June 29 (Reuters) - Huisheng International Holdings Ltd :
* DING BIYAN RESIGNS AS EXECUTIVE DIRECTOR AND CHAIRMAN Source text for Eikon: Further company coverage:
June 29 (Reuters) - Huisheng International Holdings Ltd :
* DING BIYAN RESIGNS AS EXECUTIVE DIRECTOR AND CHAIRMAN Source text for Eikon: Further company coverage:
In another bearish signal for oil demand, a variant of the coronavirus has swept through India, the world’s third-biggest importer of crude.
Sir Jon Cunliffe expressed the concern that consumers may find stablecoins more attractive than bank offerings.
SHANGHAI (Reuters) -Alibaba affiliate Ant Group became China's largest seller of non-money-market mutual funds in the first quarter, industry data showed, disrupting a market dominated by banks despite a regulatory crackdown. Ant and Alibaba are being targeted by Beijing's anti-monopoly campaign. Regulators have urged Ant to reduce the size of Yu'ebao, China's biggest money market fund managed by Ant-controlled mutual fund house Tianhong.
(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.
Hedge fund managers on Wednesday recommended buying stocks of companies they believe will benefit from the movement of many services online, even though society is expected to return to more human contact after the global coronavirus pandemic ends. Investors presented ideas ranging from food delivery to copper mining at the virtual Sohn Investment Conference, which gathers hedge fund managers annually to pitch their top bets and raise money for a charity funding research in pediatric cancer treatments. Andrew Nunneley at Glenernie Capital said he believed German's HelloFresh had a huge opportunity to capture market share with meal-kit delivery companies currently accounting for a mere 1% of the grocery market.
(Bloomberg) -- Toshiba Corp. plans to return an additional 150 billion yen ($1.37 billion) to shareholders and establish a strategic review committee to examine options for the business, including proposals to take it private.The move comes after weeks of takeover discussions sparked by private equity firm CVC Capital Partners’ $21 billion acquisition bid. The Japanese energy-to-electronics conglomerate has been pressured by 3D Investment Partners and other investors to conduct a full strategic review and explore any serious interest in the company in order to rebuild shareholder trust.Toshiba, which deemed the CVC proposal insufficiently detailed to evaluate, said Friday it has appointed UBS as financial adviser and will consider potential offers, without committing to a transaction. It made the announcement while releasing its quarterly earnings.Chief Executive Officer Satoshi Tsunakawa, who stepped into the role in April after former CVC dealmaker Nobuaki Kurumatani stepped down, said the firm will do its utmost to improve relationships with a wide range of shareholders and will consider any proposals that improve shareholder value, including going private.“There’s big opportunity ahead of us focusing on infrastructure, energy and renewables -- as tackling global warming is a global trend,” the CEO said, declining to specify what he would consider a good proposal for taking Toshiba private.Read more: Toshiba Investor 3D Calls for Strategic Review After CVC BidThe company’s stock has seen large swings since the CVC bid, with the shares closing as high as 4,895 yen on April 15 before falling in recent weeks. It closed at 4,510 yen after Friday’s announcement.It’s not clear whether other reported bidders will proceed with a formal offer. After CVC’s initial approach, private equity firm KKR & Co. and Canadian investment giant Brookfield Asset Management Inc. began exploring potential offers, Bloomberg News has reported. Bain Capital has entered into discussions with Japanese banks, including units of Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., to secure funding for a potential bid, Reuters has reported.Separately, Toshiba is investigating a claim by the hacker group DarkSide that it breached the computer systems of affiliate Toshiba Tec Corp. The group is claiming to have stolen information on management, new businesses and personal information. General Executive Masaharu Kamo said no other Toshiba units were affected by the cyberattack.Toshiba will provide specifics on how it intends to execute the shareholder return plan in June. It has not yet decided its dividend plan for the year ahead, but will maintain its basic policy and look to increase, it said.(Updates with CEO comments from fourth 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) -- A crack in a bridge over the Mississippi River has stranded more than 700 barges, cutting off the biggest route for U.S. agricultural exports when the critical waterway is at its busiest.The route is shut near Memphis while the Tennessee Department of Transportation inspects a large crack in a highway bridge spanning the river, according to the U.S. Coast Guard. A queue has expanded to 47 vessels and 771 barges, with 430 of those heading north and the rest going south, Petty Officer Carlos Galarza of the Coast Guard’s 8th District said Thursday afternoon by email.The Mississippi River is the main artery for U.S. crop exports, with covered barges full of grain and soy floating to terminals along the Gulf of Mexico, while crude oil as well as imported steel also travel through sections of the waterway. Any sustained outage would disrupt shipments out of the Gulf. Corn futures tumbled by the most allowed under CME Group rules partly on speculation that exports would back up.