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Yahoo Business
Jul 08, 2020

‘No Way I Can Lose': Inside China's Stock-Market Frenzy
(Bloomberg) -- Like millions of amateur investors across China, Min Hang has become infatuated with the country's surging stock market."There's no way I can lose," said the 36-year-old, who works at a technology startup and opened her first trading account in Beijing on Tuesday. "Right now, I'm feeling invincible."Five years after China's last big equity boom ended in tears, signs of euphoria among the nation's investing masses are popping up everywhere. Turnover has soared, margin debt has risen at the fastest pace since 2015 and online trading platforms are struggling to keep up. Over the past eight days alone, Chinese stocks have added more than $1 trillion of value -- far outpacing gains in every other market worldwide.While it would be easy to dismiss as a replay of this year's Robinhood rally in the U.S., China's budding equity mania could in many ways be more consequential. Unlike in most major markets, the nation's individual investors account for the lion's share of local stock trading and have been prone to extreme swings in sentiment that can have ripple effects on the economy and monetary policy.For now, indicators of market overheating are still comfortably below levels reached during the height of equity bubbles in 2007 and 2015. The risk is that breakneck gains -- stoked in recent days by bullish articles in state-run media -- could eventually result in a destabilizing crash.There are key differences between now and the start of the melt-up in 2014 for investors to consider, including a lower starting point

Yahoo Business
Jul 08, 2020

Can This Coronavirus Stock Soar 230%? 5-Star Analyst Thinks So
Diversification is a tried-and-true strategy when investing in stocks. Drug maker Sorrento Therapeutics (SRNE) is applying the same thought process in its battle against the coronavirus. The multi-pronged approach involving a search for antiviral therapies, a vaccine and the production of testing kits, has paid off handsomely in the market, with the stock appreciating by 115% year-to-date.Last week, Sorrento revealed more positive details from its COVID-19 vaccine program's progress. In a pre-clinical trial, the company's candidate, T-VIVA-19, was able to generate neutralizing antibodies in 80% of mice injected with the vaccine, and thus completely prevent cells from being infected with the virus."While we note that these experiments do not constitute evidence of infection prevention under in vivo viral challenge conditions, they are nonetheless encouraging," said H.C. Wainwright analyst Ram Selvaraju.Sorrento now plans to apply for regulatory authorization to advance the vaccine to a clinical trial. The biotech estimates that with its current infrastructure, it can manufacture up to 100 million doses per month.But that's not all. As mentioned, Sorrento's approach involves several different paths, and another one in particular has piqued Selvaraju's interest.The 5-star analyst believes Sorrento is just weeks away from getting hold of an Emergency Use Authorization (EUA) for COVI-TRACK, its COVID-19 antibody testing solution. The test is expected to be distributed to clinics nationwide, and Sorrento claims it has

Yahoo Business
Jul 08, 2020

Six Hours Will Decide India's Next Digital Winners
Thirty-year fixed-rate mortgages have fallen further below 3%, a survey says.

Yahoo Business
Jul 08, 2020

Energy Transfer Vows to Keep Pipeline Open After Court Order
(Bloomberg) -- Two days after a judge ordered the controversial Dakota Access oil pipeline to shut by early August, its owner Energy Transfer LP is continuing to schedule shipments and has made no moves to take it offline.The Dallas-based company run by billionaire Kelcy Warren said Wednesday that it's not currently emptying the pipeline and, in fact, is accepting requests for shipments next month. The U.S. District Court for the District of Columbia had ordered the pipeline to be drained by Aug. 5 while a more robust environmental review is conducted."We are not shutting in the line," Energy Transfer spokeswoman Vicki Granado said in an email when asked if the company had begun emptying it. Judge James E. Boasberg "we believe exceeded his authority and does not have the jurisdiction to shut down the pipeline or stop the flow of crude oil." The company later said in a statement that it has no intention of defying Boasberg's order.It's the latest sign that Energy Transfer is preparing for yet another battle over Dakota Access, which four years ago drew months of on-the-ground protests from environmental groups and tribes opposed to the project's route across Lake Oahe, a dammed section of the Missouri River just a half-mile from the Standing Rock Indian Reservation in the Dakotas.Energy Transfer pressed Boasberg on Wednesday to freeze his "literally unprecedented" decision until an appeals court can weigh in. The company took aim at both the impacts of the judge's shutdown order, and his underlying conclusion th

Yahoo Business
Jul 08, 2020

Crockett Cogeneration, LP -- Moody's upgrades Crockett Cogeneration, LP's senior secured notes to B2 from B3; outlook is stable
Walgreens Boots Alliance Inc. (WBA) has announced that it will be expanding the size of its care clinics by nearly 700 retail stores over the next few years. The July 8 expansion news by Walgreens represents an overhaul of its business model from being primarily a drug pharmacy to a primary care clinic.Walgreens says that it will still provide a vast range of retail products to customers by optimizing existing space in the store while removing all of its tobacco products. The clinics themselves will be approximately 3,300 square feet each, with some as large as 9,000 square feet.It will include a partnership with VillageMD which will help create the clinics to provide regular treatment to patients from medical practitioners. VillageMD is a primary care service whose subsidiary Village Medical brand, provides services to patients at Walgreens at its current traditional free-standing clinics.Walgreens CEO Stefano Pessina stated, "These clinics at our conveniently located stores are a significant step forward in creating the pharmacy of the future, meeting many essential health needs all under one roof as well as through other channels."Under the terms of the expansion agreement, Walgreens will invest $1 billion in equity and convertible debt in VillageMD over the next three years, including a $250 million equity investment to be completed July 8, giving WBA a 30% stake in VillageMD. The company will use 80% of Walgreens investment to fund the opening of the clinics and build upon the partnership.Th

Yahoo Business
Jul 08, 2020

Here is What Hedge Funds Think About Qudian Inc. (QD)
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

Yahoo Business
Jul 08, 2020

Supreme Court's decision on Trump's financial records due on Thursday
Yahoo Finance's Rick Newman joined The Final Round to discuss the Supreme Court's decisions that are due this week and why the ruling regarding President Trump's financial records will be an important one.

Yahoo Business
Jul 08, 2020

The negative surprises for the market 'are going to come from earnings': Strategist
Victoria Fernandez, Crossmark Global Investments Chief Market Strategist, joined The Final Round to give her outlook for the market and her outlook for second quarter earnings.

Yahoo Business
Jul 08, 2020

U.S. refiners ramp up crude imports from Mexico to 8-year high
Time to take profits in Tesla?

