• Billionaire Steven Cohen Picks up These 2 Stocks on the Dip
    TipRanks

    Billionaire Steven Cohen Picks up These 2 Stocks on the Dip

    Stocks roared higher on Monday, but one legendary hedge fund manager isn’t breaking out the champagne just yet. Optimism that COVID-19's spread may be slowing powered the market’s impressive rally, with the Dow Jones closing the session up by over 1,600 points. That said, it may be too early to start toasting to the market’s recovery and the end of dramatic volatility.Billionaire Steve Cohen is warning staff of his investment firm, Point72 Asset Management, to stay cautious as stocks rebound from the COVID-19-driven sell-off. “Markets don’t come back in a straight line; after an earthquake there are tremors... We need to continue to be disciplined. We are seeing plenty of opportunities to generate returns, but I don’t want us taking undue risks,” he wrote in an internal note.The Point72 Chairman and CEO has earned a reputation as one of the most successful stock pickers, with his firm relying on a core hedge fund strategy that features stock market investments. Less frequently, Point72, which is based in Stamford, Connecticut, will make plays based on macro trends, placing global wagers on several asset classes at the same time. With Cohen earning an estimated $1.3 billion in 2019 after the firm’s main hedge fund posted a 14.9% gain, it’s no wonder market watchers follow his moves religiously.Taking all of this into consideration, we used TipRanks’ database to take a closer look at two stocks Cohen snapped up recently on the dip. The platform revealed that both Buy-rated tickers have earned the support of some members of the analyst community as well.Calithera Bio (CALA)Calithera Bio uses a onco-metabolism approach that brings a unique perspective to cancer, with it developing small molecule therapies that disrupt cellular metabolic pathways to block tumor growth. While shares have fallen 17% year-to-date to reach $4.74 apiece, this price tag could be an ideal entry point for those looking to get in on the action.This is the stance taken by Steve Cohen. According to a March 13 disclosure, Point72 added a CALA holding to its portfolio, in the shape of 3,240,046 shares. As a result, Cohen’s firm now has a 5% stake in the healthcare company.Weighing in on CALA for Jeffries, analyst Biren Amin sees an opportunity as well. He notes that a significant component of his bullish thesis is its CB-839 candidate. There is a substantial unmet need for successful outcomes in second- and third-line renal cell carcinoma (RCC) as checkpoint inhibitors are designated for first line use. As the candidate has already demonstrated efficacy in RCC, the top-line data readout in the second half of 2020 could serve as a key catalyst. Not to mention Amin estimates peak U.S. sales of $21 million for RCC alone.Adding to the good news, CB-839 could potentially be used to treat non-small-cell lung cancer (NSCLC) patients with KEAP1/NRF2 mutations. “With no currently approved therapies for this patient sub-group, CB-839 has the potential to be first-to-market in this 13,000 patient population (recall, KRAS G12c is ~14,000 NSCLC)…We estimate peak U.S. sales for CB-839 of $204 million (risk adj) for KEAP1/ NRF2 mutant NSCLC,” Amin commented.With the analyst pointing out that its two arginase inhibitors in development, INCB001158 as part of a collaboration with Incyte and CB-280, stand to drive additional upside, it makes sense that Amin takes a bullish approach.All in all, the five-star analyst puts a Buy rating on Calithera shares along with a $6 price target. Should the target be met, a twelve-month gain of 27% could be in store. (To watch Amin’s track record, click here)Like the Jeffries analyst, the rest of the Street is bullish on CALA. 4 Buy ratings compared to no Holds or Sells add up to a Strong Buy consensus rating. At $6.67, the average price target is more aggressive than Amin’s and implies upside potential of 41%. (See Calithera stock analysis on TipRanks)Syros Pharmaceuticals (SYRS)With the goal of taking control of gene expression, Syros develops small molecules to help improve the lives of patients. March definitely wasn’t its month, but some members of the Street believe its long-term growth prospects are strong.Cohen falls into this category. Made public on April 2, Point72 pulled the trigger on this healthcare stock. Acquiring a new holding, its purchase of 2.3 million shares puts the firm’s total stake in SYRS at 5.1%.Turning now to the analyst community, Roth Capital’s Zegbeh Jallah told investors that SYRS’s fourth quarter earnings results demonstrate the company’s potential. “We believe that Syros has made steady progress over 2019, and we look forward to the multiple data readouts expected during, particularly the readout of SY-1425 in r/r AML which should be a major catalyst. Cash and cash equivalents are expected to be sufficient to fund operations beyond major catalysts, and into 2022,” he explained.During the quarter, the company released data for its lead candidate, SY-1425, a selective RARα agonist currently in a Phase 2 clinical study in patients with acute myeloid leukemia (AML). The therapy was not only able to show a 62% CR/CRi rate and an 82% rate of transfusion independence, but it also produced a fast onset of action, was tolerable as a combination with Azacitidine and validated the biomarker strategy for patient selection.“The focus will likely be on response durability, which will probably be extrapolated to gauge the potential for durable responses in the r/r AML setting, for which Syros hopes to pursue an accelerated regulatory pathway,” Jallah added.On top of this, proof-of-concept data from the Phase 2 study of SY-1425 and Aza in r/r AML, which is slated for release in the fourth quarter of 2020, could drive significant growth for the company. Jallah is also watching out for an update on initial PK/PD and safety data from the Phase 1 study of SY-5609, its first oral and noncovalent CDK7 inhibitor.Bearing this in mind, Jallah has high hopes for SYRS. Along with a Buy rating, the analyst left a $17 price target on the stock, indicating 146% upside potential. (To watch Jallah’s track record, click here)Looking at the consensus breakdown, opinions are split evenly down the middle. With 2 Buys and 2 Holds received in the last three months, the word on the Street is that SYRS is a Moderate Buy. Based on the $9.33 average price target, the upside potential comes in at 35%. (See Syros stock analysis on TipRanks)

