Equity and Fixed Income ETFs Fuel Healthy Sept. Flows

Bloomberg
U.K.’s Longest-Maturity Bond Offer Has Buyers Waiting to Pounce
(Bloomberg) -- U.K. bond investors eager for the government to sell more of its longest-dated debt appear to have gotten their way.A bond auction on Tuesday will include a 1 billion-pound ($1.37 billion) offering of gilts maturing in 2071 with more scheduled for sale in June. Minutes of a conference call with the Debt Management Office last month revealed investors asked for more of the bonds because there isn’t enough to go around. It also cited dealers reporting strong demand for the longest-dated gilts.The success of Britain’s vaccination roll-out and plans to gradually reopen the economy have pressured gilts, lifting 50-year yields to their highest since 2019 last month. That’s now unleashing appetite among money managers to pile back in looking for income-bearing assets to match liabilities .The same dealers have also been reluctant to sell their inventory of long-maturity debt this year back to the Bank of England as part of its quantitative easing program in another sign of anticipated demand. This suggests they don’t want to be caught short of any bonds should investors want to buy from them.Also pushing the strong demand theme, oversubscription rates for bonds maturing in 50 years have been the highest on record since the end of last year.“With the U.K. market having most aggressively priced the re-opening story in Europe, even a mild re-assessment of the re-opening and vaccination story, should see gilts recapture some lost ground,” said Megan Muhic, a strategist at RBC Europe Limited.Next WeekEuro area bond issuance from Germany, Italy and the Netherlands is expected to total 12 billion euros next week according to Commerzbank AG; Danske Bank A/S flags that Ireland could sell a new 20-year bond through banks; Italy, Finland and Portugal pay redemptions of about 29 billion euros and coupons of over 2 billion eurosIn the U.K., the Debt Management Office will sell 1 billion pounds of its longest conventional gilt which matures in 2071 and 600 million pounds of a 30-year inflation-linked bond; the Bank of England will buy back 4.4 billion pounds of debt in three operationsData for the coming week in the euro area and Germany is thin and mostly backward-looking, with the exception of the ZEW survey numbers for April on TuesdayU.K. data is also slim with February GDP due on TuesdayECB policy maker speeches are scheduled from Isabel Schnabel, Fabio Panetta and Luis de Guindos all on Wednesday before a self-imposed quiet period kicks in ahead of the following week’s monetary policy decisionBOE policy maker Silvana Tenreyro speaks on Monday followed by Jonathan Haskel on Wednesday and Jonathan Cunliffe on FridayDBRS Ltd. reviews France on FridayFor 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.
1d ago
Reuters
Wall Street Week Ahead: With stocks at record highs, investors look to upcoming earnings
Wall Street is kicking off a crucial reporting season as U.S. companies provide quarterly results a year after the coronavirus pandemic crippled the economy and as investors look for reasons to support a stock market at record highs. Overall S&P 500 earnings are expected to have jumped 25% in the first quarter from a year ago, according to IBES data from Refinitiv. That would be the biggest quarterly gain since 2018, when tax cuts under former President Donald Trump drove a surge in profit growth.
2d ago
Bloomberg
Eerie Equity Calm Puts Wall Street on High Alert for Next Spark
(Bloomberg) -- The quietest week in stocks so far in 2021 has Wall Street wondering what will break the calm.Equity trading volume plunged as the S&P 500 marched to an all-time high, with the five-day average across U.S. exchanges dropping to 9.5 billion shares traded -- the lowest since October, according to Bloomberg data. Friday was particularly placid, with just 8.7 billion shares moving, the lowest daily total since Christmas Eve.The lull felt especially abrupt after 13 months of frenzied trading brought the fastest bear market ever and a furious rally not equaled in 90 years. Stuck-at-home traders turned online brokerages into casinos, while vaccine approvals in November sparked more euphoria, spurring investors into stocks they’d shunned for months. Since then, more than $575 billion has poured into the market, exceeding total inflows for the prior 12 years combined, according to Bank of America data.That all changed in April, and theories abound as to what’s behind it. The retail mania has cooled as economic restrictions eased. Stimulus bets got settled. A brief bout of selling sparked higher yields was becalmed by a chorus of Federal Reserve officials. Economic data is starting to help justify valuations. There are just fewer major issues left to drive massive market bets. No matter, say money managers, the tranquility won’t last.“We were going 100 miles an hour and now we’re back within the speed limit,” Arthur Hogan, chief market strategist at National Securities, said by phone. “We’re going to see a resurgence of volumes and volatility because this year is going to be like no other year that people have ever seen in terms of economic growth, earnings growth, inflation, a brand-new framework for the Federal Reserve.”After a 1.4% rally Monday, the S&P 500 ground out three more records to end the week as trading volumes slowed to pre-pandemic averages. The index notched a third straight weekly gain, and the Cboe Volatility Index slipped to its lowest level in 14 months. Fading bets on Fed hikes spurred the biggest weekly drop in 5-year Treasury yields since June.Traders whipsawed by the pandemic tumult are unmoved by the calm and point to signs that more turbulence is to come. Take the VIX. At 17, it’s stubbornly elevated compared to its average of 14.9 in the seven years through 2019. Bets that the summer will bring more market chaos have pushed the spread between the VIX and implied 30-day volatility four months from now to the widest level in almost nine years.Bond markets show similar expectations for fireworks -- short interest in the $14 billion iShares 20+ Year Treasury Bond exchange-traded fund as a percentage of shares outstanding rose to the highest level since 2017 this week, IHS Markit Ltd. data show, even as the ETF rallied.Meanwhile, Wall Street prognosticators think the advance that pushed S&P 500 to dot-com-era valuations is likely exhausted for the year. At an all-time high of 4,128.80, the index closed Friday ahead of the average year-end target of 4,099 from strategists tracked by Bloomberg.Skeptics have cited everything from rising yields to stretched valuation and potential tax hikes as reason for caution. Tobias Levkovich, chief U.S. equity strategist at Citigroup Inc. whose 2021 target sat at 3,800, expects the Fed to start rolling back monetary stimulus later this year and earnings guidance to weaken, posing headwinds for stocks and stoking volatility.“Sentiment is in very worrisome territory as is valuation, yet money flows continue to push indices higher,” Levkovich wrote in a note earlier this week. “Huge fiscal stimulus and supportive central banks have created the notion of there being no need to be risk averse,” he added. “Indeed, all developments are perceived as positive news. Yet, such one-sided views are not usually a good starting point.”Kim Forrest of Bokeh Capital Partners is feeling more optimistic. She expects the kickoff of what’s expected to be the best earnings season since 2018 to breathe life back into the stocks, with big lenders including JPMorgan Chase & Co. and Citigroup Inc. set to report next week. First-quarter profits from S&P 500 firms probably expanded 24%, led by carmakers, banks and retailers, data compiled by Bloomberg Intelligence show.“Unless there’s some other craziness going, like Covid, earnings always drive the market,” said Forrest, the firm’s chief investment officer. “We are heading into earnings season and the bar has been set really low, and I think the first quarter has been pretty good, so that’s encouraging.”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.
2d ago
Bloomberg
China Fines Alibaba Record $2.8 Billion After Monopoly Probe
(Bloomberg) -- China slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. after an anti-monopoly probe found it abused its market dominance, as Beijing clamps down on its internet giants.The 18.2 billion yuan penalty is triple the previous high of almost $1 billion that U.S. chipmaker Qualcomm Inc. had to pay in 2015, and was based on 4% of Alibaba’s 2019 domestic revenue, according to China’s antitrust watchdog. The company will also have to initiate “comprehensive rectifications,” from protecting merchants and customers to strengthening internal controls, the agency said in a statement on Saturday.The fine -- about 12% of Alibaba’s fiscal 2020 net income -- helps remove some of the uncertainty that’s hung over China’s second-largest corporation. But Beijing remains intent on reining in its internet and fintech giants and is said to be scrutinizing other parts of billionaire founder Jack Ma’s empire, including Ant Group Co.’s consumer-lending businesses and Alibaba’s extensive media holdings.Alibaba used its platform rules and technical methods like data and algorithms “to maintain and strengthen its own market power and obtain improper competitive advantage,” the State Administration for Market Regulation concluded in its investigation. The company will likely have to change a raft of practices, like merchant exclusivity, which critics say helped it become China’s largest e-commerce operation.“The high fine puts the regulator in the media spotlight and sends a strong signal to the tech sector that such types of exclusionary conduct will no longer be tolerated,” said Angela Zhang, author of “Chinese Antitrust Exceptionalism” and director of Centre for Chinese Law at the University of Hong Kong. “It’s a stone that kills two birds.”Alibaba’s practice of imposing a “pick one from two” choice on merchants “shuts out and restricts competition“ in the domestic online retail market, according to the statement.The government action sends a clear warning to the tech sector as the government scrutinizes the influence that companies like Alibaba and social media giant Tencent Holdings Ltd. wield over spheres from consumer data to mergers and acquisitions.The investigation into Alibaba was one of the opening salvos in a campaign seemingly designed to curb the power of China’s internet leaders and their billionaire founders. The company has come under mounting pressure from authorities since Ma spoke out against China’s regulatory approach to the finance sector in October. Those comments set in motion an unprecedented regulatory offensive, including scuttling Ant Group Co.’s $35 billion initial public offering.Alibaba said it will hold a conference call Monday morning Hong Kong time to address lingering questions around the antitrust watchdog’s decree.“China’s record fine on Alibaba may lift the regulatory overhang that has weighed on the company since the start of an anti-monopoly probe in late December,” Bloomberg Intelligence analysts Vey-Sern Ling and Tiffany Tam said, describing the fine as a small price to pay to do away with that uncertainty.”Further ActionStill, it remains unclear whether the watchdog or other agencies might demand further action. Regulators are said for instance to be concerned about Alibaba’s ability to sway public discourse and want the company to sell some of its media assets, including the South China Morning Post, Hong Kong’s leading English-language newspaper.The Hangzhou-based firm will be required to implement “comprehensive rectifications,” including strengthening internal controls, upholding fair competition, and protecting businesses on its platform and consumers’ rights, the regulator said. It will need to submit reports on self-regulation to the authority for three consecutive years.“Alibaba accepts the penalty with sincerity and will ensure its compliance with determination. To serve its responsibility to society, Alibaba will operate in accordance with the law with utmost diligence, continue to strengthen its compliance systems and build on growth through innovation,” the company said in a statement on Saturday.Faced ChallengesChief Executive Officer Daniel Zhang said in a memo to employees on Saturday that Alibaba always reflected and adapted when it faced challenges. He called for unity among staff, saying the company should “make self-adjustments and start over again.”The Communist Party-run People’s Daily newspaper said in a commentary on Saturday that the punishment involves specific anti-monopoly measures regulatory authorities take to “prevent the disorderly expansion of capital.”“It doesn’t mean denying the significant role of platform economy in overall economic and social development, and doesn’t signal a shift of attitude in terms of the country’s support to the platform economy,” the newspaper said. “Regulations are for better development, and ‘reining in’ is also a kind of love.”(Updates with company’s comment from 14th 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.