Yahoo Business
Jul 08, 2020

Buffett Dropping Down World's Richest Ranks as Tech Titans Surge
(Bloomberg) -- Warren Buffett's $2.9 billion gift this week means he has now given away Berkshire Hathaway Inc. shares valued at more than $37 billion since 2006.His philanthropy -- along with Berkshire's underwhelming stock performance recently -- is finally starting to weigh on his net worth after years where his fortune defied his annual giveaways to rise ever higher. Buffett's $68.6 billion is enough for eighth-place on the Bloomberg Billionaires Index, his lowest position since the index started in 2012. He ranked in the top 5 as recently as June.But in recent weeks the 89-year-old has been leapfrogged first by Steve Ballmer, the former Microsoft Corp. chief executive officer, and this week by Google co-founders Larry Page and Sergey Brin. The changes underline the extent to which technology fortunes now dominate the upper echelons of the world's richest people.Six of the seven richest people on the planet owe their wealth to the sector, including No. 1 Jeff Bezos, who has added $68 billion to his net worth this year, and Ballmer, who's gained $18 billion. Tech fortunes are the best performing on the index, up 25% in 2020.Ballmer's fortune has soared thanks to the 4% stake he's estimated to have retained since leaving Microsoft's board in 2014. The software company's shares have risen almost fivefold since then, boosting his fortune to $76.5 billion. Ballmer declined to comment on his Microsoft stake. Berkshire didn't respond to a request for comment.Buffett may welcome signs his gifts are

Yahoo Business
Jul 08, 2020

Upwork's Potential Is Underappreciated, Says Analyst
Since bottoming out in early April, shares of online talent search company Upwork (UPWK) have been on a relentless forward charge. Over the past 3 months, the stock has added a hefty 90% of muscle.Come to think of it, Upwork's platform is one particularly suited to these uncertain times. With jobs getting slashed in every sector, Upwork's gig economy model should be a defensive play in a cloudy macro climate.However, for BTIG analyst Marvin Fong, Upwork's potential is "underappreciated." Fong argues a "large TAM (total addressable market) and secular tailwinds will enable Upwork to grow revenue in excess of 15% over the next 5 years."A recent 2020 Future Workforce Report (sponsored by Upwork) provides some clarity on the current state of the freelance industry. Among roughly 500 HR managers, 73% have indicated, that due to COVID-19 they will keep on, or intend to, hire freelancers. While the figure would imply that more than 25% of managers are cutting back on the hiring of independent talent, it stands up well against other trends. During the pandemic, 45% of those polled said they have frozen the hiring of new full-time personnel, while 39% have conducted layoffs. Furthermore, as a direct result of the pandemic, 47% said they plan on ramping up the use of freelancers.According to Fong, Upwork's position as the world's largest freelancing matching platform, makes it ideally suited to benefit from the current paradigm.Fong said, "All in, despite recent price appreciation, we believe UPWK shares remain attrac

Yahoo Business
Jul 08, 2020

Power Pioneer Invents New Battery That's 90% Cheaper Than Lithium-Ion
How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]

Yahoo Business
Jul 08, 2020

Potential COVID-19 vaccine not 'single solution' to pandemic, Johnson & Johnson CEO says
Time to take profits in Tesla?

Yahoo Business
Jul 08, 2020

Cronos Group Inc. (CRON): Are Hedge Funds Right About This Stock?
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

Yahoo Business
Jul 08, 2020

‘There's No Way I Can Lose': Inside China's Stock-Market Frenzy
(Bloomberg) -- Like millions of amateur investors across China, Min Hang has become infatuated with the country's surging stock market."There's no way I can lose," said the 36-year-old, who works at a technology startup and opened her first trading account in Beijing on Tuesday. "Right now, I'm feeling invincible."Five years after China's last big equity boom ended in tears, signs of euphoria among the nation's investing masses are popping up everywhere. Turnover has soared, margin debt is rising at the fastest pace since 2015 and online trading platforms are struggling to keep up. Over the past seven days alone, Chinese stocks have added more than $1 trillion of value -- far outpacing gains in every other market worldwide.While it would be easy to dismiss as a replay of this year's Robinhood rally in the U.S., China's budding equity mania could in many ways be more consequential. Unlike in most major markets, the nation's individual investors account for the lion's share of local stock trading and have been prone to extreme swings in sentiment that can have ripple effects on the economy and monetary policy.For now, indicators of market overheating are still comfortably below levels reached during the height of equity bubbles in 2007 and 2015. The risk is that breakneck gains -- stoked in recent days by bullish articles in state-run media -- could eventually result in a destabilizing crash.There are key differences between now and the start of the melt-up in 2014 for investors to consider, including a lower

Yahoo Business
Jul 08, 2020

Were Hedge Funds Right About Piling Into Wynn Resorts, Limited (WYNN)?
Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

Yahoo Business
Jul 08, 2020

Slack co-founder: We will be more aggressive with acquisitions
Yahoo Finance catches up quickly with Slack co-founder Stewart Butterfield in the wake of the company announcing its sixth-ever acquisition.

Yahoo Business
Jul 08, 2020

Energy Transfer Isn't Shutting Dakota Access Despite Ruling
(Bloomberg) -- Energy Transfer LP said it's not making any moves to empty its Dakota Access oil pipeline after a judge on Monday ordered the conduit shut while a more robust environmental review is conducted.The Dallas-based company run by billionaire Kelcy Warren said it's also accepting nominations for capacity on the pipeline in August. The U.S. District Court for the District of Columbia had ordered the pipeline to be drained by Aug. 5."We are not shutting in the line," Energy Transfer spokeswoman Vicki Granado said in an email. Judge James E. Boasberg "exceeded his authority and does not have the jurisdiction to shut down the pipeline or stop the flow of crude oil."It's the latest sign that Energy Transfer is preparing for yet another battle over the Dakota Access crude pipeline, which four years ago drew months of on-the-ground protests from environmental groups and tribes opposed to the project's route across Lake Oahe, a dammed section of the Missouri River just a half-mile from the Standing Rock Indian Reservation in the Dakotas."Energy Transfer is playing a very dangerous game," said Earthjustice lawyer Jan Hasselman, who represents the Standing Rock Sioux Tribe against Dakota Access. "They don't get to ignore a federal court order just because they disagree with it."When asked whether Energy Transfer plans to defy Boasberg's decision if it remains in effect Aug. 5, Granado reiterated that the company doesn't think he has the authority to shut the line.Prices for Bakken crude, produced in North Dakota,

Yahoo Business
Jul 08, 2020

ExGen Renewables IV, LLC -- Moody's upgrades ExGen Renewables IV to Ba3 from B2 and revises outlook to stable
Twilio's May quarterly report was a game changer for the stock, with shares surging a whopping 40% the session after the earnings announcement. And Twilio stock hasn't looked back since. Twilio CFO Khozema Shipchandler provides a look at why the communications software company was "built for this moment" and why he's excited about the company's long-term outlook.

Yahoo Business
Jul 08, 2020

Snap Rallies After Trump Administration Considers Ban of TikTok
(Bloomberg) -- Snap Inc. shares jumped on Wednesday, after President Donald Trump said his administration was considering a ban of TikTok, the latest indication the U.S. government might take steps against the short-video app.The app has become enormously popular, especially with younger users, and analysts said banning it could reduce the competitive risk it poses to other social-media platforms. Rosenblatt Securities wrote that peer companies may breathe "a big sigh of relief" in the event it gets banned.Analyst Mark Zgutowicz wrote that while TikTok's ad platform "hasn't been too competitive given scale limitations, escalating time spent on the app has infringed on other Gen Z social platforms," notably Snapchat, Facebook's Instagram and YouTube, owned by Google-parent Alphabet Inc.Snap climbed as much as 6.5% on Wednesday in its third straight daily advance. The stock is trading at its highest level in more than three years, having more than tripled off a March low. The rally has been fueled by a recent developer conference, where it announced a number of new products and features. Facebook rose 1.1% and Alphabet was 0.5% higher. Pinterest Inc. was up 3.3%.BofA also sees a tailwind for the Snapchat parent company if TikTok is banned, calling the rival app's popularity "one of the biggest investor concerns" about Snap. "A ban could reduce [the] TikTok overhang" on the shares, analyst Justin Post wrote, noting that when TikTok was banned in India, data subsequently showed a surge of Snap

Yahoo Business
Jul 08, 2020

What You Need To Know About Palo Alto Networks, Inc.'s (NYSE:PANW) Investor Composition
Every investor in Palo Alto Networks, Inc. (NYSE:PANW) should be aware of the most powerful shareholder groups...