  • Trump’s personal stake in the malaria-drug maker Sanofi could be as small as $99
    MarketWatch

    Trump’s personal stake in the malaria-drug maker Sanofi could be as small as $99

    The New York Times, in a major article, says Trump has a “small personal stake” in Sanofi, the French drugmaker that produces the drug. Here’s how small.

  • Why Is Warren Buffett Ignoring the Coronavirus Market Dip?
    Worth

    Why Is Warren Buffett Ignoring the Coronavirus Market Dip?

    The short-term coronavirus market dip doesn’t seem to interest the Berkshire Hathaway CEO. So, what will he buy next?The post Why Is Warren Buffett Ignoring the Coronavirus Market Dip? appeared first on Worth.

  • TheStreet.com

    The Average 401(k) Balance by Age

    With the decline in workplace pension plans, the responsibility to save for retirement falls squarely on the shoulders of employees. Here are the average 401(k) balance by age range as of the second quarter of 2019, according to data released by Fidelity Investments.

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  • Is the Dow staging a genuine rebound? Here’s what experts think as the stock market attempts to shake the bearish grip of the coronavirus pandemic
    MarketWatch

    Is the Dow staging a genuine rebound? Here’s what experts think as the stock market attempts to shake the bearish grip of the coronavirus pandemic

    Investors are seeing light at the end of the tunnel after a brutal period. But is it a train? Here’s what some strategists are saying about the outlook for the market as it tries to recover from COVID-19.

  • Your stimulus check is coming – Here are the do's and don'ts
    Fox Business

    Your stimulus check is coming – Here are the do's and don'ts

    A good financial assessment means knowing all of your debt and the interest rates you are paying.

