Asian shares were mixed Monday, as some indexes were lifted by hopes for a gradual global recovery after the U.S. stimulus package passed the Senate over the weekend
Asian shares were mixed Monday, as some indexes were lifted by hopes for a gradual global recovery after the U.S. stimulus package passed the Senate over the weekend
It’s good to the be the top dog at Coinbase—better than it is to be the chief of JPMorgan or Goldman Sachs, if CEO Brian Armstrong’s total pay is anything to go by. The direct listing won’t raise any money, which is fine because Coinbase doesn’t need any: The exchange has more than a $1 billion on its balance sheet and raked in about $1.8 billion in revenue during the first three months of the year. How much does Coinbase CEO Brian Armstrong get paid?
(Bloomberg) -- A flurry of U.S. economic reports this week may signal the underlying strength of growth and inflation pressures as the country’s thaw from the coronavirus crisis begins to spread.One of the most-watched reports will be the consumer price index, with March data likely to show a heady acceleration from last year’s pandemic conditions. Economists may zero in on the monthly change to gauge momentum however, with a 0.5% gain forecast.Investors are watching such figures to determine the odds of elevated price pressures becoming self-sustaining, amid possible supply-chain constraints, massive fiscal and monetary stimulus and pent-up consumer demand.The March retail sales report will likely bear out that demand theme, which has prompted economists to raise growth forecasts for this year. Their median estimate calls for a 5.5% increase in purchases after a winter weather-depressed February.Meantime, industrial production at the nation’s factories, mines and utilities is projected to rebound strongly, led by robust manufacturing. Factory production is forecast to rise 4%. While lean inventories and solid demand are bolstering order books at manufacturers, materials shortages, elevated input prices and shipping delays are complicating production efforts.At week’s end, the government will issue its housing starts report for March, which may have rebounded from February when winter storms delayed construction efforts. While home sales have shown signs of leveling off, builder backlogs remain hefty.What Bloomberg Economics Says:“Narrow pockets of elevated demand and localized supply-chain disruptions will create price spikes in a limited subset of categories. However, the more dominant factor containing inflation will come from excess labor slack and the resulting absence of rising wage pressures.”--Carl Riccadonna, Yelena Shulyatyeva, Andrew Husby and Eliza Winger. For full analysis, click hereElsewhere, a slew of Federal Reserve and European Central Bank officials are scheduled to speak before the two central banks’ quiet periods set in and the World Trade Organization holds a meeting with vaccine makers on export restrictions. Turkey watchers will be keeping a close eye on the interest-rate decision on Thursday.Click here for what happened last week and below is our wrap of what is coming up in the global economy.U.S. and CanadaInvestors will be watching a phalanx of Fed speakers this week before they enter a pre-meeting quiet period. Chair Jerome Powell addresses the Economic Club of Washington on Wednesday, and at least seven of his colleagues are scheduled to make appearances. The Fed’s Beige Book -- a collection of economic and business activity assessments within each of the central bank’s 12 regions -- is also due.In Canada, the quarterly business sentiment survey will be the central bank’s last data point before its April 21 decision.For more, read Bloomberg Economics’ full Week Ahead for the U.S.AsiaChina’s trade data on Tuesday is set to show another surge in both exports and imports in March from a year earlier, when Covid-restrictions were still curbing commerce. On Friday, industrial production, retail sales and investment data for the same month and GDP figures for the first quarter are all projected to race higher for the same reason.Central banks in New Zealand, Singapore and South Korea all have meetings, with no changes to their main policy settings expected, according to early survey responses from economists.For more, read Bloomberg Economics’ full Week Ahead for AsiaEurope, Middle East, AfricaData in coming days will start hinting at how the region fared in the first quarter at a time of renewed lockdowns and varying efforts at vaccinations.In