“The river is the jugular for the export market in the Midwest for both corn and beans,” said Colin Hulse, a senior risk management consultant at StoneX in Kansas City. “The length of the blockage is important. If they cannot quickly get movement, then it is a big deal. If it slows or restricts movement for a longer period it can be a big deal as well.”The stoppage along the Mississippi River is the latest calamity to upend the commodities world in recent weeks. Back in March, the Suez Canal was blocked by a giant container ship that got stuck sideways in the vital waterway for almost a week, paralyzing global shipping. And late last week, a cyberattack brought down the largest fuel pipeline in the U.S. for five days, leading to widespread gasoline shortages from Florida to Virginia.A lengthy halt on the Mississippi River could further roil crop markets, where soybeans and corn futures have hit multiyear highs amid adverse weather in Latin America and a buying spree from China. Corn futures fell Thursday by the exchange limit of 40 cents, or 5.6%, to $6.7475 a bushel in Chicago.As a workaround, traders could in theory also send some supplies on trains and divert to ports along the U.S. Pacific Northwest. Few grain and soy buyers were bidding for barges north of the river closure amid uncertainty on when vessel traffic would resume.The crack halting vehicle and waterway traffic is in the truss of the Interstate 40 Hernando DeSoto Bridge, which was found during a routine inspection, according to a Tuesday statement from the Tennessee Department of Transportation.“The timeline is still undetermined” for the waterway reopening, department spokeswoman Nichole Lawrence said Thursday morning by email.The Army Corp of Engineers could figure out a way to keep automotive traffic closed in order for water traffic to resume under the bridge, according to CRU Group analyst Josh Spoores. It may cause bottlenecks, but most consumers already used to waiting months for supplies to ship are probably fine with some added delays, he said.The New Orleans Port Region moved 47% of waterborne agricultural exports in 2017, according to the U.S. Department of Agriculture. The majority of these exports were bulk grains and bulk grain products, such as corn, soybeans, animal feed and rice. The region also supports a significant amount of edible oil exports, such as soybean and corn oils and even attracted 13% of U.S. waterborne frozen poultry exports in 2017.Some traders speculated that, based on past experience, the river might be partially opened for restricted movements while repairs are being done.“My sense is that it is not a big deal for river traffic as it will be a short-term disruption,” said Stephen Nicholson, a senior analyst for grains and oilseeds at Rabobank. “The good news is most of fertilizer has already come up river and soybean exports are at their low point. However, corn exports continue at a strong pace, so we may see a slight delay in corn barges reaching” New Orleans.It may be difficult for exporters to shift much volume to rail, as the capacity to unload trains outside of the New Orleans area is limited, according to Curt Strubhar, vice chairman and risk management consultant at Advance Trading Inc.“There aren’t many rail unloaders South of the issue,” he said, adding that New Orleans “port elevators aren’t equipped to handle a sharply higher share of rail unloads either.”Of agricultural supplies that floated on barges north of Memphis, about 84% was corn and about 13% was soybeans, according to Mike Steenhoek, executive director of the Soy Transportation Coalition, citing USDA data. Overall shipments of corn and soy during the week ended May 8 were 18% higher than a year ago.Agricultural co-operative Growmark’s St. Louis port, which sends corn and soybeans south to New Orleans for export mostly to China and receives fertilizers, will likely close Friday, according to Matt Lurkins, executive director of the firm’s grain division.“Freight was already tight,” Lurkins said in a phone interview. “Then this kind of sent us over the edge.”If the pause drags on, he said, Growmark could send more grain to processors rather than loading it on barges for export.Small volumes of crude and partly refined oil are shipped by barge on the river as well. In February, 2.85 million barrels moved from the Midwest to the Gulf Coast via barge and tanker, according to government data.Imported steel on barges will be delayed as long as traffic is halted. About 25% of imported steel travels through at least a section of the Mississippi River, according to Wood Mackenzie analyst Cicero Machado, though he said newly arriving foreign steel to ports in New Orleans or Mobile, Alabama can be diverted onto rail cars or trucks.The river also is a major artery for steel shipments within the U.S. and delays could become an issue for automakers in the South that depend on high-strength steels produced in the Midwest, he said.“At this stage the big question is: is this going to last?” Machado said. “The issue is not actually in the river, it’s in a bridge over the river -- so perhaps they’re going to find a way to manage the traffic there.”(Adds Coast Guard update in second 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.
USA TODAY answers the most asked questions regarding the Colonial Pipeline cyber attack and what states are struggling to keep gas stations stocked.
(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.
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.
