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The SP 500 closed out a brutal third quarter on a low note this week hitting new 52 week lows On Friday the Bureau of Economic Analysis reported the personal consumption expenditures PCE price index gained 62 year over year in the month of August down from a 63 PCE inflation in July Core PCE which excludes volatile food and energy prices and is the preferred inflation measure for the Federal Reserve was up 49 in August exceeding economist estimates of a 46 rise The British pound dropped to new all time lows against the US dollar on Monday in response to new UK Prime Minister Liz Truss bold new economic stimulus plan that included aggressive tax cuts and investment incentives To stabilize the bond and currency markets the Bank of England announced on Wednesday that it will suspend its planned bond selling program and will instead begin buying long dated UK government bonds Concerns over economic instability in the UK sent 10 Year US Treasury yields above 4 in midweek trading before they retreated to 373 to finish the week The SP 500 also hit a new 52 week low of 361040 on Thursday its lowest intraday level since 2020 See Also Big Short Investor Michael Burry Reminisces Dow s Largest Single Day Fall In 2008 Wonders If This Could Be Worse Bank of America downgraded AppleNASDAQAAPL from Buy to Neutral on Thursday triggering a sharp sell off in tech stocks In the downgrade note BofA analyst Wamsi Mohan said he expects weaker consumer demand will prompt analysts to cut their Apple earnings estimates in coming quarters Not Rite NowRite Aid CorporationNYSERAD shares traded lower by more than 29 on Thursday after the pharmacy retailer reported a larger than expected second quarter net loss and cut its full year earnings guidance Investors will get more quarterly earnings reports in the week ahead from Lamb Weston Holdings Inc NYSELW on Wednesday Conagra Brands Inc NYSECAG and Levi Strauss Co NYSELEVIon Thursday and Tilray Inc NASDAQTLRY on Friday Wall Street analysts currently project an average of 257 upside for the SP 500 over the next 12 months according to FactSet Economic Numbers Following the disappointing PCE reading investors will get more key economic updates on Thursday when Eurostat releases its August Retail Sales report and on Friday when the US Labor Department releases its September jobs report PhotoZenzenvia Shutterstock
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AMTD Digital soared over 30000 in just three weeks since their IPO from 780 to 2555 per share Nancy Pelosi visits Taiwan exacerbating tensions between the US and China and spooking the stock market New legislation could see the SEC boot up to 270 China based companies from the US stock markets including Alibaba Subscribe to the Forbes AI newsletter to stay in the loop and get our AI backed investing insights latest news and more delivered directly to your inbox every weekend Major events that could affect your portfolio A no name company based out of Hong Kong has soared up the list of the world’s most valuable companies this week AMTD Digital managed to surpass giants like Visa Exxon Mobil and Walmart and briefly hit a valuation of over 450 billion despite revenue of just 25 million It’s been an incredible run up since the company floated on the New York Stock Exchange on July 15th at 780 with the stock price hitting an all time high of 255530 on August 2nd before significant falls in subsequent days As of Friday morning the stock is still trading at an insane 870 giving a market cap of over 160 billion That’s more than Morgan Stanley Intel IBM and American Express Initially it was thought that AMTD Digital was another target for Reddit’s infamous WallStreetBets crowd but it now appears that might not be the case Trading volumes have been too low to suggest any major retail involvement and the discussion on the site regarding the stock has been limited AMTD Digital’s parent company AMTD Idea is also listed on the New York Stock Exchange Despite owning over 88 of a company that is supposedly worth 160 billion its market cap is sitting at a paltry 185 billion Some savvy traders have played this link with AMTD Idea’s price also increasing over 300 in the past month As yet no reasoning has been given as to why AMTD Digital has grown so fast with some suggestions that there may be some less than ethical antics at play Nancy Pelosi visited Taiwan this week the highest ranking US Government official to do so in 25 years Despite operating as an independent nation since 1945 the Chinese government still claims sovereignty over the island The dispute is a constant source of tension in the region with China considering any international acknowledgement of Taiwan as an insult to their authority It’s no surprise then that they weren’t too happy about Pelosi’s visit Asian markets reacted to the arrival of Pelosi with Hong Kong’s Hang Seng closing down 24 and Shanghai’s Composite Index dropping 23 on the day of her arrival It has heightened tensions between the world’s two biggest economies as we continue to see a trend of fewer financial ties between the countries The visit also comes off the back of news that up to 270 US listed Chinese companies are at risk of being delisted from US markets The issue surrounds concerns from the Chinese government that meeting the SEC’s disclosure requirements may reveal state secrets The Holding Foreign Companies Accountable Act HFCAA would allow the SEC to de register companies that don’t provide full and transparent disclosure from their auditors Among the names on the watchlist is one of the world’s most valuable companies Alibaba The legislation wouldn’t see companies delisted immediately but it could commence proceedings which would see them move off US markets by 2024 Tech has been beaten down badly so far this year Almost every company in every sub sector of the industry has taken massive hits to their stock prices regardless of their underlying fundamentals It’s not just traditional tech companies like Alphabet Microsoft and Amazon that have suffered either Crypto has been on a huge bull run over recent years but the tide turned at the start of 2022 and we ve seen some massive losses since then Over the last month we’ve started to see some green shoots appearing across the tech industry and in the crypto space Despite mixed announcements in the second quarter s earnings season in general the financial performance of many companies has been better than expected There are some notable exceptions such as Meta but forecasts have also been generally more optimistic than many investors could have hoped for These results have driven a rally in the tech sector which has seen stocks rise significantly in a short space of time In order to take advantage of this we have a number of Investment Kits specifically designed to invest in the tech sector Our Emerging Tech Kit uses AI to take a long position in a mix of tech ETFs large cap tech stocks new tech stocks and cryptocurrencies via public trusts Every week our AI reviews multiple data sets to set the optimal mix between these verticals If you’re not feeling quite as confident on the direction of the market in the short term another tech play is our Tech Rally Kit Our AI makes this trade work with a combination of a long position on tech and a short position on the Dow So even if the overall market trends down or sideways this kit can make money if the tech companies perform better than the market in general It’s the type of trade usually reserved for wealthy investment banking clients but we offer it to everyone Here are some of the best ideas our AI systems are recommending for the next week and month Vimeo VMEO – The video hosting platform one of our Top Buys for next week with an A rating in Growth and Technicals and a C in Growth and Low Momentum Volatility Revenue was up 236 year on year to the end of June Spi Energy SPI – Clean energy business Spi Energy is a Top Short for next week with our AI rating them an F in our Low Momentum Volatility Technicals and Quality Value The company s earnings per share are down 143 over the past 12 months Alpha Metallurgical Resource AMR – Coal miner Alpha Metallurgical Resource is a Top Buy for next month with an A in Quality Value and a B in our Growth factor Analysts are projecting revenue growth of almost 100 in 2022 Aspen Aerogels ASPN – The thermal insulation company is our Top Short for next month and our AI rates it as an F in Quality Value and Technicals and a C in Low Momentum Volatility Earnings per share have plummeted 2439 over the past 12 months Our AI’s Top ETF trade for the next month is to invest in Chile Columbia online retail and interactive media while shorting US fixed interest and industrials Top Buys are the iShares MSCI Chile ETF Global X MSCI Colombia ETF and the SPDR SP Internet ETF Top Shorts are the iShares US Treasury Bond ETF and the Vanguard Industrials ETF Want to learn more about investing or sharpen your existing knowledge Qai publishes Qbits on our Learn Center where you can define investing terms unpack financial concepts and up your skill level Qbits are digestible snackable investing content intended to break down complex concepts in plain english Check out some of our latest here What Is the Time Weighted Return All newsletter subscribers will receive a 100 sign up bonus when they deposit 100 or more
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The CNN Money Fear and Greed index showed some improvement in overall sentiment among US investors on Wednesday The SP 500 and the Nasdaq settled at their strongest levels since April 2022 on Wednesday following the release of inflation data The annual inflation rate in the US eased to 3 in June recording the lowest level since March 2021 versus May’s level of 4 and market expectations of 31 Month over month the index increased 02 last month Investors are expecting another 25 bps rate hike at the Federal Reserve’s July meeting The Walt Disney Company NYSEDIS extended Bob Iger s contract as CEO through 2026 The Dow Jones closed higher by around 86 points to 3434743 on Wednesday The SP 500 rose 074 at 447216 while the Nasdaq Composite added 115 at 1391896 during the session Investors are awaiting earnings results from Delta Air Lines Inc NYSEDAL Conagra Brands Inc NYSECAG and The Progressive Corporation NYSEPGR today At a current reading of 800 the index remained in the Extreme Greed zone versus a previous reading of 790 What is CNN Business Fear Greed Index The Fear Greed Index is a measure of the current market sentiment It is based on the premise that higher fear exerts pressure on stock prices while higher greed has the opposite effect The index is calculated based on seven equal weighted indicators The index ranges from 0 to 100 where 0 represents maximum fear and 100 signals maximum greediness Read Next Delta Air Lines Likely To Report Higher Q2 Earnings Here s A Look At Recent Price Target Changes By The Most Accurate Analysts
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Outlays for construction projects fell 07 in August to 178 trillion the Commerce Department reported Thursday Spending in July fell a revised 06 to 179 trillion up from the prior estimate of a 04 drop Over the past year construction spending is still up 85 The Dow Jones Industrial Index DJIA SP 500 SPX and Nasdaq Composite COMP were all up in early trading on Monday
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A whale with a lot of money to spend has taken a noticeably bullish stance on NIO Looking at options history for NIO NYSENIO we detected 25 strange trades If we consider the specifics of each trade it is accurate to state that 56 of the investors opened trades with bullish expectations and 44 with bearish From the overall spotted trades 5 are puts for a total amount of 199182 and 20 calls for a total amount of 1653542 What s The Price Target Taking into account the Volume and Open Interest on these contracts it appears that whales have been targeting a price range from 40 to 225 for NIO over the last 3 months Volume Open Interest Development Looking at the volume and open interest is an insightful way to conduct due diligence on a stock This data can help you track the liquidity and interest for NIO s options for a given strike price Below we can observe the evolution of the volume and open interest of calls and puts respectively for all of NIO s whale activity within a strike price range from 40 to 225 in the last 30 days NIO Option Volume And Open Interest Over Last 30 Days Biggest Options Spotted Symbol PUTCALL Trade Type Sentiment Exp Date Strike Price Total Trade Price Open Interest Volume NIO CALL TRADE BULLISH 080423 1300 5189K 137K 31K NIO CALL SWEEP BULLISH 011725 1250 3187K 230K 533 NIO CALL TRADE BEARISH 091523 1600 856K 30K 320 NIO CALL TRADE NEUTRAL 090123 1300 580K 11K 455 NIO PUT SWEEP BEARISH 081123 1400 551K 38K 36K Where Is NIO Standing Right Now With a volume of 35032265 the price of NIO is down 474 at 1457 RSI indicators hint that the underlying stock may be overbought Next earnings are expected to be released in 36 days What The Experts Say On NIO UBS has decided to maintain their Neutral rating on NIO which currently sits at a price target of 15 JP Morgan has decided to maintain their Neutral rating on NIO which currently sits at a price target of 9 Morgan Stanley downgraded its action to Overweight with a price target of 12 Options are a riskier asset compared to just trading the stock but they have higher profit potential Serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closely If you want to stay updated on the latest options trades for NIO Benzinga Pro gives you real time options trades alerts
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Morgan Stanley s NYSEMS short percent of float has risen 822 since its last report The company recently reported that it has 2160 million shares sold short which is 158 of all regular shares that are available for trading Based on its trading volume it would take traders 21 days to cover their short positions on average Short interest is the number of shares that have been sold short but have not yet been covered or closed out Short selling is when a trader sells shares of a company they do not own with the hope that the price will fall Traders make money from short selling if the price of the stock falls and they lose if it rises Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock An increase in short interest can signal that investors have become more bearish while a decrease in short interest can signal they have become more bullish See Also List of the most shorted stocks As you can see from the chart above the percentage of shares that are sold short for Morgan Stanley has grown since its last report This does not mean that the stock is going to fall in the near term but traders should be aware that more shares are being shorted Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing A company s peer is another company that has similar characteristics to it such as industry size age and financial structure You can find a company s peer group by reading its 10 K proxy filing or by doing your own similarity analysis According to Benzinga Pro Morgan Stanley s peer group average for short interest as a percentage of float is 423 which means the company has less short interest than most of its peers Did you know that increasing short interest can actually be bullish for a stock This post by Benzinga Money explains how you can profit from it This article was generated by Benzinga s automated content engine and was reviewed by an editor
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Benzinga brings you the top 7 trending tokens of the day based on the most searched tokens on CoinGecko in the past 24 hoursLet s dive into the details and find out what s causing the buzz Access Protocol CRYPTO ACS Access Protocol takes the top spot on thelist today This token currently holds the 109th rank in terms of market cap With its innovative approach to decentralized identity management Access Protocol is gaining traction in the crypto world Access Protocol has a fresh approach for digital media outlets and creators to earn revenue from their hard work Rather than the conventional subscription fees users can use the ACS token as collateral to unlock exclusive access to high quality digital content Spool DAO CRYPTO SPOOL The second token on thelist is Spool DAO Currently ranked at 937th in terms of market cap Spool DAO smission is to make investing accessible and affordable for everyone Its unique DAO structure is also gaining attention among crypto enthusiasts Spool serves as a modular middleware that acts as a connector between Capital Aggregators Yield Optimizersand Yield Generators Its purpose is to optimize yield and mitigate risk by leveraging advanced algorithms ZigZag CRYPTO ZZ ZigZag takes the third spot on today s list With a current market cap rank of 771 this token is making waves with its innovative approach to cross chain trading Its user friendly interface and unique features are attracting a growing number of investors ZigZag is a decentralized exchange DEX that operates on ZK Rollups technology inSure DeFi CRYPTO SURE Infourth place is inSure DeFi ranked 349th in terms of market cap This token is gaining popularity for its innovative approach to decentralized insurance solutions Its unique features are attracting investors who are looking for a new approach to managing risk in the crypto world inSure DeFi is an insurance system for crypto assets that relies on community participation Users can safeguard their digital currency portfolios by purchasing SURE tokens using fiat or other cryptocurrencies Radiant Capital CRYPTO RDNT Radiant is the fifth token on our list today With a current market cap rank of 376 Radiant Capital is attracting attention for its unique approach to decentralized finance Its innovative solutions for managing risk and increasing returns are gaining traction among crypto investors Radiant s objective is to establish itself as the premier omnichain money market offering users the ability to deposit a diverse range of major assets on any major blockchain and avail themselves of numerous supported assets across multiple chains through borrowing Aura Finance CRYPTO AURA In sixth place is Aura Finance ranked 330th in terms of market cap This token is gaining attention for its innovative approach to decentralized finance Its unique features are attracting investors who are looking for new opportunities to earn returns in the crypto world Pendle CRYPTO PENDLE Last but not least Pendle takes the seventh spot on our list today With a current market cap rank of 641Pendle is a protocol that facilitates the tokenization and exchange of future yield Thanks to its innovative AMM which can handle assets with time decay Pendle empowers users to take charge of their future yield by offering them a wide range of options and opportunities to capitalize on it Understanding the reasons behind search levels is crucial before making any investment decisions It s important to conduct thorough research and consider the full context instead of relying solely on a single indicator Investing in low market cap tokens can be particularly risky as there s no guarantee of sufficient transaction volume when exiting a position However smaller tokens may also present significant opportunities if they address real life problems effectively DisclaimerThe information presented in this list is based solely on the search data gathered from CoinGecko within a 24 hour period It is important to note that the information provided is subject to change and should not be relied upon as financial or investment advice
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Bankrupt cryptocurrency exchange FTX’s co founder Sam Bankman Friedannounced on Friday that he will testify before the USHouse Financial Services Committee on Dec13 In response to demands from committee chair Maxine Waters D Calif who had stated his appearance was imperative Bankman Fried tweeted on Friday that he was willing to testify Bankman Fried statedhis contribution would be little because he now lackedaccess to the personal and professional information needed to support the testimony FTX along with its sister entity Alameda Research and 130 other affiliated companies had last month declared bankruptcy Bankman Fried also stepped down from his position as CEO In a tweet posted on Wednesday night Waters stated that if Bankman Fried chose not to appear a subpoena was DEFINITELY on the table Since Bankman Fried left claims of poor governance insufficient risk management and improper use of customer funds have surfaced He supported a plan to regulate digital commodities prior to his resignation and was a powerful player in Washington Also ReadSam Bankman Fried And Taylor Swift Were Negotiating A 100M Sponsorship Deal Before FTX Collapse Report As Users Wait For Their Funds Japanese Regulator Extends Suspension Of FTX Japan Meanwhile the suspension of FTX Japan hadbeen extended by the country’s Financial Services Agency FSA until March 9 A previous suspension orderput in place after FTX Japan stopped allowing user withdrawals was due to expire on Friday The FSA restated its earlier stance asserting it was essential to take all feasible precautions to guarantee that neither the interests of users nor FTX Japan s assets were jeopardized Following the failure of Bankman Fried s cryptocurrency exchange in early November Japan couldbe one of the very few countries where FTX customers mightbe able to get their money back In a notification published on its website today FTX Japan stated the company wasmoving forward with the business improvement plan filed to the regulator on Nov 16 Services related to trading depositsand account opening are still suspended Although the companyhadbeen working on a strategy to refund user assets it didnot provide information on exactly when customers could anticipate receiving their money back See AlsoShark Tank s O Leary Tussles With CNBC Over 11M Loss From FTX Fallout Here s What He Told Benzinga About His Next Move Involving An Army Of Lawyers Sam Bankman Fried s Support For FTX Revival Proposal Lifts FTT Token The native cryptocurrency of FTXCRYPTO FTTsoared on Friday when Bankman Fried voiced his support for a plan to revive the exchange that was suggested by crypto influencer Ran Neuner I continue to think that this would be a productive path for parties to explore I hope that the teams in place will do so Bankman Fried tweeted in response to Neuner s proposal to restart FTX by issuing a new FTT token and giving it to creditors and depositors Read NextBinance Has Enough BTC To Cover Customer Deposits Bitcoin Reserves Are Fully Collateralized Says Auditing Firm Mazars Photo FTX YouTube Unsplash
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Domino’s China operator DPC Dash has filed for a Hong Kong IPO that could raise up to 100 million and value the company at around 500 million Company has cashed in on China’s recent shift to takeout dining posting 187 same store sales growth last year The local operator of the Domino’s DPZ pizza chain is baking up China’s latest IPO showing that locally popular hotpots aren’t the only ones who can tap global capital markets these days for some pepperoni from investors DPC Dash Ltd disclosed the plan in its listing prospectus filed in Hong Kong this week in a relatively modest deal likely to raise up to 100 million Before we go any further a major disclosure is needed that this particular writer is a regular diner at Domino’s in Shanghai But that obvious bias aside the company really does look like an interesting growth story playing on China’s recent Covid fueled craze for takeout dining that is Domino’s specialty This particular listing is the latest in a recent flurry of similar IPO plans by Chinese restaurant chains looking to raise money in Hong Kong We’ve written about many of those including the likes of Yang Guofu Green Tea Group and QiXinTian But among the group which includes a heavy focus on locally popular hotpots DPC Dash is distinguished as the lone foreign flavor The company is the master China franchisee for US based Domino’s That’s quite similar to the arrangement for Pizza Hut China’s pizza market leader that is part of Yum China YUMC which is the China franchisee for US fast food giant Yum Brands Inc YUM Talk is obviously cheap but DPC Dash is quite direct about its big future plans to challenge Pizza Hut “In the long term our goal is to become the number one pizza company in China as other Domino’s Pizza’s franchisees have done in Asia Europe and North America” it says in the prospectus We’ll look shortly at the company’s financials including its recent rapid growth and rapidly improving same store sales that both look quite strong The same store sales growth looks especially impressive when one considers that most big fast food operators have recorded anemic growth or even contraction for that metric lately due to pandemic related disruptions Even as we write this article the mega city of Shanghai is preparing to go into what’s likely to become a complete lockdown starting on April 1 as it tries to tame the latest local Covid outbreak caused by the highly contagious Omicron variant That will deal a major blow to DPC Dash which counts Shanghai as its largest market with 143 of its 468 stores nationwide at the end of 2021 But Covid aside the market opportunity for pizza in China is quite large according to third party data in the prospectus That data estimates China’s pizza market was worth 305 billion yuan 48 billion last year and is expected to double to 623 billion yuan in 2025 The prospectus points out the market is relatively underserved compared to other Asian peers with around 10 pizza stores per million people in China versus about 29 in Japan and South Korea and a whopping 237 in the US For DPC Dash one of the biggest opportunities is China’s smaller cities where the company has yet to make a major push – unlike Yum China that is already well represented in such areas DPC Dash points to third party data showing it is currently China’s number three pizza chain with 36 of the market compared with Pizza Hut’s dominant 39 But DPC Dash is actually much closer to Pizza Hut in China’s top tier cities with 113 of the market compared with Pizza Hut’s 171 in those markets The company is relatively well positioned to enter smaller markets where it currently lacks much presence due to its heavy focus on takeout delivery which was already popular in China but has become even more so during the pandemic Such a delivery focus also helps it keep down costs since its stores have only very basic in store dining with smaller floor space and counter only service That focus allowed the company to post same store sales growth of 187 last year a sharp rise from the 9 growth figure for 2020 and 73 for 2019 Reflecting the big potential of smaller cities the company’s same store sales in markets outside Beijing and Shanghai grew 377 last year By comparison same store sales for Beijing and Shanghai – which collectively accounted for more than half of its store count at the end of last year – combined grew “just” 142 for the year That rapid growth allowed the company to improve its store level operating margins to 92 last year from 4 in 2020 At the highest level the company’s revenue grew 46 last year to 16 billion yuan as its store count grew 29 during the year It plans to open 300 stores in 2022 and 2023 which would boost its total store count to 768 by the end of next year if it reaches that goal By comparison Pizza Hut had over 2500 stores in China by the end of last year DPC Dash is still operating squarely in the red with a net loss that widened to 471 million yuan last year from 274 million yuan in 2020 Its adjusted net loss which typically excludes non cash items like stock based employee incentives actually narrowed to 143 million yuan last year from 200 million yuan in 2020 As we’ve said already one of DPC Dash’s edges over other chains is its roots as a takeout dining specialist It noted in the prospectus that takeout orders accounted for 515 of China’s overall pizza market last year but the figure is expected to grow to about 60 of sales by 2025 We’ll close with a look at how the company might be valued using Yum China as our yardstick though we should point out Yum China derives the lion’s share of its money from its local KFC operation that is much bigger than Pizza Hut Yum China which is profitable and recently reported 19 revenue growth for 2021 currently trades at a price to sales PS ratio of 19 A similar valuation for DPC Dash which seems relatively feasible would give the company a valuation of nearly 500 million
