Oil prices whipsawed on Monday, with benchmark Brent rising and U.S. crude easing slightly, after the market pushed higher early in the day on the Iraqi oil minister’s comments that cuts might persist into the second half of the year. Output forecasts from oil ministers of crude-producing countries buffeted the market as industry leaders gathered at the annual CERAweek energy conference in Houston.
Day: March 6, 2017
GM to Take on $3 Billion in Debt to Fund Pensions Moved to Peugeot
General Motors Co. expects to raise about $3 billion in debt to fund pension obligations it plans to transfer to Peugeot SA as part of the sale of its European business, said finance chief Chuck Stevens.
Snap Tumbles for First Time Since IPO as Analysts Say Sell
After a euphoric public market debut, Snap Inc. shares dropped for the first time in three days after analysts began weighing in with their thoughts on the company’s true valuation. The parent company of disappearing-photo app maker Snapchat priced shares in its initial public offering last Wednesday and they surged 44 percent on the first day of trading.
Marathon’s $89,000 Drug May Exploit Patients, U.S. Senators Say
Marathon Pharmaceuticals LLC is facing added criticism over the $89,000 price tag on its drug for a rare muscle disorder as a group of eight U.S. lawmakers said they’re concerned that it “exploits” patients. In a March 3 letter to Marathon Chief Executive Officer Jeffrey Aronin, seven Democratic U.S. senators and one independent demanded information on the closely held drugmaker’s pricing practices and product development costs for Emflaza, used to treat lethal Duchenne muscular dystrophy.
Trump Issues Revised Travel Ban to Address Legal Challenges
President Donald Trump signed an order restricting entry into the U.S. by people from six predominantly Muslim countries, reviving a signature initiative that stalled in the face of court challenges, sparked global protests and prompted dissent by some of his advisers. The directive takes effect March 16 and removes Iraq from an initial list of seven countries whose citizens cannot travel to the U.S. for the next 90 days.
Canada Flagged by Bank of International Settlements
The BIS has flagged Canada for having vulnerabilities connected to credit, property prices and the prospect of rising interest rates. The Bank for International Settlements has issued a warning to Canada regarding a potential financial crisis and national banking risks.
Survey: Consumers Aren’t in Love With Connected Home Solutions
Outside of early adapters, connected in-home devices are not catching on with consumers, according to a survey of 10,000 users in the U.S., UK, and Australia, conducted by Gartner. The results indicated that 10% of households across the polled regions have a connected home device.
5 Earnings Plays That Could Squeeze the Shorts
Short-sellers hate being caught short a stock that reports a blowout quarter. When this happens, we often see a tradable short squeeze develop as the bears rush to cover their positions.
Putting Signet Stock Under the Jeweler’s Loupe
Shares of Signet Jewelers have certainly lost their luster, down 31% just this year. As the company gets set to report results on March 9 shareholders should be used to disappointment.
If Your Property Tax Is Sky-High, Challenge It. Here’s How
Fight city hall on unfair property taxes. Here are proven ways to reduce your annual bill by challenging an excessive assessment.
Don’t Count on Political Windfalls for Refiners
As investors, we’ve settled on focusing on well-run independent U.S. shale producers for the core of our holdings, especially those in the Permian basin. Although the oil markets seem to be stuck right now between $51-$55, these names have continued to hold their own and advance slightly.
Telecom giants can finally stop caring about protecting your data
For a brief moment, the personal data you gave to Verizon, AT&T and Comcast was protected from their corporate whims. But last week, new Republican Federal Communications Commission Chairman Ajit Pai suspended customer privacy protections put in place under the last FCC administration just last year.
Nintendo Switch Review: Past And Future In Equal Measure
I’ve been agonizing over what to say about my time with the Nintendo Switch since the first reviews went up. On one hand, the hardware is a marvel of modern mobile architecture, running console-grade games for hours on a battery charge.