Yahoo Business
Jul 08, 2020

Tesla China Sales Of Model 3 Vehicles Up 35% In June
Tesla Inc.'s (TSLA) sales of its Shanghai-made Model 3 vehicles rose 35% in China in June, month-on-month, Reuters reported citing data from the China Passenger Car Association (CPCA).The U.S. electric carmaker last month sold 14,954 Model 3 vehicles up from 11,095 vehicles in May, and an increase from around 3,635 units in April, CPCA data showed. CPCA uses a different counting method than Tesla's deliveries.Overall, China's passenger car sales in June fell 6.5% year-on-year to 1.68 million units. Pure battery electric vehicle sector sold 67,000 units in June with Tesla accounting for 23% of the market, the CPCA said.Tesla shares have gained another 24% since the carmaker last week reported second-quarter car deliveries, which exceeded analysts' expectations. It delivered about 90,650 vehicles during the quarter. This compares with analysts' estimates for about 74,130 vehicles. It delivered 80,050 units of its new Model Y sport vehicle and Model 3 for the quarter and 10,600 of its Model S/X vehicles.Despite the recent production disruptions tied to the coronavirus pandemic, shares have this year shot up 232%. So it is not surprising that the $843.53 average analyst price target now implies 39% downside potential for the shares in the coming 12 months. (See Tesla's stock analysis on TipRanks). The stock dropped 2.2% to $1,358.41 in afternoon trading on Wednesday.However, for five-star analyst Daniel Ives at Wedbush, the rally has not yet run out of steam. The analyst, who maintained a price target of $1,250 but raised his bull c

Yahoo Business
Jul 08, 2020

Were Hedge Funds Right About Marathon Petroleum Corp (MPC) ?
How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]

Yahoo Business
Jul 08, 2020

Were Hedge Funds Right About Piling Into Barrick Gold Corporation (GOLD)?
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]

Yahoo Business
Jul 08, 2020

Why Nikola shares 'look attractive' long-term: JPMorgan analyst
Shares of Nikola are "starting to look attractive for long-term investors" says JPMorgan analyst Paul Coster, upgrading the stock to Overweight from Neutral.

Yahoo Business
Jul 08, 2020

Exxon's Big Bet On Algae Biofuels Is Crumbling
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

Yahoo Business
Jul 08, 2020

J.C. Penney Company, Inc. (JCP): Hedge Funds Saw This Coming
We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]

Yahoo Business
Jul 08, 2020

Why DXC Technology (DXC) Stock is a Compelling Investment Case
If you are looking for the best ideas for your portfolio you may want to consider some of Greenlight Capital's top stock picks. Greenlight Capital, an investment management firm, is bullish on DXC Technology Co (NYSE:DXC) stock. In its Q4 2019 investor letter - you can download a copy here - the firm discussed its […]

Yahoo Business
Jul 08, 2020

Were Hedge Funds Right About Piling Into Alexion Pharmaceuticals, Inc. (ALXN)?
We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]

Yahoo Business
Jul 08, 2020

Walgreens Plans To Expand 700 Stores Into Primary Care Clinics
Walgreens Boots Alliance Inc. (WBA) has announced that it will be expanding the size of its care clinics by nearly 700 retail stores over the next few years. The July 8 expansion news by Walgreens represents an overhaul of its business model from being primarily a drug pharmacy to a primary care clinic.Walgreens says that it will still provide a vast range of retail products to customers by optimizing existing space in the store while removing all of its tobacco products. The clinics themselves will be approximately 3,300 square feet each, with some as large as 9,000 square feet.It will include a partnership with VillageMD which will help create the clinics to provide regular treatment to patients from medical practitioners. VillageMD is a primary care service whose subsidiary Village Medical brand, provides services to patients at Walgreens at its current traditional free-standing clinics.Walgreens CEO Stefano Pessina stated, "These clinics at our conveniently located stores are a significant step forward in creating the pharmacy of the future, meeting many essential health needs all under one roof as well as through other channels."Under the terms of the expansion agreement, Walgreens will invest $1 billion in equity and convertible debt in VillageMD over the next three years, including a $250 million equity investment to be completed July 8, giving WBA a 30% stake in VillageMD. The company will use 80% of Walgreens investment to fund the opening of the clinics and build upon the partnership.Th

Yahoo Business
Jul 08, 2020

Were Hedge Funds Right About Souring On General Electric Company (GE)?
How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]

Yahoo Business
Jul 08, 2020

Were Hedge Funds Right About Piling Into Zynga Inc (ZNGA)?
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]

Yahoo Business
Jul 08, 2020

Tesla stock is a gigantic bubble on the verge of exploding: strategist
Time to take profits in Tesla?

Yahoo Business
Jul 08, 2020

Blink Charging CEO on why wireless EV charging is the way of the future
Blink Charging CEO Michael Farkas joins the On the Move panel to discuss the company's plan to bring touchless electric vehicle chargers to market.

Yahoo Business
Jul 08, 2020

If You Own Netflix (NFLX) Stock, Should You Sell It Now?
If you are looking for the best ideas for your portfolio you may want to consider some of Greenlight Capital's top stock picks. Greenlight Capital, an investment management firm, is bearish on Netflix Inc (NASDAQ:NFLX) stock. In its Q4 2019 investor letter - you can download a copy here - the firm discussed its investment […]

Yahoo Business
Jul 08, 2020

How Much Of CVS Health Corporation (NYSE:CVS) Do Institutions Own?
If you want to know who really controls CVS Health Corporation (NYSE:CVS), then you'll have to look at the makeup of...

Yahoo Business
Jul 08, 2020

Russia Eyes Another Massive Gas Pipeline To China
Russia and China see further economic integration as a massive opportunity, and the Power of Siberia 2 megaproject fits right into this agenda

Yahoo Business
Jul 08, 2020

J.P. Morgan Says These 3 Stocks Will Surge Over 30% From Current Levels
Amid the recent surge of new COVID-19 cases, do stocks still have more room to climb? J.P. Morgan says yes. According to strategist Marko Kolanovic, who correctly called stocks' March bottom, there are several reasons to remain squarely in the bull camp.First and foremost, he argues "positioning remains light around macro and systematic investors." So, summer seasonality could "help the volatility spike continue to fade," which means that investors may be looking to snap up shares as the summer continues. Additionally, the unprecedented stimulus brought about by the pandemic as well as the fact that the latest wave of COVID-19 cases is mainly affecting younger people also contribute to his bullish outlook.On top of this, should Biden win the U.S. presidential election in November, the market may get a boost. "Given the current economic weakness, business recovery and job growth are likely to be prioritized over policies that could dampen economic growth and perhaps even jeopardize the desired 2022 midterm election outcome... As such, the degree of corporate tax reversal may ultimately be lower than currently discussed," J.P. Morgan chief U.S. equity strategist Dubravko Lakos-Bujas commented.Taking all of this into consideration, we used TipRanks' database to take a closer look at three stocks flagged by J.P. Morgan analysts for their solid growth prospects. We're talking about over 30% upside potential here. As it turns out, each ticker has also scored enough praise from the rest of the Street to earn a

Yahoo Business
Jul 08, 2020

Were Hedge Funds Right About Souring On Cisco Systems, Inc. (CSCO)?
The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]

Yahoo Business
Jul 08, 2020

What You Need To Know About Retractable Technologies, Inc.'s (NYSEMKT:RVP) Investor Composition
The big shareholder groups in Retractable Technologies, Inc. (NYSEMKT:RVP) have power over the company. Insiders often...