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Close on the heels of the Federal Reserve raising interest rates by 75 basis points money manager and Ark Invest founder Cathie Wood came down hard on the central bank and also stated that the US is already in a recession Recession Has Set In The US economy went into a recession in the first quarter Wood said on Sunday as part of a tweetstorm If enormous inventories bloat real GDP in the second quarter they will unwind and hurt growth for the rest of the year she added The star stock picker also noted that consumer sentiment in early June has dipped to a record low extending back to the 1940s Consumer sentiment according to the analyst is lower today than levels seen during the global financial crisis of 2008 09 and the two recessions in 1980 82 This was when former Fed chair Paul Volcker chocked a 15 inflation rate with 20 interest rates she added Fed Bent On Protecting Legacy While Volcker doubled Fed rates from 10 20 in less than a year today s central bank led by Jerome Powell has increased the fed funds rate seven fold over the last year and is also signaling a doubling from here Wood said Its moves already are more draconian than Volcker s she added The Fed seems to be worried more about its legacy than the economy it is ignoring deflationary and dangerous signals Wood said the Fed is relying on lagging indicators like the consumer price index Member of the Federal Reserve Board Christopher Waller has called for another 75 basis point rate hike in July she noted Related Link Cathie Wood Sees This Technology Accelerating GDP Growth To 50 Per Year Inflationary Fears Receding While noting that gold is one of the best leading indicators of inflation Wood said the price of the yellow metal has dropped from a high of 2000 per ounce during the pandemic to 1840 during the past two years Lumber prices have also dropped over 50 she noted If inventories and stock prices are leading indicators for employment and wages which in this case I believe they are then fears of cost push inflation a la 1970 s should disappear during the next six months Wood said The SPDR SP 500 ETF Trust SPY closed Friday s session 022 higher at 36586 according to Benzinga Pro
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Register now for FREE unlimited access to Reuterscom Register The Ford logo is pictured at the 2019 Frankfurt Motor Show IAA in Frankfurt Germany REUTERSWolfgang Rattay Sept 20 Reuters Shares of Ford Motor Co FN fell 10 on Tuesday after the automaker flagged a bigger than expected 1 billion hit from inflation and pushed delivery of some vehicles to the fourth quarter due to parts shortages The inflationary costs are concerning as they could persist into Q4 and 2023 Wells Fargo analyst Colin Langan said Ford s preliminary third quarter results sent shares of rival General Motors Co GMN tumbling 33 as some analysts said it might take more time for the auto industry to recover from chip shortages It appears that across the industry chip and components shortages may be improving at a slower pace than anticipated Deutsche Bank analyst Emmanuel Rosner said Electric vehicle makers Tesla Inc TSLAO and Rivian Automotive Inc RIVNO slipped about 1 each in early trade Ford also said on Monday it will have 40000 to 45000 vehicles in inventory lacking parts The company in July had outlined a 3 billion hit for the year from inflationary pressures read more The automaker s outlook also comes against the backdrop of investor worries that the US Federal Reserve s pace of interest rate hikes to tame soaring inflation threatens to tip the economy into a recession read more Ford which is set to report third quarter results on Oct 26 however reaffirmed its 2022 adjusted earnings before interest and taxes forecast of between 115 billion and 125 billion on Monday It was unclear if chip and parts supply will normalize by the end of the year Deutsche Bank s Rosner said Ford s shares were trading at 1352 with the stock on track for the worst day since February if losses hold Reporting by Kannaki Deka in Bengaluru Editing by Shounak Dasgupta
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Latam Airlines Group SA can send its chapter 11 plan for a vote Judge James Garrity of the US Bankruptcy Court in Manhattan said Tuesday The judge s approval a milestone in the bankruptcy case came amid opposition from unsecured creditors who have been urging Latam to consider alternative reorganization plans that they see as value maximizing transactions The existing plan s negotiation has been led by investment firms Strategic Value Partners Sculptor Capital Management and Sixth Street Partners The plan has garnered support from major shareholders including Delta Air Lines Inc and Qatar Airways The Chilean airline filed for bankruptcy in May 2020
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Come and meet extraordinary cannabis visionaries like Wana Brands Nancy Whiteman and let’s network and learn together Join us on September 13 14 at the Benzinga Cannabis Capital Conference and stay at the historicPalmer House Hotel Don t miss out on a chance to hear aboutfuture market forecasts and worldly advice on investing and finance from those embedded in the cannabis industry Ready set go Book your tickets HERE and your room HERE Transcript auto generated cannabis for health and wellness purposes that really wasn t there 11 years ago when i started really an understanding of the beneficial use of the plants not just thc and the focus on psychoactivity but also the other beneficial cannabinoids in the plant and how life transforming that s really been for people and that has really also led to what i hope will be an explosion of more sophisticated and effective formulation going forward when i started out 11 years ago you could have thc or you could have thc right and now there s so many different ratios and functional ingredients and dosages and onset back in the day people thought that diversity meant um product form and flavors and we have evolved so far behind that beyond that it s very exciting to see
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National Express Group PLC said Thursday that its 2021 pretax loss narrowed as revenue rose and that the board intends to reinstate dividends for 2022 if its forward outlook holds The company said its pretax loss was 849 million pounds 1119 million compared with a pretax loss of GBP4447 million in 2020 Underlying pretax profit a key metric which strips out exceptional and other one off items was GBP397 million compared with an underlying pretax loss of GBP1061 million the year before Revenue rose to GBP217 billion in 2021 from GBP196 billion the year prior The company said it benefitted from mobility restrictions lifing across its markets The company said its pipeline of growth opportunities amounted to GBP15 billion of revenue across its territories and that this was mostly organic We expect to continue to rebuild our revenue base during 2022 as we position the business for accelerated growth going forwards and anticipate delivering revenue close to 2019 levels in 2022 Chief Executive Ignacio Garat said Shares at 0812 GMT were up 11 pence or 46 at 25280 pence
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A key ETF for electric and autonomous vehicle stocks suffered an ugly month in September falling nearly 15 amid fears a recession could slow revenue for the automakers The Global X Autonomous and Electric Vehicles ETF closed on Friday at about 20 more than 37 off the group s 52 week high It was the second worst performing month for the group on a percentage basis on record behind only March 2020 when the overall stock market saw dramatic declines Investors are growing concerned that the potential for a recession won t deter the Federal Reserve Bank from its plan to continue hiking interest rates which in turn could make new vehicles more costly for consumers and businesses that need to finance the purchases Consumers are already grappling with sticker prices that are higher than ever – and with tight supplies that have led some dealers to demand additional premiums According to JD Power estimates the average transaction price for a new car sold in August was 46259 the highest on record TrueCar analyst Zack Krelle thinks consumers are already beginning to balk at those high prices especially as inflation drives their other expenses higher – and especially as interest rates continue to rise We re seeing consumers faced with the reality that to afford the same vehicle at the same monthly payment as last year they are forced to increase their down payment which is creating new affordability challenges Krelle said in a statement on Thursday With increasing interest rates affordability is being tested It s likely that automakers profits will slump if the US enters a recession That has put pressure on the stocks of auto giants like Ford Motor down 27 in September General Motors down 18 and Volkswagen down 13 all of which are included in the ETF s holdings It s also pressuring shares of the suppliers and startups in the EV and autonomous driving spaces that make up the majority of the ETF s portfolio Not only would a recession limit automakers ability to invest in new technologies but higher interest rates and the market weakness that could accompany a recession would also make it harder for those smaller companies to raise additional capital from other investors Most major automakers are prepared to ride out a recession But many of the smaller companies in the EV and self driving spaces could struggle Some of the names that have attracted investor attention over the last couple of years are still a long way from sustainable profitability and are likely to need additional cash infusions over the next few years Some like EV battery startup QuantumScape a constituent of the ETF down 21 in September may not even have meaningful revenue for several more quarters much less profits Among the ETF s other big movers in September Lidar maker Luminar Technologies was down 13 for the month Chinese electric vehicle makers Nio and XPeng ended the month down 20 and 34 respectively
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Avanos Medical IncNYSEAVNS isrecallingthe Avanos BALLARD ACCESS Closed Suction System for NeonatesPediatrics with Y Manifold or Elbow Manifold labeled 72 hour use The move comes after receiving complaints from customers about cracked manifolds during use A cracked manifold can cause leaks in the respiratory circuit which may lead to the patient receiving inadequate ventilation Inadequate ventilation and oxygenation can lead to serious brain damage or death especially in vulnerable patients children infants and neonates The FDA has identified this as the most serious type of recall Additional risks from this issue include possibly introducing a foreign body through the cracked manifold causing infection damage to the airway or a blocked endotracheal tube Avanos Medical has reported four injuries and one death related to this issue The manifold of the BALLARD ACCESS Closed Suction System for NeonatesPediatrics provides access to the artificial airway without breaking the ventilation circuit The BALLARD ACCESS Closed Suction manifold is indicated for use with the BALLARD ACCESS Closed Suction catheter to remove secretions from the artificial airway of children infants and neonates The company has issued a recall for 1000 products distributed between October 2022 January 2023 Price ActionAVNS shares are up 003 at 3053 on the last check Friday
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US stocks traded slightly higher midway through trading with the Dow Jones around than 30 points on Tuesday The Dow traded up 011 to 3355401 while the NASDAQ rose 021 to 1065752 The SP 500 also rose gaining 011 to 389625 Check This Out Ethereum Remains Above This Key Level Aptos Emerges As Top Gainer Leading and Lagging Sectors Health care shares gained by 06 on Tuesday Meanwhile top gainers in the sector included Sotera Health Company NASDAQSHC up 100 and Prenetics Global Limited NASDAQPRE up 29 In trading on Tuesday utilities shares fell by 07 Top Headline Wholesale inventories increased by 1 from a month ago to 9331 billion in November Equities Trading UP Sotera Health Company NASDAQSHC shares shot up 100 to 1732 after the company announced its subsidiaries have reached agreements to settle the Ethylene Oxide cases pending against Sterigenics Sterigenics will pay the company 408 million to settle the claims Shares of Oak Street Health Inc NYSEOSH got a boost shooting 29 to 2895as CVS Health is reportedly exploring an acquisition of primary care center operator DermTech Inc NASDAQDMTK shares were also up gaining 36 to 296 after DermTech announced the foundational assay of its DermTech Melanoma Test DMT is recommended for coverage by TRICARE Equities Trading DOWN BioAtla Inc NASDAQBCAB shares tumbled 47 to 407 after the company provided clinical program updates and upcoming 2023 milestones Shares of Rayonier Advanced Materials Inc NYSERYAM were down 30 to 638 RBC Capital downgraded Rayonier Adv Materials from Outperform to Sector Perform and lowered the price target from 9 to 8 BIOLASE Inc NASDAQBIOL was down falling 47 to 03701 after the company announced pricing of 975 million offering Also Check This Out Why Market Expert Says It s Time To Buy North Asian Stock Sectors Commodities In commodity news oil traded up 13 to 7560 while gold traded down 01 at 187710 Silver traded down 06 to 23735 on Tuesday while copper rose 1 to 40680 Euro zone European shares were mostly lower today The eurozone’s STOXX 600 fell 059 London’s FTSE 100 fell 039 while Spain’s IBEX 35 Index gained 02 The German DAX declined 012 French CAC 40 fell 055 and Italy’s FTSE MIB Index fell 008 Industrial production in France increased 2 month over month in November following a revised 25 decline in October Retail sales in the UK rose 65 from a year ago in December Asia Pacific Markets Asian markets closed mixed on Tuesday with the Hong Kong’s Hang Seng Index dropping 027 and China’s Shanghai Composite Index falling 021 Japan’s Nikkei 225 gained 078 Economics The NFIB small business optimism index fell to a six month low of 898 in DecemberWholesale inventories increased by 1 from a month ago to 9331 billion in November Now Read This Fear Greed Index Moves To Neutral Zone Following Jobs Data
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Gold prices declined on Friday to notch back to back session losses giving up gains from earlier this week that were driven by expectations for a down shift in the pace of Federal Reserve interest rate hikes after next week s meeting Hopes that the Federal Reserve will follow through with smaller interest rate hikes after its November policy meeting helped provide support to prices of gold and silver but traders are still unsure whether peak hawkishness has truly passed Now the ball is in the Fed s court and the fate of precious metals prices will largely depend on the central bank The point in time when we actually reach peak hawkishness should present a good buying opportunity for gold as real rates should recede with an easier monetary policy stance analysts at Sevens Report Research said On Thursday the European Central Bank doubled its benchmark rate reminding investors that while the trajectory of the interest rate curve may have eased off it will continue to climb for a few months yet said Rupert Rowling market analyst at Kinesis Money in daily market comments So while the prospect of the Fed and other central banks across the world being able to reduce their aggressive rate hikes earlier than initially feared has lent gold some light relief this remains an environment where rates are still going up he said As such gold with its lack of dividend is unlikely to continue making significant gains and is more likely to consolidate around its current level of 1650 an ounce The ICE US Dollar Index a gauge of the buck s strength against a basket of rivals was up by 03 at 110904 while 10 year Treasury yields were higher as US data showed a key gauge of inflation rose by 03 in September
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Shell PlcNYSESHEL reported Q1 2023 adjusted EBITDA of 214 billion higher than 190 billion a year ago on solid operational performance decline in underlying operating expenditure andimproved performance in Chemicals Products Adjusted earnings increased to 96 billion from 91 billion prior year Adjusted EPS stood at 139 higher than120a year ago Cash capex came in at 65 billion higher than 51 billion a year ago and cash flow from operating activities was 142 billion down from 148 billion a year ago In Q1 production at Integrated Gas stood at 970kboed vs 896kboed prior year and Upstream at 1877 kboed vs 2025 in Q1 2022 Share Buyback The company announced a 4 billion share buybacks program projected to becompleted by Q2 2023 results announcement Total shareholder distributions now stand at around 12 billion for H1 2023 Dividend Shell announced aninterim dividend per share of 02875 to be paid on June 26 2023 to shareholders of record as on May 19 2023 OutlookShell reiterated guidance for cash capital expenditure within 23 billion 27 billion for 2023 For Q2 2023 Integrated Gas production is expected to be 920 980 thousand boed Upstream production is expected to be 1600 1800 thousand boed Marketing sales volumes is expected to be around 2350 2850 thousand bd In Q1 Shell delivered strong results and robust operational performance against a backdrop of ongoing volatility while continuing to provide vital supplies of secure energy We will commence a 4 billion share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns said Wael Sawan CEO Price ActionSHEL shares are trading higher by 236 at 5990 premarket on the last check Thursday
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SYDNEY Feb 2 Reuters The Australian and New Zealand dollars were clutching on to gains on Wednesday amid a sudden brightening in global risk sentiment and an acknowledgement by Australia s central bank that interest rates could rise this year A bounce in equity markets helped the Aussie up to 07130 and away from a recent 18 month trough of 06967 The break of 07080 resistance improved the technical background with the next target around 07180 The kiwi dollar stood at 06630 having rallied 1 overnight and away from its recent 16 month low of 06531 It also cleared resistance at 06590 opening the way to a retracement target at 06710 The kiwi got a hand up from an upbeat jobs report which showed unemployment falling to an all time low of 32 while wage growth firmed to a 12 year top of 28 Markets are now wagering the Reserve Bank of New Zealand RBNZ will hike no less than seven times this year In the current environment of worryingly high inflation and a labour market that has moved beyond full employment there is no time for the RBNZ to take a breather said Jarrod Kerr chief economist at Kiwibank We now see the RBNZ hiking the cash rate at every meeting in 2022 taking the cash rate to 250 by November and a full six months earlier than we previously thought Australia s central bank is still sounding dovish but did open the door to a rise in the 01 cash rate later this year if the economy continued to surprise with its strength read more Reserve Bank of Australia RBA Governor Philip Lowe said there were now clearly scenarios where rates could rise a shift from his previous stance that a move was unlikely in 2022 That was still too dovish for markets which had been fully priced for a hike by May and futures grudgingly shifted out the likely lift off date to June In any case markets have for a while been pricing in rates of 1 or more by year end and it has provided scant support to the Aussie What the RBA ends up doing relative to market pricing will be of some importance to AUD though less so than what happens to the USD to risk sentiment and whether AUD re connects with its traditional commodity price drivers said Ray Attrill head of FX strategy at NAB In particular Australia s high resource prices would normally be associated with a currency closer to 07500 said Attrill
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Unicredit logo is seen displayed in this illustration taken May 3 2022 REUTERSDado RuvicIllustrationFile Photo MILAN Sept 22 Reuters UniCredit CRDIMI will significantly improve its guidance for the current year when it presents third quarter results after hitting distribution goals on 2021 the Italian bank s CEO said expressing confidence also on next year Speaking at the Bank of America Merrill Lynch conference in London Andrea Orcel said UniCredit was well placed to face the economic slowdown that lied ahead Orcel said UniCredit had embarked on an industrial transformation which gave it commercial momentum had ample provisions to absorb new impaired loans and could offset any weakness in fee income thanks to net interest margin He also said the bank had another buffer unique to UniCredit to absorb possible shocks which it would discuss with third quarter results All of this has allowed us to deliver on promises for 2021 and 2022 given the guidance we have given you and that we will substantially upgrade in Q3 he said adding this gives us confidence to do so also in 2023 given the lines of defence and momentum we have
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Despite witnessing volatility major Wall Street indices closed in the green last week Market participants will now be watching out for the release of Personal Consumption Expenditures price index this week which is the Federal Reserve s preferred measure of underlying price pressures Investors and traders will also be eyeing remarks by multiple Fed officials What Happened As market participants stare at a busy week here s a look at crucial trading levels for some of the favorite stocks 1 Tesla Inc NASDAQTSLA Shares of Tesla closed 094 lower on Friday at 19041 Options expiring on Friday indicate significant resistance at the 200 level as is reflected by accumulation of open interest in out of the money Call options The 180 mark offers a stiff support for the stock in the near term See Also How To Invest In Startups 2 Amazoncom Inc NASDAQAMZN Shares of the company closed 059 lower at 9813 Options data shows the 100 level acts as a stiff resistance for the week according to open interest accumulation in out of the money Call options Strangely almost three times the open interest is concentrated at the 97 Call strike a likely indication the stock might fall below the level this week On the downside the 92 level acts as a stiff support 3 Apple Inc NASDAQAAPL Shares of Apple closed 083 higher on Friday at 16025 Options data shows 165 level is likely to act as a stiff resistance for the week Significant open interest accumulation can also be seen at the 160 Call strike indicating the stock may fall below this level in the short term On the downside the 150 mark acts as a stiff support Read Next Fed’s Dilemma Far From Over Survey Shows Its Favorite Inflation Gauge Expected To Stay Higher
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SHANGHAI Feb 21 Reuters Chinese shares fell on Monday as financials and infrastructure stocks retreated after China kept its benchmark lending rate unchanged while technology names led the Hong Kong market lower on concerns of China s new regulatory rules The CSI300 index CSI300 fell 06 to 462183 at the end of the morning session while the Shanghai Composite Index SSEC lost 04 to 347817 The Hang Seng index HSI dropped 07 to 2415505 points The Hong Kong China Enterprises Index HSCE lost 08 to 846665 China kept its benchmark lending rates for corporate and household loans unchanged at its February fixing on Monday in line with market expectations New energy firms CSI399808 machinery stocks CSI000812 and infrastructure shares CSI000950 dropped more than 1 each according to data from China Securities Index China Securities Index data also showed the coal sub index CSI000820 rising 27 Chinese coking coal futures also jumped as supply remained relatively low and demand was expected to recover further Tech giants listed in Hong Kong HSTECH dropped 14 Meituan edged down 11 following previous session s nearly 15 slump on China s new rules to promote a faster recovery from the pandemic in the services sector read more We caution against emotional take on a could be innocuous directive that is supposed to help small businesses said Hao Hong Head of Research at BOCOM International in a note Regardless in the near term fear will trump reasons causing much volatility for investors who are bottom fishing in the Chinese internet space Alibaba Group 9988HK and Tencent Holdings 0700HK retreated 32 and 28 respectively Mainland developers listed in Hong Kong HSMPI lost 21 with SUNAC 1918HK down more than 10 on debt worries in the troubled sector Zhenro Properties 6158HK slumped 126 after the developer said its existing internal resources may be insufficient to repay its upcoming debt due in March read more
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Between the Covid 19 pandemic and recent macroeconomic headwinds homebuyers’ preferences are changingAccording to a recent Zillow Group NASDAQZ survey fielded between March and July 2022 prospective buyers and successful buyers have similar preferences for virtual tours and digital floor plans Amongst prospective buyers and successful buyers 68 and 66 of respondents respectively said that they would benefit from 3D tours that would help the buyer get a better feel for the space than static photos Since Meta Platforms NASDAQMETA acquired Oculus VR headsets back in March 2014 for roughly 2 billion some reports say it was 3 billion virtual 3D tours became a big thing in real estate Why Generation Z and millennials are digitally native compared to older generations who prefer to see their potential home in person See Also Is This Really A Good Time To Invest In A HomeThe survey which collected responses from 7100 prospective buyers also reported that 54 of prospective buyers tend to be more relaxed than 42 of successful buyers Successful buyers were more likely to report a short or medium timeline to buy a home As younger generations enter the housing market it is important to take your time and do your research before investing in a home for your future This can be attributed to 86 of prospective buyers saying that they intend to use their new home as their primary residence Zillow reported Zillow also reported that 69 prospective buyers look for home sales online on websites such as Zillow and Redfin NASDAQRDFN while being less likely to make an offer or go on a home tour See AlsoCPI Shows Rents Are Rising Zillow Forecasting Drop In 2023 Professor Says Fed s Powell Will See The Light Although 25 of prospective buyers reported to have been pre approved 63 intend to finance their home purchase with a mortgage or home loan per Zillow Of these prospective buyers Zillow reported that 20 are expecting to make a mortgage down payment of more than 23 while successful buyers tend to put down 20
