Multiple stock tickers that scrolls across the screen with real-time stock prices. This can becustomized based on user's portfolio
A stock market indicator, that shows if the stock market is open or closed
An unlimited array of color combinations
Multiple themes (The watch face can remember up to 3 different customized themes set up by the user)
Full- and minimal theme options
Option to automatically change day- and night themes
All colors available in AOD mode
Option to display leading zero in hour display (a feature requested by many)
Full month calendar with customizable week start day
Customizable shortcuts that includes Flash Light, Breathing exercises and Workouts
Besides the above original features, the following standard features are available as well:
Heart rate measurement
Week number display
Dedicated application shortcuts button
Direct shortcuts to Calendar and Samsung Health
Even while running multiple functions, the watch face is ultra battery-efficient. The size of thewatch face is less than one MB and uses less battery than the built-in Samsung "Premiumanalogue" watch face. As the StockChrono watch face has been developed without using Galaxy Watch Studio, I am unfortunately not able to share the watch face easily. If anyony knows a way of distributing a precompiled binary that has not been signed by Samsung, please let me know, and I will happily share the watch face. It has been a great experience and venture for me to develop the watch face, but unfortunately it all ends here. I will not contribute further to the Samsung Galaxy platform. All the best to my fellow watch facers out there. Edit: link to the .tpk file: https://www.dropbox.com/s/cg8w215e3lpn85o/org.virtcore.StockChrono102-1.0.0.tpk?dl=0
Hi everyone, I've been passionate about sandbox games and how they are designed into a functioning coherent environment. I developed most of this passion in Eve and served as a CSM last year. I'm hopeful that DU will be the future of sandbox sci-fi games. I wanted to note down how I think NQ can better some of the game's most important aspects. Some of their staff probably read here too. The forums have this "one idea per thread" rule, so I decided to put them here. Here are some problems, and how I would solve them. PvP 1) Cube Meta: Need viability for non-cubes.
By small changes in the math, it should be possible to make drag matter more in atmo, not for small cross sectioned ships, but for the ones with bigger CS.
A developmentally costlier option would be letting players edit the "area" that a core unit provides. PvP rewards smaller core units so it becomes important to cram all the elements into small areas. That promotes the cubes. If we could edit the area into a 3d rectangle (total area remains the same, just changes shape), that'd let us to make ships that aren't cubes and cram the same amount of stuff.
The best option would be making cross section matter in PvP. Ideally (not sure if servers can handle this), weapons should miss more if target ships have a narrow cross section from the attacker's POV. If servers can't calculate relative POV's, then an easier way to implement cross section into PvP is using the smallest CS of a ship as a coefficient in the miss chance.
2) Small vs Big Ships: Need drastic balance.
The lock range differentiation wrt target core unit size needs to go. It's keeping everyone from even thinking about M or L core PvP ships. Eve has this mechanic entirely right. Larger ships should be able to lock and fire at longer ranges. They should just miss more.
Small ships should have tracking and lock time advantages. Tracking should matter to the extent that if I am going 90 degrees wrt a big ship in a smaller core, even at ranges like 100km, that should make me easier to miss. After all those are the ranges most of the combat happens.
Some sort of limitation to cramming L guns to small constructs is needed. If "power" isn't going toward that direction, NQ should just make M/L gun models way larger (and make them slower-turning too that'd align with the above recommendation).
More tanking advantage to larger ships is needed. Perhaps weapons tear through too many voxels at the same time. Or voxels should be overall less heavy so we can use more of them.
Instead, the larger cores actually have speed advantage where they shouldn't. This is because you can cram way more Delta V in an M/L core compared to how much you can cram in an S/XS core. Sure the reactivation time is a good balancing factor but it's not enough if the large ships can accelerate and decelerate at way higher Gs. Again, one easy option would be drastically increasing the size of L/XL engine models to match the proportions of area differences among cores.
3) Non-Consensual PvP: The current non-consensual PvP is very binary and unsustainable. If you can find some people careless enough to go in a direct path between two planets with no radars, you kill them. People will wake up (or they already did) to this very fast, plus warp drives will become abundant, and pretty soon no such PvP will be possible. Meanwhile, if you are a new player with no knowledge and you get caught to pirates like this, you basically have zero options to protect yourself.
For Offense: Steal warp bubbles (disrupts your warp path), webs (slows down your target ship), combat probes (detects position of a target ship) from Eve. They'll be great additions.
Create rewards in space for which people will be willing to take risks. Asteroids/asteroid mining is supposed to function like this. But depending on implementation they can either become monopolized or just too abundant/wide to go and find any targets in.
Hope eventually stealth gets added. It's easy to imagine it as radar immunity (until close proximity). But it should have drastic downsides.
For Defense: Combat probes can actually be used defensively too.
Some sort of "evasive maneuver". Perhaps a module that provides a quick random change in the ship's direction but not the speed that the offender needs to adapt.
Some sort of temporary damage mitigation solution.
Economy 1) There is no need to trade.
People don't use the markets too much. Every org has a mining/industry wing and everything is made in-house. I think this problem arises from the fact that the only scalable and reliable way to make money is mining/industry (maybe add logistics but that's dependent on the first two). Sure you got some people with eccentric ventures and ship developers but you can't scale that across hundreds of people. Since you have to have a factory to earn money, why wouldn't you scale it so you make everything and are self-sufficient? Now, if there was a plethora of other moneymaking activities in the game, then we'd see a way more an Eve-like market and specialization of activities. Imho this is hard to achieve without NPCs. It's really hard to imagine a functioning sandbox without the bottom layer of the ecosystem. NPCs to a sandbox MMO are what grass/vegetation is to an ecosystem. Without them there are no missions, nothing to kill and earn money from in a multitude of ways. No reward that people in adequate ships can go and chase, and become prey to other people like pirates. I kinda just wish NQ had 3 more years/funding to develop the game. The Minecraft/Factoria will be attractive for only so long if there is no meaningful economy, trade, differentiation, and things to do with things you make. Talents seem to be made in a way to foster differentiation, so maybe that's where we'll see some improvement. But game design needs to change.
2) Resource Hexes are too disposable.
The game has a great digging system. We create these elaborate mines. We could voxelize them and make wonders with them. Instead, we abandon them in 2 hours. With the territory warfare, under current ore system, the only place that'll be worth attacking is the HQ of a corp with the stashes and factories. And I'm pretty sure most people will move those to the Sanctuary once the territory warfare hits. Resource hexes would have been great places to fight over. But even meganodes last just a day as of this point.
In an ideal design, ore should have been way less scattered across different hexes. And once it's found in a hex, it should have lasted a long time, so there are these valuable resource mines to fight over. The pace of mining is actually perhaps fine. But there are lots of other ways to achieve "long lasting resource mines". Like going deeper could "destabilize" a hex so people would have to put down units that take a week to anchor. And bettemore abundant ore could have been found in deeper attitudes. This is just one way on top off my head.
3) No mining robots please.
Ditch this idea that was mentioned months ago if it's still in the cooking. You don't want to delegitimize the human time spent on the only meaningful resource gathering activity in the game.
Overall I have great hopes but also concerns about the game. One major concern/test was whether the server tech will hold. It has improved a lot and that's great news for NQ. The next concern is whether NQ is spread too thin. The game's development was probably too early to commit to a non-wipe environment, and NQ might be underestimating how much it lacks vs an actually functioning ecosystem. Not to mention customer support is pretty nonexistent (god forbid you have a problem that's beyond the Discord staff's abilities). People will get bored of cool looking handcrafted ships pretty fast unless they have meaningful stuff to do in them very soon. Let's see how things develop. o7
CMV: Proportional Representation (PR) is the Superior System
It is more fair
I was inspired by the American elections on this one. That's because hearing Trump complain about election fraud seems rich considering he would not have come close to beating Hilary or Biden in the last two elections without the Electoral College system (in both instances he lost the popular vote). Of course, the Electoral College system is law, so gerrymandering cannot legally be "fraud" but come on - if a candidate wins the popular vote they should, morally speaking, win the presidency. The Electoral College system is even worse than British First Past the Post (FPTP) it seems, as a party that wins the Electoral Colleges still does not necessarily have control over the senate.
It reflects the voting majority better
Here in UK recently we had an election where the Prime Minister won an 80 seat majority the size of which he would never have gotten with proportional representation. While Johnson would have always stayed on as PM, he would not have had a "democratic" mandate to push through the policies he wants to: a hard Brexit, Americanising the Supreme Court, questionable Civil Service reforms (Cummings) and the Internal Markets Bill to name a few. That's because a stronger Opposition under PR would have opposed a lot of this.
You get more local representatives that may reflect your point of view
I have heard it said that FPTP returns you a constituent politician that can dedicate themselves to representing local issues. But with PR there may be several local representatives in population dense areas that reflect different political perspectives. So if you have an issue you think a socialist would understand better you can contact them, or if it was a conservative or a liberal you wanted to talk to, you'd be more likely to have those options as well. Obviously in some communities, you might find there wasn't as broad an array of representatives. However you'd have a better shot at that under PR as well as a wider choice of representatives to talk to even if they are from the same party.