1d ago
MoneyWise
Fourth stimulus check: Lawmakers press Biden to say yes to more payments
The president is being urged to roll more direct aid money into his infrastructure bill.
1d ago
Bloomberg
European Stocks Post Longest Weekly Winning Streak in 17 Months
(Bloomberg) -- European equities edged up to a fresh record, as investors weighed prospects for recovery and awaited the earnings season.The Stoxx Europe 600 Index was up 0.1% at the close, completing a sixth week of gains, its longest weekly winning streak since November 2019. Health-care and construction shares led gains, while energy dropped. The tech subindex rose 0.3%, almost ending at 700 for the first time since the dot-com days of 2001.European equities have rallied strongly in 2021, in a rare instance of outperforming the U.S., as investors have boosted the cheap and cyclical shares that dominate the region’s stock market on bets of a vaccine-fueled recovery. The Stoxx 600 this week surged above its previous record held in February 2020, erasing all its pandemic-fueled losses.The next catalyst for stocks is likely the upcoming earnings season that should confirm positive macro trends, said Ignacio Cantos, investment director at ATL Capital in Madrid. “Until then, we will see a lateral market, there’s still lots of money available and few places to put it but the big question is if the recovery is already priced in,” Cantos said.“Equities had a strong run in Q1, with surging inflows and risk-on rotation propelled by vaccine roll-out, fiscal stimulus and dovish policy,” Barclays Plc strategist Emmanuel Cau wrote in a note. “‘Goldilocks’ economy might be here to stay, but given rather stretched positioning, sentiment, valuations and technicals now, more ‘normal’ returns are to be expected.”Among notable movers, TUI AG fell 2.1% after issuing convertible bonds. Puma SE climbed 2.3%, boosting consumer shares, after Jefferies predicted a strong earnings update.You want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance.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.
2d ago
Quartz
How much money does Nigeria owe China?
As trade and investment have grown between China and Nigeria, so has lending, leading to an increased focus on the balance of the bilateral relationship.
6h ago
InvestorPlace
Smart Contracts Could Elevate Cardano to a Top Tier Cryptocurrency
Cryptocurrency has been booming over the past six months, and that’s allowed a lot of seemingly left-for-deal alt-coins to come back to life. For example, take Cardano (CCC:ADA-USD). Source: Shutterstock ADA’s price fell as much as 98% from its 2017 peak to its ultimate trough. However, Cardano improbably came back and is now as valuable as ever. Charles Hoskinson founded the Cardano platform in 2015 and it officially launched in 2017. Hoskinson, for those unfamiliar, was initially a co-founder of Ethereum (CCC:ETH-USD). InvestorPlace - Stock Market News, Stock Advice & Trading Tips However, he left Ethereum over strategic differences with Vitalik Buterin and launched his own project, Cardano, which he felt would be able to improve upon Ethereum’s framework in several key ways. 7 Great Stocks to Buy Under $10 While Hoskinson targeted a few important elements such as better energy efficiency and lower transaction fees, Cardano hasn’t really taken off. Yes, Cardano’s market capitalization briefly spiked from $600 million to $10 billion in 2017, but the price of ADA went into a long slumber since then. Until 2021, that is. This year Cardano’s price has reached its old highs from 2017. Here’s why. Cardano: NFT Connection? One of the biggest trends right now is non-fungible tokens (NFTs). These are being compared to digital art. A creator can put some piece of intellectual property — a tweet, .jpg file, meme, video, or other such thing into a digital token. Then, using the NFT architecture, the unique rights to that property can be auctioned. While you can obviously reproduce copies of things infinitely on the internet, the NFT secures actual digital ownership of the original content for whoever buys the asset. Cardano has enjoyed some trading buzz thanks to NFTs. Hoskinson has been appealing to NFT platforms to consider using Cardano instead of Ethereum for handling these transactions. That makes sense in theory given the high transaction costs on Ethereum right now. Still, it’s far from certain if Cardano will pick up much NFT business and if NFTs themselves will be a lasting investment category. Cardano: Smart Contracts Are The Real Catalyst NFTs are fun and may boost Cardano’s price for a bit. Like many other crypto memes, however, NFTs may end up gone before long. Does anyone still remember CryptoKitties? No, the real driver for Cardano here is smart contracts. the company’s leadership has suggested that it will be rolling out smart contracts on its blockchain by early May. This is potentially the killer app that could elevate Cardano to the big leagues. Ethereum has gained tremendously in stature since last year, as it has developed a decentralized finance “DeFi” ecosystem based around smart contracts. This allows a bunch of novel financial arrangements and legal contracts that can be operated seamlessly online. Recent estimates suggest that Ethereum’s DeFi platform now holds around $40 billion in assets. Cardano hopes to grab a big chunk of that. Its different architecture will allow it to avoid the huge transaction fees that have hampered the adoption of Ethereum. Hoskinson’s other claims, such as that Cardano is more energy-efficient than Ethereum, could make a big difference if Cardano catches up to Ethereum in terms of its main features. ADA Verdict Out of the second-tier of cryptocurrencies, Cardano is one of the better options. It’s certainly ahead of other currently popular altcoins such as Ripple (CCC:XRP-USD) or Dogecoin (CCC:DOGE-USD). Cardano has a well-known founder, an active development roadmap and a number of potentially valuable features. Skeptics will argue that there’s a bit of a speculative element to Cardano, particularly since many r/WallStreetBets folks gravitated to ADA. However, that’s true of many altcoins lately, and Cardano is far from the most touted of the bunch. Over time, there still hasn’t been much to demonstrate that Cardano will overtake Bitcoin or Ethereum in importance. And, at least so far, the crypto market has largely rewarded the biggest coins rather than the upstarts. However, the launch of Cardano smart contracts could change things. If you want to diversify a little outside of the big two, ADA isn’t a bad option. On the date of publication, Ian Bezek did not have (either directly or indirectly) any positions in the securities mentioned in this article. Ian Bezek has written more than 1,000 articles for InvestorPlace.com and Seeking Alpha. He also worked as a Junior Analyst for Kerrisdale Capital, a $300 million New York City-based hedge fund. You can reach him on Twitter at @irbezek. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Smart Contracts Could Elevate Cardano to a Top Tier Cryptocurrency appeared first on InvestorPlace.
2d ago
Yahoo Finance
‘This is the single worst time to be a passive investor’: veteran investor
Stock picking is ripe for a shift away from passive investing, which could suffer a decade of low or nonexistent returns, says Bill Smead.
1d ago
Barrons.com
Charlie Munger Prefers Alibaba Stock to Treasury Bills. Here’s Why.
Daily Journal Chairman Charlie Munger says a new investment in Chinese internet giant Alibaba is part of a move into stocks because returns on Treasury bills are so low.
3h ago
CoinDesk
Traders Opting for Cash and Carry Strategy as Bitcoin’s ‘Contango’ Widens
Cash and carry traders seek to profit from the spread between bitcoin's price in futures and spot markets.
19h ago
Investopedia
Must-Know Rules for Converting a 401(k) to a Roth IRA
You should be able to roll over your 401(k) plan account into a Roth IRA, but be sure you first understand the tax consequences of doing so.
2d ago
InvestorPlace
3 Reasons Why the Ethereum Bull Run Shows No Signs of Slowing Down
Ethereum (CCC:ETH-USD) continues to confound bears. It has shot past the psychologically important $2,000 barrier and shows no signs of slowing down. The second most popular cryptocurrency, after Bitcoin (CCC:BTC-USD), is consistently racking up all-time highs. Source: Shutterstock ETH has been strongly rising since Visa (NYSE:V) announced that its payments network would use USD Coin to settle transactions over Ethereum. Dallas Mavericks Mark Cuban also helped matters by saying that it’s closest “to a true currency.” Cuban said his portfolio allocation is, “60% bitcoin, 30% Ethereum and 10% the rest.” There is also a major catalyst coming up for ETH. For years, Ethereum developers have been planning a shift to proof-of-stake from proof of work.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Under the new concept, Ethereum 2.0 blockchain users will get rewards for helping run the network based on the amount of ETH they are willing to stake to it. In contrast, proof-of-work involves using massive amounts of computer power to solve a series of cryptographic puzzles to create a new block. The shift will lower the network’s energy use allowing the Ethereum network to process more transactions per second and reduce fees. These initiatives are part of Ethereum 2.0, an ongoing project that does not have a definitive completion date. However, Justin Drake, one of the researchers working on Ethereum 2.0, has said, “I am confident we can ship the merge in 2021.” So, things are looking up for Ethereum bulls. Ethereum Escapes Bitcoin’s Shadow For much of its life, Ethereum has played second fiddle to Bitcoin. Many mistakenly consider the two as like-for-like replacements of each other. However, Ethereum is very different from Bitcoin, which primarily serves as a virtual currency and store of value. What makes it different is that it can be used to “codify, decentralize, secure, and trade just about anything.” 