Novak Djokovic defeated Belgium’s Steve Darcis 6-0 7-5 on Monday to power into the last 16 of the Miami Open along with Japan’s Kei Nishikori, Canada’s Milos Raonic and American John Isner.
The Serbian world number one, who just like last year won at Indian Wells before heading to South Florida, will face Alexandr Dolgopolov, a 7-5 6-4 winner over Brazilian Thomaz Bellucci, in the fourth round.
Djokovic, who is seeking a fifth win at Miami, wrapped up a one-sided first set in 26 minutes but faced a sterner test in the second.
Darcis broke to go ahead 5-4 but after the Serb levelled up the set, he broke back and held on to secure the match.
“I managed to come back in the right moment,” Djokovic said.
“I kind of elevated the intensity and started playing a little bit more with depth on the ball.
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“He’s got a lot of variety, especially from his backhand side.
“So I was handling it really good for first 30 minutes, then started to make some unforced errors and started to play a little bit more neutral, a little bit slower, and he got into the match.
“I complicated my own life in the second set but in the end of the day, it’s a win.”
Fourth-seed Nishikori had even less trouble as he crushed Serbia’s Viktor Troicki 6-2 6-2 in 63 minutes.
Troicki, who needed medical treatment to his left side during the match, struggled to cope with Nishikori throughout with the 25-year-old converting five of his six break points.
“I was almost perfect on the court. It is so exciting that I am playing well here,” said Nishikori. “Maybe he was hurting a little bit but I was still putting him under pressure with my return.”
Raonic also moved into the fourth round after a hard-earned 6-1 5-7 7-6 (3) win over French 31st seed Jeremy Chardy.
Raonic was broken when serving for the match at 5-4 in the second and then Chardy went on to force the third set.
“He started playing more freely and I sort of went the other way,” said Raonic. “He played well in the second set and I think he played better than I did in the third.”
Isner provided an upset as the 22nd seed won 7-6(2) 6-2 over ninth seeded Bulgarian Grigor Dimitrov while Belgian 18th seed David Goffin beat Poland’s Jerzy Janowicz 6-4 6-3 and Spain’s sixth seed David Ferrer got past Czech Lukas Rosol 6-4 7-5.
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How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
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Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
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