Yahoo Business
Jul 08, 2020

Pan American Silver Breaks Out
Pan American Silver broke through a 30.69 buy point. Strong RS line.

Yahoo Business
Jul 08, 2020

Marvell Joins Chip Leaders
Marvell Technology cleared a consolidation that was not quite long enough to be a proper base, but 37.01 actionable.

Yahoo Business
Jul 08, 2020

How Much Did ONEOK's(NYSE:OKE) Shareholders Earn From Share Price Movements Over The Last Year?
Taking the occasional loss comes part and parcel with investing on the stock market. And there's no doubt that ONEOK...

Yahoo Business
Jul 08, 2020

News On the Move: Amy Cooper charged, Chief Justice John Roberts hospitalized, Mary Kay Letourneau dies from battle with cancer
Yahoo Finance's On the Move panel breaks down the latest headlines.

Yahoo Business
Jul 08, 2020

Why General Motors (GM) Stock is a Compelling Investment Case
If you are looking for the best ideas for your portfolio you may want to consider some of Greenlight Capital's top stock picks. Greenlight Capital, an investment management firm, is bullish on General Motors Co (NYSE:GM) stock. In its Q4 2019 investor letter - you can download a copy here - the firm discussed its […]

Yahoo Business
Jul 08, 2020

Could The Lockheed Martin Corporation (NYSE:LMT) Ownership Structure Tell Us Something Useful?
Every investor in Lockheed Martin Corporation (NYSE:LMT) should be aware of the most powerful shareholder groups...

Yahoo Business
Jul 08, 2020

Where COVID-19 vaccine trials stand
Dr. Fauci says he expects phase 3 vaccine trials to begin at the end of July. Yahoo Finance's Anjalee Khemlani joins the On the Move panel to discuss where vaccine trials stand.

Yahoo Business
Jul 08, 2020

Should Investors Buy the Dip in Chemours (CC) Stock?
If you are looking for the best ideas for your portfolio you may want to consider some of Greenlight Capital's top stock picks. Greenlight Capital, an investment management firm, is bullish on Chemours Co (NYSE:CC) stock. In its Q4 2019 investor letter - you can download a copy here - the firm discussed its investment […]

Yahoo Business
Jul 08, 2020

Electric car market heats up: Tesla, Nikola, Nio in focus
The electric car market is heating up as sales of Tesla's Model 3 increase, while shares of Nikola and Nio remain volatile. Yahoo Finance's Heidi Chung joins The First Trade to discuss.

Yahoo Business
Jul 08, 2020

United eyes mass layoffs as coronavirus creates 'worst crisis' in airline history
United Airlines Holdings (UAL) warned on Wednesday that it may lay off as many as 36,000 workers, or 45% of its workforce.

Yahoo Business
Jul 08, 2020

Walgreens Boots: A Bargain Stock, But at What Price?
The merged pharmacy chain has several fundamental issues Continue reading...

Yahoo Business
Jul 08, 2020

Facebook and Mark Zuckerberg Disappoint Once Again
(Bloomberg Opinion) -- Facebook Inc. still doesn't get it.A widely anticipated meeting on Tuesday between the social media giant and the civil rights groups behind the recent Facebook ad boycott — including the Anti-Defamation League, NAACP and Color of Change — did not go well. The New York Times reported CEO Mark Zuckerberg and COO Sheryl Sandberg met for about an hour on a video-conference call, but offered little in terms of concessions related to their policies for managing content on their social networks.A negative response came swiftly. "It was abundantly clear in our meeting today that Mark Zuckerberg and the Facebook team is not yet ready to address the vitriolic hate on their platform," the groups said in a statement. "Instead of actually responding to the demands of dozens of the platform's largest advertisers that have joined the StopHateForProfit ad boycott during the month of July, Facebook wants us to accept the same old rhetoric, repackaged as a fresh response."The representatives said Facebook offered to address just one of the groups' 10 demands — the company was willing to create a position focused on promoting civil rights — but it didn't promise to do so at the asked-for C-suite level. Otherwise, the company did not give an inch for the other nine demands, according to the groups.Frankly, Facebook's inaction is not a surprise. The company has gone to this "hunkering down" playbook many times in the past. The old aphorism that says incentives often drive behavior seems to hold true for this tech

Yahoo Business
Jul 08, 2020

Tesla's Climbing Stock Makes Employees Rich, Elon Musk Richest
Unlike most automotive companies, Tesla Inc (NASDAQ: TSLA) offers stock options and grants to all of its employees.Regardless of rank or position, all Tesla employees are offered this benefit. Therefore, the entire company and all of its employees stand to gain as Tesla's stock continues to surge upwards.Some of the Tesla employees with the largest stakes are: * Drew Baglino, senior vice president of powertrain and energy engineering: 4,222 Tesla shares worth more than $5.7 million. * Jerome Guillen, president of automotive: 9,752 Tesla shares worth more than $13 million. * Zachary Kirkhorn, CFO: 11,831 shares worth $16 million. * Kimbal Musk, Elon Musk's brother and Tesla board member: 130,848 Tesla shares worth more than $175 million.Of course, the CEO himself has gained the most from this stock rise. Musk owns 34,098,597 TSLA shares worth more than $46 billion.Even lower-paying positions at Tesla --for example, sales and production associates -- are given anywhere between $20,000 and $40,000 in restricted shares that vest over three years.Tesla shares were up 0.43% at $1,395.78 at the time of publication Wednesday.Photo courtesy of Tesla.See more from Benzinga * Nissan's Answer To The Tesla Model Y — The Electric Crossover Ariya — To Premier July 15 * 4 Companies You Won't Believe Have A Smaller Market Cap Than Tesla * Tesla's Stock Approaches JMP's ,500 Price Target(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Jul 08, 2020

Needham: These 3 Penny Stocks Are Poised to Double (Or More)
Penny stocks, they divide the Street like no other. These names trading for less than $5 per share send some investors immediately running for the hills while others just can't get enough of them. Nevertheless, regardless of their controversial nature, penny stocks certainly have pros and cons. One clear advantage is that the bargain price tags allow investors to get more bang for their buck. Additionally, because the shares are priced so low, even a small gain in value quickly translates to a hefty percentage gain in relation to the trading price. Of course, it's wise to remember that there could be a very good reason these shares are priced so low. This can be poor fundamentals or headwinds that are too strong to overcome.Given the risk involved with these plays, they are not for the faint-hearted. That said, Wall Street pros can help investors pinpoint the penny stocks poised to outperform the rest.And that's where top investment banking firm Needham comes in. The firm has developed a reputation for expertise in the stock market, with its solid track record earning it a top 5 spot on TipRanks' list of Top Performing Research Firms.Bearing this in mind, we used TipRanks' database to learn more about three penny stocks backed by Needham. As it turns out, the firm's analysts projecting at least 100% upside potential for each. Comscore (SCOR)We will start with Comscore, a small-cap company in the marketing analytics niche. The company provides media measurement and analysis for multimedia marketing firms. In Februa

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Jul 08, 2020

Moderna Completes Enrollment For Phase 2 Covid-19 Vaccine Study
Moderna (MRNA) has announced that it has completed enrollment for its Phase 2 study of mRNA-1273, the company's vaccine candidate against Covid-19. Shares are currently trading up 2% so far on Wednesday.The clinical study will assess the safety, reactogenicity, and immunogenicity of 2 dose levels of mRNA-1273 SARS-COV-2 vaccine in around 600 adults 18 years of age or older. The patients will be split into those aged 18-55, and those above 55, and in each group two trial doses will be tested of 50mcg and 100mcg.According to the trial record, the estimated completion date will be August 2021 with the estimated primary completion date expected for March 2021. This primary date refers to the date the last participant in the clinical study was examined or received an intervention to collect final data for the primary outcome measure.The company also announced that the cohorts of older adults and elderly adults in the NIH-led Phase 1 study have completed enrollment. Results are expected to be published once available."We are committed to helping address this ongoing public health emergency and continue to focus on our Phase 3 study, which remains on track to start in July, less than seven months from the sequencing of the virus" said Tal Zaks, CMO at Moderna.Moderna has also now finalized the Phase 3 study protocol based on feedback from the U.S. Food and Drug Administration (FDA). The randomized, 1:1 placebo-controlled trial is expected to include approximately 30,000 participants at the 100 µg dose

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Jul 08, 2020

Marathon Petroleum halts projects at St. Paul Park refinery until next year- source
Every investor in Lockheed Martin Corporation (NYSE:LMT) should be aware of the most powerful shareholder groups...