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Zoom Video Communications Inc is showing momentum with some newer business areas but shares of the teleconferencing company were sliding in premarket trading Tuesday after the company indicated challenges in its core business While Zoom ZM Chief Financial Officer Kelly Steckelberg called out “strong growth” in the company’s enterprise business she also noted pressure related to the strong US dollar and subscription growth in Zoom’s online channel which is made up of customers who don’t engage with Zoom’s direct sales team or sales partners “We have implemented initiatives focused on driving new online subscriptions which have shown early promise but were not enough to overcome the macro dynamics in the quarter” she said on the company’s Monday afternoon earnings call See more Zoom is struggling to convince consumers to pay and the stock is sliding Zoom was an early pandemic darling but the company now must contend with a changing landscape as more companies bring workers into the office for face to face interactions The company expects that its enterprise business will grow in the low to mid 20 range this fiscal year though it also anticipates that the online business will drop 7 to 8 “In our opinion this was one of the worst quarters Zoom has reported since going public as the macro environment is clearly challenging Zoom in addition to the competitive landscape ie Teams” Piper Sandler analyst James Fish wrote in a note to clients following the report Though Fish highlighted Zoom’s “traction” with newer products like its Zoom Phone and customer experience offerings he expects that the company will have to “use cash more to expand adjacent markets faster” He rates the stock at neutral while cutting his price target to 91 from 115 Evercore ISI’s Peter Levine also pointed out the company’s “impressive” recent momentum with Zoom Phone which he thinks could potentially make up 10 of Zoom’s revenue by the second half of fiscal 2024 based on the latest commentary Additionally he noted that the Contact Center customer experience offering “continues to progress” Nonetheless he was doubtful that these could drive meaningful positive changes for the stock over the short run “Bottom line from our perspective management’s commentary on Phone and Contact Center are commensurate to the potential TAM total addressable market expansion but given we are still in the very early innings in what morphed into a very competitive fragmented market over the past 24 months there’s no near term catalyst that would act as a potential re rate” Levine wrote He cut his price target on the stock to 95 from 105 while maintaining an in line rating Read Zoom stock is off 80 from peak and Citi sees ‘new hurdles’ ahead While Bernstein analyst Peter Weed also stayed on the sidelines he commented that he saw “glimmers of sun through the clouds” Not only is Zoom showing “continued discipline” on adjusted operating margins but the company also has continued momentum in its enterprise segment Weed cut his price target on Zoom’s stock to 104 from 122 while keeping his market perform rating BTIG analyst Matthew VanVliet keyed in on Zoom’s new outlook as executives cut their full year forecasts for revenue and earnings “Overall the pullback in FY23 profitability and FCF free cash flow is somewhat concerning as top line growth slows further and thus we are downgrading shares of ZM to Neutral given significantly reduced near term expectations” VanVliet wrote He previously rated the stock a buy Zoom shares were up 9 over a three month span as of Monday’s close though they were down 71 on a 12 month basis The SP 500 SPX was up 4 over three months but down 8 over 12 months
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Retail stock trading platform Robinhood Markets Inc NASDAQHOOD has launched its self custody web3 wallet beta to 10000 Apple iOS customers who joined the waitlist back in May The standalone app officially known as Robinhood Wallet will use Polygon CRYPTO MATIC as its initial blockchain network to give users complete control over their cryptocurrency enable network free crypto trading and swapping and provide seamless access to the decentralized web “Launching the Robinhood Wallet beta marks a significant step forward in our journey to make Robinhood the most trusted and simple crypto platform for customers” said Johann Kerbrat Chief Technology Officer of Robinhood Crypto “Like we did with the stock market Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone” Due to its scalability speed low network fees and robust developer ecosystem the trading platform said it chose the Polygon blockchain over the overwhelmingly popular Ethereum CRYPTO ETH blockchain However it added that it would eventually support multiple blockchains and become a multi chain wallet Read AlsoVoyager Assets Customer Accounts To Be Acquired By FTX In 14B Deal Although it is not yet included in the beta program viewing NFTs and connecting to NFT marketplaces will be supported once Robinhood Wallet is made available to the general public nearly one million people are in the queue Participating users can download the app and use the following features during the beta Fund your wallet with USDC as the primary fiat representative token Trade and swap crypto with no network fees Earn crypto rewards Safely store and track your blockchain portfolio Connect to decentralized apps dapps to earn a yield Robinhood first released the beta version of its cryptocurrency wallet in January of this year The first iteration allowed 1000 users to trade the well known currencies Bitcoin Ethereum and Dogecoin but put a 2999 cap on withdrawal amounts
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Walmart Inc NYSEWMT reported upbeat results for its second quarter on Tuesday Walmart reported adjusted EPS of 177 on revenues of 15286 billion which beat the consensus estimate of 162 and revenues of 15075 billion Walmart guided its full year 2023 profits lower however forecasting adjusted EPS to decline between 9 and 11 Walmart shares rose 51 to close at 13937 on Tuesday Several analysts made changes to their price targets on Walmart following the release of results Telsey Advisory Group increased price target on Walmart from 145 to 160 However Telsey Advisory Group analyst Joseph Feldman maintained the stock with an Outperform Raymond James raised Walmart’s price target from 140 to 150 However Raymond James analyst Bobby Griffin maintained the stock with an Outperform rating Goldman Sachs boosted the price target on the stock from 135 to 155 However Goldman Sachs analyst Kate McShane maintained Walmart with a Buy RBC Capital raised Walmart’s price target from 135 to 151 However RBC Capital analyst Steven Shemesh maintained an Outperform rating on the stock
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Akerna Corp NASDAQKERN has entered into a securities purchase agreement with certain institutional investors to purchase 400000 shares of Series A convertible redeemable preferred stock and 100000 shares of Series B convertible redeemable preferred stock Each share of Series A and Series B preferred stock has a purchase price of 950 representing an original issue discount of 5 of the 1000 stated value of each share Each share of Series A and Series B preferred stock is convertible into shares of the company’s common stock at an initial conversion price of 025 per share Shares of the Series A and Series B preferred stock are convertible at the option of the holder at any time following the company’s receipt of stockholder approval of a reverse stock split of the company’s shares of common stock The company and the holders of the Series A and Series B preferred stock also entered into a registration rights agreement to register the resale of the shares of common stock issuable upon conversion of the Series A and Series B preferred stock Total gross proceeds from the offerings before deducting discounts placement agent’s fees and other estimated offering expenses is 50 million The closing of the offering is expected to occur on or about October 4 2022 subject to the satisfaction of customary closing conditions AGPAlliance Global Partners is acting as the exclusive financial advisor in connection with the offering Price Action Akerna shares traded 456 higher at 094 per share at the time of writing Monday morning Related News Akerna Q2 Revenue Grows 24 YoY What About Net Loss Photo Courtesy of 2H Media on Unsplash
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Someone with a lot of money to spend has taken a bullish stance on General Motors NYSEGM And retail traders should know We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga Whether this is an institution or just a wealthy individual we don t know But when something this big happens with GM it often means somebody knows something is about to happen So how do we know what this whale just did The overall sentiment of these big money traders is split between 56 bullish and 43 bearish Out of all of the special options we uncovered 4 are puts for a total amount of 297040 and 12 are calls for a total amount of 772967 Taking into account the Volume and Open Interest on these contracts it appears that whales have been targeting a price range from 300 to 650 for General Motors over the last 3 months Looking at the volume and open interest is a powerful move while trading options This data can help you track the liquidity and interest for General Motors s options for a given strike price Below we can observe the evolution of the volume and open interest of calls and puts respectively for all of General Motors s whale trades within a strike price range from 300 to 650 in the last 30 days General Motors Option Volume And Open Interest Over Last 30 Days Where Is General Motors Standing Right Now With a volume of 23732842 the price of GM is down 351 at 5141 RSI indicators hint that the underlying stock may be approaching oversold Next earnings are expected to be released in 8 days Options are a riskier asset compared to just trading the stock but they have higher profit potential Serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closely If you are already an options trader or would like to get started head on over to Benzinga Pro Benzinga Pro gives you up to date news and analytics to empower your investing and trading strategy
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Millions of workers are bouncing back and making enough money to pay Uncle Sam Some 725 million households or 40 of households will pay no federal income tax this year down from the pre pandemic high of 60 two years ago according to new estimates from the Tax Policy Center In 2021 nearly 56 of households or 99 million households paid no federal income tax down from 60 or 100 million households in 2020 the nonpartisan think tank’s said in the report Massive job losses in the pandemic’s early stages sent millions of people to unemployment lines and temporary rules exempted much of 2020 jobless benefits from income taxes Howard Gleckman senior fellow at Tax Policy Center said Meanwhile there were waves of direct cash assistance that were all technically tax credits two round of stimulus checks in 2020 and another round in 2021 plus a temporarily enhanced child tax credit Those waves came and went The approximate 40 of households projected to pay no federal income tax is back to pre pandemic levels and is even slightly smaller than the 42 to 43 range during recent pre pandemic years Gleckman noted It reflects the labor market’s return to its pre pandemic status “which is to say pretty tight pretty strong” Gleckman said “Lots of people are working lots of people are paying income tax” For 2022 the standard deduction is worth 12950 for individuals and 25900 for married couples filing jointly People earning below that amount do not owe federal income taxes even if it may still be a good idea to file a return to access credits including the earned income tax credit and the child tax credit Gleckman said September’s jobless rate was 35 the same as February 2020 and one of the lowest rates since the late 1960s Nearly half 49 of surveyed voters said the economy would be an extremely important factor in their vote according to a new Gallup poll Inflation rates are sticking around four decade highs and recession worries are also looming Republicans are poised to gain the majority in the House of Representative polls and betting markets are indicating but the race for the US Senate could still be a close call In some ways the new tax estimates reflect current economic conditions But they don’t give insight into other parts of the economy like the fast rising costs of goods and services that will surely be on voters’ minds For clues on how the tax code is addressing inflation economists recommend looking at increases in the 2023 tax brackets the standard deduction and the amount of money people put in retirement savings accounts like 401ks and IRAs There will be an approximate 7 increase in the size of the standard deduction and the tax bracket’s income ranges With 401ks the maximum savings amount is rising nearly 10 and with IRAs the increase is more than 8 The Tax Policy Center’s numbers are focused on the number of people paying federal income taxes but that’s different than another hot button topic known as the “tax gap” The IRS last week said the gap the difference between taxes owed and taxes paid grew to an annual 496 billion in the 2014 2016 span though other estimates go far higher Last year officials in the Biden administration’s Treasury Department projected the yearly gap at 600 billion The Tax Policy Center numbers focus on people who do or do not owe federal taxes In most cases those who do not owe federal income tax are low income households Gleckman said “This is not a bug this a feature of the system” he said What’s more some 30 million households 165 will not pay either income taxes or payroll taxes this year down from 20 in 2020 Gleckman said a “significant” number of people in this category are senior citizens Fewer than 1 of households or higher along the income scale households earning over 190000 a year will owe no federal income tax this year the estimates said That’s likely the result of large itemized deductions or business losses that are shrinking taxable income Gleckman noted The country’s top 1 of taxpayers however are responsible for more than a quarter of the tax gap by not paying or not reporting the full extent of their income Treasury Department officials have said
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Precious metals prices fell again on Thursday as gold tumbled to its lowest level in roughly 6 weeks while silver hit its lowest in more than two years as investors bet that interest rates will remain higher for longer Thursday’s weakness comes on the heels of gold cementing its longest monthly losing streak in four years Gold futures GCZ22 coming due in December retreated 1310 or 08 to 1712 per ounce on Comex Silver futures SIZ22 for December delivery were off 32 cents or 18 to 1757 per ounce Palladium for December PAZ22 delivery declined 2340 or 11 to 205550 per ounce while platinum PLV22 slumped 630 or 08 to 82080 per ounce Copper HGZ22 for December delivery is off 6 cents or 17 to 346 per pound its lowest level in roughly 18 months While gold is typically seen as an inflation hedge higher interest rates have hurt the yellow metal by making Treasury bonds and the US dollar more attractive by comparison “Gold is struggling as inflationary pressures will keep all the major central banks with an aggressive inflation tightening stance Rising global bond yields is kryptonite for gold and that trend might last a little while longer” said Edward Moya a senior market analyst at OANDA The ICE US Dollar Index DXY a gauge of the dollar’s strength against a basket of rival currencies is up 03 while the yield on the 10 year Treasury TMUBMUSD10Y rose 57 basis points to 3190
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Although US stocks closed higher on Thursday there were a few notable insider trades When insiders purchase shares it indicates their confidence in the company s prospects or that they view the stock as a bargain Either way this signals an opportunity to go long on the stock Insider purchases should not be taken as the only indicator for making an investment or trading decision At best it can lend conviction to a buying decision Below is a look at a few recent notable insider purchases For more check out Benzinga s insider transactions platform JAKKS Pacific The Trade JAKKS Pacific Inc NASDAQJAKK 10 owner Lawrence I Rosen acquired a total of 364605 shares an average price of 948 To acquire these shares it cost around 346 million What’s Happening Jefferies recently upgraded Jakks Pacific from Hold to Buy and raised the price target from 20 to 23 What JAKKS Pacific Does Jakks Pacific Inc is a multi brand toy company that designs produces markets and distributes toys and related products consumables and related products electronics and related products kids indoor and outdoor furniture and other consumer products Coinbase Global The Trade Coinbase Global Inc NASDAQCOIN Director Tobias Lutke acquired a total of 6612 shares at an average price of 5438 To acquire these shares it cost around 35956 thousand What’s Happening JP Morgan raised its price target on the stock from 53 to 60 What Coinbase Global Does Founded in 2012 Coinbase is the leading cryptocurrency exchange platform in the United States Don’t forget to check out our premarket coverage here TrustCo Bank The Trade TrustCo Bank Corp NY NASDAQTRST Executive Vice President and CFO Michael M Ozimek bought a total of 1000 shares at an average price of 3315 To acquire these shares it cost around 3315 thousand What’s Happening Trustco Bank posted upbeat quarterly earnings What TrustCo Bank Does Trustco Bank Corp N Y is a savings and loan holding company The core part of a business consists of accepting deposits and making loans and investments Check This Out These Analysts Boost Price Targets On Seagate Following Upbeat Q2 Results
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Analysts have begun to raise their default estimates for US speculative grade “junk bonds” in recent weeks as fears of an economic recession grow The default rate for US speculative grade “junk bonds” remains low for now below 2 when comparing it with the historical record Defaults eclipsed 8 both in 2020 in the wake of the pandemic and after oil prices plunged in 2016 which led scores of energy producers in the sector to collapse Uncertainty about the US economy has once again reared its head with the Federal Reserve vowing to tame inflation The Fed’s key tools in its battle have been rapidly increasing its policy interest rate to make it more expensive for businesses and households to borrow but also by shrinking its balance sheet Companies that rely on junk rated debt for funding already count as a relatively high default risk but higher borrowing costs over a longer time frame tend to push up the likelihood of borrower defaults Barclays credit analysts on Friday raised their default forecast for both speculative grade US junk bonds and loans to a range of 5 to 6 see chart next year The team led by Bradley Rogoff pointed to “many factors that point to higher default rates next year” as part of their thinking including slowing growth expectations for pinched corporate margins and their economists’ forecast for a mild US recession A deteriorating macroeconomics backdrop also led Matthew Corbett senior analyst and head of high yield research at Columbia Threadneedle to recently move his US junk bond default rate forecast to 43 for 2024 see chart from 36 in April Corbett thinks consumer and corporate balance sheets still remain strong for now due in part to ultra low rates available during the pandemic But he also sees potential pressures building in more “cyclical” sectors including leisure retail and healthcare particularly if consumer demand for travel and goods falls apart “Some companies such as cruise lines are also facing worsening profitability due to the dramatic rise in fuel costs” Corbett wrote in a recent client note This week stocks wobbled and bond yields rose after the St Louis Fed President James Bullard said the central bank’s rate could end up as high as 7 up from the current 375 to 4 range The SP 500 index SPX was headed for a 12 weekly loss on Friday while the Dow Jones Industrial Average DJIA was on pace to fall 05 according to FactSet Individuals often gain exposure to junk bonds through exchange traded funds The sector’s two biggest are the iShares iBoxx High Yield Corporate Bond ETF HYG and JNK which were on pace for weekly declines of 03 and 04 To help offset default risks yields in the US junk bond market have also moved dramatically higher with the ICE BofA US High Yield Index last pegged around 88 more than double the pandemic low of under 4 There sector also could benefit from including a group of companies that have recently been battle tested for weakness “Having just experienced a default cycle two years ago the remaining universe is fundamentally in better shape and should help limit the extent of defaults in the near term” the Barclays team wrote
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US stocks traded higher this morning with the Dow Jones gaining more than 100 points on Friday Following the market opening Friday the Dow traded up 042 to 3314085 while the NASDAQ rose 102 to 1157987 The SP 500 also rose gaining 072 to 401013 Check This Out Top 5 Real Estate Stocks That Are Set To Fly In Marchh Leading and Lagging Sectors Real estate shares rose 14 on Friday Meanwhile top gainers in the sector included Compass Inc NYSECOMP up 12 and WeWork Inc NYSEWE up 6 In trading on Friday consumer staples shares fell by 06 Top Headline The SP Global Services PMI rose to 506 in February from a preliminary reading of 505 and compared to January s level of 468 Equities Trading UP Altamira Therapeutics Ltd NASDAQCYTO shares shot up 76 to 413 after the company said data from a recent peer reviewed clinical study demonstrated Bentrio s superior nasal residence time and rheological properties Shares of Bullfrog AI Holdings Inc NASDAQBFRG got a boost shooting 19 to 324 Bullfrog AI recently priced its IPO at 650 per share HPX Corp NYSEHPX shares were also up gaining 43 to 2478 The company’s shareholders recently approved the proposed business combination with Emergencia Participacoes Equities Trading DOWN Praxis Precision Medicines Inc NASDAQPRAX shares tumbled 62 to 110 after the company announced topline results from the Essential1 study evaluating the efficacy safety and tolerability of ulixacaltamide PRAX 944 for essential tremor ET Shares of Veru Inc NASDAQVERU were down 38 to 23350 after the FDA declined to grant the company s request for Emergency Use Authorization for sabizabulin Biomerica Inc NASDAQBMRA was down falling 18 to 22695 Biomerica raised 8 million via secondary stock offering at 240 per share for general corporate purposes Also Check This Out Bitcoin Falls Below This Key Level Conflux Becomes Top Loser Commodities In commodity news oil traded down 08 to 7751 while gold traded up 05 at 184910 Silver traded up 03 to 2097 on Friday while copper rose 05 to 40955 Euro zone European shares were mostly higher today The eurozone’s STOXX 600 rose 08 London’s FTSE 100 slipped 001 while Spain’s IBEX 35 Index rose 12 The German DAX gained 15 French CAC 40 rose 09 and Italy’s FTSE MIB Index gained 15 The SP Global Eurozone services PMI fell to 527 in February versus a preliminary reading of 530 German services PMI was revised lower to 509 in February compared to a preliminary estimate of 513 while French services PMI was revised higher to 531 in February from a flash reading of 528 Italy’s GDP shrank by 01 quarter over quarter during the three months leading to December The SP Global Italy services PMI increased to 516 in February versus 512 a month ago Spain services PMI climbed to 567 in February versus 527 in the prior month Asia Pacific Markets Asian markets closed higher on Friday with Japan’s Nikkei 225 gaining 156 Hong Kong’s Hang Seng Index rising 068 and China’s Shanghai Composite Index gaining 054 India’s SP BSE Sensex climbed 18 The SP Global Indian services PMI climbed to a 12 year high level of 594 in February while Caixin China general services PMI rose to 550 in February from 529 in the prior month The SP Global Hong Kong PMI climbed to 539 in February versus 512 in January while Japanese services PMI was revised higher to 540 during February Economics The SP Global Services PMI rose to 506 in February from a preliminary reading of 505 and compared to January s level of 468 The SP Global Composite PMI slipped to 501 in February versus from a preliminary reading of 502 Now Read This httpswwwbenzingacomnews230331192039insiders selling sunrun applied materials and 2 other stocks COVID 19 Update The US has the highest number of coronavirus cases and deaths in the world reporting a total of 105384010 cases with around 1146630 deaths India confirmed a total of at least 44687160 cases and 530770 deaths while France reported over 39630950 COVID 19 cases with 165000 deaths In total there were at least 680386210 cases of COVID 19 worldwide with more than 6803050 deaths
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A For Sale sign is posted in front of a property in Monterey Park California on August 16 2022 Mortgage interest rates fell for the third straight week while mortgage demand also rose again Total application volume increased 7 last week compared with the previous week according to the Mortgage Bankers Association s seasonally adjusted index The average contract interest rate for 30 year fixed rate mortgages with conforming loan balances 726200 or less decreased to 62 from 623 with points increasing to 069 from 067 including the origination fee for loans with a 20 down payment That rate was just about half that one year ago Applications to refinance a home loan saw the sharpest gains up 15 compared with the previous week They were still 77 lower than the same week a year ago but that annual gain is now shrinking fast Mortgage applications to purchase a home rose 3 for the week but were 39 lower year over year Homebuyers are still trickling back into the market as house prices ease slightly There is still however precious little to choose from with inventory low Homebuying activity remains tepid but if rates continue to fall and home prices cool further we expect to see potential buyers come back into the market said Joel Kan an MBA economist Many have been waiting for affordability challenges to subside Mortgage rates have moved slightly higher to start this week but are still well within the new lower range Some real estate brokerages like Redfin are reporting an uptick in buyer interest with rates at these levels but the housing market still seems to be in a holding pattern as potential sellers and buyers sit tight waiting to see where prices shake out