It is just as "stable", if not more so
First, I disagree with the premise that opponents to PR subscribe to that a constitution is stable if it does not require a coalition government and government can more easily enact policies in accordance with their voting base (and get those through parliament). Firstly, "more stuff done" is not better: quality, not quantity. When we had a minority conservative government before 2019 I actually thought parliament were doing a good job of scrutinising and making amendments to Brexit legislation so that the country could come to a positive consensus on what would be a stable result. Being able to rush stuff through parliament just leads to chaotic mistakes like the Iraq war, where Blair was able to rush a decision to go to war even though the decision was very popular among the public at large. Would he have been able to do this under a proportionally representative parliament? Also would Cummings have as much sway in bullying his vision for the country if parliament was proportionally representative? Neither of these seem likely. The other objection related to the point about is that FPTP means the largest group can get their voice heard whereas with a coalition government the negotiations result in a compromise that represent no particular group. But actually PR just treats what the majority want a lot differently. For example if 40% of people want a No Deal Brexit but 60% of people are divided between Remain and Soft Brexit, sure the largest minority group wants a hard break from the EU. But it would seem that the majority of people (60%) would prefer to at least remain in a customs union with Europe. So FPTP has a twisted idea of what it means to represent the majority. The idea that it would be less stable and more democratic to force a vision through parliament that most people don't want because ideology exists as a spectrum rather than a binary categorisation seems perverse. If a National Unity Government was strong enough - necessary in fact - to face Hitler, it seems that coalition governments should be able to fare well enough during times of lesser crisis.
It won't particularly lead to racist parties forming, or it might but it is not that substantial
So, with the vote split between two large parties partially "left" or "right to the Overton window people will generally vote for centrist governments, or centre-right if you consider UK and America are to the right of most other countries. This doesn't really give much breathing space for racist parties in general as racist parties tend to have radical ideologies that deviate far from the centre-ground. But with proportional representation, people no longer consider voting for a party that deviates too far from centre a "wasted vote" since those parties now have a legitimate shot to either get into power, or simply to veto government. Whereas before, they would be stealing votes from a mainstream party closest too them, enabling the party you hate most to get in, now that doesn't matter because your favourite party can form a coalition with the enemy of your friend (whether in power or opposition). Or they can form a coalition with your enemy, softening the blows and impacts of that party's policy making. This can lead to authoritarian and racist parties forming, some say. But the thing is firstly, racist parties can get in power even with FPTP. For example, when the Reformed National Party won most of the seats in the 1948 FPTP election leading to apartheid South Africa (1). The Nazi Party had actually arrested all of the Communist deputies and changed the rules to make it easier to pass the Enabling Act in 1933 (1), thus making the system less proportionally representative. Meanwhile, Karl Popper has this to say about tolerating (or not tolerating) intolerance in modern democracies:
Unlimited tolerance must lead to the disappearance of tolerance. If we extend unlimited tolerance even to those who are intolerant, if we are not prepared to defend a tolerant society against the onslaught of the intolerant, then the tolerant will be destroyed, and tolerance with them.
More relevantly to my argument, he says:
as long as we can counter them by rational argument and keep them in check by public opinion, suppression would certainly be unwise.
I extend an interpretation of this (my words, not Popper's) to mean that it could be prudent, even on a political level to occasionally hand the racists a platform so that we can debate and repudiate their ideas. Whereas complete suppression can occasionally lend credence to the idea that a person's logic is "irrefutable" and that is why their expression has been muted. Letting the racist party's a small portion of politic representation to refute their ideas can quash such a notion. And besides, we can defeat racist parties through legal mechanisms to defeat or obstruct them when their policies become too extreme. For example, the British National Party (BNP) "gained all the borough council seats in parts of Burnley despite getting nowhere near a majority of the vote" (1). However, the BNP were also obstructed by legal democratic mechanisms when a court ruled the party was legally required to allow ethnic minorities membership in the party, thus morphing the whole focus. Popper sort of makes a similar argument to this as well though neither of us have outright claimed racist or anti-democratic authoritarian parties should be banned entirely:
[W]e should claim the right to suppress [those who are intolerant] if necessary even by force; for it may easily turn out that they are not prepared to meet us on the level of rational argument, but begin by denouncing all argument; they may forbid their followers to listen to rational argument, because it is deceptive, and teach them to answer arguments by the use of their fists or pistols. We should therefore claim, in the name of tolerance, the right not to tolerate the intolerant. We should claim that any movement preaching intolerance places itself outside the law, and we should consider incitement to intolerance and persecution as criminal, in the same way as we should consider incitement to murder, or to kidnapping, or to the revival of the slave trade, as criminal.
I'm not saying that there is no threat from racist parties under PR as quite a few European proportionally representative democracies have them. I am just saying that the threat is firstly exaggerated and secondly we are not exactly protected from them by FPTP either. Could you imagine how bad it would be if a country were facing the same instability, economic depression and racial divisions as a country like Germany during the Weimar Republic but instead of a PR democracy, a racist anti-democratic government were able to gerrymander constituencies to their benefit through FPTP? (1) ___________________________________________
(1) Electoral Reform Website: "Did Proportional Representation put the Nazis in power?"
VR is not what a lot of people think it is. It's not comparable to racing wheels, Kinect, or 3DTVs. It offers a shift that the game industry hasn't had before; a first of it's kind. I'm going to outline what VR is like today in despite of the many misconceptions around it and what it will be like as it grows. What people find to be insurmountable problems are often solvable. What is VR in 2020? Something far more versatile and far-reaching than people comprehend. All game genres and camera perspectives work, so you're still able to access the types of games you've always enjoyed. It is often thought that VR is a 1st person medium and that's all it can do, but 3rd person and top-down VR games are a thing and in various cases are highly praised. Astro Bot, a 3rd person platformer, was the highest rated VR game before Half-Life: Alyx. Lets crush some misconceptions of 2020 VR:
The buy-in is $400 on average, not $1000 as that is Valve Index pricing.
Motion sickness is easily avoidable for most people by sticking to games that have 1:1 fully synced or mostly synced body movement like Beat Saber or even Alyx with teleportation.
Most VR games offer locomotion options so teleporting is certainly not a required norm.
You don't need a PC or console; Oculus Quest is the start of the new norm where headsets are self-contained.
You are not required to stand or move about. VR has always allowed you to relax in the same way as traditional gaming by sitting on the couch with a gamepad.
VR isn't anti-social. It's actually the pinnacle of social communication devices. What it is (currently) is potentially isolating depending on how you use it.
People will disabilities often think VR is not for them, when in all likelihood it probably is, because most disabilities work fine with VR and even have a lot to gain from the use of it.
The setup of VR is much faster and quicker than it was just a few years ago thanks to inside-out tracking and standalones. A Quest user can get going within 10 seconds.
So what are the problems with VR in 2020?
Low resolution and low FoV.
Wireless isn't standard.
Only a few released AAA exclusive games.
Potential for eye strain and headaches.
Some headsets feel really outdated. (PSVR)
Full body avatars don't align correctly.
Despite these downsides, VR still offers something truly special. What it enables is not just a more immersive way to game, but new ways to feel, to experience stories, to cooperate or fight against other players, and a plethora of new ways to interact which is the beating heart of gaming as a medium. To give some examples, Boneworks is a game that has experimental full body physics and the amount of extra agency it provides is staggering. When you can actually manipulate physics on a level this intimately where you are able to directly control and manipulate things in a way that traditional gaming simply can't allow, it opens up a whole new avenue of gameplay and game design. Things aren't based on a series of state machines anymore. "Is the player pressing the action button to climb this ladder or not?" "Is the player pressing the aim button to aim down the sights or not?" These aren't binary choices in VR. Everything is freeform and you can basically be in any number of states at a given time. Instead of climbing a ladder with an animation lock, you can grab on with one hand while aiming with the other, or if it's physically modelled, you could find a way to pick it up and plant it on a pipe sticking out of the ground to make your own makeshift trap where you spin it around as it pivots on top of the pipe, knocking anything away that comes close by. That's the power of physics in VR. You do things you think of in the same vain as reality instead of thinking inside the set limitations of the designers. Even MGSV has it's limitations with the freedom it provides, but that expands exponentially with 6DoF VR input and physics. I talked about how VR could make you feel things. A character or person that gets close to you in VR is going to invade your literal personal space. Heights are possibly going to start feeling like you are biologically in danger. The idea of tight spaces in say, a horror game, can cause claustrophobia. The way you move or interact with things can give off subtle almost phantom-limb like feelings because of the overwhelming visual and audio stimulation that enables you to do things that you haven't experienced with your real body; an example being floating around in zero gravity in Lone Echo. So it's not without it's share of problems, but it's an incredibly versatile gaming technology in 2020. It's also worth noting just how important it is as a non-gaming device as well, because there simply isn't a more suitably combative device against a world-wide pandemic than VR. Simply put, it's one of the most important devices you can get right now for that reason alone as you can socially connect with no distancing with face to face communication, travel and attend all sorts of events, and simply manage your mental and physical health in ways that the average person wishes so badly for right now. Where VR is (probably) going to be in 5 years You can expect a lot. A seismic shift that will make the VR of today feel like something very different. This is because the underlying technology is being reinvented with entirely custom tech that no longer relies on cell phone panels and lenses that have existed for decades.