the U.K., gross domestic product probably rose in February, but by too small a quantum to cancel out the 2.9% drop recorded in the previous month. Meanwhile euro-zone industrial production is likely to show a decline in February, with data from national statistics offices so far pointing to a pullback in the sector.The coming week offers ECB policy makers a final chance to air views before a quiet period begins preceding their April 22 meeting. President Christine Lagarde will be among a line-up of speakers scheduled for the coming days. Executive Board member Fabio Panetta said in an interview published Sunday that two years of euro-area economic expansion may have been permanently lost.Elsewhere in Europe, Serbia’s central bank will probably keep its interest rate unchanged, while monetary officials in Ukraine may continue tightening policy as inflation surges and a deal with the International Monetary Fund remains far away.In Turkey, the new central bank governor, Sahap Kavcioglu, is expected to hold the benchmark rate at 19% at his first monetary-policy meeting on Thursday. He’s been fighting to win over investors with a commitment to tight monetary policy after his predecessor was fired following a 200 basis-point increase last month.Uganda may hold its key rate for a fifth straight meeting on Wednesday and the same day, the Bank of Namibia will probably leave its rate unchanged too after its neighbor South Africa held in March. Namibia’s benchmark is 25 basis points higher than South Africa’s, helping to protect the country’s reserves and currency peg.For more, read Bloomberg Economics’ full Week Ahead for EMEALatin AmericaThe faltering nature of recoveries in Colombia and Brazil should be laid bare by their February retail sales reports as the former again imposed restrictions to contain the virus while the latter’s national health crisis has deepened.Jobs reports in Mexico, Brazil and Peru can also be expected to underscore the damage inflicted by the pandemic. Millions of workers in the region’s two largest economies remain sidelined while the labor market in Peru’s capital, the megacity of Lima, is off last year’s lows but still far removed from pre-pandemic form.Argentina posts its March consumer prices report Thursday. Annual inflation is over 40% and some forecasts see 50% before year-end as midterm elections and stalled talks with the IMF on a $45 billion loan restructuring may serve to discourage fiscal restraint.A number of the region’s smaller economies join Brazil and Peru in reporting trade figures in the coming week. Taken as a whole, Latin America’s bigger economies saw a surge in trade surpluses in 2020 as the pandemic’s demand shock curbed imports.For more, read Bloomberg Economics’ full Week Ahead for Latin AmericaFor 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.
Mining company BitRiver is launching its own token, aiming to raise $35 million on Bithumb
(Bloomberg) -- President Joe Biden told companies vying with each other for a sharply constrained global supply of semiconductors that he has bipartisan support for government funding to address a shortage that has idled automakers worldwide.During a White House meeting with more than a dozen chief executive officers on Monday, Biden read from a letter from 23 senators and 42 House members backing his proposal for $50 billion for semiconductor manufacturing and research.“Both sides of the aisle are strongly supportive of what we’re proposing and where I think we can really get things done for the American people,” Biden said. “Now let me quote from the letter. It says, ‘The Chinese Communist Party is aggressively -- plans to reorient and dominate the semiconductor supply chain,’ and it goes into how much money will be they’re pouring into being able to do that.”Chief executives including General Motors Co. CEO Mary Barra, Ford Motor Co. CEO James D. Farley, Jr., and Sundar Pichai, CEO of Alphabet and Google participated in the virtual summit.White House Press Secretary Jen Psaki said the meeting showed the administration is serious about addressing supply-chain constraints and softening the blow for affected companies and workers.National Economic Council director Brian Deese and National Security Adviser Jake Sullivan hosted the meeting, with Commerce Secretary Gina Raimondo also participating. Companies invited to join included Dell Technologies Inc., Intel Corp., Medtronic Plc, Northrop Grumman Corp., HP Inc., Cummins Inc., Micron Technology Inc., Taiwan