7 Great Stocks to Buy Under $10 You can build smart contracts, make regular peer-to-peer payments, and create and run applications. Bitcoin is used exclusively as a currency and store of value. Ethereum also processes transactions at a quicker pace. Finally, the launch of futures on ether is another game-changer. It gives institutional investors access to a regulated market that allows them to get exposure to price movements while also mitigating any crypto-related risks. Pros and Cons Ethereum the largest ecosystem in blockchain and cryptocurrency. A large community of Ethereum developers is constantly looking to enhance the network. Hence, it becomes the platform of choice for new and sometimes risky decentralized applications. The network also allows you to bypass third-party intermediaries. You need not worry about lawyers, banks, or financial advisors when transacting on the network. Finally, the Ethereum blockchain will become more enticing when it migrates to a new protocol. Now, with the pros out of the way, let’s also highlight some risks. Ethereum’s growing popularity is leading to a sharp increase in transaction fees. In February 2021, fees reached a record $23 per transaction. Plus, there is no limit to the number of potential Ether tokens. In contrast, there is a hard cap of 21 million Bitcoin. There is an annual limit of releasing 18 million Ether per year, though, giving it a measure of protection against crypto inflation. Regardless, since there isn’t a lifetime limit, there is a danger that Ethereum will become akin to a currency compared to Bitcoin, which will retain value due to the hard limit. On balance, a lot is going in favor of Ethereum. Expect these catalysts to continue pushing it upward. But you should be mindful of the risks when investing in this one. What’s Next Interest in blockchain technology is increasing at an exponential rate. Institutions are warming up to the idea of crypto, leading to an increase in demand. The introduction of listed Ether futures is only adding to the momentum, as major hedge funds and asset managers pour capital into the digital asset while also hedging against risk. In 2020, ether volumes averaged $231 million per day. In the year thus far, the figure is averaging $2.7 billion per day. With Ether futures going live, expect volumes to keep increasing in the coming months. Bottom line? Blockchain technology is quickly gaining more acceptance among companies and institutions looking to improve business processes or use it as a transaction method. Consequently, ETH price is on a steady uptrend in the past few months. It remains above all the moving averages, which will provide it strong support as Ether continues to attain new highs. If you haven’t already, now is the right time to invest in this digital asset. On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post 3 Reasons Why the Ethereum Bull Run Shows No Signs of Slowing Down appeared first on InvestorPlace.
2d ago
TipRanks
JPMorgan Says These 2 Stocks Could Surge Over 80%
After a volatile first quarter, Q2 has kicked off in style, and the major indexes sit at – or hover near – all-time highs. The government bond market has also been steadying as yields have pulled back after rising higher earlier in the year, soothing investor fears that inflation could get out of hand. Moreover, the economic recovery seems to be gathering steam at a faster pace than anticipated. “We had been expecting the data to improve about this time, and early signals are that the recovery is absolutely on track,” said Hugh Gimber, J.P. Morgan’s global market strategist. “This is the period where the forecast of a strong recovery in growth is starting to look more like the fact of a strong recovery in growth.” Against this backdrop, the analysts at J.P. Morgan have pinpointed 2 names which they believe are set for strong growth in the year ahead; both are expected to handsomely reward investors with at least 80% of gains over the coming months. We ran them through TipRanks database to see what other Wall Street's analysts have to say about them. Tencent Music Entertainment (TME) We’ll start in China, where Tencent Music Entertainment is the offspring of China’s giant online venture company, Tencent, and Spotify, the Swedish streaming company that makes music and playlists easy. Tencent Music has seen consistently strong sales and earnings for the past year, with the top line growing year-over-year in each quarter of 2020. The Q4 report showed $1.26 billion in the top line, the highest in the last two years, along with 12 cents per share in earnings, up 33% year-over-year. Strong streaming revenue, which showed 29% growth, helped drive the results. And, Tencent Music, through its variety of apps, is the top music streaming service in the Chinese online market – as shown by the 40.4% yoy increase in paid subscribers during Q4. In its quarterly results, the company reported 4.3 million net new users in Q4, to reach 56 million active premium accounts across its apps. That said, the stock has pulled back sharply recently, as like many other high-flying growth names, worries regarding an overheated valuation have come to the fore. But pullbacks often spell opportunity, and covering the stock for JPM, Alex Yao notes the strong subscription growth, as well as the potential in the company’s other businesses, online ads and long-form audio, for monetization. “We believe TME is entering a healthy development cycle with successive growth engines: 1) music subscription remains the core revenue driver with consistent paying ratio improvement, 2) ads revenue ramps up quickly, and 3) active investments in long-form audio initiative, which could become a new growth driver in 2022 and afterwards," Yao noted. To this end, Yao puts a $36 price target on TME, suggesting a one-year upside of 84%, to back his Overweight (i.e. Buy) rating on the stock. (To watch Yao’s track record, click here) Overall, TME has a thumbs up from Wall Street. Of the 11 reviews on record, 7 are to Buy, 3 are to Hold, and 1 says Sell, making the analyst consensus a Moderate Buy. The shares are priced at $19.50, and their $30.19 average price target implies an upside of 55% for the months ahead. (See TME stock analysis on TipRanks) Y-mAbs Therapeutics (YMAB) The next JPM pick we’re looking at is Y-mAbs, a late-stage clinical biopharma company with a focus on pediatric oncology. The company is working on the development and commercialization of new antibody-based cancer therapeutics. Y-mAbs has one medication – Danyelza – approved for use to treat neuroblastoma in children age 1 and over, and a ‘broad and advanced’ pipeline of drug candidates in various stages of the clinical process, as well as five additional products in pre-clinical research stages. Having an approved drug is a ‘holy grail’ for clinical biopharmaceutical companies, and in 4Q20 Y-mAbs saw considerable income from Danyelza. The company announced at the end of December that it had agreed to sell the Priority Review Voucher for the drug to United Therapeutics for $105 million. Y-mAbs will retain the rights to 60% of the net proceeds from the sale, under an agreement with Memorial Sloan Kettering. Also in December, the company announced a license agreement with SciClone. The partnership gives Y-mAbs and Danyelza an opening for treating pediatric patients in China. The agreement includes Mainland China, Taiwan, Hong Kong, and Macau, and is worth up to $120 million for Y-mAbs. The company has entered other agreements making Danyelza available in Eastern Europe and Russia. Danyelza is Y-mAbs flagship product, but the company also has omburtamab in advanced stages of the pipeline. This drug candidate saw a setback in October last year, when the FDA refused to file the company's Biologics License Application, proposed for the treatment of pediatric patients with CNS/leptomeningeal metastasis. Y-mAbs has been in steady communication with the FDA since then, with a new target date for the BLA at the end of 2Q21 or early in 3Q21. These two drugs – one approved and one not yet – form the basis of the JPM outlook on this stock. Analyst Tessa Romero writes, “Our thesis revolves around the de-risked nature of the pediatric oncology pipeline. Our recent KOL feedback is enthusiastic about use of lead asset Danyelza in patients with high-risk neuroblastoma (NB). For second lead asset omburtamab in NB metastatic to the central nervous system (CNS/LM from NB), while the ‘Refuse to File’ last year and subsequent regulatory delays were certainly disappointing, we still see a high probability of approval for the product in the 2Q/3Q22 timeframe…” Looking ahead, Romero sees an upbeat outlook for the company: “Coupling our anticipation of a healthy launch for Danyelza, with regulatory/clinical momentum expected in the near- to mid-term, we see shares poised to rebound and see an attractive buying opportunity at current levels.” The analyst puts a $52 price target on YMAB shares, implying an upside of 86% for the year ahead, and supporting an Overweight (i.e. Buy) rating. (To watch Romero’s track record, click here) Overall, the Wall Street reviews break down 3 to 1 in favor of Buys versus Holds on Y-mAbs, giving the stock a Strong Buy consensus rating. The shares have an average price target of $61.25, suggestive of a 121% upside potential this year. (See YMAB 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.
2d ago
Benzinga
Budget Carrier Startup Avelo Airlines Launches With $19 Fares
Avelo Airlines, a startup budget carrier, will inaugurate service on April 28 from its base at Hollywood Burbank Airport in California. What’s Happening: The start-up airline will offer nonstop service to smaller airports in 11 West Coast locations, using 189-seat Boeing 737-800 aircraft accommodating 189 seats. To launch its service, Avelo is offering a promotion with one-way fares beginning at $19. “After more than 20 years of steadily shrinking consumer choice, the American flying public wants and deserves more options and lower fares,” said Avelo Founder and CEO Andrew Levy, former chief financial officer at United Airlines Holdings Inc (NYSE: UAL) and former president, chief financial officer and chief operating officer at Allegiant Travel Company (NASDAQ: ALGT). Related Link: French Government Gives .7B Infusion To Ailing Air France: What You Need To Know Why It Matters: Avelo is the second start-up U.S. carrier launching this year, joining Breeze Airways as a newcomer to the skies. Avelo is also entering an industry that is more than eager to move beyond the financial trauma created by the COVID-19 pandemic. Several major carriers have announced new routes and the resumption of pandemic-paused services, and two companies — Frontier Airlines and Sun Country Airlines — have also announced plans for initial public offerings. Related Link: American Airlines Flight Encounters UFO Over New Mexico (Photo courtesy Avelo Airlines) See more from BenzingaClick here for options trades from BenzingaDMX, Rapper With Troubled Life, Dies At 50Wall Street Crime And Punishment: Joseph P. Kennedy, The Crooked Dynasty Patriarch© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
2d ago
MarketWatch
Whether you’re retiring in 30 years or 5 years, you still need to do this one thing religiously
Investing is a crucial part of accumulating enough money in retirement — and the best results come with proper asset allocation. Retirement tip of the week: Check the asset allocation of your retirement portfolios, and if you’ve done it recently, make it a regularly scheduled task once a year. “The time to review your asset allocation and overall retirement investment strategy should be a proactive process throughout the year,” said Jon Ulin, chief executive officer of Ulin & Co. Wealth Management.
1d ago
Bloomberg
Arm Battle With China CEO Escalates, Complicating SoftBank Sale