The resolution will be around the equivalent of 1080p monitors, so you'd probably be looking at 4K x 4K per eye or higher.
The field of view will be 30-40% higher.
Eye strain and headaches will be solved via varifocal displays and VR will become even more comfortable visually than 2D displays, as they still have these issues which can be only be solved in stereoscopic displays.
Isolation will be solved with mixed reality reconstruction enabling the real world to bleed into VR on a per object basis in real time. VR headsets are now in all senses MR headsets. (VR+AR in one device)
There will be plenty of non-gaming apps gaining bigger traction like some sort of social space or event-based app.
PlayStation and Xbox will both support VR and a PSVR2 headset will have launched.
That's enough to solve almost all the issues of the technology and make it a buy-in for the average gamer. In 5 years, we should really start to see the blending of reality and virtual reality and how close the two can feel Where VR is (probably) going to be in 10 years
VR is now effectively photorealistic in the visual and audio department and it's extremely hard if not impossible at times to tell the difference between the real world and the virtual world.
Quite a number of people start to live big chunks of their lives in VR.
Light-field 6DoF video will be common allowing you to move inside live videos or a playback of a video that are in every way indistinguishable from reality, at least visually/audibly.
Streaming becomes mainstream as an option to consume games and it is now starting to become feasible to stream VR games as well.
VAR start to replace traditional displays and devices with monitors, phones and handhelds especially on their way out, but TVs very likely still hold a strong presence due to their communal nature.
If consoles still exist, their new features are now focused mostly on VR and how to integrate as seamlessly as possible into the VAR experience. Traditional gaming is still likely the most popular way to play, but consoles must find ways to market towards the new.
VAR are the new norm for work, education, communication, entertainment and a lot of aspects of daily life.
AAA VRMMORPGs start to get popular and become the new standard for the genre, revitalizing it.
The metaverse starts to form in some small way, not yet reaching the magnitude of something like the OASIS, but still a very large and versatile world or web of worlds where the phrase "Do anything, go anywhere, become anyone, be with anyone" is the truest it's ever been.
In short, as good as if not better than the base technology of Ready Player One which consists of a visor and gloves. Interestingly, RPO missed out on the merging of VR and AR which will play an important part of the future of HMDs as they will become more versatile, easier to multi-task with, and more engrained into daily life where physical isolation is only a user choice. Useful treadmills and/or treadmill shoes as well as haptic suits will likely become (and stay) enthusiast items that are incredible in their own right but due to the commitment, aren't applicable to the average person - in a way, just like RPO. At this stage, VR is mainstream with loads of AAA content coming out yearly and providing gaming experiences that are incomprehensible to most people today. Overall, the future of VR couldn't be brighter. It's absolutely here to stay, it's more incredible than people realize today, and it's only going to get exponentially better and more convenient in ways that people can't imagine.
MAME 0.223 has finally arrived, and what a release it is – there’s definitely something for everyone! Starting with some of the more esoteric additions, Linus Åkesson’s AVR-based hardware chiptune project and Power Ninja Action Challenge demos are now supported. These demos use minimal hardware to generate sound and/or video, relying on precise CPU timings to work. With this release, every hand-held LCD game from Nintendo’s Game & Watch and related lines is supported in MAME, with Donkey Kong Hockey bringing up the rear. Also of note is the Bassmate Computer fishing aid, made by Nintendo and marketed by Telko and other companies, which is clearly based on the dual-screen Game & Watch design. The steady stream of TV games hasn’t stopped, with a number of French releases from Conny/VideoJet among this month’s batch. For the first time ever, games running on the Barcrest MPU4 video system are emulated well enough to be playable. Titles that are now working include several games based on the popular British TV game show The Crystal Maze, Adders and Ladders, The Mating Game, and Prize Tetris. In a clear win for MAME’s modular architecture, the breakthrough came through the discovery of a significant flaw in our Motorola MC6840 Programmable Timer Module emulation that was causing issues for the Fairlight CMI IIx synthesiser. In the same manner, the Busicom 141-PF desk calculator is now working, thanks to improvements made to Intel 4004 CPU emulation that came out of emulating the INTELLEC 4 development system and the prototype 4004-based controller board for Flicker pinball. The Busicom 141-PF is historically significant, being the first application of Intel’s first microprocessor. Fans of classic vector arcade games are in for a treat this month. Former project coordinator Aaron Giles has contributed netlist-based sound emulation for thirteen Cinematronics vector games: Space War, Barrier, Star Hawk, Speed Freak, Star Castle, War of the Worlds, Sundance, Tail Gunner, Rip Off, Armor Attack, Warrior, Solar Quest and Boxing Bugs. This resolves long-standing issues with the previous simulation based on playing recorded samples. Colin Howell has also refined the sound emulation for Midway’s 280-ZZZAP and Gun Fight. V.Smile joystick inputs are now working for all dumped cartridges, and with fixes for ROM bank selection the V.Smile Motion software is also usable. The accelerometer-based V.Smile Motion controller is not emulated, but the software can all be used with the standard V.Smile joystick controller. Another pair of systems with inputs that now work is the original Macintosh (128K/512K/512Ke) and Macintosh Plus. These systems’ keyboards are now fully emulated, including the separate numeric keypad available for the original Macintosh, the Macintosh Plus keyboard with integrated numeric keypad, and a few European ISO layout keyboards for the original Macintosh. There are still some emulation issues, but you can play Beyond Dark Castle with MAME’s Macintosh Plus emulation again. In other home computer emulation news, MAME’s SAM Coupé driver now supports a number of peripherals that connect to the rear expansion port, a software list containing IRIX hard disk installations for SGI MIPS workstations has been added, and tape loading now works for the Specialist system (a DIY computer designed in the USSR). Of course, there’s far more to enjoy, and you can read all about it in the whatsnew.txt file, or get the source and 64-bit Windows binary packages from the download page. (For brevity, promoted V.Smile software list entries and new Barcrest MPU4 clones made up from existing dumps have been omitted here.)
MAME Testers Bugs Fixed
02603: [Sound] (cinemat.cpp) tailg: Phasor sample plays incorrectly. (Aaron Giles)
Toy Story 3 (Lexibook) [Sean Riddle, Kamaal Brown, David Haywood]
unknown 'TE06' [TeamEurope, Roberto Fresca]
Unknown Compumatic ProSPDP based darts machine [jordigahan, ClawGrip]
VideoJet Kiu Games [Sean Riddle, David Haywood]
Virtual TV Ping Pong [TeamEurope, David Haywood]
Yataimura Kingyosukui (4-player, China, Ver 1.000) [Darksoft]
New clones marked as NOT_WORKING
Funhouse (L-2) [PinMAME]
Funhouse (L-2, prototype PA-1 System 11 sound) [PinMAME]
Laser Ball (L-2, PROM sound) [PinMAME]
Last Action Hero (1.04 France) [PinMAME]
Last Action Hero (1.07) [José Renato Castro Milanez, Sergio Munemori]
Magic Card - Wien (Sicherheitsversion 1.2) [TeamEurope, Roberto Fresca]
Nove Diamante (bootleg) [Ioannis Bampoulas]
New working software list additions
fmtowns_cd: Akiko - Premium Version, Cal III - Kanketsu-hen, Chiemi & Naomi, Curse, Eikan wa Kimi ni 2 - Koukou Yakyuu Zenkoku Taikai, FM Towns Application Catalog CD-ROM - Original Soft-hen, G5 (HMA-206), Gambler - Queen's Cup, Gokuraku Mandala, Hyper Fetishism, Illust Hyakka - Yamashita Hideki no Ikiiki Cut-shuu, Iris-tei Serenade, Jouhou Club - Card Processor Ver. 1.1, Mahjong Musashi, Manami no Doko made Iku no? 2 - Return of the Kuro Pack, The Manhole (1990-08-01), Marionette Mind, Mirage 2 - Torry, Neat & Roan Fairladies in MagicLand, Noushuku Angel 120%, Shamhat - The Holy Circlet (FM Towns Marty version), Tenshin Ranma, Two Shot Diary, Viper-V12 RS, Viper-V8 Turbo RS, YES! HG - Erotic Voice Version [redump.org, r09]
Rayman IV (Rayman - Sunshine of Trip) (unlicensed) (protection hacked) [RibShark]
Crash Advance IV (unlicensed) (protection hacked), Digimon - Ruby and Sapphire (unlicensed) (protection hacked), The Lord of the Rings IV - The Fellowship of the Ring (unlicensed) (protection hacked), Pokemon - Sapphire Version (unlicensed) (protection hacked), Rayman IV (Rayman - Puteshestviye Solnechnogo Sveta) (unlicensed) (Russian) (protection hacked), Sonic 3 - Fighter Sonic (unlicensed) (protection hacked), Super Mario DX (unlicensed) (protection hacked), Teenage Mutant Ninja Turtles 2 (unlicensed) (protection hacked), Ultraman - Confrontation Between Justice And Evil (Ul'traman - Konfrontatsiya mezhdu spravedlivost'yu i zlom) (unlicensed) (Russian) (protection hacked), X-Man - Armour of Might (X-men) (unlicensed) (Russian) (protection hacked) [taizou]
Bloodwych (Quest & Glory Compilation) (Euro), Bloodwych (USA), Budokan - The Martial Spirit (5.25"), The Colonel's Bequest (3.5"), The Colonel's Bequest (5.25"), Dragon's Lair (5.25"), F29 Retaliator, Lakers vs Celtics and the NBA Playoffs (3.5"), Leisure Suit Larry Goes Looking for Love (in Several Wrong Places) (5.25"), Leisure Suit Larry in the Land of the Lounge Lizards, Mario Andretti's Racing Challenge, Speedball 2 - Brutal Deluxe (Euro, 3.5"), TV Sports Basketball (3.5", USA, EGA/TANDY version), TV Sports Basketball (3.5", USA, VGA version), TV Sports Basketball (5.25", UK, EGA/TANDY version), TV Sports Basketball (5.25", UK, VGA version), Xenon 2: Megablast [ArcadeShadow]
SCO XENIX System V Development System version 2.1.3 [archive.org, Davide Cavalca]
IBM Personal Computer Interactive Executive (PC/IX) 1.00 [WinWorld, Davide Cavalca]