Semiconductor Manufacturing Co., AT&T Inc. and Samsung Electronics Co., as well as GM, Ford and Alphabet Inc.Intel CEO Pat Gelsinger said in an interview after the meeting that the White House and Congress are working aggressively to support the semiconductor industry with more domestic manufacturing, research and development as well as efforts to build the workforce.The administration intended to highlight elements of the president’s proposed $2.25 trillion infrastructure-focused plan that they believe would improve supply-chain resilience, a White House official said. The agenda also included discussions about the auto industry’s transition to clean energy, job creation and ensuring U.S. economic competitiveness, the official added.Many of the lawmakers supporting additional funding for semiconductors want to see the measure in a standalone competitiveness bill aimed at China, not as part of Biden’s infrastructure package, as it is now. The China bill has some bipartisan support and could have a quicker path through Congress.Intel, Micron, GM, A&T on Roster for White House Chips MeetingBut exactly how to spend and allocate the semiconductor funding is a source of debate among automakers and other consumers of chips, as well as the semiconductor companies themselves.Carmakers are pushing for a portion of the money to be reserved for vehicle-grade chips, warning of a potential 1.3 million shortfall in car and light-duty truck production in the U.S. this year if their industry isn’t given priority.Yet makers of other electronic devices affected by the chip shortage, such as computers and mobile phones, have taken issue with the carmakers’ demands, worried their industries will suffer. The debate was also a factor in the White House meeting.“There were many, many voices saying, ‘hey, we can’t just start carving things up for particular industries. We need a solution that works in the medium and long term and that are sensitive to some of the unique challenges of the immediate term,’” Gelsinger said in the interview. “I think we’re working pretty well through that process right now. Nobody will be entirely happy but we’re heading in a good direction.”The White House has not taken a public position on the issue but has indicated privately to semiconductor industry leaders that it would not support special treatment for one industry, according to people familiar with the matter.Matt Blunt, president of the American Automotive Policy Council, which lobbies for Ford, General Motors and Stellantis NV (formerly Fiat Chrysler Automobiles), expressed optimism that the Biden administration would at least consider his industry’s arguments.Congress Weighs Countering China on Chips, GOP Wary of Cost (1)He said the White House has not endorsed any specific plans for setting aside money for carmakers, but administration officials “understand why the proposal was made.”To avoid future chip shortages, Blunt’s group proposed that at least 25% of any federal support for the construction of semiconductor factories must go to U.S. facilities that commit to allocating at least 25% of their capacity to automotive-grade chips.John Neuffer, president and chief executive officer of the Semiconductor Industry Association, said the industry understands “the difficulty the auto sector is feeling right now, and chipmakers are working hard to ramp up production to meet demand in the short term.”For the long term, he said, the industry needs a boost in domestic production and innovation across the board “so all sectors of our economy have access to the chips they need, and that requires swiftly enacting federal investments in semiconductor manufacturing and research.”(updates with comments from Intel CEO Gelsinger in paragraph seven, twelve)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.
‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage. The costs of homeownership are rising quickly across the country, so you’re not alone in feeling burdened.
Nasir Jones’ QueensBridge Venture Partners invested in 2013. A source familiar with the matter confirmed QueensBridge is still on the Coinbase cap table.
The crypto markets are very young, and we expect many more companies to compete for the profits Coinbase (COIN) enjoys today. As the cryptocurrency market matures, we expect Coinbase’s transaction margins to drop precipitously. The race-to-zero phenomenon that took place in late 2019 with stock trading fees will likely make its way to the crypto trading space.