(Bloomberg) -- The battle for control of Arm Ltd.’s China business is escalating with new lawsuits aimed at keeping the unit’s controversial chief executive in power, further complicating SoftBank Group Corp.’s efforts to sell the business to Nvidia Corp.The dispute erupted almost a year ago in June after the board voted to oust Arm China Chief Executive Officer Allen Wu for conflicts of interest, but he refused to leave. Now the Chinese unit, which remains under Wu’s control, has filed lawsuits against three senior executives the board designated to replace him, according to people familiar with the matter. The previously unreported suits could take years to resolve, suggesting Wu may remain entrenched.Wu fired the three men -- including co-CEO Phil Tang -- but they were subsequently reinstated by the board. In the new lawsuits, Arm China is suing the trio, demanding they return company property, according to the people.Arm China declined to comment on any ongoing legal cases or possible settlement talks. It did say the three executives had caused “material damages” to the company and they had been terminated for legitimate reasons.Tang didn’t return requests for comment. Arm Ltd. declined to elaborate, saying it won’t comment on pending legal matters.The complex tussle has thrown into question the future of Arm, whose semiconductor technology is the world’s most widely used for smartphones and is increasingly deployed in computers. SoftBank founder Masayoshi Son agreed to sell the British chip designer to Nvidia for $40 billion last year, but the path for completing that transaction is growing increasingly difficult.The China dispute also raises questions about Beijing’s willingness to protect foreign investment in the world’s second-largest economy. Arm Ltd. sold a majority stake in the China unit to a consortium of investors, including Beijing-backed institutions. That has complicated the British firm’s efforts to manage Arm China and Wu, who has support from local authorities in Shenzhen.Both sides appear to be at a stalemate. Wu, a Chinese-born U.S. citizen, pulled back from signing settlement agreements worth tens of millions of dollars if he would leave the company, the people said, asking not to be identified talking about legal matters. At the same time, two minority shareholders in Arm China linked to Wu have filed lawsuits to overturn his June 4 dismissal, they said.SoftBank opened negotiations with him last year and had hoped to reach some sort of resolution, they said. Instead the court battles are deepening and the Japanese company has soured over the increasingly complicated dispute, the people said. SoftBank is now resigned to letting the legal proceedings take their course and there are no current negotiations with Wu, according to one of the people.“We are going through a leadership change in China; it’s taking time to resolve,” said Arm Ltd.’s Chief Executive Officer Simon Segars in an interview with Bloomberg Television recently. “It’s hard. But we are confident that’s going to get resolved.”SoftBank and Nvidia declined to comment on the dispute in China.Arm China said in a statement that Wu’s position “is compliant with legal registration and confirmed by China law and regulations.”Read more: Arm Takes Aim at Intel Chips in Biggest Tech Overhaul in DecadeThe standoff accords a relatively unknown executive outsized influence over one of the industry’s most important pieces of technology, in the world’s biggest internet and semiconductor market. Chinese companies need unfettered access to Arm’s products to push forward with the country’s attempts to make itself more independent in chip technology, an area where it’s largely reliant on imports. Beyond resolving the stalemate, Nvidia and SoftBank also need Beijing’s signoff to seal their deal, and it’s unclear whether Wu’s presence would complicate that.Wu’s hold on Arm China is partially due to local laws which make it difficult to change control of a company unless you’re physically in control of the company stamp and registration documents. He’s refused to give them up and has used company funds to pay for legal fees incurred in his attempt to fight off his dismissal, the people said.Arm China said payment of legal fees “is made in compliance with company policies as well as China laws and regulations.”His ultimate goals appear to be a large cash payoff and immunity from subsequent legal action, according to people who’ve spoken with him. Inside Arm China, which is responsible for selling licenses to its chip designs and fundamental technology in the country, Wu has told local staff he’s not going anywhere. He recently gave employees Chinese New Year cash presents in a red envelope with his surname on it.Arm China said the money came from Wu personally to show his appreciation to colleagues, a tradition at Chinese New Year in the country.Hearings in the case against the three executives are expected to take place in late May, one of the people said. Separately, two minority shareholders in Arm China have sued the Chinese entity in Shenzhen to nullify the board’s decision to oust Wu. These two cases are now being merged and hearings are slated for late April, the people said.Son told investors as recently as February that he expects to close the Arm sale and “I don’t have any Plan B.”Arm, for its part is trying to make sure that its technology remains pervasive in China despite U.S. sanctions intended to curb the supply of American technology to major companies like Huawei Technologies Co. While Arm is a U.K.-based company part of its operations are in the U.S. making its products subject to controls.The Chinese government has not stated its position on the Arm China leadership struggle, but the unit has several government-backed shareholders including sovereign wealth fund China Investment Corp. and the Silk Road Fund.In his interview with Bloomberg Television, Arm Ltd. CEO Segars said that the ten-month standoff hasn’t hurt Arm’s business in China. Lack of travel for face-to-face meetings during the pandemic has prolonged the process of changing leadership in China, he said.“When we announced the deal in September, we said it would take about 18 months,” he said. “We remain confident in that timeline.”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.
2d ago
Benzinga
Why Alibaba Just Got Hit With A Record $2.87 Billion Fine In China
The regulatory troubles that have beset Jack Ma since November may be nearing their end, culminating in a hefty fine slapped on the Chinese tech entrepreneur's biggest brand. What Happened: China fined Ma's Alibaba Group Holding Ltd (NYSE: BABA) a record $2.8 billion after a monopoly probe found that the company had abused its dominant market position, Reuters reported. The regulator also ordered Alibaba to make "thorough rectifications" to strengthen internal compliance and protect consumer rights. The Chinese government said that Alibaba had used anti-competitive practices in its online retail market. According to state-run Xinhua news agency, the penalty came from the State Administration for Market Regulation, which had been investigating it since December. The size of the penalty was determined after regulators decided to fine Alibaba 4% of its 2019 sales of 455.7 billion yuan. The fine is more than double the $975 million fine that China issued to QUALCOMM, Inc. (NASDAQ: QCOM) in 2015 for anticompetitive practices. In a press statement, Alibaba said, "Alibaba accepts the penalty with sincerity and will ensure its compliance with determination." "To serve its responsibility to society, Alibaba will operate in accordance with the law with utmost diligence, continue to strengthen its compliance systems and build on growth through innovation," the company added. Alibaba will hold a conference call on Monday to discuss the penalty. Why It Matters: The outspoken Ma has long been the most visible figure of China's economic rise and stands out in a culture where getting attention at high levels is perilous. Alibaba, in particular, has been under scrutiny since last October when Ma criticized China's banking sector as operating with a “pawnshop mentality." The government scuttled the planned blockbuster Ant Group IPO shortly after Ma made the comments. Chinese regulators are increasing their pressure on Ma and his powerhouse companies, Ant Group Co., Alibaba Group Holding Ltd. and Alibaba's media holdings. Last year, the People's Bank of China, the country's central bank, instructed Ant Group to "rectify" how it does business. Ma's Alibaba Group and other leading tech companies in China have been scrutinized by regulators over their growing influence in the country. Technology firms in China have been hiring legal experts and setting aside funds for potential fines amid the antitrust and data privacy crackdown by regulators. Photo courtesy: World Economic Forum via Wikimedia See more from BenzingaClick here for options trades from BenzingaWhy Authorities Are Putting The Brakes on Johnson & Johnson's Vaccine In Several States'Godzilla vs. Kong' Smashes Pandemic-Era Box Office With .5 Million Debut© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
21h ago
TipRanks
XPeng to Produce Its Own Chips; Analyst Weighs In
The latest noises coming out from China suggest XPeng (XPEV) is keen to produce its own chips in-house. According to Chinese news outlet 36kr, using a small team of less than 10 engineers, the Chinese EV maker is developing its own autonomous driving chip. The production started a few months ago and is taking place in both the US and China. Xia Heng, XPeng’s Co-President and Chief Technology & Operation Advisor Benny Katibian, whose prior jobs include leading the tech dept at Qualcomm's ADAS team, are at the helm of the new project. “Industry sources indicate XPeng is actively recruiting chip engineers,” said Deutsche Bank’s Edison Yu, who believes this suggests “there are plans to grow this effort moving forward.” “In our view,” Yu further noted, “We do not expect any near-term changes as both XPILOT 3.5 and 4.0 will use Nvidia chips (Xavier and Orin), but believe similar to Tesla/NIO, XPeng wants to ultimately use a custom designed chip purpose built to train its neural net (to use in XPILOT 5.0) rather than a general purpose chip, in order to maximize performance/ efficiency and lower cost.” Yu thinks local rival Nio, is “likely” fast at work on a similar project after poaching Xiaomi's chip division manager. Looking at the wider picture, Yu believes it is all part of an effort by the industry/government to lower the dependence on foreign chips. Earlier this year, backed by BYD and Great Wall Motor, Horizon Robotics raised $900 million in a Series C round. The 5-year-old, local start-up was recently selected by SAIC (GM and VW’s main JV Chinese partner) to supply its ADAS/AD chipset. Horizon is targeting the shipment of 1 million chips this year and Yu believes it is a good example of the local industry’s chip manufacturing ambitions. To this end, Yu rates XPEV shares a Buy along with a $48 price target. The implication for investors? Upside of 39%. (To watch Yu’s track record, click here) XPEV stock has a resounding “yes” on Wall Street. 6 Buys and 1 Hold assigned in the last three months add up to a Strong Buy analyst consensus. At $49.50, the average price target implies upside potential of 43.5%. (See XPEV stock analysis on TipRanks) To find good ideas for EV 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 analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
17h ago
MarketWatch
He began buying Tesla at just $7.50, and now he’s retiring at 39 years old with $12 million worth — he still refuses to sell a single share
While just about every financial planner out there continues to espouse the "diversify" mantra, Jason DeBolt, a former Google and current Amazon employee, has taken a decidedly different approach.
1d ago