  • 8 Dividends In Danger Of Being Cut
    Benzinga

    8 Dividends In Danger Of Being Cut

    With interest rates at all-time lows, income investors have few places to turn for solid yields. To make things even more difficult, the (coronavirus) COVID-19 stock market sell-off has already triggered a handful of companies to cut or suspend their dividends.Red Flags Not only do dividend cuts drive away income investors, they're also a sign of potential liquidity issues at the underlying company. The sell-off has driven dividend yields of a number of S&P 500 stocks to their highest levels in years. But as attractive as a double-digit dividend may seem on the surface, a dividend is only as good as the company paying it.The quickest way to assess the reliability of a dividend is to look at a company's payout ratio. A payout ratio is a measure of the percentage of a company's EPS that is going back out to meet its dividend payment obligations. Ideally, a healthy dividend stock will have a payout ratio at or below 50%, but anything approaching 100% or higher is often a sign that the payout is unsustainable.Another red flag for investors to watch for is dividend yields that are too good to be true. A handful of real estate investment trusts and other companies pay yields at or above 8%, but most companies never intend to have yields that high. In many cases, stocks with yields that high have suffered large sell-offs that drove the payouts higher relative to the share price and could also indicate fundamental problems at the company.See Also: Exxon's CEO On How Oil Giant Plans To Maintain Dividend, Focus On Balance SheetDividends At Risk Here are eight S&P 500 stocks with dividend yields of at least 7% and payout ratios of above 100%, according to Finviz. * ONEOK, Inc. (NYSE: OKE), 16% yield. * Williams Companies Inc (NYSE: WMB), 11.8% yield. * Newell Brands Inc (NASDAQ: NWL), 7.1% yield. * AT&T Inc. (NYSE: T), 7% yield. * Wynn Resorts, Limited (NASDAQ: WYNN), 7% yield. * Chevron Corporation (NYSE: CVX), 6.4% yield. * Kraft Heinz Co (NASDAQ: KHC), 6.1% yield. * Baker Hughes Co (NYSE: BKR), 6.1% yield.Benzinga's Take Dividend investors looking for yield should tread very carefully in the market these days. There may be a number of companies waiting until their first-quarter earnings report to announce dividend cuts.Do you agree with this take? Email feedback@benzinga.com with your thoughts.See more from Benzinga * Here's How Large Option Traders Are Playing High-Yield AT&T As Market Falls(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Coronavirus crisis will leave 3 lasting scars, even if the economy recovers in fourth quarter, Pimco warns
    MarketWatch

    Coronavirus crisis will leave 3 lasting scars, even if the economy recovers in fourth quarter, Pimco warns

    The U.S. economy is in the midst of one of the deepest, most painful recessions the country has ever seen, but, as long as the pieces fall into place, it could also prove to be one of the shortest, according Pimco’s Joachim Fels.

  • TheStreet.com

    The Average Doctor Salary by State and Specialty

    Doctors are seeing an upward trend in annual income, especially when they specialize. But there are other factors at work when it comes to physicians' incomes.

  • TheStreet.com

    Cash Is King? Jim Cramer on Market Rally, Coronavirus

    It's Tuesday! Let's go over the top stories that Jim Cramer is watching on Tuesday, April 7. The market rally is still going strong, with the major indices surging at the open. Stocks jumped Tuesday following the S&P 500's highest close since March 13 on continued optimism that major economies across the globe were seeing signs the coronavirus pandemic could be slowing.

  • Bankers to small businesses: Don't do these things if you want to qualify for SBA loan relief program (PPP)
    American City Business Journals

    Bankers to small businesses: Don't do these things if you want to qualify for SBA loan relief program (PPP)

    More than $38 billion in loans already have been approved by the U.S. Small Business Administration under the Paycheck Protection Program.

  • MarketWatch

    The Dow gave up all of its 940-point gain as stock-market rally stumbled into the close

    The Dow Jones Industrial Average ended lower in the final half-hour of trade Tuesday, reflecting a sharp pullback from intraday highs from a market that has been attempting to rebound from brutal losses in the wake of the coronavirus outbreak. The Dow ended 26 points, or 0.1%, at 22,653, but had been as high as 23,617, a more than 937-point advance. The S&P 500 index closed down 4 points, or 0.2%, at 2,659, while the Nasdaq Composite Index ended off about 26 points, or 0.3%, at 7,887 after the technology-laden index enjoyed a 2.9% gain at Tuesday's peak. Stocks had been buoyant on the back of growing signs that the spread of the COVID-19 pandemic may be leveling off in parts of the world.

  • It would be unprecedented for a bear market to be this short: Wells Fargo strategist
    Yahoo Finance

    It would be unprecedented for a bear market to be this short: Wells Fargo strategist

    ‘It would be unusual and unprecedented for a bear market or recession to only last 30 or 45 days. It just doesn't happen,’ said Darrell Cronk, president of the Wells Fargo Investment Institute.

  • Barrons.com

    Short Seller That Targeted Luckin Coffee Takes Aim at China’s iQIYI

    Stock in the video-streaming platform iQIYI dropped sharply, but then recovered, following allegations that it inflated 2019 revenue and user numbers.