Oil Whipsaws as Production Seen Rising, More OPEC Cuts Discussed
Oil prices whipsawed Monday, turning negative after the International Energy Agency forecast potential shale oil growth and waning European refined product demand, which bodes poorly for global efforts to remove a glut. In a session driven by headlines, oil earlier strengthened slightly after Iraq’s oil minister said the Organization of the Petroleum Exporting Countries would likely need to extend its production cuts into the second half of 2017.
The Marijuana Industry Has Some Brand-New Opposition
The marijuana industry has been practically unstoppable this decade. Just this past year alone, five states legalized medical cannabis , while the number of recreational weed states doubled to eight.
IBM, Maersk in Blockchain Tie-Up for Shipping Industry
IBM and Danish transport company Maersk said they were working together to digitize, manage, and track shipping transactions using blockchain technology. The technology, which powers the digital currency bitcoin, enables data sharing across a network of individual computers.
Costco Is Quietly Becoming a Digital Player
In its 2017 first fiscal quarter, which covered the 2016 holiday season, Galanti noted that while overall digital sales had risen by 7% year-over-year, the numbers during the Black Friday period were much better. During the week of Thanksgiving and the two that followed, he said, digital sales had risen by the low-to-mid teens.
10 Tax Breaks Every Parent Needs to Know
Starting a family isn’t cheap. According to a report issued by the Department of Agriculture in early January, a middle-income married couple with two children is estimated to spend $233,610 to raise a child born in 2015.
Get Started: Borrowing slows in January as owners take break
Although small business owners say they’re more optimistic, they’re still being cautious when it comes to borrowing. Thomson Reuters and PayNet, which track loans and leases taken out by small companies, say their small business lending index fell 8 percent in January from 134.0 in December.
Trump Not Appointing Government Bureaucrats Could be a Great Thing
President Trump has indicated that his administration’s failure, so far, to nominate people to most Senate-confirmed jobs is deliberate . Trump explained: “When I see a story about ‘Donald Trump didn’t fill hundreds and hundreds of jobs,’ it’s because, in many cases, we don’t want to fill those jobs.
Peugeot Doubles Down on Europe as GM Cuts Loss in Opel Sale
PSA Group is betting that size is the answer in Europe’s saturated car market as it buys General Motors Co.’ s ailing regional division despite years of losses.
Samsung Delays Release of Galaxy S8, S8+
Samsung has delayed the release date for its Galaxy S8 and S8+ smartphones by one week, according to VentureBeat . The phones are scheduled to go on sale globally on April 28, and not April 21 which was the original reported date.
Deutsche Bank Turnaround Plan Receives Mixed Investor Review
Deutsche Bank AG Chief Executive Officer John Cryan needs to convince investors he’s finally on the right track after tearing up his own turnaround plan just 17 months into the revamp. Reaction so far to his about-face — which includes an $8.5 billion rights offering, selling part of the asset-management business and reintegrating the consumer-banking unit — has been mixed.
Is a CEO Worth $200 Million? Shareholders at Rail Giant Think So
Is superstar railroad executive Hunter Harrison worth a $200 million pay package? For that matter, is any CEO worth that? The question has arisen in a shareholder activist’s campaign to shake up CSX Corp., one of North America’s major railroads. To sway investors and board members, Paul Hilal has promised to install Harrison as the company’s chief executive officer.
China May Cut, Delay Electric Car Production
China may dial back or delaying proposed measures aimed at pushing automakers to produce more electric cars, after industry feedback that the targets are overly ambitious, Bloomberg reported.
CSX Could Name Former Canadian Pacific Head as New CEO This Week
CSX could name former Canadian Pacific Railway chief Hunter Harrison as its new CEO as early as this week, according to Bloomberg . Harrison would begin as soon as possible under a four year contract, just months after he left Canadian Pacific in January.
OPEC on Track to Extend Production Cuts
OPEC Secretary General Mohammad Sanusi Barkindo said that while it is “premature” to say for certain whether the oil cartel will extend its production cuts past May, the current cuts could be described as “so far, so good.”