Ticker	Name	Issuer	Net Flows ($M)	AUM ($M)	% of AUM	YTD 2016 Net Flows ($M)
XLRE	Real Estate Select Sector SPDR Fund	State Street Global Advisors	3,213.98	3,232.18	17,660.62%	3,325.79
IVV	iShares Core S&P 500 ETF	BlackRock	1,412.32	78,958.10	1.82%	4,933.55
IWD	iShares Russell 1000 Value ETF	BlackRock	1,243.75	30,866.57	4.20%	1,795.24
GDX	VanEck Vectors Gold Miners ETF	Van Eck	1,138.66	11,200.63	11.32%	2,920.46
VWO	Vanguard FTSE Emerging Markets ETF	Vanguard	982.42	43,093.51	2.33%	3,975.24
XOP	SPDR S&P Oil & Gas Exploration & Production ETF	State Street Global Advisors	748.95	2,340.04	47.07%	231.98
VEA	Vanguard FTSE Developed Markets ETF	Vanguard	711.21	37,126.42	1.95%	7,132.47
IEMG	iShares Core MSCI Emerging Markets ETF	BlackRock	709.62	17,093.91	4.33%	5,510.88
VOO	Vanguard S&P 500 Index Fund	Vanguard	665.14	51,160.95	1.32%	8,392.57
BSV	Vanguard Short-Term Bond Index Fund	Vanguard	653.50	18,934.80	3.57%	1,257.66

