Month: January 2017

European Stocks Called Higher; ECB Rate Meeting in Focus

European stocks are set for modest gains at the open of trading Thursday amid a rebound overnight for the dollar and ahead of a European Central Bank rate decision. European stocks are set for modest gains at the open of trading Thursday amid a rebound overnight for the U.S. dollar and ahead of the first rate-setting meeting of the year for the European Central Bank.

Big Oil back on the acquisition trail as outlook brightens

The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices. Since late November, major oil companies have announced 11 deals worth more than $500 million each with a combined value of $31 billion, the clearest sign yet that oil executives are more confident a recovery is underway.

Trump Trade Tantrum Fear Puts U.S. Shale in Korea Spotlight

South Korea is looking at the energy sector to rebalance its trading relationship with the U.S. and deflect President-elect Donald Trump’s protectionist rhetoric. The sixth-largest exporter of goods to the U.S. wants to reduce its trade surplus with the world’s top economy to avoid being named a currency manipulator.

India as Solar Bright Spot Helps Fill Japan, China Slowdown

India may be a bright spot for global solar markets this year as it adds capacity at a record pace, becoming one of the top regions for panel producers struggling with rock-bottom prices. India is expected to add nearly twice as much new solar as last year, outpacing once-booming Japan, according to forecasts by Bloomberg New Energy Finance.

Vegemite goes home: Oreo maker sells to Australia’s Bega

In this March 20, 2012, file photo, a customer takes a jar of Vegemite from next to an empty shelve in a supermarket in Auckland, New Zealand. Vegemite and other grocery products are being sold by Oreo-maker Mondelez to Australian dairy company … Bega Cheese in a deal worth about $345.3 million , Mondelez International Inc. said Wednesday, Jan. 18, 2017.

Hedge Fund Shift From Reviled 2-and-20 Fees Spreads to Asia

The hedge fund industry’s shift away from the much-maligned 2-and-20 fee model is gathering steam in Asia. As investors worldwide are balking at hefty fees, Hong Kong hedge funds Myriad Asset Management and Ortus Capital Management are crafting alternatives that mark a radical departure from the industry practice of charging 2 percent of assets in management fees and 20 percent of profits.

Railroad Vet Teams With Activist to Target CSX

Shares of the railroad climbed more than 12% in after-hours trading following reports that the former CEO of Canadian Pacific was teaming with activists to shake up the company. Hunter Harrison, the railroad veteran who teamed with Bill Ackman to spearhead a revamp of Canadian Pacific Railway , is reportedly teaming up with another activist to target CSX .

Is This Apple Inc. iPhone 8 Rumor True?

On Twitter , user Arkthub sent me a link to a forum post containing an interesting rumor about a key component inside of Apple ‘s 2017 smartphone lineup. The forum post, which appears to have originally shown up on website TheLayoff.com , essentially says the following: upcoming XMM 7480 cellular modem in the next-generation iPhone for several reasons, which essentially boil down to the fact that the 7480 is technologically inferior to competing solutions.

Vegemite back in Australian ownership after A$460m Bega deal

Vegemite will return to Australian ownership after Bega Cheese agreed to buy a range of well-known food brands in a deal worth A$460m . “The wonderful heritage and values that Vegemite represents and its importance to Australian culture makes its combination with Bega Cheese truly exciting,” Bega executive chairman Barry Irvin said.

New survey shows how much Fox News dominated the 2016 election

Fox News dominated the airwaves during the 2016 election season, serving as the main source of news for more people than any other media outlet, a new survey showed on Wednesday. The survey, conducted by Pew Research Center, found that 19% of Americans who were surveyed considered Fox News their “main source” of news during the election.

Back-to-back shootings spark new concern about simmering narco…

Just a day after a multi-homicide shooting marred a music festival in Playa del Carmen, the state prosecutor’s office in nearby Cancun was attacked by gunmen, leaving four dead. The attack has added to a sense of alarm in an area that has long been the heart of Mexico’s tourism industry, and the violence hints at the criminal presence in the region.

Hedge Funds? Shift From Reviled 2-and-20 Fees Spreads to Asia

The hedge fund industry’s shift away from the much-maligned 2-and-20 fee model is gathering steam in Asia. As investors worldwide are balking at hefty fees, Hong Kong hedge funds Myriad Asset Management and Ortus Capital Management are crafting alternatives that mark a radical departure from the industry practice of charging 2 percent of assets in management fees and 20 percent of profits.

Toshiba Falls on Reports of Wider Loss at Nuclear Business

Toshiba Corp. fell as much as 17 percent after a report that the loss in its nuclear business may exceed the 500 billion yen maximum the company had flagged to lenders. The company asked Development Bank of Japan Inc. for financial support and is seeking help from other lenders, the Nikkei cited people familiar with the matter as saying.