The S&P 500 Turned 60 Over the Weekend
The S&P 500 , the world’s largest stock exchange with almost $2.4 trillion indexed to it, turned 60 on Saturday. The S&P is considered a more accurate measure of large-cap American equities since it is weighted by market cap as opposed to the Dow with is weighted by price.
Analysts’ Actions — FedEx, GoPro, Garmin, HP and More
Akorn was downgraded to hold at Deutsche Bank. $24 price target. Earnings estimates were also cut, given lower expected ephedrine sales, Deutsche said.
Saudi Aramco Expected to Be Valued Between $1 – $1.5 Trillion
Saudi Aramco is expected to be valued between $1 trillion and $1.5 trillion when the oil company goes public sometime next year, according to a survey of fund managers and institutional investors by EFG Hermes.
Deutsche Bank Stock Falls Premarket on Capital Increase Plan
Deutsche Bank shares were down 1.5% premarket Monday as the market reacts to the investment bank’s plan to increase capital by $8.5 billion, the fourth time in seven years the company has sought to increase capital. Deutsche Bank CEO John Cryan has said in the past that a capital increase would only be implemented as a measure of last resort.
Stock Futures Move Lower as Geopolitical Tensions in Asia Rise
Stock futures are under pressure on Monday as Wall Street faces rising geopolitical tensions in Asia and renewed concerns over a looming travel ban executive order from the president. Stock futures were under pressure on Monday as Wall Street faced rising geopolitical tensions in Asia and renewed concerns over a looming travel ban executive order from the president.
M&A Litigation Moves Away from Delaware
Patterns of merger litigation have changed significantly in response to developments in Delaware law, four scholars find in a recent paper . Lawyers for stockholder plaintiffs have filed fewer fiduciary duty cases in Delaware since Chancellor Andre Bouchard essentially barred disclosure-only settlements last year in in a case arising from the sale of Trulia to Zillow , instead opting to file such matters in the courts or other states or bring securities law cases in federal court.
Rev’s Forum: Delayed Reaction to 2 Big Events Threatens Market
First, President Trump’s speech before a joint session of Congress produced a very strong positive response that surprised many folks who were looking for a “sell the news” response to occur. The explanation for the strength was that the president gave a very serious and focused speech that promised aggressive action on fiscal policy that would stimulate the economy.
Korean Companies Face China Crisis as Missile Boycott Grows
Lotte Group , the Korean conglomerate that covers shopping malls to sweet chocolate, is under attack in China. It faces a consumer boycott that threatens to spill over and affect the products of other Korean companies.
Price war among brokerages offers opportunity for investors
This Thursday, June 16, 2016, file photo shows a sign outside of a Fidelity Investments office in the Century City section of Los Angeles. On Tuesday, Feb. 28, 2017, Fidelity became the latest company to cut its fees in an ongoing industry battle that’s helped mom-and-pop investors keep more of their own dollars.
How to determine whether ita s best to prepay the mortgage or build up cash reserves
In your columns, you often take the position that homeowners are best off prepaying their mortgage. I understand where you are coming from and admit that I used to counsel my clients the same way.
KKR Gets Record $13.9 Billion for North American Buyout Fund
KKR & Co. amassed $13.9 billion for its latest private equity fund, the most ever raised for a buyout pool focused on North America.
Car deal
Vauxhall and Opel are being sold to the company that owns Peugeot and Citroen for 2.2bn euros . We look at the logic behind the deal.
Sprint is Trying to Sell Trump on a Comcast or T-Mobile Merger –
Sprint and Softbank boss Masayoshi Son met with the Trump administration last month to sell the administration on a megamerger between Sprint and either T-Mobile or Comcast, notes the New York Times . In presentations to the Trump camp, Softbank executives made the case that “because of a lack of advanced digital investments,” the competitiveness of the United States economy was at risk.