  • AT&T Stock Rallies On $5.5 Billion Bank Loan Amid Hefty Dividend Pay-Out
    Investor's Business Daily

    AT&T Stock Rallies On $5.5 Billion Bank Loan Amid Hefty Dividend Pay-Out

    AT&T; stock gained as the telecom and media conglomerate said it has obtained a $5.5 billion loan from 12 banks to provide "financial flexibility" as the U.S. economy heads into a recession.

  • U.S.News & World Report

    10 Cheap Dividend Aristocrats to Buy on the Dip

    Investing in a company that pays you no matter how the market performs sounds like exactly what investors need right now, and recent market volatility means that many dividend aristocrats are cheaper than they've been in years. Here are 10 cheap dividend aristocrats to buy -- each one is well-positioned to survive a recession while paying you a healthy dividend. In the 2019 fiscal year, 66% of General Dynamics' consolidated revenue came from the U.S. government.

  • Bloomberg

    Ray Dalio Still Thinks ‘Cash Is Trash’ as Printing Presses Roll

    (Bloomberg) -- Ray Dalio thinks there are better assets to hold than cash as central banks print money and keep interest rates low in response to the coronavirus pandemic.“Please remember that while it doesn’t move around in value as much as other assets, there is a costly negative return to it,” the billionaire investor said during a Reddit Ask Me Anything event on Tuesday. “So I still think that cash is trash relative to other alternatives, particularly those that will retain their value or increase their value during reflationary periods (e.g., some gold and some stocks).”Even with the printing presses rolling, Dalio said there’s currently a “short squeeze” on the U.S. dollar as most people around the world still use it for savings and transactions -- at least for now.“Having the world’s printing press to produce the world’s currency is the equivalent of having the world’s most important asset, especially in times when so many people need the world’s money,” he wrote before noting that what people ultimately value is health, education and being able to take care of family. “I think a lot about what money is worth and believe that it has no intrinsic value.”When asked about the response to the global crisis, the billionaire founder of Bridgewater Associates said he’s been surprised and inspired by healthcare workers, teachers and small merchants.“I am most impressed by folks who are on the front lines and in often cases suffering financially but are unwaveringly doing the right things to help others,” he said.Other Key Quotes:“We are now in an era of the most massive MP3/helicopter money monetary stimulation since WWII.”“I believe that increasingly there will be questions by bondholders who are receiving negative real and nominal interest rates while there is a lot of printing of money about whether the debt assets they are holding are good storeholds of wealth.”“I think that pursuing peace and savoring life, rather than fighting over wealth and power, is much wiser.”For 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.

  • TAL Education Dives As It Becomes Latest China Stock To Report Sales Fraud
    Investor's Business Daily

    TAL Education Dives As It Becomes Latest China Stock To Report Sales Fraud

    TAL Education dived late after the Chinese educator said it's probing sales fraud. Last week Luckin Coffee said it's eying $300 million in "fabricated sales."

  • Financial Times

    ExxonMobil/Chevron: imprisoned by dividends

    Investor days are an early March tradition for US oil supermajors ExxonMobil and Chevron. A month later, after a near-global economic shutdown and conflict between Russia and Saudi Arabia, both companies have been forced into evasive action to preserve their sacrosanct dividends. On Tuesday, ExxonMobil announced it would cut capital expenditure by roughly a third to $23bn.

  • Amazon to suspend delivery service competing with UPS, FedEx: WSJ
    Reuters

    Amazon to suspend delivery service competing with UPS, FedEx: WSJ

    Amazon is suspending the service because it needs people and capacity to handle a surge in its own customers' orders, the Journal reported, citing sources. Amazon told shippers the service, known as Amazon Shipping, will be paused starting in June, the report added. The service was rolled out to deliver non-Amazon and Amazon marketplace packages.

  • Bloomberg

    How Burning Wood, Once a Viable Power Source, Fell Out of Favor in the U.S.