Mallinckrodt Will Pay $100 Million to Settle Price-Hike Suit

Irish drugmaker Mallinckrodt Plc agreed to pay $100 million to settle claims that its U.S. unit illegally boosted the price of a rare autoimmune drug by 85,000 percent and bought the rights to a much-cheaper competitor to keep it out of the American market. The unit monopolized the market for years to increase sales of its H.P. Acthar Gel, typically used to treat multiple sclerosis, infantile spasms and other life-threatening diseases, the Federal Trade Commission said Wednesday in a statement.

OPEC Sees Russia Delivering Cuts While Its Own Output Declines

OPEC said its output fell for the first time in seven months and forecast a drop in output from Russia, its partner in an agreement to clear the global crude surplus. Saudi Arabia, OPEC’s biggest member, reduced production last month ahead of an accord that took effect on Jan. 1, the Organization of Petroleum Exporting Countries said in a report Wednesday.

Hong Kong’s Housing Curbs Could Help End Singapore’s Slump

So says Cushman & Wakefield Inc., which expects the slide in the city-state’s home prices to end this year as foreign investors turned off by Hong Kong’s move to increase the stamp duty for overseas buyers look to Singapore instead. Desmond Sim, head of research for Singapore and Southeast Asia at CBRE Ltd., said Singapore house prices are approaching their trough, with a forecast price move of flat to minus 2 percent.

Why Pearson, Cameco, and Mallinckrodt Slumped Today

Wednesday was a lackluster day for the stock market, with major market benchmarks finishing the trading session mixed. The S&P 500 and Nasdaq Composite rose slightly, but the Dow Jones Industrials lost ground as the positive influence of gains in the financial sector was offset by falling energy prices.

What Happened in the Stock Market Today

Financial stocks gained ground thanks to improving earnings results from some of the world’s biggest investment banks, and that lifted the Financial Sector Select SPDR ETF higher by 1%. On the other hand, slipping gold prices produced a 5% decline for the Direxion Daily Gold Miners Bull 3X ETF Target shares fell 6% after the retailer posted an update on its latest business trends showing that revenue over the key holiday period dropped 4.9%.

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A street sign is seen in front of the New York Stock Exchange October 16, 2007. U.S. stocks fell on Tuesday after disappointing earnings and outlooks from financial services companies suggested problems from the credit squeeze will be prolonged.

United Continental: Solid Earnings but Dreadful Guidance

The company’s pre-tax margin slipped modestly relative to Q4 2015, but this was better than what the company had originally expected, thanks to an improvement in last-minute bookings that began in November. However, there was no reason for investors to cheer, as United projected that its adjusted pre-tax margin would sink to a meager 0.5% to 2.5% in the coming quarter.

Should You Buy an Airline Stock Which Nearly Doubled In 2016?

I don’t have a fear of flying, or a fear of heights, but I do have a fear of buying stocks that have flown extremely high during the previous 12 months. In 2016, many airline carriers’ shares booked quite modest gains, but not Panama-based Copa Holdings, S.A. , which operates subsidiaries Copa Airlines and Copa Columbia, and flies primarily in Latin America and the United States.

Labor Department sues JPMorgan over sexual discrimination

The federal agency said Wednesday that its review found that at least 93 female workers in an investment-bank division earned less than comparable men in the same jobs since at least May 2012. The Labor Department said it filed its complaint after it was unable to get JPMorgan to voluntarily make changes.

Continental Resources, Inc. Doubled in 2016. Is There Anything Left for 2017?

Those improvements, combined with rising oil prices and strong well results from an emerging growth play, catapulted the company’s stock: Thanks to those gains, Continental Resources’ stock ended the year just 36% below its all-time high, which it set right before oil prices started crumbling in 2014. While a return of triple-digit oil is unlikely for quite some time, Continental Resources does not need oil that high to thrive in the future, thanks to its improving drilling results.

Cheering better growth, ECB still to keep policy, stimulus unchanged

With euro zone growth and inflation slowly picking up pace, the European Central Bank is set to argue on Thursday that its extra-easy policy stance is still needed to keep the recovery on course. It is all but certain to leave current monetary policy in place and maintain a promise for lengthy stimulus, having extended its bond-buying program just last month.

Canadian Pacific accelerates CEO’s retirement

Canadian Pacific Railway Ltd. is accelerating the retirement of CEO Hunter Harrison by about six months after he inquired about the possibility of working with other major freight railroads. The Calgary, Alberta, railroad said Wednesday that Harrison will forfeit roughly 118 million Canadian dollars in stock options and pension benefits as part of a separation agreement.

5 Expensive Drugs That Could End Up in Trump’s Crosshairs

Donald Trump’s taking aim at drug companies that have increasingly found themselves in the hot seat because of sky-high drug price increases in the past. Last week, Trump likened the industry’s history of price hikes as akin to “getting away with murder,” and he hinted that significant changes to how government programs pay for medicine are afoot.