Here’s an updated scoop on the strategy, taking into account the possibility of tax reformReutersMitch McConnell leaves the Senate during debate over the tax reform plan on Dec. 1, 2017. For years, I’ve lectured chapter and verse about the wonderfulness of Roth IRAs, and they may soon be more wonderful than ever. The quickest way to get a relatively large sum into a Roth IRA so you can start taking advantage of the wonderfulness is to convert a traditional IRA with a hefty account balance into a Roth account.
There are, as I have noted in the past, reasons to believe that the long-term path of oil is still upward, but more immediately there is one dominant factor that keeps adding downward pressure, large and still growing supply from North American shale producers. The second chart, directly above, indicates why American producers are pumping at a growing rate. There are reasons for that recovery, most notably the production cuts agreed by OPEC countries and others including Russia and improving global growth, but those bullish factors are now fully priced in and the effect of that is to encourage U.S. E&P companies to, to borrow a phrase, drill, baby, drill!
Incyte Corporation INCY announced a new 208-week (4-year) follow-up data from the phase III RESPONSE study of Jakafi. The study compared the efficacy and safety of Jakafi with best available therapy (BAT) in patients with polycythemia vera (PV), who are resistant to or intolerant of hydroxyurea (HU). The study met the primary endpoint showing that Jakafi was superior to BAT at controlling hematocrit (Hct) and reducing spleen volume at week 32.
Oracle Corporation ORCL is set to report fiscal second-quarter 2018 results on Dec 14. Last quarter, the company reported non-GAAP earnings of 62 cents, which increased 12.3% on a year-over-year basis and also beat the Zacks Consensus Estimate of 61 cents. The current Zacks Consensus Estimate for the quarter under review is pegged at 68 cents compared with 61 cents in the year-ago period.
Boeing delivered two widebody jets to Middle Eastern airlines and won a 747 order this week, generating some cash for the fourth quarter. Chicago-based Boeing (NYSE: BA) delivered a 787-9 Dreamliner to Oman Air and a 777 freighter to Turkish Airlines. Boeing capped off the week by snaring a new order for the $387 million double-decker 747 from an unidentified buyer, according to its orders and deliveries website. The new jumbo jet order means more work for the Everett 747 manufacturing line, which Boeing said last year it might shut down. Airlines pay most of a new jet's price when they receive the aircraft, but also pay deposits when ordering. "The delivery of our first 777 freighter is a milestone
Valeant Pharmaceuticals International, Inc. VRX was a big mover last session, as the company saw its shares rise nearly 12% on the day. The company has seen three positive estimate revisions in the past few months, while its Zacks Consensus Estimate for the current quarter has also moved higher over the past few months, suggesting that more solid trading could be ahead for Valeant. Valeant currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.
They expect four of them to double in priceBloombergCoal is loaded on a vessel at a Consol Energy-owned terminal. Analysts expect Consol’s share price to rise 63% over the next 12 months.DMAMBMCMDMEMGPREVIEWZBZBRZDZDRZFZGZQZRZSZTZU(This is the third in
Oil prices rose Monday, reversing earlier declines, after a North Sea pipeline shut for repairs and investors focused on commodities following an explosion in New York. Brent crude futures were up $1.20, or nearly 2 percent, at $64.60 by 12:22 p.m. EST (1722 GMT). U.S. West Texas Intermediate (WTI) crude futures were at $57.87 a barrel, 51 cents or 0.9 percent above their last settlement.
Trading of bitcoin futures on the Cboe has kicked-off, driving the price even higher. But, some investors are still wary of the cryptocurrency, either unsure of what it is or concerned about its volatility. Gemini co-founders Tyler Winklevoss and Cameron Winklevoss, who were early investors in bitcoin back in 2013 and are now considered the first “bitcoin billionaires,” see the cryptocurrency as the next gold.
Natural gas production in the United States has skyrocketed over the past five years, making the carbon-light fossil fuel cheaper to access and plentiful for export, according to a new report by the Energy Information Administration. Production in the Appalachia region alone has seen a jump of 14 billion cubic feet per day since 2012, driving the bulk of output growth in recent years and giving the region a 2016 output of 22.1 billion cubic feet per day. The Appalachian basin alone produced more natural gas than any nation except for Russia.
Shares of semiconductor maker NXP Semiconductors (NXPI) are up $1.01, or 0.9%, at $116.30, after activist firm Elliott Management, which owns 6% of NXP, released a letter saying the existing offer to buy the company put forward by Qualcomm (QCOM) is too low. The firm said "NXP is worth $135 per share” versus the $110 that had been agreed to from Qualcomm when the deal was announced back in October of last year. According to Elliott, "Qualcomm’s offer of $110 per share is acting as a ceiling” on NXP shares, given other semi stocks have beaten NXP’s share price increase by 25% since the deal was announced. The letter this morning is included as part of a Web site Elliott set up that’s dedicated to the matter.
Bitcoin 's meteoric price rise has stunned critics and enthusiasts alike, leaving investors scrambling to understand the fundamental reason for the digital currency's runaway rally. Valentin Marinov, head of G-10 FX research at Credit Agricole (Euronext Paris: ACA-FR) CIB, told CNBC on Monday that he was hopeful he now understood the reason behind bitcoin's soaring value. Bitcoin was up 9.25 percent higher midday Monday ET at $16,427.16, according to CoinDesk's bitcoin price index.
Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Bank of America BAC, Celgene CELG, Goldman Sachs GS, L Brands LB and Quest Diagnostics DGX.
Nokia (NOK) is losing its COO after just eight months on the job. The telecom company’s chief operating officer Monika Maurer will be replaced by a senior vice president effective immediately. Nokia has had a tough year as it loses market share to competitors.
Valentin Marinov, managing director and head of G-10 FX research at Credit Agricole, speaks about how central bank policy is impacting major currencies.
The first-ever futures contracts for the virtual currency bitcoin started trading Sunday and the price surged. As of 9:15 a.m. CST Monday, bitcoin futures that expire in January were trading at $17,800, up $2,340, according to data from CBOE Global Markets. The futures allow investors to bet on the direction of bitcoin, but do not involve actual bitcoin.
Paychex Inc. PAYX seems to be well set on the growth trajectory. This provider of payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States carries a Zacks Rank #2 (Buy
The tech giants — Facebook (FB), Alphabet (GOOGL), Amazon (AMZN), Netflix (NFLX), and Apple (AAPL) — may see smaller gains in 2018 than they did this year, write analysts Brian Nowak and Katy Huberty in a note to clients this morning, given that the returns of bull-market stocks tend to fade after about a year. As they put it, "large cap leaders in bull markets do not typically sustain outperformance from one year to the next." Write the authors, "While we believe that fundamental drivers for these stocks remain intact, history indicates returns may moderate their pace and we question whether growth over value can continue to be as meaningful a driver of returns." The stocks have added to their
By Saqib Iqbal Ahmed, Swati Pandey and Jemima Kelly NEW YORK/SYDNEY/LONDON (Reuters) - Newly launched bitcoin futures indicated on Monday that financial markets expect the cryptocurrency to climb further but at a far slower rate than in recent weeks as warnings of a bubble grew. Chicago-based derivatives exchange Cboe Global Markets launched its eagerly anticipated bitcoin futures late on Sunday, marking the first time investors could get exposure to the market via a large mainstream regulated exchange. Bitcoin futures were already offered on some unregulated cryptocurrency exchanges outside the United States, but backers said this U.S. market debut would confer greater legitimacy on the volatile cryptocurrency and lead to its wider use.
Last year’s list is a mixed bag, which is why you ought to invest for the long runBloombergAnalysts expect shares of CBS to rise 26% over the next 12 months.DMAMBMCMDMEMGPREVIEWZGZQZRZSZTZU(This is the first in a three-part series on analysts’ favorite
Watch out, Spotify -- Apple Inc. (AAPL) is coming for you. On Monday, the iPhone giant announced that it had acquired Shazam Entertainment Ltd., the popular music recognition app that identifies songs, TV shows and commercials from audio clips. Apple declined to comment on the terms of the deal, but several reports, including by TechCrunch, which initially reported on the deal, indicated that Apple will pay roughly $400 million for the London-based company. Shazam, which has been downloaded more than one billion times, also reportedly fielded offers from Snap Inc. (SNAP) and Spotify. "We are thrilled that Shazam and its talented team will be joining Apple," an Apple said in a statement. "We
The prospect of tax reform has had drugmakers and Wall Street salivating for months. Repatriation of cash held outside the U.S. could be the most important part of the Republican tax bill for the sector, according to a recent Credit Suisse report, which found that American biopharma companies make up one-third of the top 30 U.S. companies with the most offshore cash. The final version of the tax bill, which could be passed by the end of the year, is expected to reduce the tax rate for repatriated offshore cash from 35% to 10% or 14% — a major tax break that could make a slew of dealmaking and share buybacks possible.
Bitcoin just passed its first major Wall Street test, but cryptocurrency bulls shouldn't read too much into it. Bitcoin futures began trading Sunday evening on the Cboe --the first "Wall Street" exchange to list the digital currency -- and the direction was straight up. By 11:30 p.m. New York time, the contract had already been halted twice because the price was rising too fast. Early Monday morning, the contract was at $17,700, or $2,700 above where it started trading 12 hours before. Bitcoin rose, too, up $831 to $16,475. Traders bet on a raising price for cryptocurrencies It makes sense bitcoin bulls would cheer. Trading was mostly smooth in both the futures market and on the traditional
The January futures contract, which is a bet on where bitcoin will trade one month from now, was last trading at around $18,000. According to Yahoo Finance data, the current spot price of bitcoin is $16,630. Last week, bitcoin prices dominated headlines after a sharp run higher, culminating in Wednesday’s wild day of trading that saw the price of the digital currency rise, then fall, $3,000 in just hours. Tax reform will also continue to be a background focus for markets, as the House and Senate continue to work towards a unified tax plan that can pass in both chambers of Congress, though market moves over the last couple weeks have broadly indicated that the passage, or failure to pass, tax reform isn’t likely to be a major market catalyst in the coming weeks. This would also mark the fifth rate hike since the financial crisis and the fifth — and likely final rate hike — of outgoing Fed Chair Janet Yellen’s tenure.