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Jul 08, 2020

P/E Ratio Insights for AT&T
Walgreens Boots Alliance Inc. (WBA) has announced that it will be expanding the size of its care clinics by nearly 700 retail stores over the next few years. The July 8 expansion news by Walgreens represents an overhaul of its business model from being primarily a drug pharmacy to a primary care clinic.Walgreens says that it will still provide a vast range of retail products to customers by optimizing existing space in the store while removing all of its tobacco products. The clinics themselves will be approximately 3,300 square feet each, with some as large as 9,000 square feet.It will include a partnership with VillageMD which will help create the clinics to provide regular treatment to patients from medical practitioners. VillageMD is a primary care service whose subsidiary Village Medical brand, provides services to patients at Walgreens at its current traditional free-standing clinics.Walgreens CEO Stefano Pessina stated, "These clinics at our conveniently located stores are a significant step forward in creating the pharmacy of the future, meeting many essential health needs all under one roof as well as through other channels."Under the terms of the expansion agreement, Walgreens will invest $1 billion in equity and convertible debt in VillageMD over the next three years, including a $250 million equity investment to be completed July 8, giving WBA a 30% stake in VillageMD. The company will use 80% of Walgreens investment to fund the opening of the clinics and build upon the partnership.Th

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Jul 08, 2020

Sea (NYSE:SE) Has Debt But No Earnings; Should You Worry?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...

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Jul 08, 2020

If You Had Bought Dynavax Technologies (NASDAQ:DVAX) Shares A Year Ago You'd Have Earned133% Returns
Unfortunately, investing is risky - companies can and do go bankrupt. But when you pick a company that is really...

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Jul 08, 2020

Brooks Brothers, Ann Taylor parent Ascena reportedly set to file bankruptcy
Brooks Brothers and Ann Taylor's parent company Ascena is reportedly planning to file bankruptcy. Meanwhile, Levi's shared a major loss in sales and plans to cut its workforce in its latest earnings report. Yahoo Finance's Emily McCormick joins The First Trade to discuss.

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Jul 08, 2020

Benzinga's Top Upgrades, Downgrades For July 8, 2020
Unfortunately, investing is risky - companies can and do go bankrupt. But when you pick a company that is really...

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Jul 08, 2020

U.S. War on Huawei Begins to Turn After Europe's Rough Year
(Bloomberg) -- Huawei Technologies Co. has gone from a crucial component of U.K. and French mobile networks to potential outcast, after resistance and compromises began to give way to a relentless White House campaign.Both countries indicated this week that they're taking steps to reduce their reliance on the Chinese company -- with the U.K. considering a phase out of Huawei's role set to begin as soon as this year and French cybersecurity agency Anssi imposing a waiver system that's likely to severely limit its use.Read more: France Begins to Sideline Huawei From Its Mobile NetworksA year ago, things were looking far more optimistic for the Chinese company. Britain's intelligence and security committee said last July that barring Huawei would make networks less resilient to malicious attacks. The committee's reasoning was that it would reduce competition and leave the U.K. dependent on just two suppliers -- Nokia Oyj and Ericsson AB.U.K. Prime Minister Boris Johnson attempted a compromise in January, allowing carriers to use Huawei equipment to build out their 5G systems as long as they capped it at 35% and agreed not to use it in sensitive network cores.But pressure from the U.S. has only increased and European governments and carriers have found themselves having to choose sides between two world powers. President Donald Trump's administration has piled on sanctions, making it more and more difficult for European carriers to access products from the world's biggest maker of telecommunications equipment."Huawei

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Jul 08, 2020

The Match Group, Inc. (NASDAQ:MTCH) Analysts Have Been Trimming Their Sales Forecasts
The analysts covering Match Group, Inc. (NASDAQ:MTCH) delivered a dose of negativity to shareholders today, by making...

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Jul 08, 2020

Coronavirus a 'once-in-a-lifetime opportunity' for debt investors: Billionaire Marc Lasry
The downturn may spell misery for employees and business owners, but it presents a "once-in-a-lifetime opportunity" for debt investors to do "extremely well," Marc Lasry, the billionaire co-founder and chief executive of hedge fund Avenue Capital, told Yahoo Finance.

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Jul 08, 2020

These Americans aren't required to file taxes each year - here's why
Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

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Jul 08, 2020

Edited Transcript of INFI.OQ earnings conference call or presentation 11-May-20 8:30pm GMT
Time to take profits in Tesla?

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Jul 08, 2020

What Type Of Shareholders Make Up Altimmune, Inc.'s (NASDAQ:ALT) Share Registry?
If you want to know who really controls Altimmune, Inc. (NASDAQ:ALT), then you'll have to look at the makeup of its...

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Jul 08, 2020

An Intrinsic Calculation For Exact Sciences Corporation (NASDAQ:EXAS) Suggests It's 46% Undervalued
Does the July share price for Exact Sciences Corporation (NASDAQ:EXAS) reflect what it's really worth? Today, we will...

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Jul 08, 2020

National General Pops 69% In Pre-Market On $4B Takeover Deal By Allstate
U.S. insurer Allstate Corp. (ALL) has agreed to acquire National General Holdings Corp.(NGHC) for about $4 billion in cash, or $34.50 per share.As part of the takeover deal National General shareholders will get $32 per share in cash and closing dividends of $2.50 per share. The $34.50 total value per share reflects a 69% premium to National General's closing price on Tuesday. National General shares spiked 69% to $34.39 in Wednesday's pre-market trading.Allstate will fund the share purchase by using $2.2 billion in combined cash resources and issuing $1.5 billion of new senior debt. The insurer said it will maintain its current share repurchase program."Acquiring National General accelerates Allstate's strategy to increase market share in personal property-liability and significantly expands our independent agent distribution," said Allstate CEO Tom Wilson said. "The acquisition increases personal lines premiums by $4 billion and market share by over 1 percentage point to 10%."Wilson added that the deal is expected to be accretive to adjusted net income earnings per share and return on equity beginning in the first year of the purchase. The transaction is expected to close in early 2021, subject to regulatory approvals and other customary closing conditions.New York-based National General provides a wide range of property-liability products through independent agents with a significant presence in non-standard auto insurance. The company also has accident and health and lender-placed

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Jul 08, 2020

Is Archer-Daniels-Midland Company's (NYSE:ADM) Recent Performancer Underpinned By Weak Financials?
Archer-Daniels-Midland (NYSE:ADM) has had a rough month with its share price down 7.8%. Given that stock prices are...

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Jul 08, 2020

Shareholders Are Thrilled That The ACADIA Pharmaceuticals (NASDAQ:ACAD) Share Price Increased 113%
The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But if you buy shares in a...