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When Jason Gutierrez kept refreshing GameStop’s performance between work tasks during the wild early days of 2021 he admits future tax obligations weren’t his No 1 priority “It was in the back of my mind If I come out huge I have to pay it” said the 32 year old Greenville SC mechanical engineer Gutierrez’s approximate 3500 to 4000 wager on GameStop was his first attempt at stock picking after he contributed to his 401k’s target date fund and took advantage of the company match At one point he was up by 4500 to 5000 but Gutierrez ended up selling most of his GameStop shares in late February and early March eking out a loss less than 1000 That’s pretty much a wash in his view In the following months Gutierrez tucked up to 1000 in a savings account just in case he had to cover any additional taxes He still holds a small amount of GameStop just for the good memories of a “whirlwind” time Gutierrez was almost one of the lucky ones A year ago the short squeeze on stocks like GameStop and AMC became a social media phenomenon and Wall Street morality play wrapped into one pandemic era event Now the early 2021 trading frenzy could represent something else a lesson for new retail investors on the perils of bad tax planning If someone bought and sold last year but plowed all their profits from meme stocks and cryptocurrency back into the market without putting aside cash for taxes on the capital gains they may have a smaller 2022 portfolio to pay for a 2021 tax bill After hitting a share price high of 324 in late January GameStop GME stock closed Wednesday at 10011 In several price spikes last year AMC AMC jumped from 351 to 1326 in January soaring to 5926 in mid June the stock closed Wednesday at 1540 Meanwhile the value of bitcoin BTCUSD plummeted from nearly 64000 in early November and now hovers below 40000 In that same span ethereum ETHUSD dropped from close to 5000 to less than 3000 This is coinciding with the income tax season The IRS wants taxpayers to pay tax liabilities by April 18 The concern some financial experts say is there may be too many others who didn’t have the same foresight causing their good memories to turn bad “We’re worried that some of these newer individual investors might be receiving a tax bill that they aren’t prepared for” said Lindsey Bell chief markets and money strategist at Ally ALLY a financial services company with banking lending and broker offerings Here’s one sign of the times A 60 year over year increase in the size of the estimated tax payments that Ally bank customers sent to the IRS for the fourth quarter “The largest component of that based on our own analysis is likely the payments related to stock gains” Bell said “I think the meme stockers don’t actually know about their problem yet” said Matt Metras an enrolled agent with MDM Financial Services a Rochester NY based tax preparation and bookkeeping firm with a specialty in cryptocurrency That will happen once their brokerage platforms send along tax forms recording the person’s stock market proceeds and losses he noted “That’s when I think they are going to be in for a surprise” These forms are on the way Robinhood HOOD users can access their 1099s in mid February a spokesman said TD Ameritrade has been sending its 1099s since mid January and will wrap the process in the coming weeks a spokeswoman said Charles Schwab Corp SCHW where Gutierrez traded will make the forms available online by the end of the first week in February Some but not all cryptocurrency exchanges send tax forms to users Metras noted The recently passed infrastructure bill requires people and entities who regularly carry out digital asset transfers to report those transactions to the IRS The hotly disputed reporting requirements are scheduled to take effect in 2024 It’s tough to say how many people will find themselves in a jam On one hand with the pandemic giving rise to the “retail bro” 10 million new brokerage accounts were opened in 2020 according to JD Power a consumer analytics firm On the other hand as companies like GameStop and AMC briefly reached the stratosphere it was in no small part thanks to the buy and hold strategy from people on Reddit’s WallStreetBets That “diamond hands” approach could be a saving grace come tax time The tax on capital gains can be as much as 20 when the sale or “realization” happens at least one year after the purchase The tax is 0 for people making up to 404000 and 15 for individuals making between 40400 and 445850 the IRS says If the purchase and sale happens within a year however that’s a short term capital gain and the proceeds count as ordinary income That’s subject to income tax brackets which can run up to 37 The IRS “wash sale rule” essentially blocks investors from taking a capital loss which reduces their tax exposure if they buy the same or substantially same securities in the 30 days before the loss or the 30 days after Metras said this rule increases tax bills every year and he’s expecting the same this year Many clients playing the market “don’t realize that they can’t deduct those loses and they have a ton of gains on paper I see that every year especially with platforms that make it super easy to trade a lot like Robinhood” he said Robinhood does notify users about the wash sale rule in its help center a spokesman noted Crypto concerns ‘People are going to be left holding a bag and owing taxes’ There are parallels between 2021 and the recent past said Jordan Bass a CPA at his Los Angeles based accounting firm Taxing Cryptocurrency and a tax attorney specializing in digital assets Bitcoin experienced a significant drop in early 2018 Bass said “The cascading effect of prices depreciating and people selling and panic selling is still there and people are going to be left holding a bag and owing taxes It’s a similar concept with equities” Like stocks capital gains taxation apply to crypto and the IRS is keen on making sure anyone using cryptocurrency is paying their full tab People who have tax bills they can’t pay have several options They can arrange installment agreements or they can try to arrange an “offer in compromise” with the IRS For these offers the tax collector will accept less than the full liability but there are a string of caveats Read more about those rules here When some crypto investors get in a tax bind Bass said it’s not that they can’t afford to settle their tab if they started to liquidate It’s that they’re not willing because they think the market that went down will come back up again and soon “If they bet correctly and the market does come back yes that’s brilliant But if they bet incorrectly it’s not The reason why I say the word ‘bet’ is because it’s almost like a gamble” Bass said Bitcoin owners are hoping for a jump back to over 55000 in six months according to a Morning Consult poll on Tuesday GameStop meanwhile was a turning point for Gutierrez He still contributes to his 401k but he’s built up his cryptocurrency holdings including in DeFi He mostly buys and holds as an investment strategy and a tax consideration to avoid higher taxes from short term capital gains Looking back the GameStop run up “was definitely the perfect gateway drug into the rest of this” Gutierrez said adding “I’m in it for the long run”
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A trader looks at a screen at a stock brokerage firm in Mumbai March 7 2008 REUTERSArko Datta INDIA BENGALURU July 7 Reuters Inflows in India s equity mutual funds dropped more than 16 in June compared to May and are like to remain weak in the current quarter due to worries over interest rate hikes and inflation an industry body said on Friday Mutual funds that invest in equities showed a net inflow of 15498 billion rupees 196 billion in June compared with 18529 billion rupees in May data published by the Association of Mutual Funds in India AMFI showed Markets in June were very volatile and showed a negative trend Despite that we have positive inflows and retail investors continue to show faith in equity markets through mutual fund route said NS Venkatesh chief executive officer at AMFI Retail investors will wait for positive economic data and for inflation to come down before making further allocations Venkatesh said adding that inflows in equity mutual funds are expected to be about 130 billion rupees to 150 billion rupees at least until September Indian benchmark indexes NSE Nifty 50 NSEI and SP BSE Sensex BSESN fell for a third straight month in June dropping nearly 5 amid huge volatility Foreign investors sold 644 billion worth of Indian shares in June the most since March 2020 compared with a net selling of 518 billion in May according to Refinitiv Eikon data Equity mutual funds saw record inflows of 28463 billion rupees in March but have dropped since then due to worries over the Russia Ukraine war red hot inflation and recession fears due to aggressive monetary policies by major central banks Indian benchmark indexes which gained over 20 last year are down more than 6 this year Meanwhile contribution from Systematic Investment Plans SIPs popular among retail investors for allowing investment of a fixed amount regularly in schemes stood at 12276 billion rupees as of June end compared with 12286 billion rupees in May Reporting by Nallur Sethuraman additional reporting by Gaurav Dogra in Bengaluru Editing by Amy Caren Daniel
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Dublin April 01 2022 GLOBE NEWSWIRE The Marine Insurance Market Global Industry Trends Share Size Growth Opportunity and Forecast 2022 2027 report has been added to ResearchAndMarketscom s offering The global marine insurance market reached a value of US 314 Billion in 2021 Looking forward the market is set to reach US 392 Billion by 2027 exhibiting at a CAGR of 365 during 2022 2027 Keeping in mind the uncertainties of COVID 19 we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic These insights are included in the report as a major market contributor Marine insurance policy provides financial coverage against damages and losses caused to cargo vessels ships and terminals during transportation It is generally required during import and export trade proceedings to meet strict regulatory compliance of different countries Nowadays several insurers are introducing plans that cover the risk of theft malicious damage shortage and non delivery of goods These plans can be customized according to the specific business requirements of customers Besides this they also cover for losses incurred on account of fire explosion hijacks accidents collisions and overturning Marine Insurance Market Trends Governing agencies of numerous countries are undertaking initiatives to promote local manufacturing and international trade which is resulting in a significant rise in the number of export activities across the globe In addition they are mandating marine insurance for vessels used in commercial transportation This represents one of the key factors driving the demand for marine insurance to keep goods or cargos insured against unforeseen incidents during transit Furthermore e commerce companies are adopting marine shipping to facilitate cross border transportation of goods and reach a broader audience This in confluence with the emerging trend of online shopping on account of rapid urbanization improving income levels and the growing influence of social media is propelling the growth of the market Apart from this leading players are focusing on incorporating machine learning ML and artificial intelligence AI to deliver risk management services improve renewal efficiency and uncover behavioral factors that impact loss events in real time Such advancements are anticipated to drive the demand for marine insurance around the world to simplify claim processing manage engine performance and improve navigation and cargo supply chains How has the global marine insurance market performed so far and how will it perform in the coming years What has been the impact of COVID 19 on the global marine insurance market What are the key regional markets What is the breakup of the market based on the type What is the breakup of the market based on the distribution channel What is the breakup of the market based on the end user What are the various stages in the value chain of the industry What are the key driving factors and challenges in the industry What is the structure of the global marine insurance market and who are the key players What is the degree of competition in the industry The competitive landscape of the industry has also been examined along with the profiles of the key players being For more information about this report visit httpswwwresearchandmarketscomrtus7u5
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US stocks closed lower on Friday with the Dow Jones dropping more than 140 points and the SP 500 fallingaround 02 On CNBC’s The Final Call Carter Worth of Worth Charting named SPDR SP Retail ETF NYSEXRT Brian Stutland of Equity Armor Investments LLC picked iShares 7 10 Year Treasury Bond ETF NYSEIEF Mike Khouw of Optimize Advisors also named SPDR SP Retail ETF NYSEXRT I think the way to make a bearish bet there is with a put spreadhe added Data released Friday showed retail sales in the US dropping 1 month over month in March versus a revised 02 decline in February Core retail sales fell 08 during the month versus market expectations for a 03 drop Price Action XRT gained 01 to close at 6223 while IEF fell 05 to settle at 9892 on Friday Check This Out Chembio Diagnostics And 2 Other Stocks Under 1 Insiders Are Aggressively Buying Photo via Shutterstock
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Someone with a lot of money to spend has taken a bearish stance on MercadoLibre NASDAQMELI And retail traders should know We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga Whether this is an institution or just a wealthy individual we don t know But when something this big happens with MELI it often means somebody knows something is about to happen So how do we know what this whale just did The overall sentiment of these big money traders is split between 27 bullish and 72 bearish Out of all of the special options we uncovered 23 are puts for a total amount of 2026160 and 35 are calls for a total amount of 2112627 Taking into account the Volume and Open Interest on these contracts it appears that whales have been targeting a price range from 2400 to 18400 for MercadoLibre over the last 3 months Looking at the volume and open interest is an insightful way to conduct due diligence on a stock This data can help you track the liquidity and interest for MercadoLibre s options for a given strike price Below we can observe the evolution of the volume and open interest of calls and puts respectively for all of MercadoLibre s whale activity within a strike price range from 2400 to 18400 in the last 30 days MercadoLibre Option Volume And Open Interest Over Last 30 Days Where Is MercadoLibre Standing Right Now With a volume of 302513 the price of MELI is down 442 at 127403 RSI indicators hint that the underlying stock may be approaching overbought Next earnings are expected to be released in 55 days Options are a riskier asset compared to just trading the stock but they have higher profit potential Serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closely If you are already an options trader or would like to get started head on over to Benzinga Pro Benzinga Pro gives you up to date news and analytics to empower your investing and trading strategy
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US stocks traded mostly lower with the Dow Jones dropping around 200 points on Tuesday Here are some big stocks recording gains in today’s session Applied Digital Corporation NASDAQAPLD jumped 446 to 494 after the company announced that its recently launched AI Cloud Service has secured its first major AI customer with an agreement worth up to 180 million over a 24 month period Navitas Semiconductor Corporation NASDAQNVTS surged 188 to 789 after the company reported better than expected Q1 financial results Atlas Lithium Corporation NASDAQATLX shares rose 18 to 2239 United Insurance Holdings Corp NASDAQUIHC climbed 178 to 482 after posting a profit for the first quarter Nanobiotix SA NASDAQNBTX rose 132 to 531 Nanobiotix recently announced it is entering into final contract negotiations after agreement to a non binding term sheet for development and commercialization of NBTXR3 with a major global pharmaceutical company Cabaletta Bio Inc NASDAQCABA gained 118 to 1284 after the company announced it received FDA clearance of its IND application for CABA 201 for the treatment of myositis Conduent Incorporated NASDAQCNDT gained 108 to 32250 after the company announced a 75 million share repurchase program Advantage Solutions Inc NASDAQADV gained 97 to 169 Advantage Solutions recently reported better than expected Q1 sales results OmniAb Inc NASDAQOABI gained 81 to 37950 OmniAb CEO Matthew W Foehr acquired a total 440000 shares an average price of 340 Palomar Holdings Inc NASDAQPLMR jumped 8 to 5087 after Keefe Bruyette Woods upgraded the stock from Market Perform to Outperform and raised its price target from 59 to 64 Stratasys Ltd NASDAQSSYS jumped 77 to 1553 after the company reported better than expected Q1 financial results and issued FY23 guidance P10 Inc NYSEPX gained 77 to 1084 after the company reported better than expected Q1 financial results Archer Aviation Inc NYSEACHR jumped 71 to 25392 VirTra Inc NASDAQVTSI rose 54 to 624 after reporting better than expected quarterly sales Read More Bitcoin Drops But Remains Above This Key Level XDC Network Rocket Pool Among Top Losers
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BERLIN Nov 5 Reuters Germany s more than 20 million pensioners will likely see their state benefit rise by up to 42 from July 2023 according to a governemt proposal seen by Reuters lower than the expected inflation rate of 70 The state pension in western Germany will rise by 35 while in former East Germany it will increase by 42 according to the draft as the government continues to narrow the gap between the two regions The final decision on pension increases will depend on wage growth data released in early 2023 Reporting by Holger Hansen Writing by Christoph Steitz Editing by Andrew Heavens
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The mixed picture of the US labor market that emerged in 2021 isn’t going anywhere this year While the unemployment rate has been falling for months the labor force participation rate has barely budged Wages are rising but not enough to offset inflation Job openings remain well above pre pandemic levels and employers are struggling to find qualified workers And the virus itself continues to disrupt child care arrangements and raise health concerns keeping many Americans on the sidelines
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Register now for FREE unlimited access to Reuterscom Register The London Stock Exchange Group offices are seen in the City of London Britain December 29 2017 REUTERSToby MelvilleFile Photo Sept 1 Reuters UK s FTSE 100 index fell on Thursday as mining stocks dragged the commodity heavy index lower over worries interest rate hikes by central banks would dent demand while slowing factory data from Asia further clouded global economic outlook The FTSE 100 slid 06 at 0704 GMT tracking its European and Asian peers Mining firms FTNMX551020 declined 21 as metal prices dropped on demand worries after fresh data from major global economies signalled tepid growth The domestically oriented FTSE 250 was down 07 with industrial stocks leading losses Households expectations for average inflation over the next five to 10 years hit a record high a monthly survey from YouGov and US bank Citi showed adding to a report last week by Goldman Sachs warning of a recession later in the year read more Reckitt Benckiser RKTL fell 39 after the company said its Chief Executive Officer Laxman Narasimhan will step down at the end of September read more Barclays BARCL declined 06 after the bank decided to sell its 74 stake in South African bank Absa thus completing its exit from an over nine decade presence on the continent read more Reporting by Johann M Cherian in Bengaluru Editing by Krishna Chandra Eluri
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US equity indexes slipped on Wednesday following a three day rally after some poor earnings reports and a slide in major technology stocks while the results of the mid term elections left control of the US House and Senate as still too close to call On Tuesday the Dow Jones Industrial Average rose 334 points or 102 to 33161 the SP 500 increased 21 points or 056 to 3828 and the Nasdaq Composite gained 52 points or 049 to 10616 The SP 500 is up 7 from its 2022 closing low hit in mid October but remains down 197 for the year to date Walt Disney Co DIS and News Corp NWSA fell after posting disappointing results while declines in big tech names including Apple Inc AAPL Amazoncom Inc AMZN and Nvidia Corp NVDA weighed on the Nasdaq 100 Meanwhile equity indexes slipped as the results from the US midterm elections trickled in but the battle to control Congress remained unclear The market does not like uncertainty said Todd Morgan chairman at Bel Air Investment Advisors I think the market would have liked Republican confirmed the win all the way along Morgan said The SP 500 index rallied over the past three sessions partly on hopes that gains for the Republicans will deliver partisan gridlock in Washington Wall Street expects this will be beneficial for equity valuations since it may reduce regulatory uncertainty crimp the likelihood of more corporate taxes and also mean less government spending which should help undercut inflation In turn softer inflation could at the margin reduce the need for the Federal Reserve to continue to raise interest rates aggressively The SP 500 is down nearly 20 in 2022 as the Fed has raised its benchmark interest rate from effectively zero at the start of March to a range of 375 to 4 What is clearis that neither major party is running away with the election in a wave and it appears that Republicans are still on track to achieve a majority in the House of Representatives a combo that should put a pin in any new fiscal stimulus for the next few years said strategists at Deutsche Bank The 2 year US Treasury yield which is particularly sensitive to monetary policy was trading around 469 on Wednesday having flirted with 15 year highs near 475 at the beginning of the week The dollar index gained 05 to 11016 Richmond Fed President Tom Barkin is due to speak at 11 am Eastern However for the latest stock rally to continue investors will have to receive a benign consumer prices index report for October on Thursday October CPI will be very important and consensus is looking for another hot print with some seeing year on year surging to 9 This shows that many armchair economists simply draw lines on both growth and acceleration said Tom Lee head of research at Fundstrat who added that he reckons the inflation number will come in softer than expected All in all this keeps us constructive on stocks into year end And we think this rally will rise further and last longer than the 23 trading day rally following June pivot talk Lee concluded See US inflation likely to post another sharp increase in October CPI to show Markets have also had to contend with a fresh crypto wobble though this appears to have been swiftly shrugged off with investors reasoning there is little sign of broader contagion Bitcoin was trading below 18000 as investors digested Binance s tentative deal to acquire rival FTX
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WASHINGTON April 12 Reuters US consumer prices barely rose in March as the cost of gasoline declined but stubbornly high rents kept underlying inflation pressures simmering likely ensuring that the Federal Reserve will raise interest rates again next month The Consumer Price Index CPI climbed 01 last month after advancing 04 in February the Labor Department said on Wednesday In the 12 months through March the CPI increased 50 the smallest year on year gain since May 2021 The CPI rose 60 on a year on year basis in February The annual CPI peaked at 91 in June which was the biggest increase since November 1981 and is subsiding as last year s large rises drop out of the calculation Inflation by all measures remains more than double the Fed s 2 target Gasoline prices are likely to rebound in the months ahead after Saudi Arabia and other OPEC oil producers early this month announced further oil output cuts Economists polled by Reuters had forecast the CPI gaining 02 and advancing 52 year on year The inflation data came on the heels of last Friday s employment report which showed a solid pace of job growth in March and the unemployment rate falling back to 35 Persistently high inflation labor market tightness and signs that financial market stress wrought by last month s collapse of two regional banks is easing should allow the Fed to continue prioritizing restoring price stability Financial markets are leaning toward the US central bank increasing rates by another 25 basis points at the May 2 3 policy meeting according to CME Group s FedWatch tool The Fed last month raised its benchmark overnight interest rate by a quarter of a percentage point but indicated it was on the verge of pausing further rate increases in a nod to the financial market turmoil It has hiked its policy rate by 475 basis points since last March from the near zero level to the current 475 500 range Excluding the volatile food and energy components the CPI increased 04 last month after rising 05 in February Sticky rents continued to drive the so called core CPI With independent measures showing rents on a downward trajectory however housing inflation is expected to start subsiding in the second half The rent measures in the CPI tend to lag the independent gauges Nevertheless the disinflation road is likely to be bumpy with pressure coming from the cost of services away from housing In the 12 months through March the core CPI gained 56 after rising 55 in February That ended five straight months of slow increases in the year on year core CPI
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A general view is seen of the London skyline from Canary Wharf in London Britain October 19 2016 REUTERSHannah McKay LONDON June 29 Reuters Britain s economy is struggling under the strain of two major risks in the form of double digit inflation and a possible recession leaving the Bank of England in a dilemma about how much further it should raise interest rates The BoE has raised borrowing costs five times since December and its next scheduled rates announcement is on Aug 4 The central bank has said it will act forcefully in other words increase rates more steeply if inflation pressures turn more persistent But it also expects almost no economic growth over the next three years Below is a summary of the conflicting challenges facing BoE Governor Andrew Bailey and his colleagues and finance minister Rishi Sunak Consumer prices leapt by 91 in the 12 months to May the most in 40 years and the BoE has forecast that inflation will top 11 in October when energy bills go up again The BoE says there is little it can do to stop inflation in the short term and its priority is to stop the jump in prices from pushing up longer term inflation expectations which would make the problem much harder to fix One of the most widely watched measures of inflation expectations the CitiYouGov poll increased sharply in recent months but has shown signs of stabilising or falling read more The main way that higher inflation expectations could become embedded in the economy would be through higher pay deals Workers salaries have been growing more quickly than usual mostly because of one off bonuses paid by employers in an effort to retain and recruit staff amid a severe shortage of candidates to fill vacancies Total pay which includes bonuses grew by almost 7 in the most recent official figures for the three months to April up from about 3 shortly before the COVID 19 pandemic Regular pay has increased just over 4 Both measures are lagging behind inflation representing a cut in the real income of most workers Separate figures from XpertHR a pay and personnel data publisher show annual pay rises agreed at British workplaces steadying at a historically high rate read more A combination of the pandemic and Brexit has left Britain s employers in many sectors facing an acute shortage of staff another worry for the BoE as this adds to pay pressures The official measure of vacancies has hit record highs month after month although the pace of increases has slowed one of several signs that the inflationary heat in the jobs market has started to cool read more The BoE is also watching how many people remain outside the jobs market This inactivity rate has edged down contributing to the first rise in the headline unemployment rate since late 2020 in the most recent figures potentially easing the inflation pressure in the jobs market Normally a jump in inflation would reflect strong growth in the economy but not this time Prices were already rising around the world as the global economy struggled to reopen after coronavirus lockdowns and Russia s invasion of Ukraine has compounded the problem by pushing up energy and food prices further Britain s economy contracted in April and March and showed zero growth in February the first time since the start of the pandemic that it failed to grow in a three month period It is about 5 below the size it would have been had the pandemic not happened Things look set to get worse with the Organisation for Economic Co operation and Development forecasting that Britain will show zero economic growth in 2023 the weakest performance all its member countries bar sanctions hit Russia Finance minister Sunak in May increased the government s support for households struggling with the rising cost of living and he is under pressure to do more later this year
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Investor hopes of a dovish Fed pivot have grown recently but BlackRock s Rick Rieder thinks the central bank will maintain a more aggressive policy stance The firm s chief investment officer of global fixed income said he expects Chair Jerome Powell to sound somewhat hawkish at his 230 pm ET news conference He s got to be really careful not to be seen as easy or pivoting said Rieder I think he s got to draw the line on inflation is our objective I think he s got to be aggressive about that If he blinks and financial conditions ease too muchthat s not the direction he or they want to go down CNBC Pro subscribers can read more here