ibm5170: B-17 Flying Fortress (5.25"), Corridor 7: Alien Invasion (demo), Maniac Mansion: Day of the Tentacle (France), Out of this World (USA, 3.5" DD), Out of this World (USA, 5.25" HD), Sam & Max Hit the Road (Germany) [ArcadeShadow]
pc98_cd: F15 Strike Eagle III, if 2 - Invitations from Fantastic Stories, Manami no Doko made Iku no? 2 - Return of the Kuro Pack, Phobos, Pro Student G (ALS-0010), YES! HG - Erotic Voice Version, Yuurou - Transient Sands [redump.org, r09]
Desktop Special Edition 1.0, European Language Module 1.1, European Language Module 1.3.1, Hot Mix 5, Hot Mix 7, IndiZone 1.0, IRIX 5.2 for Indy R4600PC and Challenge SX, IRIX Patch 126.96.36.199, ONC3/NFS for IRIX 6.2 Version 1, ONC3/NFS for IRIX 6.2 with Indigo2 IMPACT 10000 Version 1, Support Advantage 10/94, Support Advantage 6/95, SupportFolio 2/97, SupportFolio 4/97 [darkstar]
Disney/Pixar Wall-E (China) [tenyuhuang, Ryan Holtz]
Les Bisounours - Le monde merveilleux des Bisounours (France), Nickelodeon Bob L'éponge - Une journée dans la vie d'une éponge (France) [DisizDream]
Disney/Pixar Cars 2 (France), Disney/Pixar Toy Story 3 (France), DreamWorks Kung Fu Panda - La mission de Po (France), Football Challenge (France), Martin Le Dauphin (France), Nickelodeon Dora L'Exploratrice - Les adventures de Dora Apprentie Mécano (France), Sporti'Folies (France) [DisizDream, Ryan Holtz]
Action Mania (USA), Disney/Pixar Toy Story 3 (USA), Marvel Spider-Man & Friends - Secret Missions (USA), Soccer Challenge (USA) [Sean Riddle, TeamEurope, Ryan Holtz]
mobigo_cart: Disney Jake and the Neverland Pirates (USA, alt), Disney Princess (USA, alt), Disney/Pixar Brave (USA), Dreamworks Shrek - Forever After (US), NAND User Cartridge (unknown data, set 1), NAND User Cartridge (unknown data, set 2), Sesame Street - Elmo and Abby - Nature Explorers (USA) [TeamEurope]
novag_ssensor4: Quartz Chess Clock [Berger]
pc98_cd: DOR Special Edition '93, DOR Special Edition '93 (alt), Kanji Land 3-nen, Kyrandia II - The Hand of Fate, Lemon Cocktail Collection, Lip 3 - Lipstick Adventure 3, Mirage 2 - Torry, Neat & Roan Fairladies in MagicLand [redump.org, r09]
pi_storyreader_cart: Disney Blanca Nieves y los siete enanos (Spain), Disney El Rey León (Spain), Walt Disney Peter Pan (Spain) [TeamEurope, ClawGrip]
Basketball (EU) [ClawGrip, TeamEurope]
Basketball (US) [Sean Riddle, David Haywood]
vsmileb_cart: Teletubbies (France) [DisizDream]
Merged pull requests
6825: docs: Improved analog joystick mapping documentation, and added health warnings. [Firehawke]
6837: debugger: Added loadr and saver commands for loading or saving data to/from a memory region. [bombzj]
6838: fmtowns_cd.xml: Added 28 new entries, and replaced 22 entries with improved dumps. [redump.org, r09]
6844: gigatron: Hooked up CPU output callback, fixed program counter wrapping, and added CPU input callback. [Sterophonick]
Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)
Hello, dummies It's your old pal, Fuzzy. As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great. What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. Idomybit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post. That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way. We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps. Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy. TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle. Ready? Let's get started. 1.The Tao of Risk: Hedging as a Way of Life The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows: Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself. Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part. You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus. That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it. Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets? 2. A Hedging Taxonomy The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now. (i) Swaps A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one. Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered. The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game. I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging. There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested. Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure). (ii) Forwards A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me. Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways. People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances. These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them. (iii) Collars No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray! To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts. (3) All About ISDAs, CDS and Synthetic CDOs You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years. First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA. Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire. Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking? Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama. Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details. I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here. Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post. *EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
[Review] Ranking all the Switch shmups Ep26 – Darius Cozmic Collection Arcade
We’ve all had a game that is a gateway to a specific genre. That one game which made us pay attention to a style of games and allowed us to fully experience the genre. It might not have been the first one we play, but it is definitely one that stays closer to our hearts. For me, this game was Darius. I’ve mentioned this in the past, but I will say it again: Darius is the shmup that is closest to my heart. I loved the horizontal gameplay, I loved the Silver Hawk, I loved all the huge bosses that looked like fishes. The gameplay also hit bunch of chords that resonate with what I love about shmups. I’ve been waiting so long for this, so alas, I present to you: Darius Cozmic Collection Arcade! Publisher: ININ Games Platform: Nintendo Switch Release date: Jun 16, 2020 Price: $44.99 Tate: Built-in Darius Cozmic Collection Arcade is a collection of the Darius games released on the arcades. This wasn’t your typical cabinet, as one of its main features was the usage of multiple screens. Darius used 3 screens, while Darius II/SAGAIA used 2 screens. M2 really went out of their way to bring the most authentic arcade experience! The result is impressive to say the least! This collections includes 4 games:
Darius and SAGAIA include 3 and 2 different versions respectively, bringing it to a total of 7 playable games.
As hard as this might be to believe, I have never played an arcade Darius game before. I always mentioned Darius as my favorite shmup, but the truth is that I began with the SNES games. I had heard on the street that the arcade versions were superior so I was very excited. When I booted the original version, I couldn’t help but feel like I was standing next to an actual arcade cabinet. The game greeted me with 3 screens places next to each other on the center of the screen. I was excited to play, so I pressed the coin button. I was not prepared for what I was about to experience… As soon as I inserted the coin, a typical fanfare played along as my credit counter increased by one. But there was something else. The controller started vibrating to the tune of the music. I just can’t make justice to this effect with words. It felt like being inside an actual arcade cabinet. Vibrations and sound made the experience feel authentic. It made me think about the arcade days where you would hear cabinets everywhere and just feel the energy of the place. As soon as I started to play, the screen changed and the empty spaces were replaced by arcade artwork. This artwork was exactly the kind you would see pasted near the controllers to show you how to play and other general information. Everything about the game was designed to make you feel like on the arcade. This is the kind of presentation that every other arcade port should try to achieve.
What truly sets apart the Darius Cozmic Collection from any other collection is the amount of features and arcade fidelity that M2 added to the game. Every single aspect, every single menu and every single feature was lovingly added to create a masterpiece. From the get go, you will be presented with the very familiar “A boss is approaching” message featuring King Fossil. The message just says that your game data is approaching fast. It really is only a fancy way of saying the game is loading, but it sets the tone to the orgasmic experience that you are about to have with the game. After going through the intro scene, you will be greeted with the main menu which contains all 7 playable titles in this collection. You also have a replay, manual and staff options. If you are wondering where the options are, they are specific for each game, so they must be adjusted from within each game. My only complaint here is that the manual is in japanese. There isn’t much to learn from a manual though. The only thing was the Darius Gaiden capture mechanic, so I picked that one up from the internet.
AN ENTIRE LEGACY
Speaking of the games, 7 different titles can be quite intimidating. If you are anything like me, then chances are you don’t know what’s “new ver” or “extra ver”. Thankfully, each game features a sort of museum display that features a screenshot of the menu, the title, the launch date and a very thorough description of the game. The text will navigate you through each version of the games and specifically highlight why it is different from its predecessor or what was changed when going to western markets. Each game includes a training mode for those who wish to challenge specific parts of the game. Training mode will let you choose to play any stage and customize a variety of settings such as the strength of your Silver Hawk and the game rank, which is the in-game difficulty. The obvious use for this mode is to practice your piloting skills and go for the 1CC. Even casual players can view this as a pseudo level select cheat code for maximum enjoyment! Perhaps one of the most amazing inclusions of the collection is the replay mode. For every one of your play throughs, there is an option to save a replay of your play session. What differs from regular replays, is that they pack an incredibly robust set of features. Other than being able to watch a recording of yourself, you can see your inputs and control the playback of the replay. You can rewind, fast forward, go back, increase the speed or even go full slow-mo to analyze your gameplay.