Ticker	Name	Issuer	Net Flows ($M)	AUM ($M)	% of AUM	September 2016 Net Flows ($M)
GLD	SPDR Gold Trust	State Street Global Advisors	12,100.45	40,159.76	43.12%	204.73
AGG	iShares Core U.S. Aggregate Bond ETF	BlackRock	9,773.93	41,733.78	30.58%	448.50
VOO	Vanguard S&P 500 Index Fund	Vanguard	8,392.57	51,160.95	19.62%	665.14
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	BlackRock	7,187.19	33,236.72	27.59%	271.40
VEA	Vanguard FTSE Developed Markets ETF	Vanguard	7,132.47	37,126.42	23.78%	711.21
EEM	iShares MSCI Emerging Markets ETF	BlackRock	6,720.12	31,606.31	27.00%	33.19
USMV	iShares Edge MSCI Min Vol USA ETF	BlackRock	6,317.25	14,442.30	77.75%	75.65
IEMG	iShares Core MSCI Emerging Markets ETF	BlackRock	5,510.88	17,093.91	47.58%	709.62
VNQ	Vanguard REIT Index Fund	Vanguard	5,025.54	35,143.68	16.69%	474.10
IVV	iShares Core S&P 500 ETF	BlackRock	4,933.55	78,958.10	6.66%	1,412.32

