its strength above the $2.50 threshold.

At the present time, which sees many stock markets swinging in a big fashion, we should handle HYMC with a lot of care. A lot of selling pressure hit the stocks recently, and while today’s trading seems positive, this might not be enough for the complete recovery. A critical analysis of the situation and studying the volume trend very closely will be important things in what is to come.

The post Uber Surges 5% after Tesla’s Delay Signals appeared first on FinanceBrokerage.

Nvidia Nears All-Time High After Shaving Off 30%. Will It Continue Rallying? 

Nvidia stocks (NVDA) are really close to the new high mark, it will probably hit it soon because the company has recovered from a big fall it experienced at the start of the year. After a massive dip of nearly 30%, Nvidia earnings have showed a strong comeback. The shares price have to be one of about three dollars within, beating their best-ever record in June of around $135. On the close of Wednesday, the stock was at $132.65, with a rise for 2023 alone reaching over 170% despite some up-and-down volatility.

The company, an AI chip production front runner, has cleared recent obstacles that included postponing Blackwell AI chip, its top-notch in AI chip production which had caused jitters among investors. The way is clear now, thus Nvidia will be able to keep its on-the-rise status.

In addition, JPMorgan analysts are very optimistic about the future of Nvidia, foreseeing their sales turnover to far exceed their market growth. The report produced by them foretells that NVidia’s revenue will make it to $175 billion in 2024, and by 2027, it will reach $225 billion, which is a considerable increase. Comparatively, NVidia had revenues of $60.92 billion in 2023, so the potential for this being the main driving force of producing booming market shares is quite high.

With the company’s very strong recovery and the quite open analyst sentiment that it is going to set a new record in terms of its stock price, Nvidia is emerging as the pioneer of AI. In case the trend lasts,  it might pass the record highs even before the year ends, but the fears of the current risks remain.

Nvidia Stock Chart Analysis

Nvidia has its shares on a positive trend as of October 10, 2024. Based on the chart of the 15-minute trading time frame, it is clear that the stock was at the opening price of $132.49, rose to a high of $132.82, and then settled at $132.64, which is 0.12% higher than its previous close of $131.73.

We have experienced some fluctuations in the price of the assets in the most recent few rounds came with some unusual activity. There was a distinctly quick drop in the middle of October 9, when the stock stairway was noticed, but the shares later skyrocketed, indicating that plenty of investors were interested in buying the stocks at those abated prices. It looks like, at this point, the price is simply giving preferential treatment to $132 after the rally. The volume is at $1.234 million shares, which means there are some people buying. However, it is not the volume of transactions that would indicate the start of a massive boom.

The process of watching can be compared to a small and slow change in this direction. Once this move is made, the course of the stock may begin to rise even higher and more rapidly. Conversely, if it fails to climb above $133, we might see some pullback. On the other hand, if it goes to $131 or below, it could be a hint that the price is going to change soon. Be extra cautious at these levels and think about selling before the situation within the market changes significantly.

Shares of First Majestic Silver Corp. (NYSE: AG) Stock Analysis

Today, we saw that the shares of First Majestic Silver Corp. (NYSE: AG) had a modest increase. The stock market started the day at $6.22, rose to a high of $6.26, and finished at $6.24, accounting for a slight rise of 0.32%. The trade volume was not particularly high, exchanging 169,232 shares, so there was limited investors’ involvement in this transaction.

During the recent days, we experienced a market that had lots of ups and downs. October 7 saw a steep drop in stock prices which the stock has been able to recover from slowly, though it seems to be consolidating in a tight range. The stock is encountering resistance at $6.30 and has a support level of around $6.10. Thus, it is likely to be steady for a time.

The push on gain itself is not strong enough and we suppose that the investors may be awaiting a much clearer catalyst, like earnings reports or the changing of the silver prices. With the approach to the $6.30 level, we will be observing if the shares can stay above it or fall through the range. At present, it’s the stock to keep an eye on for any movement changes.

The post Nvidia Earnings Near All-Time High After 30% Drop appeared first on FinanceBrokerage.

BP Stock Gained 0.34% Despite Low Trading Volume. Will It Continue Rising?

In the last five years, BP (BP. L) has been behind its competitors in the oil and gas industry. Out of the six biggest oil majors, it is the only one whose stock is lower than it was in 2019. BP has been investing in renewable energy projects; however, the company struggled a bit due to this strategic move. It has reduced the production of oil on its own outside sources even though, on a global level, supply has continued to be an issue. Consequently, the prices hit high, but BP didn’t gain from that as much as it could.

In 2023, Saudi Arabia, along with other OPEC+ Nations, extended production cuts to maintain higher oil prices. This environment caters to the long-standing oil producers, so the renewable energy path that BP took might be a wrong one in the light of this situation’s dynamics. Oil prices that would decrease when the OPEC+ lifts supply limits can harm BP as it moves into a new business model.

Even though the share price of BP has dropped recently, it seems that it is not undervalued compared to its historical price point. Its price-to-book (P/B) ratio is in line with its average over the last ten years, and thus, the stock is not really a bargain. Investors may consider observing the course of BP’s green energy transformation along with its oil production, especially in light of market developments.

BP Stock Chart Analysis

We perceive a slight gain in the stock price of BP p.l.c., being traded on the NYSE, as we analyze the stock’s performance over the most recent session. At 10:08 UTC on October 10, 2024, the stock is trading at $32.07, thus marking a 0.34% increase (+0.11). The volume of trading during this period is quite low, being 5.19K shares.

During the last few days, we’ve experienced extreme instability in BP’s share price. On October 7, the stock tumbled from $33.00 to $31.80, represented by big red candles, which are signs of huge selling pressure. Subsequently, on October 8 and 9, the stock moved into a period of consolidation, wobbling between $31.80 and $32.00.

As of today, we’re experiencing a little bit of a price surge; the rate surpassed $32.00 and was at its highest at $32.07. There also seems to be a small increase in buying activity, which might be the precursor of the breakout from the recent consolidation. Nonetheless, considering that the volume of the trade is relatively low, we are a bit reserved on whether this movement will last in the near future.

It will be necessary to remain cautious about the ability of BP to retain the said profits or if it gets back to the range in which it was moving earlier this week.

Stay updated by not only tracking price developments but also paying attention to trends affecting the entire sector!

The post BP Stock Sees 0.34%, Rise Amid Low Trading Volume appeared first on FinanceBrokerage.