    (Bloomberg) -- Out in the Piney Woods of East Texas, on the outskirts of a town that’s supported a thriving logging industry for more than a century, there’s a hulking power plant for sale. But it hasn’t run since 2015 and never turned a profit. The most likely outcome is getting bought, dismantled, and hauled off to some place where producing electricity from burning wood makes  economic sense; the numbers don’t work here anymore.The cold, dark facility in Lufkin, Texas, is a biomass plant. Biomass was once considered a moneymaker, but even in a region surrounded by four national forests, it’s no longer profitable. Biomass generates only 1% of the electricity in the U.S., and its downfall illustrates just how potent cheap natural gas and tax breaks are when it comes to shaping American electricity markets. It’s a different story in other parts of the world, where biomass is supported by climate policies and government subsidies. Utilities in Europe are converting old coal facilities to burn wood, including the U.K.’s biggest power plant, and they’re building new ones in Japan and South Korea.The European Union defines biomass as a renewable energy source that’s carbon neutral. It’s the main source of renewable energy there. At least 14 member countries as well as the U.K. have offered subsidies, along with Japan and South Korea. The nations say that burning wood for power is an important part of their efforts to shift away from coal and meet the targets they’ve set under the Paris climate agreement. The U.S. Environmental Protection Agency is proposing a rule to label it as carbon neutral. The idea behind the “carbon neutrality” is the promise of more trees growing to replace the wood that’s incinerated for power. Valerie Thomas, a professor at Georgia Institute of Technology, has done research that estimates biomass emissions and accounts for the time it takes for trees to regrow. Assuming an 11-year growth cycle—typical for the U.S. Southeast—wood produces about 110 grams of carbon dioxide to generate a kilowatt-hour of electricity. That’s lower than coal, which emits about 1,000 grams of CO2 per kilowatt-hour, or natural gas, which comes in at about 500 grams. But, she says, “It’s absolutely not carbon neutral.”Advocates for biomass say that the fuel is generally derived from waste wood leftover from logging and lumber mills, and its emissions are offset by the trees that eventually grow back, absorbing more carbon with every branch.Critics say it’s neither environmentally friendly nor economically stable. “Burning forest residue isn’t a climate solution,” said Sasha Stashwick, a senior advocate with the Natural Resources Defense Council. “Subsidies make this a viable technology. Without subsidies it cannot compete.”Shifting Economics The rise and fall of the Lufkin plant shows how biomass has become too pricey in most of the U.S.—but is still in demand as a “clean” energy source elsewhere.It was developed by Aspen Power in 2005, when wholesale electricity prices in Texas were $60 a megawatt-hour or more, largely because gas prices were about $7.50 per million British thermal units. Those prices prompted Danny Vines, who was Aspen’s president, to build the plant without lining up a long-term contract to sell the power.  Once the plant was under construction, gas prices had almost doubled and so had electricity. That was good news for Vines, who estimated that the $120 million Lufkin plant would be able to break even if it could sell electricity for $42 a megawatt-hour.But by the time it was commissioned in 2011, the world had changed. Wind power surged during those years to 7% of the state’s generation from 1% (it’s now 16%), and the fracking boom was dragging down prices for gas. And power prices had tumbled to $15 a megawatt-hour, at peak periods, Vines says, well below his operating costs.“The project went from a grand slam to a project that wasn’t economical,” he said.It was idled in 2012, restarted again, then shut down for good in 2015. In 2016 it was sold at a public auction for about $5 million. Vines, a serial entrepreneur, is now president of Deepsea LLC, which provides water disposal services for gas drillers.Supplying the WoodThe Lufkin Plant, like most other U.S. biomass facilities, burned wood waste from nearby logging operations. In Europe and Asia, plants typically burn wood that’s processed into pellets about half the size of your little finger. Maryland-based Enviva Partners LP, the world’s biggest producer, last year shipped 3.6 million metric tons of the pellets. Enviva says it uses waste wood and that much of those scraps and tree branches would otherwise end up decomposing on the forest floor or being burned on-site during the logging process. Either way, the carbon would be released, but it’s better to do it in a power plant and turn it into electricity.Environmental groups are critical of this position, in part because burning wood in a power plant generates emissions a lot faster than the carbon can be reabsorbed by growing new trees. Wood isn’t as dense as coal, so you have to burn more of it to generate a megawatt of electricity, producing more emissions.Even if the EPA labels biomass as carbon neutral, it’s unlikely to regain any popularity here. It’s “considerably more expensive” than electricity from gas, wind or solar, said Carrie Annand, executive director of the Biomass Power Association.The Lufkin facility isn’t the only biomass plant that’s been challenged by competition from cheaper sources. Austin Energy signed a 20-year power-purchase agreement in 2008 to buy electricity from a Southern Co. plant about 50 miles north of the Lufkin site. But when it went into service in 2012, after Texas electricity prices had slumped, the municipal utility found itself stuck with an expensive contract. It agreed in April to buy the plant for $460 million and get out of the deal. And in Virginia, Dominion Energy Inc. last year closed the largest of its four biomass plants, saying it wasn’t economical and not expected to become so in the future.There are a few places where biomass plants have thrived. Gainesville Regional Utilities in Florida operates a 103-megawatt plant that the company says is cheaper to operate than its coal-fired facility. Partly it’s because the facility is relatively new, built in 2013, and has a very efficient material-handling system. It also helps that fuel is readily accessible, forest waste that’s all sourced within 75 miles. But those are unique conditions that can’t easily be replicated elsewhere.Back in Texas, the Lufkin plant has drawn interest from prospective buyers who’ve talked about moving it to Mexico, Guyana, Arizona or North Carolina, said Dee Winston, the local entrepreneur who bought it at auction in 2016.“A biomass plant can’t compete in today’s world without some subsidies,” Winston said. “It would be a shame if it was sold for scrap metal. I keep thinking we’ll come across a person or place that will use it for its original intent.”For 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.

