- Oops!Something went wrong.Please try again later.
This oil pipeline giant thinks it's got a bright future even as the world shifts toward lower-carbon energy sources.
(Reuters) -Wall Street is expecting Canadian Pacific to raise its offer for Kansas City Southern even at the cost of more debt to win the bidding war with larger Canadian railroad rival Canadian National. In the latest twist to the takeover saga, the U.S. railroad operator on Thursday accepted Canadian National's $33.6 billion offer, leaving Canadian Pacific just five business days to make a new offer. Analysts said Canadian Pacific was unlikely to let go a chance to be the first railway spanning the United States, Mexico and Canada easily even though it had said it would not leverage its books to outbid Canadian National.
(Bloomberg) -- The Bank of Japan, which has helped to prop up the country’s equity market for over a decade, refrained from buying stock funds this week despite the Topix index posting its biggest three-day loss since June. That’s left some investors a little baffled.When local shares were trading at multi-year highs earlier in 2021, the central bank scrapped an annual 6 trillion yen ($54.8 billion) target for purchases of exchange-traded funds, highlighting instead that it would prefer to buy “during times of heightened market instability.”Yet the central bank didn’t buy stock funds in the three days through Thursday despite sizable market drops, and has bought only once since the start of April, when the changes it made to its stock-buying program came into effect.Asked at a parliamentary committee meeting on Thursday why the BOJ had not bought not despite the declines, Governor Haruhiko Kuroda was equivocal.“We’re not making purchases under any automatic rules, we just look at the state and movements of the market and make a practical decision,” Kuroda said. “It could have an unforeseen impact on the market to say that in a certain situation we will take a certain action.”Kuroda said that the bank would continue to make “bold” ETF purchases as necessary. But the central bank’s absence is forcing some to reevaluate their expectations.“It’s going to be negative for equities in the near term,” said Hajime Sakai, chief fund manager at Mito Securities Co. “It seems like it’s better not to bet on BOJ ETF purchases.”Sakai is among those who say they’re unsure of what the current trigger is for the BOJ to buy ETFs. While the central bank has never made those conditions explicit, a decline in the Topix of 0.5% during the morning session was at one point seen to trigger purchases. Sakai said he was unsure if the current trigger is a 2% decline, or a two-day drop of a certain extent.With the BOJ buying ETFs on April 21, when the Topix fell 2.2% in the morning, but not on May 11 when the index slid just shy of that, a 2% drop might seem like a candidate. But declines of that magnitude are rare, with Topix falling that much in the morning only twice in the past 12 months.The pain is all the sharper for the Nikkei 225, with the BOJ ending its purchases of ETFs tracking the index in April. The gauge lost 7% in the three days through Thursday, giving up almost all its 2021 gains. Stocks rebounded on Friday, with the Nikkei adding 1.6% and the Topix 1.3%.Read more: BOJ’s Snub of Nikkei 225 May Spell Pain for Venerable GaugeAs the rebound suggests, the long-term impact of the BOJ’s absence may not be so dramatic. Some doubt how impactful the decade-long buying program has been in the first place.“I think the evidence is that, their buying has done very little,” said Nicholas Smith, a strategist at CLSA Securities Japan Co.Sakai argues that over the long term, the market will get used to the new normal. “From a medium to long term perspective, it’s not something to worry too much about,” he said.(Updates with quote in 13th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Barclays Plc has been hit by a string of departures among senior credit traders in New York and London unhappy that their bonuses failed to reflect the pandemic profit surge.The bank has offered promotions to some employees and given assurances over future pay in an attempt to address their concerns, according to people familiar with the matter, who asked not to be identified discussing private information.Departures from the credit desk include Ovie Faruq, director in U.S. high-yield cash and derivatives trading in New York, the people said. Bloomberg News has previously reported that Shrut Kalra, head of European investment grade trading, Taymour El Chammah, global head of macro credit trading, and John Cortese, co-head of U.S. credit trading, left last month. They all declined to comment.Faruq, Kalra, Cortese and spokesperson at Barclays declined to comment, while El Chammah did not respond to requests for comment. Bonuses in credit trading rose by as much as 20% over the past year, the people said. However, the increase did not keep pace with the improvement in some teams’ performances, according to the people.Across the bank, Barclays granted annual bonuses worth 1.09 billion pounds ($1.54 billion), down 3% year-on-year following an overall 30% drop in pretax profits in the wake of the pandemic.Money MakerCredit traders buy and sell bonds and loans issued by corporations and also deal in derivatives linked to their financial health. They thrived as companies were slammed by the pandemic before central banks intervened, sending bonds on a rollercoaster. A record $39 billion of U.S. corporate debt was bought and sold on average every day last year, helping the biggest banks generate the most credit-trading revenue since 2013, according to data from the Securities Industry and Financial Markets Association and Coalition Development Ltd.The business is a key money maker for Barclays. Led