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Jul 08, 2020

Do AmerisourceBergen's (NYSE:ABC) Earnings Warrant Your Attention?
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

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Jul 08, 2020

Is Zynga (NASDAQ:ZNGA) Using Too Much Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

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Jul 08, 2020

A record number of workers were hired in May: Morning Brief
Top news and what to watch in the markets on Wednesday, July 8, 2020.

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Jul 08, 2020

CEPI to invest $66 mln to boost Clover's COVID-19 vaccine trial
Alibaba cleared a 231.24 buy point from a consolidation going back to January. Several times BABA tried to clear early entries and never really got going. RS line making progress, above s-t peak but still well off March highs.

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Jul 08, 2020

COVID-19 recession is a 'once in a lifetime opportunity': Marc Lasry
Avenue Capital Group CEO and legendary investor, Marc Lasry, joins 'Influencers with Andy Serwer' to discuss the pandemic's impact on the global economy.

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Jul 08, 2020

Nokia shares fall on concerns over potential loss of Verizon business
Nokia, battling with China's Huawei and Sweden's Ericsson, is trying to strengthen its 5G slate and looking especially to deployment by U.S. telecom companies for growth. Overnight, JP Morgan downgraded Nokia to "neutral" from "overweight", citing a potential loss of business with Verizon. "We believe that there is a real risk Verizon will depend less on Nokia as their primary RAN (radio access network) supplier going forward," JPM said in a note, adding there were signs Verizon was using Samsung.

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Jul 08, 2020

United Airlines Sees Weak Bookings Amid Covid-19 Resurgence; Shares Drop
United Airlines Holdings Inc (UAL) warned that it sees travel bookings weakening as the recent resurgence in coronavirus infections and the related new restrictions imposed by some U.S. states are curtailing demand.The news sent shares down 7.6% to $32.58 at the close on Tuesday. In a Town Hall for its operational employees, the ailing airline said that consolidated capacity for June was down about 88% year-over-year and that July capacity is expected to be down about 75% year-over-year.Looking ahead to the peak summer season, management also indicated that capacity for August will probably be down about 65% year-over-year. In addition, United said that it will be making adjustments to scale back its schedule plans announced earlier this month, due to reduced demand to destinations experiencing a surge in COVID-19 cases and new quarantine requirements or other travel restrictions. The U.S. airline had said on July 1 that it was planning to add about 25,000 domestic and international flights in August.In light of the recent spike in coronavirus cases, United will continue to proactively evaluate and cancel flights on a rolling 60-day basis until it sees signs of a recovery in demand. However, the airline expects demand to remain suppressed until a treatment or vaccine for COVID-19 is available.The airline's management does not see the COVID-19 recovery to follow a linear path, as illustrated by recent booking and demand trends, and said that consolidated capacity through the end of

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Jul 08, 2020

Elon Musk's Boring Company Launches New Challenge To 'Beat The Snail'
Billionaire entrepreneur Elon Musk's tunnel boring company has launched a new competition as it looks to make technical advancements in the field.The Boring Company's "Not-a-Boring Competition" will take place in spring next year; registration is open to students, companies, and hobbyists, the Musk-led company said. The news was earlier reported by Electrek.The challenge will be to "beat the snail" when it comes to the pace of boring a tunnel. Tunnel Boring Machines or TBMs are "super slow," according to the California-based company. "A snail is effectively 14 times faster than a soft-soil TBM," it says.Participants will compete for three titles, including "fastest to complete tunnel," "fastest to complete tunnel and a driving surface," and "most accurate guidance system," by boring a 30-meter long tunnel with a cross-sectional area of 0.2 square meters.The Boring Company will use a remote-controlled Tesla Inc. (NASDAQ: TSLA) vehicle to test drive through the tunnel.Musk, who also leads Tesla and the Space Exploration Company, had launched the tunnel boring company in December 2016 to build transportation corridors for both intra- and inter-city travel with the aim to "solve the problem of soul-destroying traffic."Image: the Boring CompanySee more from Benzinga * DocuSign Buys Liveoak For M As It Looks To Offer Online Notary Service * AMC Shares Add 12% As Report Says Company Nears Deal To Avoid Bankruptcy * Disney Sees Massive Surge In Downloads During 'Hamilton' Weekend(C) 2020 Benzinga.com.

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Jul 08, 2020

A Look At The Intrinsic Value Of BP PLC (LON:BP.)
In this article we are going to estimate the intrinsic value of BP PLC (LON:BP.) by projecting its future cash flows...

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Jul 08, 2020

GenMark Soaring In Pre-Market On 118% Revenue Explosion
Shares in GenMark Diagnostics (GNMK) are soaring 10% in Wednesday's pre-market trading after the molecular diagnostics company announced impressive preliminary financial and operational results for the quarter ended June 30, 2020 due to strong sales of COVID-19 test sales.Second quarter revenue is now expected to be approximately $40.1 million, an increase of 118% over the second quarter of 2019. GNMK is now anticipating ePlex revenue of $35.2 million, up 195% year-over-year.COVID-19 positively impacted second quarter placements and revenue, the company stated, with approximately 90% of gross placements including interest in COVID-19 testing.GenMark also revealed that SARS-CoV-2 consumable revenue accounted for approximately 48% of total ePlex revenue.Gross margin is now expected to be approximately 38% to 39%, compared to 36% in the second quarter of 2019.During the quarter, the company placed net 71 ePlex analyzers, concluding the quarter with a global installed base of more than 650 ePlex analyzers, an increase of 48% from the same period last year."Strong COVID-19 demand continued to drive additional ePlex placements, which provides the foundation for future recurring testing revenues across our broader menu" commented CEO Scott Mendel."In addition, we launched our RP2 Panel, which incorporates SARS-CoV-2 onto our existing syndromic panel for respiratory pathogen testing. The RP2 panel also introduces a simplified workflow, making it even easier for hospital labs to run our test" he added.The GenMark ePlex SARS-C

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Jul 08, 2020

Alibaba's Ant plans Hong Kong IPO, targets valuation over $200 billion, sources say
Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, plans a Hong Kong float as soon as this year and targets a valuation of more than $200 billion, said two sources with knowledge of the matter. The world's most valuable tech "unicorn" had been looking to sell shares in Hong Kong and mainland China simultaneously, but is now leaning heavily towards the Asian financial hub first because it would probably face a smoother listing process, the sources and a third person with knowledge of the matter said. It is looking at selling between 5% and 10% of its shares in an initial public offering, said one of the sources, in what would be one of the world's biggest listings this year.

