ABUJA, Feb 21 (Reuters) - A Nigerian air force plane crashnear Abuja airport killed seven people on Sunday, the air forcesaid in a statement.(Reporting by Camillus Eboh; writing by Paul Carsten; editingby Mark Heinrich)
ABUJA, Feb 21 (Reuters) - A Nigerian air force plane crashnear Abuja airport killed seven people on Sunday, the air forcesaid in a statement.(Reporting by Camillus Eboh; writing by Paul Carsten; editingby Mark Heinrich)
And will you even get a payment this time, under the new limits the president agreed to?
To win Senate passage, Biden agreed to make millions ineligible for the third checks.
It's true: Hurrying with your tax return could put your relief money at risk.
Shares of AMC Entertainment Holdings Inc. soared Monday, as the "meme" stock's bounce from last month's plunge continued, after Wedbush analyst Michael Pachter doubled his price target ahead of the company's earnings report, citing an increasing optimism over the post-pandemic environment.
‘If he contributed to any part of the mortgage payments, could he claim he contributed to the (increased) value of the property, asking for money if/when it is sold?’
Shares of GameStop Corp. ran up 10.7% in premarket trading Monday, putting them on track to push the videogame retailer's market capitalization back above $10 billion, after the company said it established a new strategy committee to identify ways to accelerate its transformation. The committee will be chaired by activist investor Ryan Cohen, manager of RC Ventures LLC and co-founder of Chewy Inc. , and will also include Alan Attal and Kurt Wolf. Since the committee was formed, the company has appointed a chief technology officer and hired two executives to lead its e-commerce and customer care functions. GameStop stock has run up 239.3% over the past two weeks, which followed a three-week plunge of 87.5%. That selloff followed a historic surge to a record close of $347.51 on Jan. 27, as the poster child of trading frenzy engineered by Reddit's WallStreetBets forum that targeted heavily shorted stocks. GameStop's stock has hiked up 713.1% over the past three months through Friday, while the S&P 500 has tacked on 3.8%.
Cohen, who is a major GameStop shareholder, has been pushing GameStop to move away from its traditional brick-and-mortar model since joining the board shortly before a social media frenzy drove a meteoric rise in the company's stock. Since then, GameStop has become one of the hottest and most visible of "meme stocks" that are closely followed on social media sites such as Reddit's popular WallStreetBets forum. Last week, Cohen posted a cryptic tweet of an ice-cream cone, with analysts speculating on whether that was a trigger for GameStop's most recent rally.
We could see profit-taking this week as traders prepare for the release of the U.S. Federal Reserve’s monetary policy decisions on March 17.
General Electric has been hot of late, to say the least... in a volatile environment at that. Bear in mind that GE is in the news this morning, and that the firm's investor day is this Wednesday, March 10th. The catalyst for the recent upward momentum for the shares of General Electric seems to be January 22nd, when Goldman Sachs analyst Joe Ritchie reaffirmed his "buy" rating on GE and increased price target from $14 to $15.
Tepper, the founder of Appaloosa Management, has one of the strongest track records among active investors, and his remarks often move markets. A jump in Treasury yields tied to expectations that an aggressive round of fiscal stimulus combined with a broader reopening of the economy will boost inflation has helped fuel a powerful rotation away from highflying growth-oriented stocks, including tech-related names, into more cyclically sensitive stocks and sectors. Tepper said he expected yields to have made the most of their move and would likely be more stable in the next few months, making it “safer to be in stocks for now,” CNBC reported.
Oil futures pull back Monday after prices for the global benchmark Brent crude climbed past $70 a barrel in the wake of an attack on Saudi oil facilities over the weekend.
It could be a sign that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.
The U.S. Senate finally passed a $1.9 trillion COVID-19 relief bill over the weekend and stocks are broadly moving higher at the start of the week. The yield on the 10-year Treasury (BX:TMUBMUSD10Y) up 64 basis points this year through Friday, rose 2 basis points to 1.589% on Monday. After its biggest intraday comeback in a year at the end of last week, the tech-heavy Nasdaq Composite (COMP) was 0.9% down into afternoon trading after a volatile morning.