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Aluminium blocks are seen in Wagner Automotiv industry in Gradacac Bosnia and Herzegovina February 8 2022 REUTERSDado RuvicIllustration LONDON Aug 12 Reuters Slowing economic growth is weighing on industrial metals prices but zinc and aluminium are likely to outperform if sky high energy prices force European smelters to cut output further leading to larger shortages Prices of metals including copper aluminium and zinc have tumbled between 20 and 50 from record highs in March as interest rate rises tilt the world towards recession and weaker metals demand But the price of energy used by smelters has shot up particularly in Europe which has less Russian gas and oil since Russia invaded Ukraine and further price rises are expected in winter Smelting aluminium used in the transport packaging and construction industries and zinc used to galvanise steel require large amounts of electricity Between August 2021 when energy prices first began to rocket and peaks in early March aluminium prices rose by 60 and zinc by 65 Glencore GLENL the biggest zinc producer in Europe recently said high power prices made production very challenging Glencore produced 350900 tonnes of zinc in Europe in the first half of this year Energy now accounts for around 80 of the cost of producing aluminium and zinc in Europe up from historical averages of 40 for aluminium and 50 for zinc analysts at Macquarie said Aluminium looks the best to us in terms of the fundamentals said Macquarie analyst Marcus Garvey Smelter closures in Europe could cut aluminium capacity by 750000 tonnes and zinc output by 150000 tonnes this winter on top of cuts of around 800000 tonnes for aluminium and 138000 tonnes for zinc since energy prices began to surge in 2021 Garvey said Extra cuts could worsen deficits that Macquarie estimates are around 800000 tonnes in the 70 million tonne aluminium market and 200000 tonnes in the 14 million tonne zinc market this year It s probably only a matter of time before zinc rallies again said Sucden analyst Geordie Wilkes pointing to a disconnect between falling metal prices and rising gas and power costs Stockpiles of both metals are low adding to supply fears Aluminium inventories in the London Metal Exchange LME warehouse system are below 300000 tonnes from around 13 million tonnes a year ago LME zinc stocks have slid to around 75000 tonnes from 240000 tonnes a year ago – and more than one third is already scheduled for delivery However a sharp economic slowdown in Europe and the United States later this year could reduce demand for metals potentially offsetting supply cuts and reducing their effect on prices analysts said High energy prices or even rationing of energy in Europe in winter – could also curtail demand Metals consuming manufacturers would likely also get swept into the curbs generating a shock to demand that would likely either fully offset or even overwhelm closures to supply said analysts at JPMorgan Reporting by Peter Hobson editing by Pratima Desai and Elaine Hardcastle
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SYDNEY Australia s sky high household debt might not be the brake on coming interest rate increases by the Reserve Bank of Australia that some forecasters expect according to Goldman Sachs Andrew Boak chief economist for Australia and New Zealand at Goldman Sachs said that while high household debt is a legitimate risk to medium term economic activity the picture is highly nuanced and won t preclude the central bank from taking the official cash rate toward 26 this year Australia s household debt is among the highest in the world and is often cited by economists as a reason why the RBA won t need to raise interest rates that far to contain surging inflation Massive financial buffers such as elevated household savings high levels of home ownership and seven years of strong regulatory clamps on loose mortgage lending by banks have built resilience into household and bank balance sheets Mr Boak said There are risks to normalizing monetary policy in AustraliaBut we view these risks as manageable he said Net housing debt as a share of income has fallen materially since the global financial crisis and the median Australian mortgagee is 21 months ahead on their mortgage repayments Mr Boak agrees with the RBA s own estimate that a neutral official cash rate would be somewhere around 25 The outlook posed by Goldman Sachs is materially more hawkish than the median forecast by local economists for a 175 cash rate by end 2022 The comments from Goldman Sachs come ahead of the RBA s June policy meeting on Tuesday where some economists are expecting the central bank will announce a rise in the official cash rate by 40 basis points taking it to 075 The RBA delivered its first interest rate hike in over a decade in May responding to data showing inflation running at its highest level in more than 20 years in the first quarter RBA Gov Philip Lowe has indicated further hikes are in the pipeline as policy makers respond to an evolving inflation environment The household debt backdrop in Australia is not one that precludes the RBA s policy rate rising another 215 basis points in this cycle Mr Boak added This is especially so as competitive forces in the banking sector mean banks won t pass through all of the RBA s interest rate hikes into higher mortgage interest rates
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Someone with a lot of money to spend has taken a bearish stance on Chipotle Mexican Grill NYSECMG And retail traders should know We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga Whether this is an institution or just a wealthy individual we don t know But when something this big happens with CMG it often means somebody knows something is about to happen So how do we know what this whale just did Today Benzinga s options scanner spotted 19 uncommon options trades for Chipotle Mexican Grill This isn t normal The overall sentiment of these big money traders is split between 36 bullish and 63 bearish Out of all of the special options we uncovered 7 are puts for a total amount of 799262 and 12 are calls for a total amount of 1156840 What s The Price Target Taking into account the Volume and Open Interest on these contracts it appears that whales have been targeting a price range from 12000 to 20000 for Chipotle Mexican Grill over the last 3 months Volume Open Interest Development Looking at the volume and open interest is a powerful move while trading options This data can help you track the liquidity and interest for Chipotle Mexican Grill s options for a given strike price Below we can observe the evolution of the volume and open interest of calls and puts respectively for all of Chipotle Mexican Grill s whale trades within a strike price range from 12000 to 20000 in the last 30 days Chipotle Mexican Grill Option Volume And Open Interest Over Last 30 Days Biggest Options Spotted Symbol PUTCALL Trade Type Sentiment Exp Date Strike Price Total Trade Price Open Interest Volume CMG CALL SWEEP BEARISH 091622 133000 6890K 102 20 CMG PUT SWEEP BEARISH 031723 172000 3996K 45 45 CMG PUT TRADE BEARISH 031723 172000 2331K 45 21 CMG CALL TRADE BEARISH 091622 133000 765K 102 2 CMG CALL TRADE BULLISH 012023 152000 550K 49 2 Where Is Chipotle Mexican Grill Standing Right Now With a volume of 42619 the price of CMG is down 003 at 17049 RSI indicators hint that the underlying stock may be overbought Next earnings are expected to be released in 63 days What The Experts Say On Chipotle Mexican Grill Morgan Stanley has decided to maintain their Overweight rating on Chipotle Mexican Grill which currently sits at a price target of 1808 BMO Capital has decided to maintain their Market Perform rating on Chipotle Mexican Grill which currently sits at a price target of 1600 Barclays has decided to maintain their Equal Weight rating on Chipotle Mexican Grill which currently sits at a price target of 1400 Keybanc has decided to maintain their Overweight rating on Chipotle Mexican Grill which currently sits at a price target of 1750 Truist Securities has decided to maintain their Buy rating on Chipotle Mexican Grill which currently sits at a price target of 1760 Options are a riskier asset compared to just trading the stock but they have higher profit potential Serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closely If you want to stay updated on the latest options trades for Chipotle Mexican Grill Benzinga Pro gives you real time options trades alerts
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A whale with a lot of money to spend has taken a noticeably bearish stance on Lennar Looking at options history for Lennar NYSELEN we detected 22 strange trades If we consider the specifics of each trade it is accurate to state that 36 of the investors opened trades with bullish expectations and 63 with bearish From the overall spotted trades 2 are puts for a total amount of 72114 and 20 calls for a total amount of 1548111 What s The Price Target Taking into account the Volume and Open Interest on these contracts it appears that whales have been targeting a price range from 1150 to 1500 for Lennar over the last 3 months Volume Open Interest Development In terms of liquidity and interest the mean open interest for Lennar options trades today is 109457 with a total volume of 848000 In the following chart we are able to follow the development of volume and open interest of call and put options for Lennar s big money trades within a strike price range of 1150 to 1500 over the last 30 days Lennar Option Volume And Open Interest Over Last 30 Days Biggest Options Spotted Symbol PUTCALL Trade Type Sentiment Exp Date Strike Price Total Trade Price Open Interest Volume LEN CALL SWEEP BEARISH 062124 14500 2535K 19 49 LEN CALL SWEEP BULLISH 111723 13000 2175K 26K 350 LEN CALL TRADE BEARISH 111723 12500 2004K 14K 1 LEN CALL SWEEP BEARISH 062124 15000 1016K 41 179 LEN CALL SWEEP BULLISH 111723 13000 850K 26K 100 Where Is Lennar Standing Right Now With a volume of 360892 the price of LEN is up 082 at 12933 RSI indicators hint that the underlying stock may be approaching overbought Next earnings are expected to be released in 69 days What The Experts Say On Lennar Citigroup has decided to maintain their Buy rating on Lennar which currently sits at a price target of 148 BTIG has decided to maintain their Buy rating on Lennar which currently sits at a price target of 148 Wedbush has decided to maintain their Neutral rating on Lennar which currently sits at a price target of 123 JMP Securities downgraded its action to Market Outperform with a price target of 135 Citigroup has decided to maintain their Buy rating on Lennar which currently sits at a price target of 148 Options are a riskier asset compared to just trading the stock but they have higher profit potential Serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closely If you want to stay updated on the latest options trades for Lennar Benzinga Pro gives you real time options trades alerts
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On CNBC’s Mad Money Lightning Round Jim Cramer said he is against Novavax NASDAQNVAX When asked about Fox Corporation NASDAQFOX he said I don’t like the media stocks Cramer said the media stocks he likes are Alphabet Inc NASDAQGOOGL Meta Platforms Inc NASDAQMETA and Amazoncom Inc NASDAQAMZN State Street Corporation NYSESTT down here at this level is a terrific buy Cramer said The Mad Money host said he doesn’t want to touch Generac Holdings Inc NYSEGNRC Photo via Shutterstock
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Malaysia s manufacturing showed renewed momentum in April as incoming orders recovered strongly to register the sharpest rise in eight years SP Global said Thursday The SP Global Malaysia manufacturing purchasing managers index increased to 516 in April from 496 in March April saw a welcome surge in demand for manufactured goods and producers reported the strongest inflow of new orders since April 2014 reflecting a combination of improving sales at home and abroad said SP Global chief business economist Chris Williamson Manufacturers are seeing signs of reviving demand but their efforts to boost production to meet these new orders continue to be frustrated by shortages which will likely put further pressure on inflation in the coming months he said
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Someone with a lot of money to spend has taken a bearish stance on McDonald s NYSEMCD And retail traders should know We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga Whether this is an institution or just a wealthy individual we don t know But when something this big happens with MCD it often means somebody knows something is about to happen So how do we know what this whale just did Today Benzinga s options scanner spotted 23 uncommon options trades for McDonald s This isn t normal The overall sentiment of these big money traders is split between 34 bullish and 65 bearish Out of all of the special options we uncovered 18 are puts for a total amount of 993815 and 5 are calls for a total amount of 559824 What s The Price Target Taking into account the Volume and Open Interest on these contracts it appears that whales have been targeting a price range from 2300 to 3000 for McDonald s over the last 3 months Volume Open Interest Development Looking at the volume and open interest is an insightful way to conduct due diligence on a stock This data can help you track the liquidity and interest for McDonald s s options for a given strike price Below we can observe the evolution of the volume and open interest of calls and puts respectively for all of McDonald s s whale activity within a strike price range from 2300 to 3000 in the last 30 days McDonald s Option Volume And Open Interest Over Last 30 Days Biggest Options Spotted Symbol PUTCALL Trade Type Sentiment Exp Date Strike Price Total Trade Price Open Interest Volume MCD PUT SWEEP BEARISH 031723 26000 3672K 24K 781 MCD CALL TRADE BEARISH 031723 26000 2272K 483 560 MCD CALL SWEEP BULLISH 021723 27000 2101K 13K 308 MCD PUT SWEEP BULLISH 011924 27000 635K 24K 78 MCD PUT TRADE BULLISH 061623 30000 625K 57 40 Where Is McDonald s Standing Right Now With a volume of 895962 the price of MCD is down 04 at 26838 RSI indicators hint that the underlying stock is currently neutral between overbought and oversold Next earnings are expected to be released in 22 days What The Experts Say On McDonald s Jefferies has decided to maintain their Buy rating on McDonald s which currently sits at a price target of 315 Barclays has decided to maintain their Overweight rating on McDonald s which currently sits at a price target of 310 Options are a riskier asset compared to just trading the stock but they have higher profit potential Serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closely If you want to stay updated on the latest options trades for McDonald s Benzinga Pro gives you real time options trades alerts
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A GU Co clothing store in New York City The Commerce Department this week will report on September retail sales which will be watched closely for inflation implications Monday is Columbus Day a federal holiday US stock markets are open but the corporate bond and Treasury markets are closed The Labor Department releases a report on the prices that suppliers charged businesses and other customers in September The producer price index fell in August and July from the prior months In August it rose 87 from the same month a year earlier a slower pace than earlier in the summer
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Over the past 24 hours Tokenize Xchange s CRYPTOTKX price has risen 805 to 1836 This is contrary to its negative trend over the past week where it has experienced a 30 loss moving from 1889 to its current price As it stands right now the coin s all time high is 2230 The chart below compares the price movement and volatility for Tokenize Xchange over the past 24 hours left to its price movement over the past week right The gray bands are Bollinger Bands measuring the volatility for both the daily and weekly price movements The wider the bands are or the larger the gray area is at any given moment the larger the volatility The trading volume for the coin has tumbled 530 over the past week along with the circulating supply of the coin which has fallen 007 This brings the circulating supply to 8000 million which makes up an estimated 800 of its max supply of 10000 million According to our data the current market cap ranking for TKX is 39 at 147 billion Powered by CoinGecko API This article was generated by Benzinga s automated content engine and reviewed by an editor
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During times of turbulence and uncertainty in the markets many investors turn to dividend yielding stocks These are often companies that have high free cash flows and reward shareholders with a high dividend payout Benzinga readers can review the latest analyst takes ontheir favorite stocksby visiting ourAnalyst Stock Ratingspage Traders can sort through Benzinga s extensive database of analyst ratings includingby analyst accuracy Here s a look at the most recent high yield dividendstock ratings from the most accurate Wall Street analysts according to Benzinga sAnalyst StockRatings Below are the ratings of the most accurate analysts for three high yielding stocks in the consumer staples sector The Kraft Heinz Company NASDAQKHC Dividend Yield 422 Deutsche Bank analyst Steve Powers maintained a Buy rating and cut the price target from 49 to 46 on March 20 2023 This analyst has an accuracy rate of 70 Stifel analyst Christopher Growe upgraded the stock from Hold to Buy with a price target of 43 on July 28 2022 This analyst has an accuracy rate of 72 Recent News Kraft Heinz reported fourth quarter FY22 sales growth of 10 year on year to 738 billion beating the consensus of 726 billion Philip Morris International Inc NYSEPM Dividend Yield 528 Goldman Sachs analyst Bonnie Herzog upgraded the stock from Neutral to Buy and raised the price target from 95 to 120 on Jan 25 2023 This analyst has an accuracy rate of 73 Stifel analyst Christopher Growe maintained a Buy rating and cut the price target from 115 to 105 on Oct 14 2022 This analyst has an accuracy rate of 72 Recent News Philip Morris International reported fourth quarter FY22 sales growth of 06 year on year to 815 billion beating the consensus of 758 billion The Coca Cola Company NYSEKO Dividend Yield 304 Morgan Stanley analyst Dara Mohsenian maintained an Overweight rating and raised the price target from 68 to 70 on Feb 15 2023 This analyst has an accuracy rate of 74 Wells Fargo analyst Chris Carey maintained an Overweight rating and boosted the price target from 66 to 70 on Dec 8 2022 This analyst has an accuracy rate of 61 Recent News Coca Cola reported fourth quarter FY22 sales growth of 7 year on year to 10125 billion beating the consensus of 1002 billion Read More Insiders Selling Roblox And 2 Other Stocks
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Michigan cannabis regulators are warning consumers about products sourced from unregulated illegal warehouses reported Detroit Free Press Products dubbed Space Rocks and marketed under the brand Fwaygo Extracts were allegedly made by combining regulated and illicit cannabis products according to theCannabis Regulatory Agency CRA CRA investigators suspended both medical and recreational cannabis licenses held by TAS Asset Holdings located at 919 Filley St Suite Ain Lansing after identifying two packages of vape cartridges that contained Bifenthrin aninsecticide bannedunder the regulated market The conduct alleged in the formal complaints is a significant risk to the public health and safety of marijuana consumers in Michigan Brian Hanna executive director of the CRA said in a news release The latest warning comes on the heels of a recall of some products sold by a local cannabis dispensary in Flint In November CRA said it tested Green Culture s consequences and determined they contained unacceptable levels of banned pesticides heavy metals mold and bacteria Safety product issues seem to be piling up in Michigan where weed industry members havelikely not forgottenthe 2021 product recall that affected more than 400 stores statewide In 2021 the Michigan Marijuana Regulatory Agency MRA which underwent a name change last year reported having detected inaccurate andor unreliable results of all products tested by Viridis Laboratories between Aug 10 and Nov 16 The 64000 pound cannabis recall cost the industry nearly 230 million Although after months oflegal battles Judge Thomas Cameron ultimately ruled that the MRA s recall was arbitrary and without basis and could be equivalent to a substantive due process violation Photo Courtesy of Wesley Gibbs on Unsplash
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Orlando and Las Vegas will be the nation’s top apartment markets this year according to the 2022 Multifamily National Investment Forecast published by Marcus Millichap Inc NYSE MMI What Happened In this year’s US Multifamily Index – which ranks 46 major markets on a criteria mix including the local labor market vacancies construction and affordability – Orlando and Las Vegas placed first and second thanks to a high level of job creation and household formation rates – which the report predicted will lead to higher rates of rent growth Metro areas in the Southwest and the Sunbelt that are experiencing higher than average in migration also ranked high on the index including Phoenix 5 Salt Lake City 6 and Austin 7 Florida markets accounted for five of the top 10 apartment markets in this year’s index – joining Orlando were Fort Lauderdale 3 West Palm Beach 4 Tampa 8 and Miami 10 while a quick recovery from the pandemic era economy put Atlanta in ninth place on the index Northeastern and Midwest markets ranked lower on the index due to less supply of multifamily housing and continued uncertainty over the return to office process Pittsburgh ranked last out of the 46 metros on the index with St Louis and Baltimore placing slightly higher Related Link EXCLUSIVE LEX Offers A New Approach To Real Estate Investing With A 250 Entry Price What Else Happened The Marcus Millichap report forecasted a record breaking 16 million households will form in 2022 but limited housing inventory and rising home prices will continue to restrict entry level homeownership opportunities If mortgage rates rise during the year the report predicted the demand for multifamily housing will be reinforced Real estate investors can also take advantage of 2022’s multifamily environment the report added “The investment landscape for multifamily properties concluded 2021 with a historic level of trading activity following a marked slowdown the year prior” the report said “After a 22 contraction in 2020 the transaction velocity for apartments priced 1 million and above expanded by close to 50 last year to align with the most active years on record” “Abundant investor demand has translated into higher sales prices as a result” the report continued “The US average price per unit rose nearly 9 in 2021 to over 180000 Cap rates have compressed as a result with the national mean dropping to 5” The report speculated that increased interest rates will not deter real estate investors “given the property type’s inflation resistance relative to other investment vehicles” and a new flow of foreign capital from sources in Canada the UK and Saudi Arabia will continue to animate this sector as the trend to convert commercial property types into multifamily housing continues “Investors and developers both are focusing more attention on adaptive reuse” the report stated “A record 20000 apartments opened last year as part of conversions with the forward looking pipeline appearing similarly elevated Underused offices and hotels have become more popular candidates for conversion in recent years allowing for reduced construction timelines and budgets”
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If history is any guide there may be good fortune ahead for shares of TransDigm Gr NYSETDG A so called golden cross has formed on its chart and not surprisingly this could be bullish for the stockWhat To Know Many traders use moving average crossover systems to make their decisionsWhen a shorter term average price crosses above a longer term average price it could mean the stock is trending higher If the short term average price crosses below the long term average price it means the trend is lowerWhy It s Important The 50 day and the 200 day simple moving averages are commonly used The golden cross occurs when the 50 day crosses above the 200 day This could mean the long term trend is changingThat just happened with TransDigm Gr which is trading around 58936 at publication time Remember Seasoned investors don t blindly trade Golden CrossesInstead they use it as a signal to start looking for long positions based on other factors like price levels and company fundamentals eventsFor seasoned investors this is just a sign that it might be time to start considering possible long positions With that in mind take a look at TransDigm Gr s past and upcoming earnings expectations QuarterQ3 2022Q2 2022Q1 2022Q4 2021 EPS Estimate439369314369 EPS Actual4853863425 Revenue Estimate140B131B124B132B Revenue Actual140B133B119B128B Do you use the Golden Cross signal in your trading or investing Share this article with a friend if you found it helpfulThis article was generated by Benzinga s automated content engine and reviewed by an editor
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Petalfast a route through market platform for the cannabis industry announced its partnership with FIND WUNDER a beverage brand offering cannabis infused canned sparkling beverages FIND WUNDER joins a growing portfolio of cannabis beverages represented by Petalfast nationwide “We see cannabis beverages as one of the most important categories for the future of this industry and FIND WUNDER’s refreshing forward thinking brand is a great example” stated Petalfast CEO Jason Vegotsky “From the company’s rigorous product development standards to their dosage level options for all tolerances FIND WUNDER’s products help eliminate the stigmas associated with cannabis use and invite consumers to share their drinks with friends and loved ones We are thrilled to begin this exciting partnership with our fellow Californians” FIND WUNDER is a sparkling beverage that offers a modern twist on nostalgic flavors According to the company it combines all natural ingredients and cannabis derived Delta 9 and Delta 8 THC to create a better buzz – one that can help you feel relaxed calm and lucid FIND WUNDER’s line of low calorie low sugar alcohol alternatives includes Godspeak Higher Vibes and Sessions in an assortment of flavors including blackberry lemon blood orange bitters watermelon basil and grapefruit hibiscus “We are thrilled to begin working with Petalfast an innovative platform that has elevated many notable California cannabis brands to the next level” stated FIND WUNDER CEO Alexi Chialtas “The partnership helps strengthen our goal to bring wonder to consumers new and old elevating their experiences and setting them up to make high minded memories that will last a lifetime” Benzinga s Cannabis Capital Conference Is Back The most successful cannabis business event in the world the Benzinga Cannabis Capital Conference returns to Miami for its 16th edition This is the place where DEALS GET DONE where money is raised MA starts and companies meet investors and key partners Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11 12 Don’t miss out Secure your tickets now Prices will surge very soon Photo Benzinga edit with photos by geralt and lindsayfox on Pixabay
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A whale with a lot of money to spend has taken a noticeably bearish stance on Generac Hldgs Looking at options history for Generac Hldgs GNRC we detected 12 strange trades If we consider the specifics of each trade it is accurate to state that 41 of the investors opened trades with bullish expectations and 58 with bearish From the overall spotted trades 10 are puts for a total amount of 1593426 and 2 calls for a total amount of 194520 Taking into account the Volume and Open Interest on these contracts it appears that whales have been targeting a price range from 1500 to 3000 for Generac Hldgs over the last 3 months In terms of liquidity and interest the mean open interest for Generac Hldgs options trades today is 30888 with a total volume of 16600 In the following chart we are able to follow the development of volume and open interest of call and put options for Generac Hldgs s big money trades within a strike price range of 1500 to 3000 over the last 30 days Generac Hldgs Option Volume And Open Interest Over Last 30 Days Where Is Generac Hldgs Standing Right Now With a volume of 644496 the price of GNRC is down 024 at 22345 RSI indicators hint that the underlying stock is currently neutral between overbought and oversold Next earnings are expected to be released in 40 days What The Experts Say On Generac Hldgs Northland Capital Markets downgraded its action to Outperform with a price target of 370 Roth Capital has decided to maintain their Buy rating on Generac Hldgs which currently sits at a price target of 320 Baird has decided to maintain their Outperform rating on Generac Hldgs which currently sits at a price target of 298 Options are a riskier asset compared to just trading the stock but they have higher profit potential Serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closely If you want to stay updated on the latest options trades for Generac Hldgs Benzinga Pro gives you real time options trades alerts