Ticker	Name	Issuer	Net Flows ($M)	AUM ($M)	% of AUM	YTD 2016 Net Flows ($M)
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	-3,887.86	195,653.63	-1.95%	-357.87
DBEF	Deutsche X-trackers MSCI EAFE Hedged Equity ETF	Deutsche Bank	-2,067.95	7,985.80	-20.57%	-4,737.49
XLF	Financial Select Sector SPDR Fund	State Street Global Advisors	-1,313.08	11,861.54	-9.97%	-4,473.78
VFH	Vanguard Financials Index Fund	Vanguard	-896.08	3,189.03	-21.94%	-286.34
EZU	iShares MSCI Eurozone ETF	BlackRock	-766.19	7,554.89	-9.21%	-6,289.02
EFA	iShares MSCI EAFE ETF	BlackRock	-672.28	59,648.60	-1.11%	-512.44
VGK	Vanguard FTSE Europe ETF	Vanguard	-647.76	11,027.15	-5.55%	-3,341.10
SPLV	Powershares S&P 500 Low Volatility Portfolio	Invesco PowerShares	-483.88	7,066.36	-6.41%	876.25
HEFA	iShares Currency Hedged MSCI EAFE ETF	BlackRock	-476.91	3,107.85	-13.30%	-387.79
HEDJ	WisdomTree Europe Hedged Equity Fund	WisdomTree	-467.69	9,109.14	-4.88%	-7,339.02

