U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading better on Friday after gapping yesterday's close. At 08:09 GMT, October WTI crude oil is trading $55.15, up $0.73 or +1.38% and December Brent crude oil is at $57.90, up $0.56 or +0.98%. On Thursday, the U.S. reported that retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after the 2-year/20-year U.S. Treasury yield inverted for the first time since June 2007 prompting a sell-off in stocks and crude oil.
Unfortunately for GE that someone may have arrived. Harry Markopolos, an accounting expert best known for flagging Bernie Madoff's Ponzi scheme, claims GE has a $38bn gap in its accounts. First, GE has not fully accounted for losses related to its legacy US healthcare insurance liabilities. In addition, GE has yet properly to value losses related to selling down a holding in oilfield services provider Baker Hughes.
Here are must-read MarketWatch articles on investing and personal finance from the past week. This might end the period of very low interest rates (and Trump's presidency) Predictions of inflation are few and far between these days, but Peter Schiff of Euro Pacific Capital expects the Federal Reserve to cause a spike in inflation that will lead to President Trump's defeat in 2020. The impact of low interest rates on stocks Low and negative interest rates in the developed world will make for continual gains for the right stocks, according to Mark Mobius.
Walmart Inc. Chief Executive Doug McMillon said Thursday there should be a discussion about banning assault weapons in the U.S. McMillon made the comment as Walmart released fiscal second-quarter earnings, but neither he nor Dan Bartlett, Walmart's (WMT) executive vice president of corporate affairs who participated in a media call after the earnings were announced, offered specifics on Walmart's position on the issue. The retail giant has been at the center of a discussion on gun violence following the Aug. 3 mass shooting at an El Paso Walmart store and a shooting in Mississippi that killed two workers.
Francis Tan, investment strategist at UOB Private Bank CIO Office, discusses the opportunities he sees in the fixed-income markets, and the inversions in U.S. Treasury yields. He speaks with David Ingles and Yvonne Man on “Bloomberg Markets: Asia.
"Due to the cyclical nature of the business, we will be reducing line rates at our Springfield [Ohio] Assembly Plant," spokeswoman Lyndi McMillan told FreightWaves on Wednesday, August 15. The cutbacks are in Class 5-7 medium-duty trucks, whose industry-wide inventories are ballooning even as retail sales are up 6 percent year to date through June, according to ACT Research. The issue is a 30 percent increase in inventory – 55,400 unsold medium-duty trucks in June compared to 42,700 the same month in 2018.
Shares of Evergy Inc (NYSE: EVRG) have been on an uptrend since March, responding to strong results for two consecutive quarters, management's positive comments on synergies and capex and encouraging developments in the Sibley docket, according to Wells Fargo. Wells Fargo's Sarah Akers downgraded Evergy from Outperform to Market Perform while keeping the price target at $67. While Evergy seems to be moving in the right direction and the latest developments are positive, these are already reflected in the stock, following the recent run-up, Akers said in the downgrade note.
A big earnings winner last week was Carvana Co (NYSE:CVNA), which gapped higher by 25% -- its best day since June 2017 -- in the wake of better-than-expected second-quarter revenue. Fresh off that upbeat report and an Aug. 14 record high of $81.37, CVNA is flashing a bullish signal that indicates there's plenty of room for more upside, if history is any indicator. Diving in, implied volatilies on the equity are at historically low levels, per the stock's Schaeffer's Volatility Index (SVI) of 59%, which registers in the 10th percentile of its annual range.
A UK judge has ruled that a small gas firm founded by two Irish businessmen can seize roughly $9bn in assets from the Nigerian government, the equivalent of about a fifth of the west African country's foreign reserves. The decision came in enforcement proceedings pursued in the London High Court by Process and Industrial Developments over an aborted 2010 gas processing plant project, for which it had been awarded $6.6bn in an arbitration case in January 2017. With interest of over $1m a day this has ballooned to over $9bn, or roughly 2.5 per cent of Nigeria's GDP.
The country is facing a retirement crisis, but some Americans are worse off than others. Workers in the top 20% of earnings distributions have half of all retirement wealth in both 1992 and 2010, compared with the bottom group, which saw its share fall from 3% to 1% between those years, a recent analysis at The New School's Schwartz Center for Economic Policy Analysis (SCEPA) found. The share of workers in the bottom fifth of the earnings distribution with no retirement savings jumped from 45% to 51% in those 18 years.
U.S. Treasury yields fell sharply on Thursday as global economic growth concerns and trade fears stirred demand for government bonds. Remarks by a European Central Bank official also heightened expectations that the ECB would push for aggressive monetary easing measures in September. The 10-year Treasury note yield (BX:TMUBMUSD10Y) fell 6.2 basis points to 1.534%, its lowest since August 2016.
Most people think they're above average in intelligence, relationship status and professional achievement. Social scientists call this “illusory superiority.” My business partner Scott Puritz, has found the one area where even above-average people, objectively smart, rich, successful professionals, seem to wave the white flag and admit to not understanding — money and investing. “One of the most shocking things is the low-level financial literacy throughout our culture,” Puritz told the Washington Post.