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Jul 08, 2020

Here's Why I Think boohoo group (LON:BOO) Is An Interesting Stock
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

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Jul 08, 2020

Avolon Cancels 27 Of Boeing 737 Max Aircraft Order
Aircraft lessor Avolon announced that it cancelled commitments to acquire an additional 27 of Boeing Co.'s (BA) 737 MAX aircraft after already cancelling 75 of the planes in the first quarter of the year.In addition, Avolon scrapped the commitment to acquire one of Airbus Group's (EADSF) A330 neo aircraft due to be delivered in 2022 and deferred the delivery of 3 A320 neo family aircraft from 2020/21 to 2022.Boeing's 737 MAX aircraft have been grounded since March 2019 following a second deadly crash. The plane maker has recently started flight tests of the 737 MAX to try and receive regulatory approval for it to return to fly.The announcement is another setback for Boeing, which has seen its shares plunge 45% this year, after Norwegian Air at the end of June cancelled orders for 97 of the 737 MAX aircraft order and filed compensation claims.The coronavirus travel restrictions have resulted in a deep cut in the number of commercial jets and services Boeing customers need over the next few years. As such, global airlines suffering billions of dollars in losses have been seeking to cancel or delay some of the orders they have with the planemaker.Boeing shares dropped 4.8% to $178.88 at the close on Tuesday.Five-star analyst Myles Walton at UBS this month reiterated a Hold rating on the stock with a $150 price target, saying that investors "have to take the good with the bad with Boeing".Commenting on the recent 737 MAX flight tests he said: "After the days of certification flights, there will be extensive post-flight analysis," ad

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Jul 08, 2020

TechnipFMC Spikes 11% After-Hours On $1B Egypt Contract
Shares in TechnipFMC (FTI) spiked 11% in Tuesday's after-hours trading after the company announced a major Engineering, Procurement, and Construction (EPC) contract with Assiut National Oil Processing Company (ANOPC) for the construction of a new Hydrocracking Complex for the Assiut refinery in Egypt.TechnipFMC clarified that a "major" contract is over $1 billion.The contract covers new process units such as a Vacuum Distillation Unit, a Diesel Hydrocracking Unit, a Delayed Coker Unit, a Distillate Hydrotreating Unit as well as a Hydrogen Production Facility Unit using TechnipFMC's steam reforming technology. The project also includes other process units, interconnecting, offsites and utilities.According to the statement, the plan is to transform lower-value petroleum products from Assiut Oil Refining Company's (ASORC) nearby refinery into approximately 2.8 million tons per year of cleaner products, such as Euro 5 diesel."This award demonstrates TechnipFMC's long-standing relationship with the Egyptian petroleum sector and strengthens our expertise in the delivery of complex projects in the country" commented Catherine MacGregor, President of Technip Energies.She added: "Assiut is considered one of the major strategic projects needed to meet growing local demand for cleaner products, and we are extremely honored to have been selected by ANOPC to contribute to the largest refining project to be implemented in Upper Egypt."TechnipFMC says it is currently working with ANOPC to complete the remaining conditions precedent

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Jul 08, 2020

China's Digital Yuan Gets First Big Test Via Tech Giant Didi
(Bloomberg) -- Ride-hailing giant Didi Chuxing is testing China's digital cash as a payment method on its platform, in what could be one of the first real-world applications of the electronic version of the yuan.The SoftBank Group Corp.-backed startup said on Wednesday it's working with a research wing of the People's Bank of China on uses for the virtual legal tender dubbed Digital Currency Electronic Payment, or DCEP. That includes testing the token on its ride-hailing platform, people familiar with the matter said. Specifics like when the feature will officially roll out aren't clear yet, they said, asking not to be identified because the plan is private.Shares in Chinese financial software and information security companies including Feitian Technologies Co. and Julong Co. rose by their 10% daily limits on the news. Representatives from the PBOC had no comment when contacted.China's government began a pilot program for its digital currency, which lives on a mobile wallet application and offers Beijing greater control of the country's financial system, a few months ago. The initial testing was limited to four cities, with local media reporting that some of the money was distributed via transport subsidies to residents in Suzhou. However, implementation remains a question. China's $27 trillion payments industry is already dominated by twin internet giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd.Adoption by Didi, which connects half a billion Chinese commuters, would drive acceptance of China'

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Jul 08, 2020

Big Tech's China Face-Off Presages an Exodus From Hong Kong
(Bloomberg) -- Facebook Inc., Google and Twitter Inc. -- all of which are blocked in the mainland -- are now headed toward a showdown with China that could end up making Hong Kong feel more like Beijing.Hours after Hong Kong announced sweeping new powers to police the internet on Monday night, those companies plus the likes of Microsoft Corp. and Zoom Video Communications Inc. all suspended requests for data from the Hong Kong government. ByteDance Ltd.'s TikTok, which has Chinese owners, announced it would pull its viral video app from the territory's mobile stores in the coming days even as President Donald Trump threatened to ban it in the U.S.Their dilemma is stark: Bend to the law and infuriate Western nations increasingly at odds with China over political freedoms, or simply refuse and depart like Google did in China a decade ago over some of the very same issues. Much like that seismic event shook the mainland in 2010, Big Tech's reaction now could have a much wider impact on Hong Kong's future as a financial hub -- potentially sparking an exodus of professionals and businesses."Google is pretty important to people here, and if that's cut off then it's really extremely serious," said Richard Harris, a former director at Citi Private Bank who now runs Port Shelter Investment Management in Hong Kong. "In Hong Kong we don't know where the boundaries are, and that's threatening to a lot of business people."Over the past week, Hong Kong authorities have begun explaining how they'll enforce a law that officials i

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Jul 08, 2020

AMC Pops 12% In After-Market Amid Report Of New Restructuring Deal To Avert Bankruptcy
Shares in AMC Entertainment Holdings Inc. (AMC) jumped 12% in extended market trading amid a report that the cash-strapped U.S. theater chain is about to strike a restructuring deal to avoid filing for bankruptcy.The stock rose to $4.61 in Tuesday's after-market trading. The proposed deal, which is expected to be disclosed in coming days, would see bondholders providing a $200 million senior loan to swap their unsecured claims at a discount for new, second-lien debt, according to a report by the Wall Street Journal. Private-equity firm Silver Lake Group LLC, which has a representative on the company's board and owns $600 million of convertible bonds, would swap for first-lien debt.Senior lenders including Apollo Global Management Inc. (APO), Davidson Kempner Capital Management LP and Ares Management Corp. have rejected the proposal, which would allow Silver Lake to share in the collateral pledged to them. The group made a counterproposal in recent days in which they offered to inject an additional $200 million in senior debt financing, on top of $200 million supplied by junior bondholders. As a condition of the counteroffer, the senior lenders wanted Silver Lake blocked from swapping into the top-ranking debt and subordinated beneath the senior loans in the payment line.Since mid-March, AMC Entertainment has been forced to close its movie theatres worldwide and temporarily suspend operations as a result of the global lockdowns triggered by the coronavirus outbrea

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Jul 08, 2020

Synaptics Snaps Up AVGO Wireless IoT Rights; Analyst Upgrades Stock
Synaptics Inc (SYNA) has now signed definitive agreements to acquire certain assets and manufacturing rights for Broadcom's (AVGO) wireless IoT business for about $250 million in an all-cash transaction. The deal is expected to close in Synaptics' first quarter of fiscal year 2021.Under the terms of the agreements, Synaptics will acquire certain rights to Broadcom's existing Wi-Fi, Bluetooth and GPS/GNSS products and business in the IoT market as well as future roadmap devices designed in advanced process nodes.According to Synaptics, the deal strengthens and accelerates its position in the fast-growing consumer IoT market. It expects the transaction to add $65 million in current annualized sales and provide significant revenue growth potential."Expanding our offering in the high growth IoT market has been one of the major focus areas for Synaptics and the addition of best-in-class wireless connectivity technology to our portfolio significantly enhances our overall position," said Michael Hurlston, CEO of Synaptics."This acquisition complements Synaptics' ability to sell into a broad range of devices such as IP cameras, smart displays, speakers, home automation, and gaming consoles - all of which require cutting-edge technologies including Wi-Fi 6 and 6E, Bluetooth 5.2 and GPS L5."The transaction is expected to be immediately accretive to Synaptics' non-GAAP gross margins and non-GAAP earnings post-close, and the company plans to finance the transaction from existing on-hand cash balance.Fo