  • Wells Fargo's outraged small business customers call for boycott, litigation and regulatory relief
    American City Business Journals

    Wells Fargo's outraged small business customers call for boycott, litigation and regulatory relief

    “Why should loyal Wells Fargo customers get a double whammy — the prior fake-account scandal and now not being able to apply for a PPP loan?” asked one of the bank's small business customers.

  • P&G settles Charmin lawsuit
    American City Business Journals

    P&G settles Charmin lawsuit

    Procter & Gamble has agreed to settle a federal class-action lawsuit that claimed a Charmin product didn't perform as advertised.

  • 3M, Trump Strike Deal To Import 166.5M Masks From China, Company To Continue To Supply Abroad
    Benzinga

    3M, Trump Strike Deal To Import 166.5M Masks From China, Company To Continue To Supply Abroad

    President Donald Trump's administration and 3M Co. (NYSE: MMM) on Monday reached an agreement to ramp up mask supply in the United States while letting the company continue to sell abroad.What Happened As part of the deal, the Minnesota-based veteran mask maker will import 166.5 million masks from its China manufacturing facilities by June. These will supplement the 35 million N95 respirators 3M already manufactures in the U.S.The company will also continue to sell masks in other countries, including Canada and Latin American countries."I want to thank President Trump and the Administration for their leadership and collaboration," 3M chairman and CEO Mike Roman said in a statement."We share the same goals of providing much-needed respirators to Americans across our country and combating criminals who seek to take advantage of the current crisis."3M also said it plans to increase the production of masks globally in the coming months. In the U.S., it expects to produce the N95 masks at a rate of 50 million per month by June, a 40% increase over the current manufacturing level.Why It Matters Trump imposed the Defense Production Act against the company last week."3M will have a big price to pay," the president said, as a Florida Division of Emergency Management Jared Moskowitz said that 3M was prioritizing selling to other countries over meeting domestic demand.The company warned of "significant humanitarian implications" of banning the exports of masks at this time. 3M said the governments of other countries were likely to retaliate by banning masks exports from their country to the U.S.There's a widespread shortage of masks both in the U.S. and globally. Apple Inc. (NASDAQ: AAPL) CEO Tim Cook, on Sunday, said the consumer electronics company had sourced 20 million masks to be distributed among the healthcare workers in the country.Price Action 3M shares closed 5.16% higher at $140.70 on Monday. The shares were up 1.85% at $143.30 in the after-hours session.See more from Benzinga * Bill Gates Believes US Coronavirus Death Toll Might Be Lower Than White House Estimates * US Stocks Set To Recover Monday As Futures Surge After A Week of Decline * Tesla Shows 'Car Parts-Based' Ventilator Prototype For Coronavirus Pandemic(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.