Ticker	Name	Issuer	Net Flows ($M)	AUM ($M)	% of AUM	September 2016 Net Flows ($M)
HEDJ	WisdomTree Europe Hedged Equity Fund	WisdomTree	-7,339.02	9,109.14	-44.62%	-467.69
EZU	iShares MSCI Eurozone ETF	BlackRock	-6,289.02	7,554.89	-45.43%	-766.19
DXJ	WisdomTree Japan Hedged Equity Fund	WisdomTree	-5,795.20	6,876.40	-45.73%	-110.79
EWJ	iShares MSCI Japan ETF	BlackRock	-5,701.33	14,193.74	-28.66%	-190.41
DBEF	Deutsche X-trackers MSCI EAFE Hedged Equity ETF	Deutsche Bank	-4,737.49	7,985.80	-37.23%	-2,067.95
QQQ	PowerShares QQQ Trust	Invesco PowerShares	-4,609.49	39,026.88	-10.56%	-441.97
XLF	Financial Select Sector SPDR Fund	State Street Global Advisors	-4,473.78	11,861.54	-27.39%	-1,313.08
VGK	Vanguard FTSE Europe ETF	Vanguard	-3,341.10	11,027.15	-23.25%	-647.76
IWF	iShares Russell 1000 Growth ETF	BlackRock	-2,438.27	30,223.48	-7.47%	125.24
EWG	iShares MSCI Germany ETF	BlackRock	-2,204.47	3,603.36	-37.96%	31.09

	Net Flows ($M)	AUM ($M)	% of AUM
U.S. Equity	7,459.54	1,267,147.64	0.59%
International Equity	-6.46	485,279.44	-0.00%
U.S. Fixed Income	6,745.15	386,680.29	1.74%
International Fixed Income	400.47	39,302.73	1.02%
Commodities	182.39	70,426.96	0.26%
Currency	-59.54	1,311.34	-4.54%
Leveraged	281.92	23,371.24	1.21%
Inverse	177.54	19,054.67	0.93%
Asset Allocation	12.43	6,164.58	0.20%
Alternatives	-13.27	4,054.49	-0.33%
Total:	15,180.17	2,302,793.38	0.66%

S&P 500

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Russell 2000

Crude Oil

Gold

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EUR/USD

10-Yr Bond

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CMC Crypto 200

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Equity and Fixed Income ETFs Fuel Healthy Sept. Flows

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	Net Flows ($M)	AUM ($M)	% of AUM
U.S. Equity	53,894.05	1,174,919.78	4.59%
International Equity	-1,125.96	457,158.76	-0.25%
U.S. Fixed Income	67,639.16	360,067.42	18.79%
International Fixed Income	10,156.36	33,146.26	30.64%
Commodities	17,288.57	62,105.60	27.84%
Currency	-81.68	1,305.08	-6.26%
Leveraged	-684.59	22,505.85	-3.04%
Inverse	6,651.07	18,924.61	35.15%
Asset Allocation	11.75	5,600.06	0.21%
Alternatives	2,619.46	3,609.98	72.56%
Total:	156,368.19	2,139,343.40	7.31%

Issuer	Net Flows ($M)	AUM ($M)	% of AUM	YTD 2016 Net Flows ($M)
BlackRock	8,438.45	891,683.95	0.95%	63,078.92
Vanguard	6,012.11	549,383.16	1.09%	63,059.57
State Street Global Advisors	-1,364.68	436,984.94	-0.31%	12,556.86
Invesco PowerShares	152.76	104,474.09	0.15%	3,509.11
Charles Schwab	1,350.61	50,614.18	2.67%	10,847.30
First Trust	153.44	37,801.19	0.41%	-3,483.22
WisdomTree	-784.36	36,580.99	-2.14%	-12,865.21
Van Eck	1,813.07	30,004.76	6.04%	6,352.75
Guggenheim	10.93	28,114.54	0.04%	-274.30
ProShares	659.56	25,745.18	2.56%	6,899.86
Deutsche Bank	-2,172.14	14,432.55	-15.05%	-6,133.98
PIMCO	-21.71	11,543.79	-0.19%	892.61
ALPS	-14.37	11,204.48	-0.13%	1,094.88
Direxion	-18.37	9,889.04	-0.19%	295.19
Northern Trust	136.34	9,824.94	1.39%	1,967.01
Barclays Capital	-65.23	6,717.91	-0.97%	1,353.05
UBS	87.48	6,009.34	1.46%	924.40
US Commodity Funds	250.06	4,511.87	5.54%	194.55
JPMorgan	46.43	4,308.87	1.08%	560.53
Fidelity	53.37	4,035.77	1.32%	263.60
Global X	65.41	3,621.09	1.81%	348.60
VelocityShares	-49.95	3,510.71	-1.42%	1,022.77
Goldman Sachs	54.80	2,407.09	2.28%	1,393.86
ETF Securities	11.73	2,366.69	0.50%	278.54
IndexIQ	56.37	2,084.97	2.70%	563.71
Exchange Traded Concepts	5.07	2,037.30	0.25%	164.50
Credit Suisse	11.39	1,721.89	0.66%	53.18
AdvisorShares	-8.19	1,126.77	-0.73%	70.27
Millington Securities Inc	-53.55	1,120.70	-4.78%	-322.93
OppenheimerFunds	64.48	1,113.77	5.79%	78.93
Columbia	12.62	964.61	1.31%	-34.33
ETF Managers Group	6.24	885.48	0.70%	-155.01
Pacer Financial	13.71	649.46	2.11%	58.66
Victory Capital Management	53.55	614.52	8.71%	274.86
John Hancock	38.03	530.95	7.16%	443.60
Virtus	16.31	427.37	3.82%	104.40
Highland Capital Management	53.75	401.32	13.39%	122.08
FQF Trust	20.52	370.89	5.53%	309.00
Swedish Export Credit	-27.81	355.92	-7.81%	-63.96