by Adeel Khan, the unit’s best performers included traders in so-called flow credit and U.S. high-yield bonds, the people said. Khan has recently made several promotions within the team. Last month, London-based Finbar Cooke and Michael Khouri were made co-heads of credit trading for Europe, while Hong Kong-based James Roberts took on the role for Asia.While the bank stopped disclosing results for the unit several years ago, the credit business generated about 38% of the wider fixed-income division’s revenue for 2016 and 2017 combined, filings show. The division, which also houses teams dealing in government bonds and currencies, reported revenue of 5.1 billion pounds ($7.2 billion) last year, the most in almost a decade.On an earnings call last month, Chief Executive Officer Jes Staley said the bank has the ability to cut bonuses to address investor concerns about its growing costs. “It’s a very controllable number so if our performance weakens we can take it right down again,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
U.S. stocks are seen opening higher Friday, continuing to rebound after a difficult start to the week ahead of the release of key retail sales data. At 7:05 AM ET (1205 GMT), the Dow Futures contract was up 145 points, or 0.4%, S&P 500 Futures traded 25 points, or 0.6%, higher, and Nasdaq 100 Futures climbed 135 points, or 1%. All three major U.S. stock indexes notched solid gains on Thursday, bouncing back from three straight days of selling, The blue-chip Dow Jones Industrial Average closed 1.3%, or over 400 points, higher, the S&P 500 gained 1.2%, its biggest percentage gain in over a month, while the Nasdaq Composite advanced 0.7%.
Inflation fears are dogging Wall Street at a time when the U.S. rebound is picking up speed.
By Geoffrey Smith
All three major U.S. stock indexes were in positive territory, with the Nasdaq, weighed by Tesla Inc, picking up the rear. "It speaks to how many investors have been trained to buy the dip," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. This was evidenced by the outperformance of small caps , chips and transports, economically sensitive stocks that stand to gain as the United States emerges from the pandemic recession.
The IRS detailed on how it will handle a mixup involving a tax break for jobless benefits that became law a month after many already filed returns.
Crypto adoption has been healthy in Argentina, with citizens seeking alternative ways of storing wealth amid the country’s economic woes.
Two of the world's most prominent billionaires Tesla Inc.'s CEO Elon Musk and Jack Dorsey are facing off over the merits of bitcoin, with the future of the world's No. 1 crypto likely hanging in the balance.
Sir Jon Cunliffe expressed the concern that consumers may find stablecoins more attractive than bank offerings.
Here's how to tell if dogecoin's rebound is more bark than bite, according to technical analysts following the popular crypto.
Last week, we witnessed a classic “buy the rumor, sell the news” event with the cryptocurrency Dogecoin (CRYPTO:DOGE). Many Dogecoin enthusiasts were hoping that Tesla (NASDAQ: TSLA) CEO Elon Musk’s stint hosting the television show “Saturday Night Live” would lead to higher prices. After all, Musk has been known to pump the price of this cryptocurrency on Twitter and has been one of its biggest supporters. With so many Dogecoin holders anxious to see what the Dogefather had to say Saturday, the price of cryptocurrency rallied hard into the event to hit a record high of $0.74. Unfortunately, Doge investors learned that sometimes these types of events simply cannot live up to the hype. The price of Doge dropped more than 30% following the premiere of the show after Musk failed to deliver the praise for the cryptocurrency investors were hoping for. Traders can learn a lot from this story, particularly since this “buy the rumor, sell the news” scenario repeats itself time and time again in financial markets. It highlights just how difficult it can be to trade based on the news and should be viewed as a cautionary tale. With that said, perhaps the most important lesson here is that instead of gambling on Dogecoin, why not learn a trading strategy that can deliver real results? For example, Mindful Trader has created a data-driven swing-trading strategy that can potentially help you grow your account. Because he has analyzed and dissected historical stock market price data to test his trading strategy, you won’t have to worry about trying to guess right on binary events like the one mentioned above. Instead, you can use a statistical approach with proven results to take your trading to the next level. Signing up for the Mindful Trader service gives you access to tutorials and all the trading rules he uses for successfully generating returns with stocks and options trading. He also provides data-driven stock picks that he trades himself, which allows you to learn while following his suggestions. Whether you are a beginner trader or a seasoned veteran, Mindful Trader has something for everyone. Since Mindful Trader uses a swing-trading strategy that relies on price movement, not hope, you will always be confident in making a trade. That means you won’t have to trade the news and rely on hype to potentially generate returns like those unfortunate Dogecoin investors mentioned above. Check out this link to learn more about Mindful Trader’s trading strategy and why it’s such a smart alternative to gambling with Dogecoin. See more from BenzingaClick here for options trades from BenzingaThese OTC Securities Had the Most Trading Activity in April3 Advantages to Binary Options Trading with Nadex© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The agency is plagued with setbacks that are causing a major backlog of returns.
