p Institutional investors have lost their appetite for stockpickers after years of poor performance, according to the former Fidelity Investments star Jeff Vinik, who announced the closure of his eponymous hedge fund on Wednesday just eight months after it relaunched. p The billionaire investor, who hoped to raise between $2bn and $3bn for Vinik Asset Management when he announced his return to the hedge fund industry in January, said it was difficult to persuade large institutions to allocate to his strategy.
Tesla Inc on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created. Shares rose nearly 21% to $307.12 after hours on the unexpected news, crossing $300 for the first time since March 1 after record deliveries and cost cuts ensured a profitable third quarter. Tesla on Wednesday posted a cash balance increase to $5.3 billion (£4.11 billion) and reported a profit of $1.86 per share, shattering analyst expectations for a loss of 42 cents per share.
Invesco's UK business suffered its worst monthly outflows since Neil Woodford announced he was leaving the company six years ago. UK active managers Lindsell Train and Majedie were also hit by large outflows in September as uncertainty over the tortuous progress of the UK's Brexit negotiations weighed heavily on investor confidence. The dramatic implosion of Woodford Investment Management last week has also been blamed for damaging savers' faith in the UK fund industry.
In just a few weeks, companies from yacht makers to luxury clothing and pizza outlets -- acquired by Chinese firms in recent years -- have either scrapped planned initial public offerings or sought alternatives to reduce their debt piles. Ferretti SpA, the Italian superyacht maker controlled by China's SHIG–Weichai Group, shelved its planned Milan listing last week, citing weak market conditions. Shandong Ruyi Technology Group Co., which spent over $4 billion on purchases including U.K. trench coat maker Aquascutum, introduced a local state-owned firm as its second-largest shareholder amid rising pressure to repay debt.
Lam Research stock, Edwards Lifesciences stock, O'Reilly stock, MagnaChip stock and MKS stock all made strong gains, suggesting moves above buy zones or other bullish technical action. More breakouts would be good news for the stock market rally, which is struggling to advance past all-time highs. Meanwhile, PayPal and ServiceNow earnings sent those two big names significantly higher.
1. Freeze its pension plan for about 20,000 salaried employees and for about 700 employees in a supplementary plan. 2. Offer lump-sums to about 100,000 former employees who have not started benefits. Freezing GE's plan means that 20,000 salaried employees will not be able to accrue any new benefits under the plan beginning in 2021.
Fidelity Investments reported that the number of 401(k) millionaires, investors with 401(k) account balances of $1 million or more, reached 180,000 at the end of the first quarter of 2019, a 35% increase from 2018's count of 133,800. Joining the ranks of the 401(k) millionaires is actually quite achievable, but you'll need to be consistent, patient, and appropriate in your investing choices. Target-date funds are often offered as a default option by plan sponsors when employees don't make an investment choice on their own.
Manishi Raychaudhuri, head of equity research for Asia-Pacific at BNP Paribas, talks about corporate earnings and stocks. He speaks with David Ingles and Rishaad Salamat on "Bloomberg Markets: Asia."
Chinese mining hardware giant Bitmain has launched a 50MW (megawatt) cryptocurrency mining farm in Rockdale, Texas. Announcing the news on Monday, Bitmain said the farm can expand to a capacity of over 300MW, making it “the world's largest for bitcoin mining.” It is Bitmain's third cryptocurrency mining project in the U.S., per the announcement. For building and operating the Texas facility, Bitmain has partnered with Rockdale Municipal Development District and Canadian tech firm DMG Blockchain Solutions.
In the simplest terms, a dividend is your share of a company's profits. Some companies, such as those in the U.K., pay a semiannual dividend to shareholders. The best dividend-paying stocks tend to be older, more established companies.
General Electric delivered the first flight-compliant GE9X engine to Dow Jones aviation giant Boeing, reports said, paving the way for Boeing 777-9 flight tests to resume. GE stock reversed higher, and Boeing stock gained despite a big earnings miss. GE's GE9X engine arrived at Boeing's Everett, Wash.
Microsoft Corp. easily trumped expectations with an earnings report Wednesday afternoon that displayed double-digit percentage gains in profit and sales, but the Azure cloud business's growth rate continued to decline. The most valuable public company in the U.S. reported fiscal first-quarter profit of $10.7 billion, or $1.38 a share, on revenue of $33.1 billion, up from $1.14 a share on sales of $29.08 billion a year ago. Microsoft (MSFT) stock closed with a 0.6% gain at $137.24, giving the company a market capitalization of $1.056 trillion, declined less than 1% in after-hours trading following the release of the results, then rose to a gain of 0.5% after Microsoft gave a slightly more optimistic full-year forecast.