Topps on Monday unveiled its first non-fungible token plans for Major League Baseball. The move comes after a week after announcing a SPAC merger with Mudrick Capital Acquisition Corporation II (NASDAQ: MUDS) to bring the iconic trading card company. What Happened: Topps will debut its first Major League Baseball card NFT collection on April 20. The company will release a series of NFT cars featuring the 2021 Topps Series 1 cards featuring iconic throwback card templates and anniversary sets. This will mark the first time a Topps set will live on the blockchain. Collectors can purchase standard packs that contain six digital cards for $5. The standard packs will be limited to 50,000 copies. There will be 24,090 premium packs released. Each premium pack will contain 45 digital cards and be priced at $100. The digital MLB NFTs will have different rarity levels including a Legendary Limited Edition 1 of 1 Platinum Anniversary parallel that will be randomly inserted into premium packs. "Our MLB blockchain NFT series debut marks a historic moment in the modern evolution of collecting for both traditional and new collectors," said Topps VP & General Manager Tobin Lent. Related Link: WWE Launches Undertaker NFTs With Extra Perks: What Investors And Wrestling Fans Should Know Why It’s Important: Topps is launching the NFTs with a partnership with Major League Baseball and Major League Baseball Players Inc. The pack releases will be similar to NBA Top Shot, which has been one of the most successful NFT series in 2021. Topps has trading card partnerships with MLB, NHL, several soccer leagues and the Walt Disney Co (NYSE: DIS). Topps previously released NFTs of Garbage Pail Kids and Godzilla. In its investor presentation, Topps said it has a robust pipeline of NFTs coming in 2021. Price Action: Shares of Mudrick Capital Acquisition Corporation II are up 2% to $11.10 in premarket trading Monday. See more from BenzingaClick here for options trades from BenzingaSPACs Attack Weekly Recap: 6 Deals, Rumors And Headline NewsExclusive: Gary Vee On Sports Cards Investment Options, What's Ahead For NFTs© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The investing game is rarely plain sailing. While no doubt investors would like the choices that make up their portfolio to always go up, the reality is more complicated. There are periods when even shares of the world’s most successful companies have been on a downward trajectory for one reason or another. While it’s no fun watching a stock you own drift to the bottom, any savvy investor knows that if the company’s fundamentals are sound to begin with, the pullback is often a gift in disguise. This is where the chance for strong returns really comes into play. “Buy the Dip” is not a cliché without reason. With this in mind, we scoured the TipRanks database and picked out 3 names which have been heading south recently, specifically ones pinpointed by those in the know as representing a buying opportunity. What’s more, all 3 are rated Strong Buys by the analyst consensus and projected to rake in at least 70% of gains over the next 12 months. Here are the details. Flexion Therapeutics (FLXN) Let’s first take a look at Flexion, a pharma company specializing in the development and commercialization of therapies for the treatment of musculoskeletal pain. The company has two drugs currently in early-stage clinical trials but one which has already been approved by the FDA; Zilretta is an extended-release corticosteroid for the management of osteoarthritis knee pain. The drug was granted regulatory approval in 2017, and Flexion owns the exclusive worldwide rights. FLXN stock has found 2021 hard going and is down by 30% year-to-date. However, the “recent weakness,” says Northland analyst Carl Byrnes has created a “unique buying opportunity.” Like many biopharmas, Flexion’s marketing efforts took a hit during the height of the pandemic last year, as shutdowns and restrictions impacted its operations. However, Byrnes anticipates Zilretta to exhibit “stellar growth in 2021 and beyond.” “We remain highly confident that the demand for ZILRETTA will continue to strengthen, bolstered by product awareness and positive clinical experiences of both patients and HCP, augmented by improvements in HCP interactions and deferral of total knee arthroplasty (TKA) surgical procedures,” the analyst said. Byrnes expects Zilretta’s 2021 sales to surge by 45% year-over-year to $125 million, and then increase by a further 50% to $187.5 million the following year. That revenue growth will go hand in hand with massive share appreciation; Byrne’s price target is $35, suggesting upside of ~339% over the next 12 months. Needless to say Byrne’s rating is an Outperform (i.e. Buy). (To watch Byrnes’ track record, click here) Barring one lone Hold, all of Byrne’s colleagues agree. With 9 Buys, FLXN stock boasts a