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  • Business
    MarketWatch

    Half of those making $100k fear they’ll never retire

    If you want to see how far this year’s crisis is causing a financial panic across the middle-class, look no further. In a recent survey, a third of respondents said they didn’t have enough cash reserves for emergencies. Only one third of the country lives in a household earning more than $100,000 a year (or so, at least, says the U.S. Census).

  • Cramer Says Time To Take Profit In These Electric Vehicle SPAC Stocks
    Business
    Benzinga

    Cramer Says Time To Take Profit In These Electric Vehicle SPAC Stocks

    Jim Cramer recommended Thursday that investors trim their exposure to auto-related special purpose acquisition company stocks, CNBC reported.What Happened: The host of the CNBC "Mad Money" show termed the stocks of QuantumScape Corporation (NYSE: QS), Luminar Technologies Inc (NASDAQ: LAZR), and SPACs of Arrival and Canoo as speculative."These stocks have gotten out of control, so I'm begging you to take something off the table," urged the former hedge fund manager.Cramer asked investors to be responsible speculators. "Speculative stocks can get overheated, which is why it's important to take profits while you have them," he advised.Why It Matters: The former hedge fund manager has endorsed the four electric vehicle startups which are taking the SPAC route since October, noted CNBC.He recommended the Bill Gates and Volkswagen AG (OTC: VWAGY)-backed QuantumScape in late October, which merged with Kensington Capital to go public.A week ago he recommended Luminar and said the stock was a Buy at $15. The autonomous vehicle sensor company went public through a SPAC earlier this month. United Parcel Service, Inc (NYSE: UPS)-backed Arrival, a U.K.-based EV maker specializing in microfactories, plans to go public through a merger with CIIG Merger Corp (NASDAQ: CIIC). Cramer had recommended the SPAC stock last week at $17.50.Cramer also recommended Canoo Holdings Ltd, a California-based EV startup, set to merge with Hennessy Capital Acquisition Corp IV (NASDAQ: HCAC). The stock was termed a Buy by Cramer last Friday at $15.64."You can always get back in at lower levels, and I'm very confident that lower prices could be in the cards," Cramer recommends to investors.Price Action: On Thursday, QuantumScape shares closed 1.96% higher at $76.61. Luminar Technologies shares closed 7.45% lower at $34.17 extending the fall in the after-hours session by almost 7% to $31.78.CIIG Merger shares fell 1.63% to $31.38 in the regular session. On the same day, Hennessy Capital shares closed 10% higher at $22 and fell 6.82% to $20.50 in the after-hours session.Click here to check out Benzinga's EV Hub for the latest electric vehicles news.See more from Benzinga * Click here for options trades from Benzinga * Cramer Says This EV Startup Has The 'Best Claim To Be The Son Of Tesla,' Gives Blessing To Buy SPAC Stock(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Business
    U.S.News & World Report

    8 Best Monthly Dividend Stocks to Buy Now

    Many investors are drawn to dividend stocks because they offer a regular flow of cash that doesn't depend on the market going up. If you're looking for a steady stream of income in retirement or a regular flow of cash to keep your nest egg growing, a monthly dividend stock could be a good fit. Here are eight top stocks that offer good yields, strong operations and monthly income.

  • Citigroup Execs Tried to ‘Lessen the Pain’ of $900 Million Error
    Business
    Bloomberg

    Citigroup Execs Tried to ‘Lessen the Pain’ of $900 Million Error

    (Bloomberg) -- Two days after one of his employees mistakenly approved a $900 million payment to a group of Revlon Inc. lenders, Citigroup Inc. executive Vincent Farrell was looking to report some good news about the bank’s recovery effort.“Quick update, just crossed the 100MM mark,” Farrell, head of North American loan operations, said in an instant message to his boss.“Good,” Brendan Zeigon, who oversees global loan operations and credit risk management services, messaged back. “I would love to get to 200.”The two were in a fix. An executive was “on a war path” over the error -- one of the biggest in the industry in recent memory -- which happened as Citigroup was trying to make a periodic interest payment. Instead the bank wound up sending the creditors the full amount they were owed, more than 100 times what it intended to distribute. And, as administrative agent on the loan, it had come out of its own pocket.Danielle Romero-Apsilos, a spokeswoman for Citigroup, declined to comment.‘Lessen the Pain’The chats were included as exhibits in a trial this week over Citigroup’s efforts to recover the funds, of which it has gotten back about $390 million. It has sued 10 asset managers for creditors that are hanging on to $508 million. The messages shed light on the internal tensions that roiled one of the world’s most important financial institutions in the days after it watched almost a billion dollars fly out the door.The transfer was wired on Aug. 11. By late afternoon on Aug. 13, Farrell and Zeigon still seemed hopeful they’d be able to reclaim most of the money.“Well 15% back on day 1 is good ish,” Zeigon said. “Let’s hope to get 50% by tomorrow..will lessen the pain for you and i.”Read More: Citi’s $900 Million Misfire Happened During Software SwitchCitigroup made the error despite an approval process known inside the bank as “six eyes,” under which three people must be involved in reviewing and executing wire transfers that originate in the asset-based transitional finance group. The final set of eyes on the Revlon transfer was Vinny Fratta, a senior manager in global loan operations who reports to Farrell. Fratta testified that the payment was the result of “human error, and that I was one of the humans responsible for the error.”‘What Would It Take?’When asked whether he had been involved in talks about Fratta’s employment status since the error, Farrell told the court on Wednesday that he had taken part in discussions about Fratta’s performance. Asked if Citigroup was holding off on firing Fratta until after the trial, he said he didn’t know.“It would be good to get at least half back by tomorrow,” Zeigon reiterated in the chat on Aug. 13. “We should get as many people hitting phones as needed.”But by the next day, the outlook hadn’t improved. The funds were digging in, an administrator told Fratta in an email.“They’ve pretty much said they aren’t returning at this time because they aren’t positive it was an error,” he said.In a reply noting that the bank had alerted the lenders to the mistake and that the Wall Street Journal had called it that, too, Fratta asked: “What would it take for them to be positive that it was an error?”Read MoreBank Error in Your Favor: Citi’s Fight to Reclaim $900 MillionQuickTake: ‘Unjust Enrichment’ and Citi’s $900 Million MistakeRevlon Lenders Allege Default With Debt Deal Nearing CloseFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.