(Bloomberg) -- Cryptocurrency-exposed stocks are recovering from a bloody four-day slide that had wiped out roughly $6.1 billion in value from a basket of companies tied to the fortunes of the volatile digital-asset world.Marathon Digital Holdings Inc.’s 16% jump led the way on Friday, with the shares on pace to halt a nine day losing streak. The gains comes as Bitcoin climbs back from a slide of more than 15% on Thursday. Tesla Inc. Chief Executive Officer Elon Musk triggered the volatility late Wednesday by souring on the token’s energy demands. Microstrategy Inc. rose 4.5% on Friday, while as Mike Novogratz’s Galaxy Digital Holdings jumped 8.4% at 10:50 a.m. in New York.The turnaround for companies that have ridden Bitcoin’s coattails came as more retail investors gravitated toward even greater speculative plays like Dogecoin. Bitcoin rose 3% to $50,800, while a Bloomberg gauge of cryptocurrencies rallied 9.5% after the worst two-day slide since late February.Riot Blockchain Inc. jumped 20% for its largest gain in more than two months while Argo Blockchain Plc and On-Line Blockchain Plc stormed back in European trading. Coinbase Global Inc. was an out-lier. The largest U.S. crypto exchange fluctuated as strong quarterly income failed to excite traders.Elon Musk’s stunning tweet late Wednesday triggered the free-fall for Bitcoin as the billionaire brought concerns surrounding the energy usage of the mining required for the currency to light and forced Wall Street to grapple with an uncertain outlook. Worries deepened after a Thursday Bloomberg News report that Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service.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 Walt Disney Co. blew away earnings expectations with a Thursday report, but shares still fell in late trading as the pandemic-fueled growth of its streaming services slowed down.
The IRS sent out COVID-19 relief checks to nearly 1 million more Americans in the ninth batch of payments made under Biden's American Rescue Plan.
Now that the IRS knows what you earned last year, you may be eligible for more support.
(Bloomberg) -- Alibaba Group Holding Ltd. forecast better-than-expected revenue and pledged to invest in new growth arenas, signaling its intention to move past a Chinese antitrust probe that triggered its first loss in nine years.Jack Ma’s flagship e-commerce firm swung to a 5.5 billion yuan ($852 million) net loss -- its first since 2012 -- after the company swallowed a $2.8 billion fine for monopolistic behavior imposed by Beijing. It now intends to refocus on its business, plowing “all incremental profit” back into technology and hotly contested areas like community commerce, Chief Executive Officer Daniel Zhang pledged on Thursday. Its shares fell more than 6% in Hong Kong after Citigroup and CICC slashed their price targets on fears that prioritizing growth will hammer profits.Alibaba executives have sought to put behind them a crackdown on Ma’s internet empire that’s shaved $260 billion off the Chinese internet behemoth’s market value. The penalty imposed in April marked the conclusion of a four-month probe, but uncertainty persists as Beijing continues to rein in Alibaba and increasingly powerful rivals from Tencent Holdings Ltd. to Meituan. No analyst asked directly about what’s to come in the broader clampdown Thursday, though Zhang stressed the company accepted the fine and will move forward.“We accept the penalty with sincerity and will ensure our compliance with determination,” the CEO said. “During the past fiscal year, we have gone through all kinds of challenges, including the Covid-19 pandemic, fierce competition as well as an anti-monopoly investigation and penalty decision by Chinese regulators. We believe the best way to overcome these challenges is to look forward and invest for the long term.”Alibaba’s shares are down about 35% from its October peak, just before Ma’s now-infamous rant against outmoded regulations triggered a chain of events that torpedoed a $35 billion initial public offering by his Ant Group Co. and started a probe into the e-commerce giant.“The lack of tangible evidence of material share gains on the ground, for example in community group buying, or food delivery, remains a material concern of ours for Alibaba,” Bernstein analysts led by Robin Zhu said. “We fear that until such data points materialize, Alibaba’s investments will be likened to selling the family silver.”“There is still significant uncertainty in Alibaba,” said Andy Halliwell, an analyst at consultancy Publicis Sapient. “There is no doubt though that Alibaba have capitalized on their digital and tech strategy in light of the global pandemic, and the rebounding Chinese economy. But it remains to be seen how Jack Ma’s behavior last year will have a lasting impact on brand and investor confidence.”Click here for a live blog of the earnings call.Alibaba is keen to convey the impression that it’s back to business as normal. Ma was spotted this week at an annual staff and family celebration at its sprawling Hangzhou campus, where kids played in ball pits while company mascots posed for photos with employees in cosplay.On Thursday, the company forecast revenue for the year ending March 2022 will rise at least 30% to more than 930 billion yuan, beating the 923.5 billion average projection. That’s a deceleration from the previous year’s 41%, and comes after sales for the three moths ended March came in at a better-than-expected 187.4 billion yuan.The anticipatedrevenue growth however disappointed some analysts given the pledge to hike spending. It’s also unclear how much the increased investment, which also encompasses areas from local internet services and merchant solutions, may hurt margins. And reliable growth engines are slowing: cloud revenue grew just 37% in the March quarter after a major, unidentified customer pulled out, the slowest pace since 2014.Zhang singled out community commerce -- an area now fought over between a number of deep-pocketed rivals like JD.com Inc. and Pinduoduo Inc. -- as a key avenue to reach lower-tier and rural customers. Executives said Alibaba will be disciplined in spending, without elaborating.