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Argo Blockchain PLC ADR NASDAQARBK shares are trading lower by 976 to 222 Tuesday morning after the company announced an operational update for September The stock hasfallen some 4351 since the close of Thursday s session after the company announced strategic actions to strengthenits balance sheet What Happened Tuesday During the month of September Argo says the company mined 215 Bitcoin CRYPTO BTCor Bitcoin Equivalents together BTC compared to 235 BTC in August 2022 The company says the decrease in BTC mined is primarily due to a12increase in average network difficulty during September Additionally the company is continuing to curtail operations at its Helios facility in Dickens County Texas during periods of high electricity prices Argo says as of September 30 the company held 512 Bitcoin of which 167 were BTC Equivalents The company is closely monitoringmarket conditions and is actively using a variety of derivatives to manage BTC holdings and mitigate risk exposure See AlsoWhat s Going On With Novavax Shares According to data fromBenzinga Pro Argo Blockchain PLC has a 52 week high of 2100 and a 52 week low of 204
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BorgWarner IncNYSEBWA stated its plans to acquireEldor Corporation s Electric Hybrid Systems EHS businesssegment for €75 million The acquisition will add innovative and cost effective high frequency DCDC converter technology to its portfolio and boost its capabilities in engineering compact domain and efficient 400V and 800V onboard chargers The transaction is expected to conclude in Q3 2023 upon satisfying closing conditions BorgWarner projects Eldor s EHS business to generate revenues of €25 million in 2023 and around €250 million in 2027 Eldor s technologies are a great complement to BorgWarner s ePropulsion portfolio particularly as it relates to expanding in high voltage power electronics beyond the inverter said Frédéric Lissalde President and CEO Last week the company disclosed the expected completion of the PHINIA spin offon July 3 2023 Earlier this month BorgWarner unveiled the next phase of its Charging Forwardstrategy on profitably growing eProducts for both BEVs and Hybrid vehicles expecting to achieve10 billion in eProducts sales by 2027 Price Action BWA shares closed higher by 066 at 4860 on Friday
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Gainers Ocean Biomedical Inc NASDAQOCEA shares climbed 623 to 761 after the company shared detailed research data on anti tumor pathway discoveries and their potential for treatment of non small cell lung cancer metastatic melanoma and glioblastoma by Scientific Co founder Dr Jack A Elias MD Toro Corp NASDAQTORO shares climbed 532 to 590 Unicycive Therapeutics Inc NASDAQUNCY gained 36 to 221 EF Hutton initiated coverage on Unicycive Therapeutics with a Buy rating and announced a price target of 5 Holley Inc NYSEHLLY surged 32 to 26099 following Q4 results Intuitive Machines Inc NASDAQLUNR rose 303 to 1337 Solo Brands Inc NYSEDTC gained 281 to 515 after the company announced better than expected Q4 results Biophytis SA NASDAQBPTS rose 279 to 06460 after the company said it will present results of the phase 2 3 COVA study with Sarconeos BIO101 in severe COVID 19 at the European Respiratory Society 2023 21st Lung Science Conference taking place in Estoril Portuga Neoleukin Therapeutics Inc NASDAQNLTX shares rose 263 to 06703 Neoleukin Therapeutics engaged SVB Securities to assist in reviewing strategic alternatives The company also approved a further corporate restructuring to preserve cash including reducing its workforce by approximately 70 Asana Inc NYSEASAN rose 263 to 2248 as the company reported better than expected Q4 results and issued strong forecast for the current quarter Build A Bear Workshop Inc NYSEBBW gained 225 to 2523 after the company reported fourth quarter FY22 sales growth of 116 year on year to 14511 million beating the consensus of 13754 million KLX Energy Services Holdings Inc NASDAQKLXE jumped 214 to 1648 following Q4 results BYND Cannasoft Enterprises Inc NASDAQBCAN rose 198 to 436 after gaining over 9 on Wednesday Avenue Therapeutics Inc NASDAQATXI shares rose 194 to 12425 after the company issued regulatory update on IV Tramadol and other corporate updates Kaival Brands Innovations Group Inc NASDAQKAVL gained 186 to 07899 Kaival Brands signed an agreement with a prominent national broker increasing potential distribution by upwards of 40000 retail stores Townsquare Media Inc NYSETSQ gained 18 to 856 following strong quarterly results Paysafe Limited NYSEPSFE jumped 157 to 2349 Paysafe reported a fourth quarter FY22 revenue growth of 3 year on year to 3836 million beating the consensus of 3761 million Stabilis Solutions Inc NASDAQSLNG gained 156 to 35605 after posting a profit for the fourth quarter Duluth Holdings Inc NASDAQDLTH jumped 147 to 709 following upbeat quarterly earnings Finch Therapeutics Group Inc NASDAQFNCH gained 146 to 04599 FuelCell Energy Inc NASDAQFCEL jumped 139 to 376 after the company reported better than expected Q1 EPS and sales results Versus Systems Inc NASDAQVS shares rose 134 to 06799 Versus Systems last month announced a 225 million registered direct offering Assertio Holdings Inc NASDAQASRT gained 13 to 674 following strong quarterly sales Miller Industries Inc NYSEMLR jumped 118 to 3040 after reporting a rise in Q4 earnings Troika Media Group Inc NASDAQTRKA rose 114 to 03820 after dipping around 39 on Wednesday Troika Media recently reported revenue of 18791 million for the six months ended FY22 up from 1534 million a year ago Sovos Brands Inc NASDAQSOVO gained 114 to 1466 after the company reported better than expected Q4 results and issued strong FY23 guidance Docebo Inc NASDAQDCBO gained 102 to 3941 following upbeat quarterly earnings Nuvei Corporation NASDAQNVEI jumped 84 to 3947 Credit Suisse upgraded Nuvei from Neutral to Outperform and raised the price target from 37 to 45 Losers InVivo Therapeutics Holdings Corp NASDAQNVIV shares dipped 482 to 10873 after the company announced topline data from its INSPIRE 20 study in acute spinal cord injury in which the primary endpoint was not met SVB Financial Group NASDAQSIVB fell 374 to 16736 after the parent of Silicon Valley Bank announced proposed offerings of common stock and convertible preferred stock Silvergate Capital Corporation NYSESI shares fell 287 to 360 after the company announced it will wind down operations and voluntarily liquidate Silvergate Bank Akebia Therapeutics Inc NASDAQAKBA dipped 23 to 07931 following Q4 results Titan Medical Inc NASDAQTMDI fell 222 to 01479 after the company reported decision of Nasdaq Hearings Panel to delist common shares Stagwell Inc NASDAQSTGW dropped 209 to 695 after the company announced the launch of a 16 million share secondary offering of common stock Predictive Oncology Inc NASDAQPOAI fell 18 to 03361 Fulcrum Therapeutics Inc NASDAQFULC fell 173 to 518 Fulcrum Therapeutics posted a Q4 loss of 050 per share PacWest Bancorp NASDAQPACW dipped 169 to 2217 VSE Corporation NASDAQVSEC fell 167 to 4717 following weak quarterly results Elys Game Technology Corp NASDAQELYS tumbled 167 to 05241 John Wiley Sons Inc NYSEWLY fell 157 to 3665 after posting downbeat quarterly results Arhaus Inc NASDAQARHS dipped 147 to 1092 following Q4 results Kronos Worldwide Inc NYSEKRO dropped 146 to 932 following Q4 results Novo Integrated Sciences Inc NASDAQNVOS shares fell 145 to 01650 after dropping 5 on Wednesday Helen of Troy Limited NASDAQHELE dropped 103 to 10263 Helen of Troy announced resignation of CFO Matt Osberg Exela Technologies Inc NASDAQXELA fell 93 to 00624 after gaining 12 on Wednesday JDcom Inc NASDAQJD fell 88 to 4287 after the company Q4 financial results Borqs Technologies Inc NASDAQBRQS fell 85 to 02633 Borqs Technologies shares gained 17 on Wednesday after the company announced a contract to develop and manufacture an Android 5G rugged waterproof handheld device MongoDB Inc NASDAQMDB shares dropped 71 to 21289 after the company issued weak revenue guidance Etsy Inc NASDAQETSY fell 4 to 10862 after Jefferies downgraded the stock from Buy to Underperform and lowered the price target from 150 to 85 Now Read This Top 5 Consumer Staples Stocks That Could Lead To Your Biggest Gains In March
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US crude oil stockpiles are expected to have increased slightly from the previous week in data due Wednesday from the US Energy Department according to a survey of analysts and traders by The Wall Street Journal Estimates from 11 analysts and traders showed US oil inventories are projected to have increased by 100000 barrels for the week ended Aug 12 Five of the analysts surveyed are expecting a decline while six forecast an increase Forecasts range from a decrease of 4 million barrels to an increase of 3 million barrels The closely watched survey from the DOE s Energy Information Administration is scheduled for release at 1030 am ET Wednesday Gasoline stockpiles are expected to decrease by 900000 barrels from the previous week according to analysts Estimates range from a decrease of 31 million barrels to an increase of 2 million barrels Stocks of distillates which include heating oil and diesel are expected to rise by 13 million barrels from the previous week Forecasts range from a decrease of 15 million barrels to an increase of 36 million barrels Refinery use likely fell by 01 percentage point from the previous week to 942 Forecasts range from a 09 percentage point decrease to a 11 percentage point increase Two analysts didn t make a forecast
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The most oversold stocks in the communication services sector presents an opportunity to buy into undervalued companies The RSI is a momentum indicator which compares a stock s strength on days when prices go up to its strength on days when prices go down When compared to a stock s price action it can give traders a better sense of how a stock may perform in the short term An asset is typically considered oversold when the RSI is below 30 Here’s the latest list of major oversold players in this sector having an RSI near or below 30 Salem Media Group Inc NASDAQSALM Salem Media Group posted a wider than expected first quarter loss The company’s stock has a 52 week low of 092 RSI Value 2949 SALM Price Action Shares of Salem Media fell 49 to close at 09410 on Thursday Society Pass Incorporated NASDAQSOPA Society Pass posted downbeat quarterly sales Raynauld Liang Society Pass Inc Chief Financial Officer explains “Our outsized first quarter 2023 financial performance validates our acquisitions focused business plan here in SEA For 1Q 2023 we achieved year on year revenue growth of 358 whilst recognising year on year cash operating expenses increase of only 20” The company’s stock has a 52 week low of 08060 RSI Value 2637 SOPA Price Action Shares of Society Pass fell 76 to close at 08320 on Thursday United States Cellular Corporation NYSEUSM United States Cellular reported worse than expected first quarter EPS and sales results Postpaid subscriber trends improved year over year as we made progress toward stabilizing our customer base but we still had net subscriber losses during the quarter and have more work to do said Laurent Therivel UScellular President and CEO The company’s stock has a 52 week low of 1412 RSI Value 1572 USM Price Action Shares of United States Cellular dropped 35 to close at 1430 on Thursday Kubient Inc NASDAQKBNT Kubient posted a narrower than expected loss for its fourth quarter This past year we transformed Kubient into an efficient and well balanced technology organization with an emphasis on improving KAI our proprietary ad fraud identification and prevention solution said Paul Roberts CEO and founder of Kubient The company’s 52 week low is 033 RSI Value 2926 KBNT Price Action Shares of Kubient fell 32 to close at 05026 on Thursday Vinco Ventures Inc NASDAQBBIG Vinco Ventures reported a 1 for 20 reverse stock split The company has a 52 week low of 212 RSI Value 2673 BBIG Price Action Shares of Vinco Ventures dropped 22 to close at 222 on Thursday Read More These 3 Consumer Stocks Delivering High Dividend Yields Are Recommended By Wall Street s Most Accurate Analysts
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People walk past a branch of Jobcentre Plus a government run employment support and benefits agency in Hackney London Britain August 6 2020 REUTERSJohn Sibley LONDON June 14 Reuters Britain s unemployment rate rose slightly to 38 in the three months to April official monthly figures showed on Tuesday Economists polled by Reuters had expected the jobless rate to fall to 36 from 37 in the previous reading
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Shares of Viatris Inc rose more than 5 to 1045 in early trading Monday after the company said it swung to a profit in the first quarter after a 1 billion loss in the same period a year ago The healthcare company posted net income of 3992 million for the quarter ended March 31 beating analyst expectations of 1856 million according to FactSet First quarter earnings were 33 cents a share against a loss of 86 cents a share last year Adjusted for one time items earnings were 93 cents a share Analysts polled by FactSet were expecting 83 cents a share The company s total revenue dropped to 418 billion from 44 billion in the first quarter of 2021 just missing Wall Street estimates of 423 billion Viatris said its operating expenses for the first quarter were 107 billion down from 139 billion a year ago The shares are down 25 over the past 12 months
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China’s leadership is reportedly set to appoint Pan Gongsheng a deputy governor of the People s Bank of China PBOC as the new head of the central bank according to sources familiar with the matter Pan’s Appointment and Background Pan is expected to first be appointed as the bank s Communist Party chief before assuming the role of governor The Wall Street Journal reports With a long career in China s financial sector Pan joined the PBOC in 2012 as deputy governor and became the head of the State Administration of Foreign Exchange in 2015 He also heads the Leading Group of Internet Financial Risks Remediation which regulates financial technology companies and cryptocurrency use in China See Also Amid Rising US China Strains Janet Yellen Eyes Visit To Engage With Xi Jinping Implications for China’s Economy China’s economy currently facing slowing growth high debt levels and an aging population is at a critical juncture Pan’s appointment given his extensive experience suggests a cautious approach from Beijing as it focuses on stabilizing the economy after years of COVID 19 restrictions See AlsoUS Aims To Thwart Xi Jinping s AI Ambitions As China Lures Billionaires Into Race Broader Reshuffling in the Financial System The change in the central bank’s leadership is part of a larger reshuffling in the financial system as Chinese President Xi Jinping forms an economic team primarily consisting of trusted allies The creation of the Central Financial Commission a financial watchdog run by the Communist Party indicates the government’s growing concern over financial instability and its determination to prevent another financial crisis Read NextBlinken Stands By Biden s ‘Dictator Label On Xi Jinping ‘Going To Continue To Do And Say Things You Don t Like Hi I am the Benzinga Newsbot I generated the above summary based on the source indicated in the article and recommend referring to the original article for a comprehensive understanding of the topic This summary was reviewed by Benzinga editorial staff in line with the publication’s editorial guidelines before being published
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Major Wall Street indices soared on Wednesday after Federal Reserve Chair Jerome Powell said the central bank may slow the pace of rate hikes as soon as December while also noting that bringing down inflation remained a long battle The rally sent major Wall Street indices soaring with the SPDR SP 500 ETF Trust SPY closing the day’s session higher by 314 Powell’s speech was a scheduled event and if you had been following the financial press you would have understood that market participants were keenly watching out for the speech It was apparent that a major market movement was potentially on the cards Also Read Where to Get Free Gold IRA Kits The Strategy In such a case where huge market movement is anticipated a good strategy to follow would be the Long Strangle which involves simultaneously buying a slightly out of the money call and put options on an asset If the market makes a significant move in either direction one of the options would likely explode in value The ensuing profit would in most cases more than cover the losses you made on the other option Call options rise when the underlying asset price increases and put options gain when the asset price falls It is noteworthy that the maximum risk in this strategy is limited to the total price you paid for both options SPY Options On Tuesday a day before Powell s speech the SPY closed at 39523 according to Barchart data As part of the Long Strangle strategy you could have bought the 394 strike put option expiring on Dec 1 at about its day end price of 243 along with the 396 strike call option of the same expiry near its session end price of 257 The total cost would have come to 5 After Powell’s speech on Wednesday the SPY rally took the 396 strike call option to 1189 towards the end of the session The 394 strike put option lost value and ended the day at 006 The total value of both options stood at 1195 a staggering 139 return Ideally in such a trade it is recommended that you immediately close the positions and book your profit Otherwise you will see part of the returns diminish because of theta decay or the loss in the value of an option as you get closer to the expiry date unless the market continues to move in the desired direction Read Next Alibaba Nio Soar Over 7 Powell s Speech Fires Up Hang Seng After Strong Wall Street Close
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US stocks look set for a positive start on Friday reversing course from the sell off seen in the past threesessions What Happened Traders may have to contend with Fed speeches andhousing market data which could providedirection to the market On Thursday the averages came under pressure from strong jobless claims data that showed a decline in the number of people filing for unemployment benefits to the lowest level since October Traders were also left to mull over some disappointing earnings reports from Alcoa Corp NYSEAA American Airlines GroupInc NASDAQAAL and Procter Gamble Company NYSEPG See Also What Are Futures Contract The major averages started the session lower and fell further in the morning before bottoming in early afternoon trading Although stocks attempted a recovery recouping most of their losses by late afternoon trading they retreated yet again before closing notably lower for the session US Indices Performance On Thursday Index Performance Value Nasdaq Composite 096 1085227 SP 500 Index 076 389885 Dow Industrials 076 3304456 LPL Financial Chief Equity Strategist Jeff Buchbindersaid he is bracing for a slight earnings decline in 2023 but a solidly positive year for stocks “That doesn’t mean the SP 500 won’t retest the October lows in the short term about 9 below current levels before the next bull market gets underway” he said “But the LPL Research Strategic and Tactical Asset Allocation Committee STAAC believes the risk reward trade off this year is positive enough right now to support an overweight equities recommendation” LPL syear end SP 500 fair value target range is 4400 4500 based on a price to earnings ratio of 18–19 and a 240 forecast for SP 500 earnings per share in 2024 Here’s a peek into index futures trading US Futures Performance On Friday Index Performance Nasdaq 100 Futures 037 SP 500 Futures 009 Dow Futures 003 R2K Futures 023 In premarket trading on Friday the SPDR SP 500 ETF TrustNYSESPY rose 011 to 38906 and the Invesco QQQ TrustNASDAQQQQ gained 035 to 27611 according to Benzinga Pro data On the economic front Federal Open Market Committee member and New York Fed President John Williams said in a text of a speech delivered to the Fixed Income Analysts Society in New York that the “monetary policy has more work to do to bring inflation down to our 2 goal on a sustained basis Reuters reported Philadelphia Fed President Patrick Harker also an FOMC member is scheduled to speak at 9 am EST The National Association Of Realtors will release its existing home sales report for December at 10 am EST The month over month decline in existing home sales may have decelerated from 77 in November to 54 in December The previous month’s report showed a sharp 354 plunge in sales from a year The median price of an existing home rose 35 year over year to 370700 Federal Reserve Governor Christopher Waller is scheduled to speak at 1 pm EST Stocks In Focus NetflixInc NASDAQNFLX shares rallied over 570 in premarket trading after it reported strong net paid subscriber adds for the fourth quarter Luxury retailer NordstromInc NYSEJWN fell over 5 after it reported disappointing holiday sales and reduced its full year earnings forecast Eli Lilly Co NYSELLY moved down15 after the FDA shot down its regulatory application for its Alzheimer’s candidate donanemab citing a limited number of patients with at least 12 months of drug exposure data BiogenInc NASDAQBIIB which recently received approval for its second Alzheimer’s antibody was up over 13 Oilfield services companySchlumberger Limited NYSESLB is scheduled to report its quarterly results ahead of the market open Commodities Other Global Markets Crude oil futures are advancing modestly and trading under the 81 a barrel level marking a second straight session of gains The Asia Pacific markets ignored the negative Wall Street lead and ended Friday’s session notably higher led by the Hong Kong market The gains came ahead of a week long Lunar New Year holiday kick starting in China on Saturday European stocks advanced moderately in late morning deals although they exhibited some degree of volatility Read Next Cramer Says Tesla Amazon Beatdowns Obscuring Bull Market In Other Places Tech Track Can t Seem To Find Its Footing’
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Someone with a lot of money to spend has taken a bearish stance on Sea NYSESE And retail traders should know We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga Whether this is an institution or just a wealthy individual we don t know But when something this big happens with SE it often means somebody knows something is about to happen So how do we know what this whale just did Today Benzinga s options scanner spotted 10 uncommon options trades for Sea This isn t normal The overall sentiment of these big money traders is split between 30 bullish and 70 bearish Out of all of the special options we uncovered 7 are puts for a total amount of 335164 and 3 are calls for a total amount of 190208 What s The Price Target Taking into account the Volume and Open Interest on these contracts it appears that whales have been targeting a price range from 350 to 900 for Sea over the last 3 months Volume Open Interest Development In terms of liquidity and interest the mean open interest for Sea options trades today is 316843 with a total volume of 147600 In the following chart we are able to follow the development of volume and open interest of call and put options for Sea s big money trades within a strike price range of 350 to 900 over the last 30 days Sea Option Volume And Open Interest Over Last 30 Days Biggest Options Spotted Symbol PUTCALL Trade Type Sentiment Exp Date Strike Price Total Trade Price Open Interest Volume SE CALL TRADE BEARISH 121925 8000 712K 654 0 SE CALL TRADE BEARISH 121925 8000 700K 654 50 SE PUT SWEEP NEUTRAL 081823 6500 575K 58K 92 SE PUT SWEEP BULLISH 081823 6500 575K 58K 42 SE PUT SWEEP BEARISH 011924 5000 566K 52K 101 Where Is Sea Standing Right Now With a volume of 1752787 the price of SE is down 511 at 5502 RSI indicators hint that the underlying stock may be oversold Next earnings are expected to be released in 40 days Options are a riskier asset compared to just trading the stock but they have higher profit potential Serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closely If you want to stay updated on the latest options trades for Sea Benzinga Pro gives you real time options trades alerts
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India s consumer prices increased on year in February at a slightly faster pace than in January according to preliminary government data published Monday The Indian consumer price index increased 607 on year in February reaching an eight month high after a 601 rise in January Economists polled by FactSet expected consumer prices to rise 59 The increase was driven by food prices which rose 59 in February Food prices account for nearly half of the CPI basket The inflation rate is above the Reserve Bank of India s target of 2 to 6 The urban consumer price index for February rose 575 compared with the same period a year earlier while the rural reading increased 638 the data showed
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There s a simple reason why sentiment is bullish in the market Tuesday with little fresh news or data for investors to evaluate History shows the S P 500 tends to bounce often significantly after down years A look at the data since World War II shows when the S P 500 declines more than 1 in a single year it rebounds on average by 15 in the next year We could very well get that I just don t think it s going to happen in the first month or two of the year as it had post Covid or post 2008 when the Fed came in to support the markets said Sylvia Jablonski Defiance ETFs CEO on CNBC s Squawk Box Tuesday We have to wait it out There have been some exceptions to the rebound trend There were multiple down years following the burst of the dotcom bubble in 2000 as well as in the early 1970s Some investors think we could be in a similar period where the Covid inflationary excesses need multiple years to be worked off Plus the market since the 1940s has never bottomed before an official recession hits Many investors see the market unwinding to the lows again as an official recession takes hold this year Still there are some reasons for optimism The economy so far has been quite resilient Jablonski sees a 20223 rebound if earnings hold up and the Federal Reserve pauses its aggressive hiking campaign You will eventually start getting investors off the sidelines at these valuations Jablonski said
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Some under the radar healthcare stocks are unlikely attractive picks according to Renaissance Macro Research chairman Jeff deGraaf The technical analyst who studies charts to make buying and selling decisions said on CNBC s Squawk on the Street on Monday that while the overall sector isn t fairing as well as he d like there s still value in names apart from the top line pharmaceuticals What s happening today though is it s not pharma that s really driving it which would really sort of be exhibit A from a defensive standpoint its the healthcare equipment names deGraaf said From a cyclical standpoint even within the healthcare sector they re starting to break out DeGraaf listed Stryker Bruker and Boston Scientific as good looking long term charts thanks to both their discretionary spend and chart cyclicality within the healthcare space He added that these stocks have turned the corner over the past 18 months despite broader macroeconomic headwinds BRKR YTD mountain Healthcare equipment stocks are some of the most attractive picks in the overall sector according to Renaissance Macro Research chief Jeff DeGraaf So far this year all three stocks have climbed considerably with Bruker and Stryker adding 15 and 175 respectively Boston Scientific meanwhile has climbed 83 from the beginning of 2023 SYK YTD mountain Stryker is leading the pack of out Jeff DeGraaf s picks with a gain of roughly 175 so far this year Healthcare stocks are often touted as defensive investments during economic turmoil and recessions thanks to their predictable earnings and steady consumer growth DeGraaf is in the Institutional Investor magazine Hall of Fame for chart analysis