KING OF THE ARCADE
Challenging oneself is one thing, but going after the world is the true spirit or arcade shmups. Darius Cozmic Collection Arcade features online rankings which are separated into 2 categories: “Arcade” and “All-mix”. Arcade is played with every setting on default and using only one credit. If you are playing and choose to spend an additional credit to continue, then your scoring is changed to “All-mix”. All-mix is a catch-all for every other style, from easy difficulty to hard or even static rank modes. If you ever wondered what’s it like to play like the king of the leaderboards, then you’ll be glad to know you can download leaderboard replays! This allows you to watch the entire play throughs of top players, along with their inputs and the previously mentioned playback features of a replay. A must have for those willing to go for the record or even those curious about what it means to be a champion.
YOUR PERFECT CABINET
The in-game menu for each game will further let you customize your gameplay experience. The amount of options is truly staggering, so suffice to know that you can change in-game setting as difficulty and score for an extend, screen quality adjustments like scan lines and gadgets, and the controllers. One menu I really want to highlight is the gadgets menu. Gadgets are responsible for making the gameplay experience truly stand out. They track all sorts of data from yourself and the enemies. From a friendly side, you can see your current level of power, the number of hits your arm can take and the information related to the current zone. From a less friendly side, you have all sorts of analyzers that display the current boss, their weakness and detailed HP for each of their parts. There’s even a life gauge that appears at the bottom of the screen for easy viewing when fighting bosses! Although I could see an argument against being way too much information, I’m personally thankful because I’m a data nerd and I love knowing all this information. If it is too much for you, then you can always turn off the gadgets and customize the screen to your liking. The real beauty comes from creating your perfect cabinet.
THE EMULATOR ADVANTAGE
One of the main selling points of emulators has been the ability to use save states. Darius Cozmic Collection is no slouch and features save states of its own! These save states will let you cheese the game as much as you want, but they also let you replay specific sections and master them for your future arcade runs. I won’t judge you, so have fun with save states! The only caveat is that using save states will not record your score. Unfortunately, replays will only record from the last time you loaded the save state onwards. So there’s no chance of creating tool-assisted runs. Oh yeah, I forgot to mention that bringing up the in-game menu will completely pause the game and show you a fully-fledged map of the game, complete with boss encounters for each zone and the amount of power-ups featured in said zone. It really is great for strategy purposes to know which stage will allow you to upgrade your Silver Hawk! Resuming a game will also give you a 3 second count down with a jumping robot animation to ensure you are ready for action. This detail wasn’t really needed, but it is one of the many ways in which M2 shows appreciation for Darius and the player. Out of all this nitty gritty details, I have to say the song name is one of my favorites. In the bottom right corner of the screen there is a pop-up that appears when the song changes and displays the song name. I just think it looks really cool. By the way, don’t forget to check “Olga Breeze”, my favorite song!
DARIUS, THE OG
Darius, the game that started it all. Featuring 3 screens, this is the biggest Darius game featured in this collection (ha!). If I may add, I also think this is the game that highlights all the love M2 poured into bringing arcade experiences to your living room. With features such as the cabinet art and the body sonic vibration, it really brings home the arcade feeling. As you can expect, playing the first game on the series is both, a nostalgic and a painful experience. Playing on 3 screens is truly magical, but at the same time, it is a victim to the older design choices. Not much that can be done here, after all, it is a decades old game. Just a small detail to keep in mind. Darius helps establish the foundations of the franchise from the very first game. One of the Darius staples is the upgrade system for the Silver Hawk. Throughout the game, you can encounter 3 different orbs which are dropped by different colored enemies. The orbs can be red, green or blue.
Red orbs will upgrade your primary fire. Each orb increases your power, but collecting 7 will upgrade your shot to the laser, and then the wave. Green orbs will upgrade your bomb, which is your secondary fire. Bombs also get stronger with more orbs and also upgrade when you reach 7. Blue orbs will give you a shield called arm. The initial shield blocks 3 hits and any additional orb will add 1 more hit. Just like red and green, you can upgrade after 7 orbs which will make it so that additional orbs give you 2 hits and then 3. The downside to the upgrade system is that, upon death, you will lose every orb you collected in your current tier. The good news is that if you, for instance, managed to upgrade to the laser, then your shot can never fall below that. The bad news is that the number of orbs is limited per stage, which means it is almost impossible to upgrade within a stage the same stage where you died. The exception is a single stage that has 7 blue orbs in the old version and one with 7 green in the extra version.
The most distinguishable characteristic of the franchise is definitely the marine bosses. The stages are all over the place with a very diverse space settings, but the bosses are always one thing: fish. Actually, I’d say it is marine biology, but fish is an overly simplistic way to describe it. Darius also has one peculiarity which is that every set of stages has the same boss. For example, the 4th stage boss will always be Fatty Glutton in a different version depending on which zone you chose. The other defining feature of Darius is being able to choose your adventure. After each boss, you can choose to go to one of 2 different zones. This choice is made by either being on the top or bottom half of the screen, as the stage actually splits after beating the boss. It certainly took me off guard the first time as I crashed into the divider. Despite having the same boss, the zones are drastically different and carry the strategic choice of having a different number of orbs. Your path will be determined by which aspect of your Silver Hawk you want to improve.
What struck me the most about Darius is how unforgiving it is. This is expressed in the descriptions of the newer versions. The thing about Darius, is that the game is next to impossible to beat if you didn’t fully upgrade. Later enemies are merciless and if you don’t have sufficient firepower, then you probably won’t stand a chance. This ruthlessness is exacerbated by the death system, as death will set you considerably behind. Because upgrades are usually a 2-stage effort, getting shot will set you back 2 levels worth of progress. A fun aspect I found on Darius is the dynamic created by having 3 screens. This is probably the widest game I have played, and it brings new challenges to the table. The first one is that you need to gain screen position to succeed. Being at the front is usually better, with moving back feeling like losing real estate. The reason behind this is that you are able to shoot down enemies before they become a threat with their numbers. The other less obvious reason is the number of bullets allowed on screen. That number is limited, so it is in your best interest that those bullets expire fast so you can fire new ones. Being back equals more time before they reach the end of the screen, which is undesirable. Overall, the game poses a unique challenge, but I’m not going to lie, it is actually really fun to play. Achieving an upgraded Silver Hawk is a hard endeavor, but that makes it even more rewarding when you pull it off!
DARIUS II/SAGAIA, THE PROOF US WESTERNERS HAVE SHORT ATTENTION SPANS
Darius II came in and simplified the game in some interesting ways. First of all it reduced the upgrade system so that it is now only a single stage that can be maxed out. The number of orbs was reduced to compensate. Another simplification comes courtesy of the screens themselves. The number of screens was reduced from 3 to 2 in order to be installed in other dual screen cabinets such as The Ninja Warriors. Unfortunately, the single stage of upgrades means that the game is even more savage when you die. This time around, you actually lose all of your progress in terms of firepower. There will be special rainbow orbs which help you catch up a little, but even then they might be a little too late. As a result, my 1CC had to be done by never dying.
I ALWAYS WANTED A THING CALLED A TUNA SASHIMI
One thing I want to mention, is that Darius II has my absolute favorite intro sequence of any Darius game in this collection. From the music that goes ramping up to the main theme, to the voice lines calling out the launching sequence: “Main engine energy level, 20% increase !” “I always wanted a thing called tuna sashimi” “3…2…1…” It all creates an unbelievable sense of excitement! A very fun piece of trivia is the existence of SAGAIA. It exists to be a compact version of Darius II to be sold on western markets. Then there’s actually 2 versions of it which feel like 2 pieces of the same game. If SAGAIA trimmed certain pieces of the game, then version 2 came to use those trimmed pieces and created another entry. It’s actually quite funny.
DARIUS GAIDEN, THE KING
Darius Gaiden is definitely the reason you will keep playing the arcade collection. Quality in older games under a modern eye is usually a product of nostalgia and design elements that still hold on in today’s gaming landscape. Contrasting with that, Darius Gaiden IS a fantastic game that I wouldn’t hesitate to purchase if it was released today. For Darius Gaiden, less is more, as this time around the game was played on a single screen arcade cabinet. The game does seem to lack some of the ambient goodies such as the rumble effects, but it makes up for it in gameplay experiences.
One aspect that is radically different from its predecessor is the upgrade system. Whereas Darius II simplified the Silver Hawk upgrade system, Darius Gaiden took it back to its original Darius roots. This means that, once again, we have multiple upgrade points. Upgrades take considerably less red power-ups to achieve, which actually makes it possible to upgrade multiple times during the same stage. Death penalties are lower as well with death only losing you a level of power. Because there are more power levels, it is more forgiving and doesn’t set you completely behind like the previous entries. Perhaps the best of all is that neither arm nor bombs have any penalty whatsoever. What’s more, you don’t even lose your arm or bomb level when losing a credit. I can say with 100% certainty that this game is actually possible to complete within a reasonable number of credits if you die on the later zones. I would take it one step ahead and say this game has a little of the Contra syndrome. The original Contra is a game that was considered hard, but was significantly easier if you could maintain the spread shot. In the same vein, getting the earliest upgrades makes Darius Gaiden a breeze. A well deserved victory, if you ask me.