Strong Buy consensus rating. While not as optimistic as Byrne’s objective, the $20.22 average price target is still set to yield returns of an impressive 153% within the 12-month time frame. (See FLXN stock analysis on TipRanks) Protara Therapeutics (TARA) Staying in the pharma industry, next up we have Protara. Unlike Flexion, the cancer and rare disease-focused biotech has no therapies approved yet. However, the picture should soon become clear regarding the timing of a BLA (biologics license application) for TARA-002, the company’s investigational cell therapy for a rare pediatric indication - lymphatic malformations (LM). TARA-002 is based on the immunopotentiator OK-432, currently approved as Picibanil in Japan and Taiwan for the treatment of multiple cancer indications as well as LM. Currently, Protara is seeking to get the FDA’s acceptance that TARA-002 is comparable to OK-432. If everything goes according to plan, the company anticipates potential BLA filing in H2:2021 and potential approval in H1:2022. Protara shares have tumbled 40% year-to-date. That said, Guggenheim analyst Etzer Darout believes the stock is significantly undervalued. “We estimate risk-adjusted peak sales of ~$170M (75% PoS) in the US alone (biologics exclusivity to 2034-2035),” the 5-star analyst said. “The company has outlined a ‘no additional study scenario’ that estimates a US launch in 2022 and an ‘additional registration study’ scenario that estimates a 2023 launch and we see current levels as a buying opportunity ahead of regulatory clarity on LM.” Furthermore, Tara is expected to submit an IND (investigational new drug) for a Phase 1 trial for TARA-002 in 2H21 for the treatment of non-muscle invasive bladder cancer (NMIBC). Darout notes 80% (~65K) of all newly diagnosed bladder cancer patients suffer from this specific condition including ~45% “that are high grade with high unmet need.” The company also owns IV Choline, a Phase 3-ready asset, for which the FDA has already granted both Orphan Drug Designation and Fast Track Designation for IFALD (intestinal failure-associated liver disease). Based on all of the above, Darout rates TARA a Buy and has a $48 price target for the shares. The implication for investors? Upside of a strong 225%. (To watch Darout’s track record, click here) Overall, with 3 recent Buy ratings under its belt, TARA gets a Strong Buy from the analyst consensus view. The stock is backed by an optimistic average price target, too; at $43.67, the shares are anticipated to appreciate by ~198% in the year ahead. (See TARA stock analysis on TipRanks) Green Thumb Industries (GTBIF) Last but not least is Green Thumb, a leading US cannabis MSO (multi state operator). This Chicago-based company is one of the stalwarts of the rising cannabis sector, boasting the second highest market-cap in the industry and exhibiting impressive growth over the last year. In 2020, revenue increased by 157% from 2019, to reach $556.6 million. That said, despite delivering another excellent quarterly statement in March, and being well-positioned to capitalize on additional states legalizing cannabis, the stock has pulled back recently after the company was hit by a damning Chicago Tribune article. According to Chicago Tribune, the company is being investigated by the fed over "pay to play" payments regarding the procurement of cannabis licenses in Illinois. Countering the claims, GTBIF management said the allegations are unfounded and that there is no factual evidence to support them. Furthermore, the company pointed out it has not even been contacted by the authorities regarding the matter. Who to believe, then? It’s an easy choice, according to Roth Capital’s Scott Fortune. “We believe these tenuous claims create an opportunity to own the best-in-class operator currently off 25% from recent highs,” the 5-atar analyst opined. “In our view, the GTI business and track record of execution is not at risk in terms of the seemingly baseless accusations. We will continue to monitor any new additional incremental evidence potentially surfacing but believe the allegations are unfounded. We believe the upside opportunity remains compelling at these levels.” Going by Fortune’s $45 price target, shares will be changing hands for a 70% premium a year from now. Fortune’s rating remains a Buy. (To watch Fortune’s track record, click here) The negative news has done little to dampen enthusiasm around this stock on Wall Street. The analyst consensus rates GTBIF a Strong Buy, based on a unanimous 12 Buys. The average price target, at $47.71, suggests an upside of 79% over the next 12 months. (See GTBIF stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
The previously unpublished ED analysis, obtained by Yahoo Finance, reveals how many student loan borrowers would benefit from various levels of forgiveness, specifically borrowers in default.