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SYDNEY Australia and New Zealand Banking Group Ltd said full year net profit increased 16 boosted by its retail and institutional banking divisions but the company warned that cost of living pressures may mean a testing six months ahead The Australian major lender on Thursday reported a statutory profit of 712 billion Australian dollars US463 billion for the 12 months ended Sept 30 Analysts had expected a full year net profit of A671 billion according to FactSet s consensus estimate ANZ s retail division saw second half profit up 6 half on half while revenue in institutional rose 2 on year Cash earnings a measure tracked by analysts that strips out non core items rose by 50 to A650 billion ANZ Chief Executive Shayne Elliott said all divisions made a material contribution to the full year result which demonstrated the benefits of its diversified business We restored momentum in Australian home loans with application approval times back in line with industry peers he said We continued the re platforming of Australia Retail onto ANZ Plus which is our new digital bank with deposits already exceeding A12 billion and growing at a rate faster than any new digital bank in Australia Australian bank NIMs had been under pressure amid the low interest rate environment with the Reserve Bank of Australia making successive interest rate hikes analysts have tipped that lenders should see margin benefits over time Mr Elliott said that the world was in a period of significant uncertainty against a backdrop of rising inflation and geopolitical uncertainty Fortunately RBA data show aggregate household balance sheets net of liquid assets are the best they have been for 15 years he said While this data suggests on average people are still doing well cost of living pressures are starting to have a meaningful impact and the next six months will be testing The bank declared a final dividend of A074 per share compared with A072 a year earlier with cash return on equity at 104 ANZ s Common equity Tier 1 capital ratio a key measure of a bank s ability to withstand financial shocks was flat for the year at 123 This is above the Australian Prudential Regulation Authority s Unquestionably Strong benchmark The company said it was well placed to meet the requirements from the APRA Capital Reforms from January
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Traders investors and strategists were adding one more factor to the list of reasons why financial markets may be in for more volatility through at least the next three to four months the likelihood that Fed rate hikes won’t put a dent in inflation by then Wednesday’s price action reflected the continued anxiety gripping the stock market with all three major indexes sporting sharp losses The Dow Jones Industrial Average DJIA dropped nearly 1000 points while the SP 500 SPX fell over 3 amid a flight to safety in government bonds as investors reassessed Fed Chairman Jerome Powell’s hawkish comments from Tuesday and his reassurance that there were plausible paths to a “softish” landing Read Why are stocks falling Fragile ‘bear market’ bounce underlines investor jitters Equities had already been roiled in the past two weeks since the Fed’s May 4 decision to deliver a 50 basis point hike its biggest rate increase in 22 years A day after the Fed’s move Dow industrials dropped almost 1100 points and along with the Nasdaq Composite Index COMP scored its worst daily percentage drop since 2020 on signs of panic selling on Wall Street This year’s selloff in stocks has left all three major indexes nursing double digit losses What has yet to be fully considered in financial markets is the notion that US inflation at 83 as of April but still near a four decade high may fail to respond to the Fed’s rate hikes through this summer according to traders strategists and investors Typically it takes anywhere from six to nine months and even up to two years for rate hikes to work their way through the economy But that policy lag may be lost on markets accustomed to years of easy money and growing more uneasy by the day Though the Fed’s effort to shrink its almost 9 trillion balance sheet adds an additional layer of tightening to financial conditions it doesn’t start until June 1 “The meaningful impact of rate hikes will likely be felt toward the end of this year” said David Petrosinelli a senior trader at InspereX in New York which has underwritten more than 670 billion in securities Meanwhile the Fed is “losing the room’’ or public confidence “pretty quickly because there’s really no light at the end of the tunnel on inflation’’ “We are in the first or second innings of market volatility because it’s not just what the Fed is doing is it’s what the Fed is not doing” he said via phone referring to the policy makers’ decision to not begin shrinking its portfolio until next month “There’s growing skepticism about Powell and the Fed’s current game plan The window or corridor for a soft landing is narrowing by the day and there’s a growing scenario in which inflation doesn’t meaningfully abate during the next few months of Fed hikes” As of Wednesday traders of derivatives like instruments known as fixings were pricing in at least five more annual headline inflation rates above 8 based on the consumer price index reports for May through September That’s largely due to higher energy costs and reflects a notable shift from where expectations stood on May 6 when traders foresaw inflation starting to fall below 8 in June The table above reflects the projected gain in the annual headline CPI rate versus the year earlier period Five months of 8 plus readings are now being penciled in even though Powell reiterated on Tuesday that half a percentage point interest rate increases at both the Fed’s June and July meetings remains the baseline case Just two weeks ago on May 6 traders expected inflation to fall below 8 sooner In remarks made at a Wall Street Journal event on Tuesday Powell sought to reassure the public that there are “plausible paths” to a “softish” landing for the economy even if there may be some “pain” ahead If necessary he said the Fed wouldn’t hesitate to push rates past “broadly understood levels of neutral” or level at which policy neither boosts nor slows economic growth to bring down inflation Powell said the Fed would keep raising rates until there was “clear and convincing evidence” that inflation was coming down The fed funds rate target currently stands at 075 to 1 For now financial markets are of four different minds when it comes to inflation said Jim Vogel an interest rate strategist at FHN Financial in Memphis The bond market is “leaning toward the idea of the Fed being successful though it’s uncertain about the timing” The stock market “almost wishes the Fed isn’t successful” because of the idea that higher inflation can help some stocks outperform Vogel said in a phone interview “Commodities are confused” and the forward inflation market “is torn between a Fed that can be successful but not for an extended period of time” The problem he said is that even if Fed rate hikes reduce demand “on the margin” policy makers are “going to be ineffective’’ in addressing the following factors Structural demand for workers supply chain disruptions from Russia’s war on Ukraine and China’s zero tolerance policy on COVID 19 and the need by businesses to redirect their “time energy and money” into regionalizing some of their investments and operations Those dynamics “accelerate inflation in the short run though inflation could resolve itself on its own over a longer term” Vogel told MarketWatch Meanwhile “there’s more room to run in the equities selloff as investors punish stocks with international exposure and financial markets will be prone to bouts of illiquidity and mild panic” Regardless of which inflation outcome is correct according to Vogel the Treasury curve will keep flattening with some spreads like the one between 3 TMUBMUSD03Y and 10 year rates TMUBMUSD10Y potentially inverting by as much as 20 to 30 basis points at some point Depending on how global geopolitical conditions play out this fall “we could be looking at an environment that easily lasts through 2023 with Fed policy being latent through the first half of 2024” Read Wild swings in stocks and bonds offer taste of more volatility to come given the risk US inflation keeps rising Petrosinelli of InspereX sees a chance that the 10 year rate could move toward 4 from Wednesday’s level around 291 in the second or third quarter taking a bite out of tech stocks while the Treasury curve inverts again As of afternoon trading Treasury yields were lower as investors flocked to government bonds shrinking the spread between 2 and 10 year rates to 24 basis points in a worrisome signal about the outlook Walgreens Boots Alliance Inc WBA Walmart Inc WMT and The Home Depot Inc HD were among the Dow’s biggest losers while shares of retailer Target Corp TGT plunged more than 25 on Wednesday after it reported a big earnings miss amid deepening broad based pessimism in markets “We’re a little more optimistic about inflation peaking in the fall and see no recession happening in the US” said Jay Hatfield chief investment officer of Infrastructure Capital Advisors in New York a manager of exchange traded funds and hedge funds that oversees around 118 billion in assets He sees the 10 year remaining around 3 and stocks staying rangebound But in a non base case scenario in which markets suspect that the Fed is ineffectual which he puts 20 to 30 odds on coming to fruition the 10 year rate could climb to as high as 35 or 4 and “our estimate of the fair value on the SP 500 SPX would drop to 3500” from its current level near 3959 on Wednesday Hatfield said via phone
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The founders of Tesla Oracle and Airbnb lost billions of dollars this week amid surging market volatility and continued pressure on tech stocks espite several days of declines stock indices finished the week slightly higher offsetting some of this month’s widespread losses But the market’s troubles look far from over Many tech company CEOs and founders were unsurprisingly among the billionaires whose fortunes fell the most since the market close on Friday January 21 according to Forbes’ calculations Leading the declines for the second week in a row Tesla chief exec Elon Musk whose fortune fell 22 billion after shares of his electric vehicle maker had yet another rough week falling over 10 Even though Tesla posted record profits after reporting quarterly earnings on Wednesday investors focused on the company’s warning that supply chain issues may hurt growth in 2022 Musk also took to Twitter on Thursday to insult President Joe Biden apparently in response to being snubbed at a White House forum for electric vehicle makers Still the world’s richest person Musk now has a net worth of 2222 billion according to Forbes’ estimates Oracle cofounder Larry Ellison meanwhile fell from fifth to eight richest in the world over the course of the week as shares of his software giant sank more than 2 Ellison who owns about 35 of Oracle and has pledged millions of his shares as collateral for loans saw his fortune drop by 34 billion to 1092 billion according to Forbes’ calculations Shares of Oracle have been on a downward trajectory since last month when the company confirmed it was planning to acquire medical records company Cerner for nearly 30 billion Other notable billionaires whose net worths fell this week include Airbnb CEO Brian Chesky and Roblox cofounder David Baszucki Chesky who cofounded the home rental company in 2008 dropped 11 billion to 113 billion as shares of Airbnb fell 9 this week Meanwhile shares of gaming company Roblox fell nearly 16 since last Friday shaving roughly 700 million off of Baszucki’s net worth which now stands at 39 billion Forbes estimates Fourth quarter earnings season has so far failed to boost equities as some big name companies posted lackluster results Combined with investor fears about the Federal Reserve’s tightening monetary policy and upcoming interest rate hikes the stock market is now on pace for its worst month since March 2020 As government bond yields surge investors have continued to rotate out of riskier growth and tech stocks many of which have been among the hardest hit in the market’s wider sell off The tech heavy Nasdaq Composite which is in correction territory after falling nearly 15 since the start of 2022 is on pace for its worst January ever—and its worst month overall since the financial crisis in October 2008 Other billionaires whose fortunes contracted this week Coinbase CEO Brian Armstrong’s net worth dropped around 600 million to 73 billion as shares of his cryptocurrency exchange fell 75 Spotify cofounder Daniel Ek similarly lost around 400 million—putting his net worth at 29 billion—as shares of his music streaming platform fell nearly 12 since last Friday The fortunes of Snap cofounders Bobby Murphy and Evan Spiegel declined by 350 million and 250 million respectively They’re now worth 64 billion and 62 billion after Snap’s stock fell over 5 this week HERE’S HOW SOME OF THE WORLD’S RICHEST PEOPLE FARED THIS WEEK The net worth change is from close of markets Friday January 21 to Friday January 28
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Hong Kong consumer goods and services stocks advanced further as China moved to reiterate its commitment to targeted pandemic curbs and avoid long term restrictions Consumer goods makers and services providers jumped in Tuesday afternoon trading Restaurant operator Haidilao International Holding Ltd rose as much as 15 food delivery company Meituan was recently 11 higher and sportswear maker Anta Sports Products Ltd advanced 76 The benchmark Hang Seng Index also extended gains rising 50 to 1816082 The upturn came as Chinese top officials said they will hold a media briefing Tuesday on the country s pandemic control policies days after protests broke out across China over growing outbreaks and partial lockdowns During the briefing authorities said long term restrictions must be rectified and avoided The comments likely eased market concerns and confusion over Beijing s Covid 19 strategy China s State Council earlier this month loosened its pandemic control guidelines But local governments doubled down on movement curbs in recent weeks as infection numbers started to rise in the winter Once again the easing of Covid 19 measures at least the expectation for it is the market focus said Kenny Wen head of investment strategy at KGI Asia He maintains his expectation for a postpandemic reopening in China in the first half of 2023 Mr Wen also pointed to broadly higher risk on sentiment Tuesday after authorities stepped up support for the country s embattled property sector while the weakness in Hong Kong s market Monday helped fuel buying interest Investors are seeing the market s Monday drop as a buying on dip opportunity he said
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Oil futures dropped by more than 5 on Tuesday with worries over the economic outlook and energy demand along with news reports that helped to ease concerns over tight supplies sending prices to their lowest finish in more than a week Oil investors are worried about inflation weakening global economies analysts on the StoneX energy team in Kansas City wrote in a Tuesday newsletter Inflation is near double digit territory in many of the world s biggest economies causing more aggressive interest rate hikes that will likely curtail economic growth and weigh on fuel demand A source in one of the OPEC delegations told Russian news agency TASS that the Organization of the Petroleum Exporting Countries and their allies are not currently discussing the possibility of oil production cuts That s contributing to pressure on oil prices Tuesday said Phil Flynn senior market analyst at The Price Futures Group The news report is contrary to remarks last week by Saudi Arabia s energy minister who signaled that OPEC could consider production cuts OPEC will hold their next meeting on Monday Also weighing on oil prices Tuesday according to Flynn is a tweet from Iran International which said that Iran and the US have reached an agreement on the revival of the Iran nuclear deal It cited comments from a former International Atomic Energy Agency official and said the deal is set to be announced in the next two or three weeks There has been no official announcement of a deal from Washington or Tehran However a US State Department spokesperson tweeted that the report was false Unrest in Libya and Iraq served to help boost crude prices Monday while traders were also keeping an eye on protests in Iraq after influential cleric Moqtada al Sadr said he was quitting politics Sadr supporters have surrounded the Majnoon oil field near Basra since Monday evening as well as the 210000 barrel a day Basrah refinery Reuters reported The report however said that crude exports from Iraq OPEC s second largest producer were so far unaffected Crude s rally on Monday also came as US equities tumbled for a second day with financial markets rattled by remarks last Friday by Federal Reserve Chairman Jerome Powell who dashed hopes the Fed would relent on monetary policy tightening given signs inflation may be peaking Meanwhile the Energy Information Administration will release its weekly data on US petroleum supplies Wednesday morning On average analysts expect the EIA to report a fall of 19 million barrels in domestic crude supplies according to a poll conducted by SP Global Commodity Insights They also forecast inventory declines of more than 13 million barrels for gasoline and nearly 12 million barrels for distillates
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Take Two Interactive Software Inc NASDAQTTWO is expected to report its fourth quarter financial results after the closing bell on May 17 2023 Analysts expect the company to post quarterly earnings at 68 cents per share down from year ago earnings of 109 per share The company’s revenue might come in at 134 billion Take Two shares fell 08 to close at 12405 on Tuesday and added 07 in today’s pre market trading session Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page Readers can sort by stock ticker company name analyst firm rating change or other variables Let’s have a look at how Benzinga’s most accurate analysts have rated the company in the recent period Credit Suisse analyst Stephen Ju reiterated a Neutral rating with a price target of 127 on May 10 2023 This analyst sees around 2 upside in the company’s stock and has an accuracy rate of 69 Roth MKM analyst Eric Handler maintained a Buy rating and boosted the price target from 130 to 153 on May 8 2023 This analyst sees around 23 upside in the company’s stock and has an accuracy rate of 62 Truist Securities analyst Matthew Thornton maintained a Buy rating and boosted the price target from 131 to 140 on May 8 2023 This analyst sees around 13 upside in the company’s stock and has an accuracy rate of 67 Stifel analyst Drew Cum maintained a Buy rating and raised the prices target from 127 to 150 on May 2 2023 This analyst sees around 21 upside in the company’s stock and has an accuracy rate of 70 DZ Bank analyst Manuel Muhl downgraded the stock from Buy to Hold with a price target of 105 on Feb 14 2023 This analyst sees around 15 downside in the company’s stock and has an accuracy rate of 64 Read This Next Fear Greed Index Moves To Neutral Zone After Dow Dips Over 300 Points
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Charlotte s Web Holdings Inc OTCQXCWBHF released financial results for the second quarter ended June 30 2022 revealing net revenue was 189 million a decrease of 218 versus 242 million in Q2 2021 Q2 2022 Financial Highlights Gross profit was 93 million or 494 of revenue versus 158 million and 655 of revenue respectively in Q2 2021 Adjusted EBITDA loss for the second quarter of 2022 was 54 million as compared to an Adjusted EBITDA loss of 51 million in Q2 2021 The net loss for the quarter was 79 million or 005 per share on a basic and diluted basis compared to a net loss of 59 million or 004 per share on a basic and diluted basis in Q2 2021 The company s cash and working capital as at June 30 2022 were 148 million and 646 million respectively compared to 195 million and 756 million as at December 31 2021 Jacques Tortoroli CEO stated While we are disappointed with the second quarter revenue we achieved significant distribution and customer wins consistent with our growth priorities to expand our coverage in existing channels and enter new verticals Charlotte s Web products are now available for employer wellness programs through our recent partnership with SBM Ltd and in significantly more pharmacies through a new national distributor giving us increased availability in the industry s largest channel after e commerce These new business wins did not contribute to our second quarter performance but will increasingly contribute to growth opportunities moving forward At the same time we continued building our international footprint by entering a distribution agreement with a strategic partner for Greater China Recent Changes Thomas Lardieri former senior vice president of finance at ViacomCBS Inc will be appointed to Charlotte s Web board of directors effective August 10 2022 Lardieri will serve as the audit committee chairperson and on the corporate governance committee He replaces outgoing director Tim Saunders who has resigned from his position on the board of directors effective August 10 2022 to enter retirement and spend more time with family Photo by CRYSTALWEED cannabis on Unsplash Related News FDA Impact On CBD Market With Federal Regulation CBD Sales Would Hit 11B By 2027 Without It 45B Less Charlotte s Web Enters Employee Health Benefits Channel In Partnership With SBM Charlotte s Web Full Spectrum Original Formula CBD Validated In UK Food Standards Agency Novel Foods Evaluation Process
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The global cryptocurrency market cap dropped 24 lower to 9444 billion on Sunday evening below the psychologically important 1 trillion mark Price Performance Of Major Coins Coin 24 hour 7 day Price Bitcoin CRYPTO BTC 2 88 1961409 Ethereum CRYPTO ETH 41 115 142909 Dogecoin CRYPTO DOGE 31 112 006 Top 24 Hour Gainers Data via CoinMarketCap Cryptocurrency 24 Hour Change Price eCash XEC 256 000005 Synthetix SNX 28 298 PancakeSwap CAKE 23 38 See Also How To Get Free Crypto Why It Matters Bitcoin was seen trading below the 20000 level and Ethereum below 1500 at press time The two largest coins by market cap have declined 32 and 52 since Friday’s closing On Friday the selloff was triggered after US Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole Symposium Powell said “Reducing inflation is likely to require a sustained period of below trend growth” —adding “the role of the Federal Reserve keeping at it until the job is done” The central bank head said restoring price stability could require “maintaining a restrictive policy stance for some time” Powell’s words began a rout among risk assets on Friday which has yet to abate At press time SP 500 and Nasdaq futures were down 1 and 15 respectively “Bitcoin weakened after Fed Chair Powell didn’t blink with his reiteration that the Fed will tighten policy to bring down inflation Risky assets are struggling as Powell’s fight against inflation will remain aggressive even as it will trigger an economic slowdown” said OANDA senior market analyst Edward Moya in a note seen by Benzinga While testing the 19000 level for Bitcoin seemed “inevitable” to Michaël van de Poppe the cryptocurrency trader said those waiting for the 14000 Bitcoin are unlikely to see it He said “Question is whether we ll sweep the lows or just create a higher low based on Total Market Cap 200 Week moving average ” Potential scenario on Bitcoin as we are facing a test of a weekly support level Testing 19K region seems inevitable Question is whether we ll sweep the lows or just create an HL based on Total Market Cap 200 Week MA Everyone waiting for 14K Seems unlikely pictwittercom1Bf9EuXWk6— Michaël van de Poppe CryptoMichNL August 28 2022 On Ethereum Justin Bennett extended a warning to his followers on Twitter The trader said “Please stop assuming that the ETH merge or crypto adoption will prevent more downside if the global macro environment continues to deteriorate Valuations rarely run parallel to growth and global macro trumps crypto macro” Please stop assuming that the ETH merge or crypto adoption will prevent more downside if the global macro environment continues to deteriorate Valuations rarely run parallel to growth and global macro trumps crypto macro— Justin Bennett JustinBennettFX August 27 2022 Cryptocurrency market sentiment took a turn for the worse going ahead into the fresh week of trading Alternativeme’s “Crypto Fear Greed Index” flashed “Extreme Fear” at press time Last week it signaled “Fear” AsBitcoin declined below 20000 there’s been a rise in the number of “key whale addresses” said market intelligence platformSantiment “There s a correlation between BTC s price the amount of addresses holding 100 to 10k BTC and they re up 103 in the past 30 days” As Bitcoin has danced around 20000 this weekend a positive sign is the growth in the amount of key whale addresses There s a correlation between BTC s price the amount of addresses holding 100 to 10k BTC and they re up 103 in the past 30 days httpstcoB7hjXi758z pictwittercom0ozMBG7Oct— Santiment santimentfeed August 28 2022 Read Next Dogecoin Co Founder Billy Markus Rejects 14M Offer To Promote Dogechain Here s What He Says About It
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Jade Cannabis Co will celebrate its new partnership with Belushi’s Farm by hosting a celebrity meet and greet with farmer actor comedian and musician Jim Belushi on October 2 2022 from 1100 AM to 200 PM at 1085 S Virginia Street Suite A in Midtown Reno Adults 21 years of age and older are invited to visit the dispensary to meet with Belushi who will be signing posters and taking photos with fans while showcasing his newest cannabis products Jim Belushi is best known for playing the role of Jim on the sitcom According to Jim 2001 2009 as well as his other television roles including Saturday Night Live 1983 1985 Total Security 1997 and Twin Peaks 2017 In August 2020 his reality show Growing Belushi debuted its first season on the Discovery Channel following Jim his family and their dedicated team at Belushi’s Farm as they make their mark in the industry and spread the benefits of legalized marijuana “Every time I cultivate the land I get pulled into the medicine and the joy of this work” stated Belushi “I’m pleased to announce Belushi’s Farm debut in Nevada through our partnership with Jade Cannabis Co” The event is free and open to adults 21 years of age and older Parking is available on site and Jade Cannabis Co will be sponsoring rides to the event though Pineapple Pedicabs Photo Benzinga Sources courtesy of PatternPictures lindsayfox via Pixabay Related News EXCLUSIVE This Blue s Brothers Actor Is Going Green But Not In The Way You d Think Jim Belushi Is Growing Weed And All He Wants Is To Break Even Cannabis Serves The Greater Good
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Shares in Sodexo SA fell on Friday after it said it backed its full year outlook but would only meet the lower end of its targeted range Shares at 0810 GMT were down 65 at 6904 euros 7640 The French services company cited several potential revenue drags including localized Covid 19 outbreaks curtailing of activities in Russia and UK testing centers closing sooner than expected It now guides for full year organic revenue growth at the bottom of its 15 18 expected range Nevertheless Sodexo posted a small beat to expectations for the period that ended Feb 28 according to Jefferies with first half adjusted earnings before interest and taxes of EUR538 million and second quarter revenue growth at 16 However the forward guidance including flagging of increased market uncertainty will mean consensus is likely to drift lower as a result Jefferies said