“Despite heady predictions, it’s likely that we’ll see an erosion of margins in part due to the investment the business is making in new business ventures,” Halliwell said.What Bloomberg Intelligence Says:Alibaba’s profitability may take a back seat as it steps up investments in the coming fiscal year in a bid for market expansion and greater user gains and engagement. Alibaba is also likely to monetize its merchants less aggressively. The company promises to establish strict metrics to assess these initiatives, yet some of the spending may be unavoidable as competition mounts from Pinduoduo, JD.com, Meituan and short-video platforms like Kuaishou and Douyin. Margin at Alibaba’s core commerce business will also be dragged down by the growing shift to self-operated retail and direct-sales businesses, especially with the consolidation of Sun Art this quarter.- Vey-Sern Ling and Tiffany Tam, analystsClick here for the research.There remain several other questions Alibaba may have to grapple with in the year ahead. The company joined 33 other tech firms in pledging to abide by monopoly laws and eradicate abuses like forced exclusivity agreements -- actions with as-yet unknown ramifications for growth. More broadly, the Chinese government is debating how to exert greater control over the invaluable online data amassed by its internet giants that have enabled their meteoric expansion over the past decade.The government is said to be considering whether to compel Alibaba to shed media assets that have supported its brand. Antitrust watchdogs are screening its previous investments and could force a divestment if deemed in violation of regulations.Then there’s Alibaba’s finance affiliate -- Ant, a major provider of financing for Alibaba’s consumers -- which is still wrangling with regulators over a forced restructuring that could curb its lending. Its profit in the December quarter rose 50% to 21.8 billion yuan, though the bottom line will remain under pressure because of a requirement to cut back on loans.Alibaba is trying to resume business as normal just as competition ramps up in China’s e-commerce market.Pinduoduo reported 788 million annual active buyers in the December quarter, dethroning Alibaba as China’s biggest e-commerce operator by consumers for the first time ever. On Thursday, Alibaba reported its users had climbed to 811 million in China in the three months ended March.Scrappy upstarts like ByteDance Ltd. and Kuaishou Technology are making inroads into social shopping, chipping away at the growth of its Taobao Live service. Other platforms like Meituan, Didi and Tencent Holdings Ltd.-backed MissFresh have made aggressive investments into their community groceries business, leaving the Hangzhou-based Alibaba to play catch-up in the red-hot sector.(Updates with analysts and share action from the second 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.
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.
Need more relief? The White House says that's up to Speaker Pelosi and company.
A metal coatings plant in China's manufacturing hub has been hit by price increases of up to 30% for raw materials including steel, aluminium, thinner and paint since the Chinese New Year in February. The firm has had no choice but to pass most of these higher costs on to its clients, including those in the United States, said King Lau, who helps run Dongguan-based Kam Pin Industrial Ltd, in Guangdong province. With their profit margins already tight, Chinese factories are passing on higher raw material and component costs to overseas clients, which will only reinforce the inflation loop.
Elon Musk's tweets aside, bitcoin remains vulnerable to rising odds of a Fed Reserve rate hike.
The company that operates America's biggest fuel pipeline has reportedly paid a ransom of nearly $5m (£3.5m) to hackers who shut down the facility last week triggering fuel shortages and price hikes across the East Coast. Colonial Pipeline paid the extortion fee on Friday, Bloomberg reported, despite reports that it had no plans to do so and concerns that paying a ransom simply encourages hackers. The pipeline is not yet back at full force following the cyberattack on Friday, when the criminal gang Darkside locked computers controlling the pipeline. The pipes transport 2.5m barrels a day of diesel, petrol and jet fuel across 5,500 miles of pipelines linking refiners on the Gulf Coast to the eastern and southern US. The shutdown triggered fuel shortages from Virginia to Florida and panic buying, with the national US gasoline price rising above $3 a gallon and jumping as much as 11 cents in a day in some areas.