In a market environment that overwhelmingly encourages constant activity by investors who seemingly want to double their money every week, a discussion of stocks to buy and hold forever seems comically out of place. Conversely, the fact that Warren Buffett's favorite holding period is “forever” and how he's got a track record most investors would envy is just as telling. With that as the backdrop, here's a rundown of 10 stocks to buy and hold forever … or at least until something significant changes with your life plans or the companies themselves.
The United States has issued a warrant to seize an Iranian oil tanker caught in the standoff between Tehran and the West in a last ditch effort to prevent the vessel from leaving Gibraltar. The Grace 1 was seized by British Royal Marines at the western mouth of the Mediterranean on July 4 on suspicion of violating European Union sanctions by taking oil to Syria. Gibraltar lifted the detention order on Thursday after the British territory's chief minister said he had secured written assurances from Tehran that the cargo would not go to Syria.
There may be some limitations to the U.S. government's borrowing after all. An anticipated surge of U.S. borrowing in the global debt markets in the second half of this year is starting to create concern as Treasury is expected to ramp up its issuance of bills, notes and bonds to fund a soaring $1 trillion budget deficit. The U.S. government's budget gap has widened 27% compared to the first 10 months of fiscal 2018, as spending has risen 8% and receipts have grown by 3%.
My husband and I paid off $193,000 in debt — but we are still saving and have no life 'We don't have children, we don't travel, we don't see or experience many new things, and we don't have much of a social circle at all. of towns qualifying for the Little League World Series reveal an uncomfortable truth about organized sport The Little League World Series, which starts Thursday, celebrates Americana and youthful athletic glory. How one man spent $745 on flights to four continents — flying business and first class all the way He traveled across the Middle East, Australia, Southeast Asia and Europe.
Despite a trade war, the slowing domestic economy and brutally aggressive competition, China's largest e-commerce technology companies have reported earnings that beat highest analyst estimates. China's online retail sales industry has remained surprisingly resilient amid China's slowing economy and trade war concerns. Selina Wang reports on "Bloomberg Markets: Asia."
Two Wall Street analysts at (GS) collaborated on a (GE) research report and reached a meaningful conclusion. Analyst Joe Ritchie, who covers industrial stocks, and analyst Alex Scott, who covers the North American life insurance industry, published a report comparing General Electric (ticker: GE) insurance reserves to other insurers. Goldman's report followed the negative report from forensic accountant Harry Markopolos, which challenged many GE long-term care insurance accounting assumptions, among other issues.
Yesterday the stock markets fell 3% on headlines, and that is always a time to find great stocks to buy on dips. The stock markets have been in headline trading mode for months. This week we got several reminders of that — and of how excellent homework can fall hostage to surprise headlines.
From the lofty perch of old age, and after a lifetime of thrift, I declare that I am qualified to comment on how not to waste money. We've all heard the reports: Most Americans live paycheck to paycheck, a large number can't come up with $400 for an emergency, and there's no money to save for retirement and other goals. Most of that data comes from surveys where people are, in effect, saying they don't have enough income.
Soft economic data and escalating trade tensions mean the Federal Reserve may be embarking on an easing cycle—not a mid-cycle correction—as it tries to keep the current expansion on track. For factor investors, it looks a lot like what's already been working. The Fed lowered interest rates by a quarter point at its July meeting, and now economists and market strategists are predicting more to come in September and possibly later this year.
Investors were disappointed by the company's fiscal fourth-quarter earnings report and outlook for fiscal-year 2020, sending the stock down 22% on Thursday. Tapestry owns the luxury brands Coach and Kate Spade. Analysts at Goldman Sachs, PiperJaffray, Credit Suisse, MKM Partners, Oppenheimer, and Telsey Advisory Group all lowered their bullish ratings on the stock to neutral ratings.
Given long-term demand uncertainties facing the industry, energy companies of all sizes should be paying out dividends that are at least as good as the nearly 2% yield on the S&P 500, he says. Still, it is hard to find big fans of energy stocks, even among investors focused on the sector. That's understandable, given that energy is by far the worst-performing group in the S&P 500 over the past decade, with an annualized return of 4.4%, against 14% for the index.
Whether the market hits another rough patch next week, there's one thing that is certain: Investors who buy a stock just before it goes ex-dividend are entitled to the next payout. Bespoke Investment Group compiled a list of 19 stocks in the S&P 1500 that are going ex-dividend on Monday. Buying shares before the market close on Friday entitles the purchaser to the next dividend payment.
The U.S. data pouring in supports Federal Reserve Chairman Jerome Powell's forecast of solid economic growth and higher inflation. While manufacturing output declined in the month, two regional Fed indexes for August came in higher than expected. “Prudent risk management would argue for a cut in September because of the downside risks from trade policy and a slowing global economy,'' said Ryan Sweet, head of monetary-policy research at Moody's Analytics Inc. “The incoming data will likely factor into whether or not they go 50 or 25 basis points in September.