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By all measures 2021 was a banner year for the country’s luxury residential market despite the economic uncertainty caused by the continuing global pandemic At least 40 properties in the United States sold for 50 million or more last year a 35 increase from 2020 and at least eight sold for at least 100 million a 300 jump from the prior year according to data compiled by appraisal firm Miller Samuel and The Wall Street Journal Real estate experts attributed the increase in activity to low interest rates as well as a surge in wealth created through gains in the stock market and alternative assets like cryptocurrencies While deals in the ultraluxury sector don’t always speak to a broader surge in real estate values in 2021 they did coincide with a general uptick in the overall housing market As of November 2021 existing home sales were on track for their strongest year since 2006 thanks to low mortgage interest rates and a robust job market The Wall Street Journal reported
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A whale with a lot of money to spend has taken a noticeably bearish stance on BroadcomLooking at options history for Broadcom NASDAQAVGO we detected 37 strange tradesIf we consider the specifics of each trade it is accurate to state that 29 of the investors opened trades with bullish expectations and 70 with bearishFrom the overall spotted trades 18 are puts for a total amount of 1640880 and 19 calls for a total amount of 1126565What s The Price TargetTaking into account the Volume and Open Interest on these contracts it appears that whales have been targeting a price range from 2800 to 6000 for Broadcom over the last 3 months Volume Open Interest DevelopmentLooking at the volume and open interest is an insightful way to conduct due diligence on a stockThis data can help you track the liquidity and interest for Broadcom s options for a given strike priceBelow we can observe the evolution of the volume and open interest of calls and puts respectively for all of Broadcom s whale activity within a strike price range from 2800 to 6000 in the last 30 days Broadcom Option Volume And Open Interest Over Last 30 Days Biggest Options Spotted SymbolPUTCALLTrade TypeSentimentExp DateStrike PriceTotal Trade PriceOpen InterestVolume AVGOPUTSWEEPBULLISH061623600003448K10920 AVGOCALLTRADEBULLISH061623420002508K4640 AVGOPUTTRADEBEARISH102122420002425K13K271 AVGOPUTSWEEPBEARISH012023400002380K21K3 AVGOPUTSWEEPBULLISH101422430001659K456323 Where Is Broadcom Standing Right Now With a volume of 586132 the price of AVGO is down 119 at 43249 RSI indicators hint that the underlying stock may be oversoldNext earnings are expected to be released in 58 days Options are a riskier asset compared to just trading the stock but they have higher profit potential Serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closelyIf you want to stay updated on the latest options trades for Broadcom Benzinga Pro gives you real time options trades alerts
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Twin Vee PowerCats Co shares declined 22 to 276 after hours as the boat maker said it plans a stock offering The company intends to use proceeds primarily for product development and general corporate purposes On Wednesday morning Twin Vee said it sold four 400 GFX boats to dealers in Florida and Texas which it called a significant milestone Twin Vee said is confident our larger offshore boats will continue opening new markets for Twin Vee
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A sign advertising home loan rates for purchase or refinancing at a Bank of America in New York Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation That and rising uncertainty in the overall housing market caused mortgage application volume to drop 37 last week compared with the previous week according to the Mortgage Bankers Association s seasonally adjusted index After a strange rebound the week before applications to refinance a home loan declined 11 for the week and were 84 lower than the same week one year ago They are now at a 22 year low because there are very few borrowers who can benefit from a refinance at today s higher rates The average contract interest rate for 30 year fixed rate mortgages with conforming loan balances 647200 or less increased to 652 from 625 with points rising to 115 from 071 including the origination fee for loans with a 20 down payment That is the highest level since mid 2008 After a brief pause in July mortgage rates have increased more than a percentage point over the past six weeks said Joel Kan MBA s associate vice president of economic and industry forecasting Ongoing uncertainty about the impact of the Fed s reduction of its MBS and Treasury holdings is adding to the volatility in mortgage rates Mortgage applications to purchase a home decreased 04 for the week and were 29 lower than the same week one year ago Potential buyers today are still contending with high prices although the annual price gains are now shrinking at a record pace Due to the recent jump in rates the adjustable rate mortgage share reached 10 of applications and almost 20 of dollar volume because ARMs offer lower interest rates and can be fixed for up to 10 years Mortgage rates continued to surge higher this week crossing 7 on the 30 year fixed to 708 according to a separate survey by Mortgage News Daily That is the highest rate in just under 20 years
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TerrAscend Corp OTCQXTRSSF CSETER closed the second tranche of private placements for total aggregate proceeds of 205 million The closing of the second tranche of the private placements consists of an aggregate of 23 million units of the company at a price of 150 per unit for aggregate gross proceeds of approximately 34 million for total aggregate proceeds for both closings of approximately 95 million 100 senior unsecured convertible debentures of the company at a price of 1000 per debenture for aggregate gross proceeds of 100000 for total aggregate proceeds for both closings of 10 million and class A shares of TerrAscend Growth Corp to a third party investor for 1 million the “reorganization investment” The net proceeds from the private placements will be used to qualify for the company’s proposed TSX listing to fund Maryland dispensary acquisitions and for working capital and general corporate purposes Reorganization InvestmentThe reorganization investment was completed following the approval by the shareholders of TerrAscend on June 22 2023 of the reorganization in connection with TerrAscend’s application to list its common shares on the Toronto Stock Exchange Following completion of the reorganization Investment TerrAscend now holds exchangeable shares of TerrAscend Growth representing approximately 998 of the economic ownership of TerrAscend Growth on an as converted basis Aside from its interest in TerrAscend Growth TerrAscend owns 95 of Cookies Retail Canada Corp an entity which owns and operates the Cookies branded retail store located in Toronto Ontario Canada Photo Benzinga edit with photo by Kindel Media on Pexels Related News TerrAscend Expands Retail Footprint In Maryland With Acquisition Of Blue Ridge Wellness TerrAscend Closes 25M Commercial Loan With Stearns Bank TerrAscend Upsizes Previously Announced Offering To 20M Closes 16M Initial Tranche
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Part fourof a four part series Read part three The reason why companies offering psychedelic assisted therapy only use ketamine is that at the moment it is the only one that holdsa medical license While psilocybin and MDMA are showing enormous promise they are still inclinical research stages MDMA is likely to receive approval sometime in 2024 initially as a treatment for PTSD and psilocybin is expected to follow soon as it is undergoing clinical trials at the moment The three substances can be effective for treatingseveral disordersAwakn s OTCAWKNF Dr Ben Sessa predicts that within 5 to 10 years all three will “be available for use in different ways for all host of conditions” Specifically he believes that short acting ketamine is effective for addictions “unsticking a stuckness pushing through a rigidity” and therefore “will always have its place” The conversation about psychedelics as potential prevention treatments for mental health disorders beforea person becomes illis already happening perthe term behavioral psychedelics “Psychedelics are very good at spontaneously encouraging lifestyle change There’s pretty robust evidence from large population studies that people who take them recreationally in a non hedonistic pseudo clinical way have better physical mental health from people who don’t” Dr Sessa explained These drugs tend to generate a sense of connectivity and community with others as well as a positive lifestyle Dr Sessa sayspsychedelics playa rolewithin the non clinical population “It shouldn’t just be people that are unwell There should be retreats wellness centers where people can go for personal growth and development community growth and development family growth which will protect them prevent them from mental health problems It’s a very interesting idea” As such psychedelics can help people changebehaviors and make healthier lifestyle choices Recentresearch proved these substances enhance neuroplasticity new brain connections thought to grow from binding to the 5 HT2AR proteins and allowing the formation of new behavioral pathways Psychedelic Clinical Treatments Vs Retreats Besides life choices people might make after insights resulting frompsychedelics these substances also act on people’s perception of nature encouraging a closer relationship with it through physical activity and sustainable behaviors like changes in diet all of which leads to a healthier lifestyle According to Awakn’s head of psychedelic medicine the key difference between in clinic treatment and psychedelics taken within a retreat context is people’s mental health states’ So patients undergo an eligibility test and assessment where they must demonstrate that they have significant mental health problems while also proving to have tried other treatments and not responded to them “We screen you out if you’re not unwell enough while a wellness clinic is kind of the opposite you are screened out if you are too mentally unwell They tend to be more directed towards healthy people who wish to use psychedelics for personal growth and development” Dr Sessa explained The clinical approach deals with much more severe cases focusing on setting and the patient’s mindset as well as preparation sessions without the medicine and then guided sessions with integration “It’s very much about a total cause of psychotherapy using the medicine on a number of occasions as an adjunct to psychotherapyOur focus is very much on mental health as opposed to just wellness or relatively healthy people” explained Sessa Current Awakn courses are outpatient based taking between 6 and 8 weeks in which 3 or 4 sessions of ketamine are administered This is essentially different from what usually happens in a retreat where people are residential in a setting not necessarily prepared to deal with such a long cause Nonetheless retreats might be considered as part of complementary activities for addiction cases after clinic treatment “If we were to expand to open a medical retreat center that would be a really interesting development for the company but it’s not something that we’ve talked about much at this initial stage” See theprevious three stories in this series Can Ketamine Treat Alcohol Addiction Clinics Hospitals In Europe And North America Are Already Doing It Can Ketamine Treat Alcohol Addiction This Is How Therapy Actually Functions Can Ketamine Treat Alcohol Addiction The Awakn Approach Photo courtesy of Lukasz Szmigiel on Unsplash
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Berkshire Hathaway’s BRKA BRKB first quarter 13F was filed on November 14 This filing gives us a quarterly opportunity to observe what two of the greatest investors Warren Buffett and Charlie Munger and their team are doing within Berkshire’s publicly traded equity portfolio Berkshire has a large stable of wholly owned entities so this is just a slice of their investments As summarized here Berkshire’s third quarter earnings report provided more information about the operating companies Berkshire’s 296 billion very concentrated investment portfolio consists of 49 companies two stocks more than last quarter Despite investing 37 billion more into its stock portfolio the value fell from 300 billion at the end of the second quarter due to the over 5 decline in the SP 500 The top 5 holdings account for over 74 of the total portfolio The top five holdings in order of the size of holding are Apple AAPL Bank of America BAC Chevron CVX Coca Cola KO and American Express AXP Apple has grown to almost 42 of its portfolio at the end of the third quarter Due to these significant holdings plus Occidental Petroleum OXY and Kraft Heinz KHC the portfolio is significantly overweight technology energy consumer staples and financials relative to the SP 500 This portfolio includes no industrials real estate companies or utilities but Berkshire’s wholly owned entities include a large railroad Burlington Northern Santa Fe and multiple regulated utilities and pipelines Because the 13F does not include international stocks Berkshire Hathaway announced the acquisition of about 5 of five Japanese trading companies at the end of August 2020 These holdings are not part of this analysis Itochu Corp Marubeni Corp Mitsubishi Corp Mitsui Co Ltd and Sumitomo Corp Buffett indicated that these were intended to be long term holdings and Berkshire may increase its stake to 99 This analysis looks at the Berkshire portfolio across a host of measures including 12 month forward estimated price to earnings PE price to sales PS return on equity ROE enterprise value to earnings before interest taxes depreciation and amortization EVEBITDA price to book PB dividend yield current debt to EBITDA current free cash flow yield current operating margin and long term earnings per share growth consensus estimates Overall the portfolio analysis reflects a cheaper valuation than the SP 500 while having better profitability as measured by return on equity and operating margin with lower debt levels The long term next 3 to 5 years consensus earnings per share growth rate is expected to be slightly higher than the SP 500 Buffett’s penchant for preferring high quality companies that generate significant cash flows is clear from the better profitability metrics combined with a superior free cash flow yield There were three new purchases after no new stocks were added in the second quarter Small stakes were taken in Louisiana Pacific LPX and Jefferies Financial JEF While we can’t be sure the size of these new stakes is small enough that Ted Weschler or Todd Combs likely purchased them On the other hand the recent purchase of over 4 billion of Taiwan Semiconductor TSM has the fingerprints of Buffett and Munger on it as it is now the tenth largest holding in the publicly traded portfolio Store Capital STOR was eliminated from the portfolio in the second quarter Berkshire had been reducing its holdings in the company in the first and second quarters Berkshire reduced its holdings of Activision Blizzard ATVI Kroger KR US Bancorp USB Bank of New York Mellon BK and General Motors GM The Kroger General Motors and US Bancorp positions were also reduced in the previous quarter Interestingly Berkshire had just increased its position in GM in the first quarter Buffett discussed the increase in the Activision holding earlier in the year at the Berkshire annual meeting and noted that it was a merger arbitrage opportunity betting that Microsoft would complete the acquisition Microsoft MSFT announced a deal to buy Activision for 9500 per share in cash on January 18 2022 Despite selling roughly 600 million worth Activision remains Berkshire’s ninth largest holding Berkshire added to its holdings of Chevron CVX Occidental Petroleum OXY Paramount Global PARA Celanese CE and RH RH Every stock with increased holdings had more shares purchased in the second quarter except RH The RH stake was raised in the first quarter and the stock hit a 52 week low at the end of the second quarter Berkshire remains the largest holder of Paramount Global B stock with almost 15 of the shares The Chevron holding has been expanded for five straight quarters and the purchases have been significant enough to vault it to Berkshire’s third largest publicly traded holding The additional shares of Occidental purchased were the largest of the stocks bought in the quarter and known before this filing Berkshire revealed a greater than 10 stake in Occidental earlier in the year and must disclose any transactions in the stock Berkshire now controls more than 20 of the outstanding shares in Occidental A deeper analysis of the probable reasons behind the Occidental purchase can be found here Berkshire added 37 billion in net stock purchases to its publicly traded portfolio in the second quarter Notably a large portion of the investments was made in two energy companies Occidental and Chevron which comprise 12 of the portfolio Despite the continued stock declines in the third quarter Berkshire’s pace of net purchases remained relatively unchanged Buffett’s statement at this year’s annual meeting still resonates “Berkshire has not been good at timing It’s been reasonably good at figuring out when it’s getting something good for the money If anything they sometimes want it to stay cheap so they can generally buy more if they like it” Buffett continued the theme from last quarter as every stock with increased holdings this quarter was either a new addition this year or had additional shares purchased in the first two quarters It is also notable that Buffett’s new top ten position in Taiwan Semiconductor hit a low in late October so it will be interesting to see if the buying continues in the fourth quarter
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Federal Reserve interest rate hikes have made paying off debt more expensive But one positive outcome is that rock bottom interest rates on high yield savings accounts are finally rising In fact rates have climbed to their highest level since 2019 according to Greg McBride Bankrate s chief financial analyst High yield savings accounts typically provided by online banks offer higher compound interest rates than traditional savings accounts allowing your savings to grow faster The amount of money you earn over the course of a year known as the annual percentage yield or APY is directly affected by Federal Reserve rate hikes Around this time last year high yield savings accounts had APYs close to 05 However these days you can find accounts that offer APYs just over 2 That s far more than traditional savings accounts which are currently offering average interest rates around 013 according to Bankrate The rates on high yield savings accounts will likely keep climbing too Since more Federal Reserve interest rate hikes are expected later this fall these rates could climb closer to 3 McBride says That would be the highest rate since 2009 he adds For context 10000 deposited into a high yield savings account with 05 APY would earn 511 in interest over 10 years The same amount at 3 APY would earn 3439 over the same time span a 2928 difference Of course 3 APY won t provide a lot of shelter against inflation which has soared to 85 Inflation will always eat away at returns says Jason Siperstein a certified financial planner and president of Eliot Rose Wealth Management That doesn t mean you shouldn t consider a high yield savings account— it s still one of the better options available for short term needs Those short term needs include any amount of money you might need to spend quickly like an emergency fund or a down payment for a house Plus your money will be safe Cash in a high yield savings account is FDIC insured up to 250000 The downside to these accounts is that APY rates can fluctuate and that banks offering the best rates might require a minimum balance or charge withdrawal or monthly fees But there are plenty of online banks that offer accounts so it s easy to shop around CNBC Select has a roundup of some of the best high yield savings accounts available now Sign up now Get smarter about your money and career with our weekly newsletter Don t miss Will student loan forgiveness make inflation worse Here s what economists say
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Shops restaurants and the used to be bustling streets of China’s capital Beijing are empty this mid December butit is not because of forced COVID 19 lockdowns it’s the opposite What Happened Beijing appearedto be in lockdown less than a week after the Chinese government lifted its harsh zero COVID restrictions in response to a wave of nationwide protests But thislockdown is self imposed by the city s residents who have chosen to stay at home out of concern for contracting the virus Weibo Corp NASDAQWB China ssocial media platform was flooded with people around the nation sharing news of their infections andexperiences with COVID 19 according to the New York Times Read AlsoThe Price Of This Global Economic Indicator Just Ticked Higher Why It Could Be Driven By China The testing standards that traditionally governed daily life in China have been greatly reduced by the new COVID 19 rules and residents now prefer to use home antigen tests when they are available making official data unreliable China s National Health Commission NHC announced on Wednesday it would stop including asymptomatic infections as part of its daily tally after giving up on trying to keep track of all the new COVID 19cases Why It Matters In COVID 19 outbreaks the severity of the disease usually takes time to become evident but there are indications of insufficient vaccination levelsThiscould possiblyhave an impact on Chinese stocks listed on US equity markets if the outbreak worsens and forces businesses to close and employees to stay at home The Hang Seng China Enterprises index added 039 Wednesday paring December’s rally to 725 China s biggest online travel firm Tripcom Group Ltd NASDAQTCOM which has its headquarters in Shanghai dipped 248 on Wednesday as news of the virus spread butincreased 13 in the past month as investors tookin the news of the country s reopening China s citizens hurried to buy canned peaches amid fears of the virus due to speculations that vitamin C rich food might either prevent or treat COVID 19 Since then the preserved fruit wasdisclaimed by Chinese state media as neither a cure all nor a replacement for medication Read NextNio Day Coming On Dec 24 Will This Usually Stock Moving Event Bring Relief For Battered EV Stock PhotoGrindstone Media Groupvia Shutterstock
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The Bank of Japan on Monday received no bids from financial companies at its operation to buy recently issued 10 year Japanese government bonds at a fixed rate of 025 On Thursday the BOJ said it plans to offer a fixed rate operation Monday morning after the yield on the 10 year JGB hit 023 The 10 year government bond yield can fluctuate up to a quarter percentage point above or below the zero target according to the central bank s latest guidance
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Chinese stocks listed in the US are tumbling for a fifth day putting the Nasdaq Golden Dragon China Index on pace for its longest losing streak since April as investors assess the country’s bleak economic outlook and Beijing’s persistent Covid zero policy The Golden Dragon is down 28 at mid session on Tuesday after plunging as much as 54 It has declined 15 in the past five sessions and is on track to close at its lowest level since March 15 when China announced a strong push to stabilize its markets and sparked a rally Among large cap tech companies in the index Alibaba Group Holding Ltd lost 43 Baidu Inc dropped 54 Pinduoduo Inc slid 27 and JDcom Inc slipped 23
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New residential construction in the US increased sharply in August but building permits fell further adding to evidence of a housing downturn amid high inflation and rising interest rates Here are the main takeaways from the Commerce Department s report released Tuesday Housing starts a measure of US homebuilding rose 122 in August on month to a seasonally adjusted annual rate of 1575 million Economists polled by The Wall Street Journal expected housing starts to increase 03 to 145 million Housing starts were broadly unchanged in August compared with the same month a year earlier August registered a surge in multi family starts which increased 286 on month while core single family activity rose 34 Housing starts in July were downwardly revised to 1404 million from an earlier estimate of 1446 million Monthly housing starts data are volatile Data for August came with a margin of error of 149 percentage points Residential permits which can be a bellwether for future home construction decreased 10 in August on month to a seasonally adjusted annual rate of 1517 million Economists expected permits to fall 44 Sentiment among home builders worsened in September due to rapidly slowing demand An indicator compiled by the National Association of Home Builders released Monday showed confidence in the single family housing market fell for ninth consecutive month reaching its lowest level since May 2020
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There are buying opportunities in Latin American stocks whose valuations have taken a beating despite strong fundamentals Morgan Stanley found The firm recently screened the 20 most liquid stocks in the region to find those whose earnings are up over the past year while their forward price to earnings multiples have declined From that search the firm highlighted 11 names that met the criteria The list includes 4 commodity producing companies which have benefitted from historically high crude oil lithium protein and steel prices … For these names it makes sense for their valuation multiple to de rate because investors normally believe historically high commodity prices should eventually mean revert strategists led by Guilherme Paiva said in a June 6 note We are left then with 7 domestic oriented stocks for which the above mentioned argument is not valid These stocks have on average expanded their profits by almost 75 during the period while their forward price to earnings multiple has fallen by more than 40 Consequently the market has assigned a much lower implied earnings growth rate in perpetuity for these stocks Here are four of the domestic oriented names highlighted by Morgan Stanley E commerce giant MercadoLibre made the list which the firm rates as overweight The company s US listed shares are down 48 this year and are trading more than 64 below their 52 week high Morgan Stanley also pointed out that earnings have quadrupled in the past year but MercadoLibre s forward price to earnings multiple has fallen by more than 50 in that time Global eCommerce stocks have de rated but we see a disconnect Supported by our proprietary industry model we believe the Covid related bump will not flatten the future eCommerce penetration curve Morgan Stanley said in a separate note last month Brazil based investment management company XP Inc also made the list Its US listed shares have fallen more than 27 year to date and have lost more than half their value in the past 12 months Morgan Stanley found that the company s earnings have grown by roughly 40 year over year while its P E multiple is down more than 50 in that time UBS upgraded XP to buy from neutral last week citing an attractive valuation and hiked its price target to 37 per share from 31 XP s valuation much cheaper than at other high growth Brazilian companies the firm said Software company Globant made Morgan Stanley s cut as well Its US listed shares are down 39 this year Morgan Stanley found the company s earnings grew by roughly 50 in the past year while its forward P E tumbled more than 40 Morgan Stanley also highlighted Banco Bradesco The bank s US listed shares are up more than 20 in 2022 Morgan Stanley noted that its earnings grew by double digits over the past 12 months while its valuation tumbled more than 20 CNBC s Michael Bloom contributed to this report
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