JPMorgan analysts said that with the U.S. set to be open again on Independence Day, restaurants are poised to benefit from a pent-up desire to dine out, which has been restricted because of the COVID-19 pandemic.
Starting Monday, all Americans can apply for special assistance through FEMA.
‘Every time another ‘past due’ envelope arrives I panic at the thought of the savings I worked so hard to put away might be gone in one accident.’
The EU has aimed to reduce its dependence on Russia as a gas supplier, but despite its best efforts to diversify supply, Russia continues to have significant strategic advantages
(Bloomberg) -- India’s deepening coronavirus crisis slammed the nation’s stocks and currency on concern it will deliver a fresh blow to an economy that’s only just recovering from the worst contraction in nearly seven decades.The Indian rupee dropped past 75 to a dollar for the first time since August 2020, while the benchmark S&P BSE Sensex Index declined 3.4%, the most in almost two months. India reported a record 168,912 new infections for a day, taking the tally to 13.53 million cases, the government said Monday.Many provinces across the nation, from the financial hub Mumbai to capital New Delhi, are bringing back stricter restrictions on movement of people to curb the surge in cases. Reports are emerging of hospital beds running short and immunization centers turning away people as they run out of vaccines.That and a vaccine shortage “are unnerving markets and no one is sure whether lockdowns will help bring cases under control,” said Deepak Jasani, head of retail research at HDFC Securities. Given the uncertainty, “the incentive to try and bottom-fish at this point is limited for traders.”Taking a BeatingThe NSE Nifty 50 Index dropped 3.5%, making India’s key stock indexes the worst performers in Asia on Monday. All 19 sector sub-indexes compiled by BSE Ltd. slipped, led by a gauge of property and industrial shares.India’s virus resurgence has prompted some brokerages to reconsider their preference for stocks, which are most sensitive to the economic recovery. Nomura cut the weight of financials and cement shares in its model portfolio, while Jefferies downgraded Indian banks to underweight from overweight.Not everyone is pessimistic. India’s long-term outlook remains strong and any decline in equities due to infections should be used as an entry point by investors, according to Prabhudas Lilladher Ltd. India’s gross domestic product is forecast to grow by as much as 12.5% this fiscal year, which would make it the world’s fastest-growing major economy.Bonds held on to last week’s gains, with the yield on the benchmark 10-year notes near the lowest since mid-February, amid optimism the central bank may keep its policy accommodative for long to support the economy. The rupee fell 0.4% to close at 75.0550 per dollar on Monday.“We expect the rupee to weaken versus the USD as have other EM currencies,” and given the slow progress of vaccination, the economy “will be slower to recover,” R Venkataraman, managing director at IIFL Securities, wrote in a note.(Updates with closing prices; adds IIFL analyst’s comment in last 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.
Max out your 401(k) each year, and be sure to get your 401(k) employer match, if you have one. And for you super savers, here are other ways to save for retirement.
Bitcoin prices have doubled this year, but several major altcoins have risen by many multiples.
The Swiss bank's pre-tax income for the first quarter was expected to be just over $3.7 billion, with about $600 million achieved through reductions to staff bonus and other one-off items, the newspaper said, citing people briefed on the bank's performance. Credit Suisse did not immediately respond to a Reuters request for comment. Switzerland's second-biggest bank has been reeling from its exposure to the collapse first of Greensill Capital and then Archegos Capital Management within the course of a month.
The regulator's statement offers the most detailed look so far at how companies like Alibaba use a controversial business tactic.
On Sunday, Federal Reserve Chairman Jerome Powell said the economy is positioned for a strong second half in 2021. Guess who could have already provided you with such a rosy view? The new crop of retail investors, a new survey suggests.