YOU’RE MINE NOW!
New to Darius Gaiden is the ability to capture mid bosses. Half-way through a stage, you will encounter a medium sized boss with a purple orb somewhere in its back. If you manage to take down the orb without killing the enemy, it will detach and slowly drift away. If you capture this orb, then the mid boss will fight alongside you until its timer expires. I gotta say that having a huge fish on your side is surprisingly satisfying! Having a single screen makes the experience much more familiar for shmup enthusiasts. While it does lose some of the charm of the ultra wide field of view, it also rids itself of nuances such as your horizontal movement being low in terms of total horizontal space or the limit on on-screen bullets. A combination of those factors I mentioned contribute to making Darius Gaiden a much better experience. It’s simple to play and forgiving when you lose. Every stage is unique and makes every new play through a completely different experience, not just in a different-ish way, but rather full blown new content!
A LEGENDARY PACKAGE OF NOSTALGIA
There’s one thing that you might be thinking, and that’s that I might be biased because it is Darius. It is true that I openly admit everywhere that Darius is my favorite. However, in this particular case my work was cut out for me, I don’t need to be biased because this is truly a wonderfully crafted collection that deserves to be on everyone’s Switch. It contains every possible version of Darius you might have encountered on the arcades and then sprinkled some top notch features that make it stand on a class of its own when it comes to ports. It also helps that the Darius games remain to be as fun as they always have been, even with their caveats. I took 3-4 times more time to play this collection, not because it had a lot of content, but because I loved playing every second of it and wanted to try it all. Wanted to 1CC every version, wanted to traverse every possible stage, wanted to created masterful replays. The only possible downside I can see to this collection is the price. $44.99 is a very high price compared to other shmups on the market. In terms of features and overall content (because remember, every game has more than an alphabets worth of different zones) it does warrant its price. Although I can see people double guess their decision, with this game being close to the cost of a first party title and significantly higher than other shmups.
My tentative placement for Darius Cozmic Collection Arcade was on the top 3 spots. I really had a hard time deciding where to put it, so I went back and revisited both Ikaruga and Psyvariar Delta. After finishing my Ikaruga play through, I was reminded of the magic that is Ikaruga and how special it is. Psyvariar Delta also reminded me of the buzz system and how the refined gameplay and level ups work towards creating an experience that I can’t quite put into words. The main defining factor, however, was that I don’t think any of the Darius games in the collection beats the top 2 contenders. The 7 games as an aggregate, are certainly a force to be reckoned with thanks to the superb M2 porting labour. With that being said, I will award it a 3rd spot because the gameplay experience is incredible, but a little held back by the age of the games and the hefty price tag. Still, Darius will always be #1 in my heart.
THE RANKING SO FAR:
Darius Cozmic Collection Arcade
Steredenn: Binary Stars
Stardust Galaxy Warriors: Stellar Climax
Sky Force: Reloaded
R-Type Dimensions EX
Sine Mora EX
Shikhondo – Soul Eater
Ghost Blade HD
Aero Fighters 2 (ACA Neogeo)
Lightening Force: Quest for the darkstar (Sega Ages)
Wall Street Week Ahead for the trading week beginning June 29th, 2020
Good Saturday afternoon to all of you here on StockMarket. I hope everyone on this sub made out pretty nicely in the market this past week, and is ready for the new trading week ahead. Here is everything you need to know to get you ready for the trading week beginning June 29th, 2020.
Fragile economic recovery faces first big test with June jobs report in the week ahead - (Source)
The second half of 2020 is nearly here, and now it’s up to the economy to prove that the stock market was right about a sharp comeback in growth. The first big test will be the June jobs report, out on Thursday instead of its usual Friday release due to the July 4 holiday. According to Refinitiv, economists expect 3 million jobs were created, after May’s surprise gain of 2.5 million payrolls beat forecasts by a whopping 10 million jobs. “If it’s stronger, it will suggest that the improvement is quicker, and that’s kind of what we saw in May with better retail sales, confidence was coming back a little and auto sales were better,” said Kevin Cummins, chief U.S. economist at NatWest Markets. The second quarter winds down in the week ahead as investors are hopeful about the recovery but warily eyeing rising cases of Covid-19 in a number of states. Stocks were lower for the week, as markets reacted to rising cases in Texas, Florida and other states. Investors worry about the threat to the economic rebound as those states move to curb some activities. The S&P 500 is up more than 16% so far for the second quarter, and it is down nearly 7% for the year. Friday’s losses wiped out the last of the index’s June gains. “I think the stock market is looking beyond the valley. It is expecting a V-shaped economic recovery and a solid 2021 earnings picture,” said Sam Stovall, chief investment strategist at CFRA. He expects large-cap company earnings to be up 30% next year, and small-cap profits to bounce back by 140%. “I think the second half needs to be a ‘show me’ period, proving that our optimism was justified, and we’ll need to see continued improvement in the economic data, and I think we need to see upward revisions to earnings estimates,” Stovall said. Liz Ann Sonders, chief investment strategist at Charles Schwab, said she expects the recovery will not be as smooth as some expect, particularly considering the resurgence of virus outbreaks in sunbelt states and California. “Now as I watch what’s happening I think it’s more likely to be rolling Ws,” rather than a V, she said. “It’s not just predicated on a second wave. I’m not sure we ever exited the first wave.” Even without actual state shutdowns, the virus could slow economic activity. “That doesn’t mean businesses won’t shut themselves down, or consumers won’t back down more,” she said.
In the second half of the year, the market should turn its attention to the election, but Sonders does not expect much reaction to it until after Labor Day. RealClearPolitics average of polls shows Democrat Joe Biden leading President Donald Trump by 10 percentage points, and the odds of a Democratic sweep have been rising. Biden has said he would raise corporate taxes, and some strategists say a sweep would be bad for business, due to increased regulation and higher taxes. Trump is expected to continue using tariffs, which unsettles the market, though both candidates are expected to take a tough stance on China. “If it looks like the Senate stays Republican than there’s less to worry about in terms of policy changes,” Sonders said. “I don’t think it’s ever as binary as some people think.” Stovall said a quick study shows that in the four presidential election years back to 1960, where the first quarter was negative, and the second quarter positive, stocks made gains in the second half. Those were 1960 when John Kennedy took office, 1968, when Richard Nixon won; 1980 when Ronald Reagan’s was elected to his first term; and 1992, the first win by Bill Clinton. Coincidentally, in all of those years, the opposing party gained control of the White House.
The stocks market’s strong second-quarter showing came after the Fed and Congress moved quickly to inject the economy with trillions in stimulus. That unlocked credit markets and triggered a stampede by companies to restructure or issue debt. About $2 trillion in fiscal spending was aimed at consumers and businesses, who were in sudden need of cash after the abrupt shutdown of the economy. Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin both testify before the House Financial Services Committee Tuesday on the response to the virus. That will be important as markets look ahead to another fiscal package from Congress this summer, which is expected to provide aid to states and local governments; extend some enhanced benefits for unemployment, and provide more support for businesses. “So much of it is still so fluid. There are a bunch of fiscal items that are rolling off. There’s talk about another fiscal stimulus payment like they did last time with a $1,200 check,” said Cummins. Strategists expect Congress to bicker about the size and content of the stimulus package but ultimately come to an agreement before enhanced unemployment benefits run out at the end of July. Cummins said state budgets begin a new year July 1, and states with a critical need for funds may have to start letting workers go, as they cut expenses. The Trump administration has indicated the jobs report Thursday could help shape the fiscal package, depending on what it shows. The federal supplement to state unemployment benefits has been $600 a week, but there is opposition to extending that, and strategists expect it to be at least cut in half. The unemployment rate is expected to fall to 12.2% from 13.3% in May. Cummins said he had expected 7.2 million jobs, well above the consensus, and an unemployment rate of 11.8%. As of last week, nearly 20 million people were collecting state unemployment benefits, and millions more were collecting under a federal pandemic aid program. “The magnitude here and whether it’s 3 million or 7 million is kind of hard to handicap to begin with,” Cummins said. Economists have preferred to look at unemployment claims as a better real time read of employment, but they now say those numbers could be impacted by slow reporting or double filing. “There’s no clarity on how you define the unemployed in the Covid 19 environment,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “If there’s 30 million people receiving insurance, unemployment should be above 20%.
This past week saw the following moves in the S&P:
The economy is moving in the right direction, as many economic data points are coming in substantially better than what the economists expected. From May job gains coming in more than 10 million higher than expected and retail sales soaring a record 18%, how quickly the economy is bouncing back has surprised nearly everyone. “As good as the recent economic data has been, we want to make it clear, it could still take years for the economy to fully come back,” explained LPL Financial Senior Market Strategist Ryan Detrick. “Think of it like building a house. You get all the big stuff done early, then some of the small things take so much longer to finish; I’m looking at you crown molding.” Here’s the hard truth; it might take years for all of the jobs that were lost to fully recover. In fact, during the 10 recessions since 1950, it took an average of 30 months for lost jobs to finally come back. As the LPL Chart of the Day shows, recoveries have taken much longer lately. In fact, it took four years for the jobs lost during the tech bubble recession of the early 2000s to come back and more than six years for all the jobs lost to come back after the Great Recession. Given many more jobs were lost during this recession, it could takes many years before all of them indeed come back.