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Jul 08, 2020

Bayer's Roundup Settlement Hasn't Ended Its Troubles
(Bloomberg) -- HSBC Holdings Plc, which draws more than two-thirds of its pretax income from Hong Kong, slumped as advisers to U.S. President Donald Trump discussed a potential move to punish banks in the city and destabilize the currency peg to the dollar.Europe's largest financial institution was named as a potential target, Bloomberg News reported, citing people familiar with the matter. U.S. Secretary of State Michael Pompeo last month singled out Peter Wong, the bank's Asia-Pacific chief executive officer, for signing a petition supporting "Beijing's disastrous decision to destroy Hong Kong's autonomy.""Disruption to the currency peg and dollar funding, with HSBC reporting in U.S. dollars, could erode revenue and accelerate material changes in its dual listing and structure," Bloomberg Intelligence analysts Jonathan Tyce and Francis Chan wrote on Wednesday."HSBC's to-do list remains considerable, though a wait-and-see approach -- with November's U.S. election the due-date -- may be adopted for the latest peg and funding turbulence," they wrote.London-based HSBC has been walking a political tightrope as it seeks to expand in China in a bid to boost profits, shifting away from struggling operations in Europe and the U.S. The bank last month endorsed China's new security law.The U.S. clearing license is vital to HSBC's global operations and the bank is one of the largest international lenders operating in America. HSBC recently hired James Forese, a former senior executive at Citigroup Inc., to its board as it loo

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Jul 08, 2020

HSBC Slumps as U.S. Weighs Moves to Punish Hong Kong Banks
(Bloomberg) -- HSBC Holdings Plc, which draws more than two-thirds of its pretax income from Hong Kong, slumped after a report that the U.S. is mulling a move to punish banks in the city and destabilize the currency peg to the dollar.HSBC was specifically mentioned as a potential target, Bloomberg News has reported, citing people familiar. Secretary of State Michael Pompeo last month singled out Peter Wong, the bank's Asia Pacific chief executive officer, for signing a petition supporting "Beijing's disastrous decision to destroy Hong Kong's autonomy."HSBC fell as much as 3.1% in Hong Kong, the most in more than three weeks, making it the biggest drag on the benchmark Hang Seng Index. A Hong Kong-based spokeswoman declined to comment on the U.S. report.London-based HSBC is walking a political tightrope in its attempts to further push into the world's most populous nation. The bank last month endorsed China's new security law and is now drawing further criticism from politicians in the U.S. and the U.K.In a statement on its official WeChat account last month, the bank pledged to continue to invest and support the Chinese economy after speculation in local media that its massive restructuring plan would mean an exit from China.Some top advisers to President Donald Trump want the U.S. to undermine the Hong Kong dollar's peg to the U.S. dollar to punish China for recent moves to chip away at Hong Kong's political freedoms, according to people familiar with the matter. The proposal, however, hasn't been elevated to the

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Jul 07, 2020

Dollar Edges Higher as Virus Cases Grow
If you are looking for the best ideas for your portfolio you may want to consider some of Mott Capital's top stock picks. Mott Capital, an investment management firm, is bullish on Cisco Systems Inc. (NASDAQ:CSCO) stock. In its Q4 2019 investor letter - you can download a copy here - the firm discussed its […]

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Jul 07, 2020

Boeing settles nearly all Lion Air 737 MAX crash claims - filing
Boeing Co has reached settlement agreements in more than 90% of the wrongful death claims filed in federal court after the 2018 crash of a Lion Air 737 MAX in Indonesia that killed all 189 people on board, a court filing on Tuesday said. The fatal crash, followed within five months by another 737 MAX jetliner in Ethiopia, led to the worldwide grounding of the best-selling model and a corporate crisis that has included hundreds of lawsuits alleging the jet was unsafe and separate probes by the Justice Department and U.S. lawmakers.

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Jul 07, 2020

Trump Aides Weigh Proposals to Undermine Hong Kong's Dollar Peg
(Bloomberg) -- Some top advisers to President Donald Trump want the U.S. to undermine the Hong Kong dollar's peg to the U.S. dollar as the administration considers options to punish China for recent moves to chip away at the former British colony's political freedoms, according to people familiar with the matter.The idea of striking against the Hong Kong dollar peg -- perhaps by limiting the ability of Hong Kong banks to buy U.S. dollars -- has been raised as part of broader discussions among advisers to Secretary of State Michael Pompeo and hasn't been elevated to the senior levels of the White House, suggesting that it hasn't gained serious traction yet, according to people who discussed the matter on condition of anonymity.The proposal faces strong opposition from others in the administration who worry such a move would only hurt Hong Kong banks and the U.S., not China, they said. Another person cautioned that the idea of attacking the dollar peg is lower on the list of possible options now under discussion. Those ideas include canceling a U.S.-Hong Kong extradition treaty and ending cooperation with Hong Kong's police, the person said.The State Department declined to comment when asked about the issue on Tuesday, as did the Treasury Department. Hong Kong's financial secretary, Paul Chan, referred queries to the Hong Kong Monetary Authority, which said it had nothing to add beyond past statements on the subject. The People's Bank of China in Beijing also didn't immediately reply to queries.C

Yahoo Business
Jul 07, 2020

Canopy Growth Corporation (CGC): Are Hedge Funds Right About This Stock?
We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]

Yahoo Business
Jul 07, 2020

Hedge Funds Are Still Crazy About Gran Tierra Energy Inc. (GTE)
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

Yahoo Business
Jul 07, 2020

Mortgage applications, Bed Bath & Beyond earnings: What to know in markets Wednesday
Investors will be paying close attention to Bed Bath & Beyond earnings and weekly mortgage applications data Wednesday.

Yahoo Business
Jul 07, 2020

Get on Board the Pinterest Train, Says 5-Star Analyst
It hasn't all been smooth sailing for social media company Pinterest (PINS) since going public last spring. The company exited 2019 with shares below the $19 IPO price after failing to initially meet Wall Street's expectations. Since May, however, the stock has rallied and it appears sentiment is changing fast.In fact, Deutsche Bank analyst Lloyd Walmsley calls Pinterest his "favorite non-consensus fresh-money idea," and implores investors to "take advantage of near-term uncertainty to add to long positions."So, what has piqued the analyst's growing confidence?For starters, with ad spend on the agenda these days, Pinterest's improvements in ad tech "can help near-term ad spend.""We see new ad product setting the stage for a strong 2H as the company's automated bidding for traffic objectives, which was rolled out in 1Q 2020, scales over the course of the year and the product rolls out for performance objectives," Walmsley said.An increasing focus on "shoppable products" has also improved the platform's shopping experience. Whereas in the past, Walmsley argues, users were left "frustrated" by being an unable to make a purchase after finding a great product, this has now been rectified, with much of the user interface space focused on "products that are relevant to searches and composed of current season product uploaded by sellers directly."The recent deal with Shopify hasn't hurt, either, and has resulted in a seamless "merchant-store integration.""We estimate that for every 10% of Shopify merchants that onboard and light u

Yahoo Business
Jul 07, 2020

Cars, a cocktail and a celebrity: South Koreans succumb to Tesla fever
From an eponymous cocktail to eager buyers following the shipping routes of long-awaited cars, Tesla Inc is having a moment in South Korea, particularly among tech-savvy professionals. "I am not interested in cars, but I am interested in the Tesla brand and its technology," the 39-year-old told Reuters. Kang bought a Tesla Model 3 in December, ditching the Hyundai crossover he bought only last summer.

Yahoo Business
Jul 07, 2020

What investors are watching ahead of Q2 earnings
Sam Hendel, Levin Easterly Partners President, joined Yahoo Finance's The Final Round to discuss his outlook for the market and stocks he's watching.

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