All of these stocks have the Street's backing as each has received a recent ratings upgrade and earned a “Strong Buy” consensus, based on all of the ratings assigned to the stock over the last three months. Despite some recent shakiness after management stated 2H19 comps will decelerate during its second quarter earnings conference call, one top analyst just gave the fitness chain a ratings boost. Imperial Capital's George Kelly believes the “best in class fitness operator” is a growth stock based on its solid fundamentals.
Gareth Nicholson, head of fixed income and discretionary portfolio management at Bank of Singapore, discusses growth in the bond market, the yield curve and his outlook for global growth. He speaks on “Bloomberg Markets: China Open.
AUD/USD Technical Analysis AUD/USD has been rangebound all week, but the pair is showing some downward movement. The current downtrend has resulted in the testing of support at 0.6840. Below, there is support at the round number of 68.00.
The investment bank says that slowing U.S. shale production growth combined with a shortage of investment in long-term projects will lead to a new boom. Goldman lowered its forecast for U.S. oil production growth to 0.7 million barrels per day (mb/d) in 2020, down sharply from its 1 mb/d forecast previously. Interestingly, Goldman attributed the downward revision not just to a slowdown in drilling, but also to “updated longer-term decline rates to be consistent with play-to-date results,” which is a complicated way of saying shale wells are not performing as well as previously anticipated.
p Boeing signalled on Wednesday that it could put share buybacks on hold for several years until it has returned its troubled 737 Max aircraft to service and addressed a cash position that has been badly eroded by the global grounding of the jet. p The US aerospace giant admitted it was likely to face extra costs to compensate customers of the 737 programme for some time, even after the jet returns to service.
Analysts polled by Bloomberg expect the social media company to report adjusted earnings of 20 cents per share on $875.62 million in revenue during its third quarter. Daily active users (DAU), a key metric for social media companies, are expected to total around 141 million with about 2 million new additions during the third quarter. DAU growth at Twitter has seen meaningful acceleration over recent quarters, and analysts are expecting that trend to have continued during its most recent quarter.
Chipmaker Xilinx late Wednesday topped Wall Street's targets for its fiscal second quarter, but its soft guidance spooked investors. The Xilinx earnings news drove XLNX stock lower in extended trading. The San Jose, Calif.-based company earned an adjusted 94 cents a share on sales of $833 million in the quarter ended Sept. 28.
The profit warning comes after a rocky quarter for the automaker, with North American profit margins edging down due in part to plunging sales of its cash cow Explorer sport-utility vehicle following a bungled launch. Higher warranty costs, elevated incentive spending in North America and lower China sales prompted Ford to slash its outlook for 2019 earnings before interest and taxes to a range between $6.5 billion and $7 billion, down from an earlier estimate of $7 billion to $7.5 billion. Ford's shares pared a drop of as much as 6% in after-hours trading on Wednesday, trading down 2.6% to $8.97 as of 7:33 p.m. in New York.
But retiring comfortably with a modest dependence on Social Security will require significantly higher retirement balances than the average working American has set aside. When preparing for your twenty years of unemployment consider the following: Take enough risk During a career in investing which spans three decades – through bull and bear markets – I have observed that investing in stocks is not the risky activity. It's investing that contains the most risk to our future security.
Shares of cannabis stock Canopy Growth Corp (NYSE: CGC) traded higher by 3% on Wednesday but remain down 55% overall in the past year Canadian cannabis sales growth hasn't lived up to expectations. On Wednesday morning, Benzinga Pro subscribers received an option alert related to an unusually large Canopy trade. Given the relative complexity of the options market, large options traders are typically considered to be more sophisticated than the average stock trader.
NEW YORK/BOSTON, Oct 23 (Reuters) - Teva Pharmaceutical Industries Ltd's proposed $23 billion drug giveaway to settle thousands of U.S. opioid lawsuits will likely cost the company a fraction of that figure due to how it has valued those medicines, according to a Reuters review of pricing data and industry analysts. When Teva announced the value of the donated medicine - a generic version of opioid addiction treatment Suboxone - it based the figure on the drug's list price, which does not account for significant discounts routinely provided by the drugmaker. If based on the estimated cost to manufacture the drugs, the value could be as low as $1.5 billion, drug pricing consultants and industry analysts say.
The trade war has caused corporate America to rethink its long-term commitment to doing business in China: Some 40% of corporate respondents to a September survey by AmCham China said they were considering moving at least some of their supply chains to other countries, or had already done so. But even as corporate America sees the downside of putting too many eggs in China's basket, Wall Street is stepping up. Index providers FTSE Russell and MSCI are dramatically increasing the weight of mainland Chinese stocks, which will soon dominate their emerging-markets indexes.
Investors worry the same could happen when insider-selling restrictions expire on Oct. 29, the day after earnings. Beyond Meat's third-quarter revenue is expected to triple from the same period last year given the rising number of partnerships with retailers and restaurants, Bloomberg Intelligence analyst Jennifer Bartashus wrote.