The economy is going the right direction, and if there is no major second wave outbreak it could surprise to the upside. Importantly, this economic recovery will still be a long and bumpy road.
Nasdaq - Russell Spread Pulling the Rubber Band Tight
The Nasdaq has been outperforming every other US-based equity index over the last year, and nowhere has the disparity been wider than with small caps. The chart below compares the performance of the Nasdaq and Russell 2000 over the last 12 months. While the performance disparity is wide now, through last summer, the two indices were tracking each other nearly step for step. Then last fall, the Nasdaq started to steadily pull ahead before really separating itself in the bounce off the March lows. Just to illustrate how wide the gap between the two indices has become, over the last six months, the Nasdaq is up 11.9% compared to a decline of 15.8% for the Russell 2000. That's wide!
In order to put the recent performance disparity between the two indices into perspective, the chart below shows the rolling six-month performance spread between the two indices going back to 1980. With a current spread of 27.7 percentage points, the gap between the two indices hasn't been this wide since the days of the dot-com boom. Back in February 2000, the spread between the two indices widened out to more than 50 percentage points. Not only was that period extreme, but ten months before that extreme reading, the spread also widened out to more than 51 percentage points. The current spread is wide, but with two separate periods in 1999 and 2000 where the performance gap between the two indices was nearly double the current level, that was a period where the Nasdaq REALLY outperformed small caps.
To illustrate the magnitude of the Nasdaq's outperformance over the Russell 2000 from late 1998 through early 2000, the chart below shows the performance of the two indices beginning in October 1998. From that point right on through March of 2000 when the Nasdaq peaked, the Nasdaq rallied more than 200% compared to the Russell 2000 which was up a relatively meager 64%. In any other environment, a 64% gain in less than a year and a half would be excellent, but when it was under the shadow of the surging Nasdaq, it seemed like a pittance.
The US equity market made its most recent peak on June 8th. From the March 23rd low through June 8th, the average stock in the large-cap Russell 1,000 was up more than 65%! Since June 8th, the average stock in the index is down more than 11%. Below we have broken the index into deciles (10 groups of 100 stocks each) based on simple share price as of June 8th. Decile 1 (marked "Highest" in the chart) contains the 10% of stocks with the highest share prices. Decile 10 (marked "Lowest" in the chart) contains the 10% of stocks with the lowest share prices. As shown, the highest priced decile of stocks are down an average of just 4.8% since June 8th, while the lowest priced decile of stocks are down an average of 21.5%. It's pretty remarkable how performance gets weaker and weaker the lower the share price gets.
It's hard to believe that sentiment can change so fast in the market that one day investors and traders are bidding up stocks to record highs, but then the next day sell them so much that it takes the market down over 2%. That's exactly what happened not only in the last two days but also two weeks ago. While the 5% pullback from a record high back on June 10th took the Nasdaq back below its February high, this time around, the Nasdaq has been able to hold above those February highs.
In the entire history of the Nasdaq, there have only been 12 periods prior to this week where the Nasdaq closed at an all-time high on one day but dropped more than 2% the next day. Those occurrences are highlighted in the table below along with the index's performance over the following week, month, three months, six months, and one year. We have also highlighted each occurrence that followed a prior one by less than three months in gray. What immediately stands out in the table is how much gray shading there is. In other words, these types of events tend to happen in bunches, and if you count the original occurrence in each of the bunches, the only two occurrences that didn't come within three months of another occurrence (either before or after) were July 1986 and May 2017. In terms of market performance following prior occurrences, the Nasdaq's average and median returns were generally below average, but there is a pretty big caveat. While the average one-year performance was a gain of 1.0% and a decline of 23.6% on a median basis, the six occurrences that came between December 1999 and March 2000 all essentially cover the same period (which was very bad) and skew the results. Likewise, the three occurrences in the two-month stretch from late November 1998 through January 1999 where the Nasdaq saw strong gains also involves a degree of double-counting. As a result of these performances at either end of the extreme, it's hard to draw any trends from the prior occurrences except to say that they are typically followed by big moves in either direction. The only time the Nasdaq wasn't either 20% higher or lower one year later was in 1986.
In the mid-1980s the market began to evolve into a tech-driven market and the market’s focus in early summer shifted to the outlook for second quarter earnings of technology companies. Over the last three trading days of June and the first nine trading days in July, NASDAQ typically enjoys a rally. This 12-day run has been up 27 of the past 35 years with an average historical gain of 2.5%. This year the rally may have begun a day early, today and could last until on or around July 14. After the bursting of the tech bubble in 2000, NASDAQ’s mid-year rally had a spotty track record from 2002 until 2009 with three appearances and five no-shows in those years. However, it has been quite solid over the last ten years, up nine times with a single mild 0.1% loss in 2015. Last year, NASDAQ advanced a solid 4.6% during the 12-day span.
Tech Historically Leads Market Higher Until Q3 of Election Years
As of yesterday’s close DJIA was down 8.8% year-to-date. S&P 500 was down 3.5% and NASDAQ was up 12.1%. Compared to the typical election year, DJIA and S&P 500 are below historical average performance while NASDAQ is above average. However this year has not been a typical election year. Due to the covid-19, the market suffered the damage of the shortest bear market on record and a new bull market all before the first half of the year has come to an end. In the surrounding Seasonal Patten Charts of DJIA, S&P 500 and NASDAQ, we compare 2020 (as of yesterday’s close) to All Years and Election Years. This year’s performance has been plotted on the right vertical axis in each chart. This year certainly has been unlike any other however some notable observations can be made. For DJIA and S&P 500, January, February and approximately half of March have historically been weak, on average, in election years. This year the bear market ended on March 23. Following those past weak starts, DJIA and S&P 500 historically enjoyed strength lasting into September before experiencing any significant pullback followed by a nice yearend rally. NASDAQ’s election year pattern differs somewhat with six fewer years of data, but it does hint to a possible late Q3 peak.
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Micron Technology, Inc. $48.49
Micron Technology, Inc. (MU) is confirmed to report earnings at approximately 4:00 PM ET on Monday, June 29, 2020. The consensus earnings estimate is $0.71 per share on revenue of $5.27 billion and the Earnings Whisper ® number is $0.70 per share. Investor sentiment going into the company's earnings release has 71% expecting an earnings beat The company's guidance was for earnings of $0.40 to $0.70 per share. Consensus estimates are for earnings to decline year-over-year by 29.00% with revenue increasing by 10.07%. Short interest has increased by 7.6% since the company's last earnings release while the stock has drifted higher by 8.0% from its open following the earnings release to be 0.9% below its 200 day moving average of $48.94. Overall earnings estimates have been revised lower since the company's last earnings release. On Thursday, June 11, 2020 there was some notable buying of 46,037 contracts of the $60.00 call expiring on Friday, July 17, 2020. Option traders are pricing in a 4.6% move on earnings and the stock has averaged a 8.4% move in recent quarters.
General Mills, Inc. (GIS) is confirmed to report earnings at approximately 7:00 AM ET on Wednesday, July 1, 2020. The consensus earnings estimate is $1.04 per share on revenue of $4.89 billion and the Earnings Whisper ® number is $1.10 per share. Investor sentiment going into the company's earnings release has 69% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 25.30% with revenue increasing by 17.50%. Short interest has decreased by 9.4% since the company's last earnings release while the stock has drifted higher by 2.7% from its open following the earnings release to be 7.8% above its 200 day moving average of $54.91. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, June 24, 2020 there was some notable buying of 8,573 contracts of the $60.00 call expiring on Friday, July 17, 2020. Option traders are pricing in a 6.6% move on earnings and the stock has averaged a 3.0% move in recent quarters.
FedEx Corp. (FDX) is confirmed to report earnings at approximately 4:00 PM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $1.42 per share on revenue of $16.31 billion and the Earnings Whisper ® number is $1.65 per share. Investor sentiment going into the company's earnings release has 61% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 71.66% with revenue decreasing by 8.41%. Short interest has increased by 10.4% since the company's last earnings release while the stock has drifted higher by 43.9% from its open following the earnings release to be 7.6% below its 200 day moving average of $140.75. Overall earnings estimates have been revised lower since the company's last earnings release. On Thursday, June 25, 2020 there was some notable buying of 1,768 contracts of the $145.00 call expiring on Thursday, July 2, 2020. Option traders are pricing in a 4.6% move on earnings and the stock has averaged a 7.7% move in recent quarters.