Dogecoin will likely transition from a proof-of-work protocol to proof-of-stake, speculated Alex Mashinsky, the chief executive and founder of The Celsius Network on Friday during a webcast hosted by his lending platform on YouTube.
The Tesla CEO sent the price of Bitcoin and other cryptocurrencies plummeting. But he may be aiming to turn crypto-mining green in ways that benefit Tesla.
Anyone with a stock account can now make a savvy, albeit risky, bet on GBTC pricing disparities that were previously exclusive to big players.
Shares of Plug Power Inc. surged Friday, after they hydrogen and fuel cell systems company completed its restatement, removing a "shroud of uncertainty" that has been weighing heavily on the stock the past couple months.
(Bloomberg) -- Stock sales are reaping a windfall for the world’s richest shareholders.Corporate insiders including Amazon.com’s Jeff Bezos and Google co-founder Sergey Brin have ramped up stock sales recently, cashing in on a 14-month long bull market that’s helped boost fortunes to the tune of trillions.U.S. public company insiders offloaded shares worth $24.4 billion this year through the first week of May, with about half sold through trading plans, according to data compiled by Bloomberg. That’s almost as much as the $30 billion total they disposed of in the second half of 2020.Large shareholders frequently sell stock in planned intervals, often through pre-arranged trading programs. Yet the prolonged rally in equities markets has made the value of these disposals, whether planned or opportunistic, strikingly high.There are multiple reasons an investor of any size might be motivated to sell. After the pandemic-defying rally, valuations are increasingly under pressure from rising inflation. Investors are wary the post-Covid recovery could prompt tightening measures from the Federal Reserve. And President Joe Biden’s proposed tax hikes -- including a near doubling of the capital gains rate -- have created uncertainty.Bezos, EllisonWhatever the reason, the sales are flooding the market with yet more liquidity, the consequences of which will ripple through philanthropy, the art market, real estate and other niches.Bezos has sold $6.7 billion worth of Amazon shares this year. While a relative pittance for the world’s richest person, it’s more than two-thirds the value of shares he sold in 2020. Larry Ellison unloaded 7 million Oracle shares in the past week for total proceeds of $552.3 million. Charles Schwab has sold $192 million worth of shares of his eponymous brokerage this year.Brin, who has signaled that he intends to sell as many as 250,000 Alphabet Inc. shares, has disposed of $163 million worth of stock in recent days, his first sales in more than four years, filings show.Mark Zuckerberg and his charitable foundation, the Chan Zuckerberg Initiative, meanwhile, accelerated their sales of Facebook stock in the fall. Zuckerberg or his charity has divested shares at a near-daily clip since November, for a cumulative total exceeding $1.87 billion.The surging markets have exacerbated the concentration risk of the single-stock-dominated fortunes typical of many tech billionaires, said Thorne Perkin, president of Papamarkou Wellner Asset Management.“From a portfolio-management perspective, it makes sense to spread it around,” he said.Covid EconomyAlso among the biggest sellers are some noteworthy beneficiaries of the Covid economy. Zoom Video Communications founder Eric Yuan and used-car retailer Carvana Co.’s Ernest Garcia II have together received more than $1.75 billion from stock sales since March 2020, according to the Bloomberg Billionaires Index. George Kurtz, chief executive officer of cybersecurity firm CrowdStrike, has sold shares worth at least $250 million over that period.Zoom founder Yuan -- the poster child, in many ways, for the coronavirus economy -- has stepped up his sales this year as the firm’s share price slumped. In 2020, he typically offloaded about 140,000 shares a month through a trading plan, which generated more than $350 million over the course of the year.Since March, he’s sold almost 200,000 shares a month on average, yielding him about $185 million. He also donated more than a third of his stake in the San Jose-based company as part of “typical estate planning practices,” according to a spokesman. Some of the cash from his share sales fund donations to unspecified “humanitarian causes.”(Updates with Charles Schwab’s sales in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Lawmakers are looking for quick action to improve an existing forgiveness program.