Conagra Brands, Inc. (CAG) is confirmed to report earnings at approximately 7:30 AM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $0.66 per share on revenue of $3.24 billion and the Earnings Whisper ® number is $0.69 per share. Investor sentiment going into the company's earnings release has 66% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 83.33% with revenue increasing by 23.99%. Short interest has decreased by 38.3% since the company's last earnings release while the stock has drifted higher by 6.3% from its open following the earnings release to be 6.4% above its 200 day moving average of $30.68. Overall earnings estimates have been revised higher since the company's last earnings release. On Thursday, June 11, 2020 there was some notable buying of 3,239 contracts of the $29.00 put expiring on Thursday, July 2, 2020. Option traders are pricing in a 4.7% move on earnings and the stock has averaged a 10.8% move in recent quarters.
Constellation Brands, Inc. (STZ) is confirmed to report earnings at approximately 7:30 AM ET on Wednesday, July 1, 2020. The consensus earnings estimate is $1.91 per share on revenue of $1.97 billion and the Earnings Whisper ® number is $2.12 per share. Investor sentiment going into the company's earnings release has 53% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 13.57% with revenue decreasing by 13.69%. Short interest has increased by 20.8% since the company's last earnings release while the stock has drifted higher by 25.2% from its open following the earnings release to be 5.2% below its 200 day moving average of $178.34. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, June 9, 2020 there was some notable buying of 888 contracts of the $195.00 call expiring on Friday, October 16, 2020. Option traders are pricing in a 3.1% move on earnings and the stock has averaged a 5.7% move in recent quarters.
Capri Holdings Limited (CPRI) is confirmed to report earnings at approximately 6:30 AM ET on Wednesday, July 1, 2020. The consensus earnings estimate is $0.32 per share on revenue of $1.18 billion and the Earnings Whisper ® number is $0.34 per share. Investor sentiment going into the company's earnings release has 39% expecting an earnings beat The company's guidance was for earnings of $0.68 to $0.73 per share. Consensus estimates are for earnings to decline year-over-year by 49.21% with revenue decreasing by 12.20%. Short interest has increased by 35.1% since the company's last earnings release while the stock has drifted lower by 56.7% from its open following the earnings release to be 44.0% below its 200 day moving average of $25.67. Overall earnings estimates have been revised lower since the company's last earnings release. On Thursday, June 4, 2020 there was some notable buying of 11,042 contracts of the $17.50 put expiring on Friday, August 21, 2020. Option traders are pricing in a 10.8% move on earnings and the stock has averaged a 6.7% move in recent quarters.
X Financial (XYF) is confirmed to report earnings at approximately 5:00 PM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $0.09 per share. Investor sentiment going into the company's earnings release has 25% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 55.00% with revenue increasing by 763.52%. Short interest has increased by 1.0% since the company's last earnings release while the stock has drifted lower by 1.2% from its open following the earnings release to be 37.7% below its 200 day moving average of $1.47. Overall earnings estimates have been unchanged since the company's last earnings release. The stock has averaged a 4.9% move on earnings in recent quarters.
Acuity Brands, Inc. (AYI) is confirmed to report earnings at approximately 8:40 AM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $1.14 per share on revenue of $809.25 million and the Earnings Whisper ® number is $1.09 per share. Investor sentiment going into the company's earnings release has 42% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 51.90% with revenue decreasing by 14.60%. Short interest has increased by 48.5% since the company's last earnings release while the stock has drifted higher by 2.4% from its open following the earnings release to be 23.4% below its 200 day moving average of $110.25. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 9.2% move on earnings and the stock has averaged a 8.2% move in recent quarters.
Methode Electronics, Inc. (MEI) is confirmed to report earnings at approximately 7:00 AM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $0.77 per share on revenue of $211.39 million. Investor sentiment going into the company's earnings release has 45% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 24.19% with revenue decreasing by 20.53%. Short interest has increased by 6.2% since the company's last earnings release while the stock has drifted lower by 1.7% from its open following the earnings release to be 9.0% below its 200 day moving average of $32.97. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 18.4% move on earnings and the stock has averaged a 8.1% move in recent quarters.
UniFirst Corporation (UNF) is confirmed to report earnings at approximately 8:00 AM ET on Wednesday, July 1, 2020. The consensus earnings estimate is $1.17 per share on revenue of $378.28 million and the Earnings Whisper ® number is $1.25 per share. Investor sentiment going into the company's earnings release has 44% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 52.44% with revenue decreasing by 16.63%. Short interest has decreased by 2.7% since the company's last earnings release while the stock has drifted higher by 14.1% from its open following the earnings release to be 8.4% below its 200 day moving average of $186.14. Overall earnings estimates have been revised lower since the company's last earnings release. The stock has averaged a 7.0% move on earnings in recent quarters.
What are SPACs? A special purpose acquisition company (SPAC) is a company formed solely to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. SPACs are also called “blank check companies” because they IPO without having any actual business operations. SPACs are generally formed by investors, or sponsors, with expertise in a particular business sector, with the intention of pursuing deals in that area. The founders generally have at least one acquisition target in mind, but they don't identify that target to avoid extensive disclosures during the IPO process. A SPAC generally has two years to complete a deal (by a “reverse merger”) or face liquidation. Companies aiming to go public with this route are typically 1x-5x larger in terms of market cap than the SPAC itself. The SPAC Process The money SPACs raise in an IPO is placed in an interest-bearing trust account. These funds can’t be used except to complete an acquisition or to return the money to investors if the SPAC is liquidated. So, in practice, these companies will typically have a $10 floor on their share price, as that is what must be paid out to holders of shares if the company does not successfully reach a deal. If the deal is not completed in time, the warrants expire worthless and the remaining funds are distributed back to the shareholders. After a SPAC has completed an acquisition the SPAC then trades as any other company listed on an exchange. If you came across a SPAC stock several years after the acquisition, you would likely have no idea it ever started as a SPAC unless you did some research into the company’s history. Finally, the SPAC symbol and name will change to reflect the company that has been purchased. Often the SPAC takes on the name of the new company, but that is not always the case. If you own either common shares or warrants in your brokerage account, those shares will automatically be converted to the new name/symbol. The SPAC is Back SPACs were popular before the financial crisis, but use of SPACs declined following the market meltdown. Recently, though, an excess of capital has led investors to seek out merger and acquisition opportunities more aggressively, and that's led to the return of SPACs. More SPACs went public in 2018 than in any year since 2007, raising more than $10 billion in capital for use in searching for investment opportunities. In 2019, the figure was even higher $13.6 billion —more than four times the $3.2 billion they raised in 2016. SPACs have also now also attracted big-name underwriters such as Goldman Sachs, Credit Suisse, and Deutsche Bank, as well as retired or semi-retired senior executives looking for a shorter-term opportunity. Through May 2020, $9.8 billion has been raised in 21 SPAC IPOs. Recent High Profile SPACs Example 1: SPCE. Before it was Virgin Galactic, it was a SPAC trading under the ticker IPOA. Social Capital Hedosophia raised over $650 million in 2017. Example 2: DKNG. Before it was Draft Kings, it was Diamond Eagle Acquisition Corp. The SPAC originally raised $350 million in May 2019, listing its units under the symbol DEACU, which comprised common shares and 1/3 warrants. When the investors approved the merger, the SPAC's common shares traded at $17.53, a 75% return from the $10 offer price. Example 3: NKLA. Before it was Tesla-killer Nikola, it was VTIQ. VectoIQ Acquisition raised $200 million in a May 2018 IPO. In March 2020, the SPAC agreed to merge with Nikola Corp at an implied enterprise value of about $3.3 billion. The rest is history. Units, Shares and Warrants Units When the IPO occurs, a SPAC generally offers Units – generally at $10 per Unit. These Units are comprised of one share of common stock (Share) and a Warrant (or portion of a warrant) to purchase common stock (generally exercisable at $11.50). Depending on size, prominence/track record of sponsors, and investment bank leading IPO, Units may consist of one Share of common stock plus one full Warrant, ½ of one warrant or ⅓ of one warrant. Shortly after the IPO, the common stock (Shares) and Warrants included in SPAC Units become separable. At that point, the Warrants and Shares trade separately alongside the unseparated Units. Shares SPAC common stock is linked to the SPAC’s secure trust account. SPACs are structured such that the trust account contains at least $10.00 per public share. Liquidity may be limited in the open market for Shares but the defined liquidation term of SPAC common equity can provide for a relatively attractive yield with an option to own a SPAC's future acquisition target. If the SPAC fails to complete a business combination in the required timeframe, all public shares are redeemed for a pro rata portion of the cash held in the trust account. Companies will typically have a $10 floor on their share price, as that is what must be paid out to holders of shares if the company does not successfully reach a deal. Warrants A warrant is like an option but traded like a stock. Warrants provide the owner the right (but not the obligation) to purchase one share of the underlying company at a predetermined price per warrant – typically at $11.50. Almost all SPAC Warrants have a five-year term after any merger has been consummated. However, SPAC warrants, expire worthless if the SPAC can't close a business combination, are thus a binary bet on a five-year warrant on a hypothetical future company. Warrants become exercisable only if the SPAC completes a business combination transaction before the specified outside date. The speculative nature of this Warrants tends to lead to wild price swings. SPAC Tickers SPAC Shares typically trade with a four-character ticker – eg. MNCL The SPAC Units are identified as the Share ticker plus “U” at the end – eg MNCLU Finally, the Warrants are the Share ticker plus “W” at the end – eg MNCLW.
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