(Bloomberg) -- The Chinese yuan erased all its gains against the dollar this year, the latest to fall prey to the Treasury-led global market selloff.The onshore yuan weakened as much as 0.5%, falling past the 6.5283 per dollar level it closed at last year. At its January peak, it was up 1.6% from 2020 as the economy rebounded and investors poured money into the Chinese bond market.Optimism over a global recovery from the pandemic has morphed into concerns that central banks will withdraw stimulus quicker-than-expected, leading to higher bond yields. This latest bout of market selling was spurred by the U.S. stimulus package and better Chinese exports data.“Surging U.S. Treasury yields and a USD rebound are pressuring EM Asia currencies including the renminbi,” said Ken Cheung, chief Asia currency strategist at Mizuho Bank Ltd in Hong Kong. “Foreign investors may have started to trim their emerging-market asset exposure and repatriate capital back into dollars. We turn more cautious on the CNY outlook in the near term.”Monday’s rout across markets picked up pace as Treasury 10-year yields hit 1.61%, nearing Friday’s high. A Bloomberg gauge of the dollar’s strength gained as much as 0.5% to its highest in almost four months.Trading volumes for onshore yuan rose to $48.9 billion on Monday, the highest level in over two months. Some bank clients who were previously hoarding dollars were selling off positions at higher prices, according to China-based traders, who asked not to be identified as they’re not authorized to speak publicly.The traders added they also received a higher volume of requests for forward prices on the greenback, including from clients who had just signed import orders and were looking to lock in foreign-exchange rates to guard against further yuan depreciation risks.China’s main stock benchmark entered a correction on Monday, with concerns over liquidity conditions and lofty valuations in some stocks fueling bearish sentiment.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.
Quant trading guru Jim Simons is calling it a day, sort of. The mathematician and cryptologist is famous in the investing community for bringing his analytical eye to the world of the stock exchange, creating both the quant trading revolution and a personal fortune now estimated at more than $22 billion. His has been a career of multifaceted success, and his innovations on Wall Street have influenced the strategies of two successive generations of traders. Simons has stepped down as Chairman of Renaissance Technologies ahead of his 83th birthday next month. However, Simons remains involved as a board member. On his way out, Simons staked new positions in two biotech stocks. Following Simons’ stock moves is a viable strategy for investors of all strips. To get an idea of just how good a strategy, we’ve opened up the TipRanks database and pulled the details on these two names; It appears the rest of the Street projects plenty of upside. Let’s find out what makes them compelling buys. Zogenix, Inc. (ZGNX) We’ll start with Zogenix, a small-cap biotech firm working on new therapies for the treatment of rare diseases. The company has two lead products: Fintepla, which has been approved by the FDA for use in treating epilepsy caused by Dravet Syndrome, and MT1621, which is in mid-stage trial as a treatment for Thymidine Kinase 2 deficiency (TK2d), a rare and frequently fatal metabolic disease in children. The company has seen total net US product sales of $9.6 million since the drug’s July 2020 launch; of that total, $8.1 million was realized in 4Q20. As of December 31, 2020, there were 550 Dravet syndrome patients enrolled in Fintepla programs. Also in December, the European Commission approved Fintepla for use, and the drug launched in Germany. Fintepla is currently undergoing testing as a treatment for Lennox-Gastaut syndrome, and other rare epileptic diseases, to expand the patient base. Zogenix’ second drug candidate, MT1621, was acquired in 2019 from Modis Therapeutics. MT1621 is a potential treatment for TK2d, a rare and deadly disease of early childhood. The drug acts through Deoxynucleoside substrate enhancement therapy, a novel approach that has demonstrated efficacy in early phase studies. At this point, Zogenix needs to complete a Phase 1 human renal PK study, a nonclinical tox study in dogs, and genotoxicology/reproductive tox studies, and management indicated that it plans to make a New Drug Application (NDA) to the FDA in 1H22. The company’s solid position is bound to attract investor attention – and Jim Simons bought in to the tune of more than 245,000 shares in Q4. His stake in the company is now worth over $5 million. Covering Zogenix for Needham, analyst Serge Belanger noted that the Fintepla launch in the US was ‘off to a promising start.’ “It appears that late-2020 trends of enrollment in the REMS program and Fintepla onboarding have continued into early-2021. All patients receiving Fintepla as part of U.S.-based OLE trials are expected to be on commercial product by 1Q21-end,” Belanger wrote. To this end, Belanger rates ZGNX a Buy, and his $48 price target implies a robust 131% upside potential for the next 12 months. (To watch Belanger’s track record, click here) Overall, Wall Street appears to agree with the Needham view that Zogenix is a stock worth buying. The recent analyst reviews break down 6 to 2 in favor of Buy versus Hold, making the consensus rating a Strong Buy. Shares are priced at $20.74, and the $47 average target suggests a 128% upside on the one-year horizon. (See ZGNX stock analysis on TipRanks) Wave Life Sciences (WVE) The next stock we’re looking at is Wave Life Sciences, which focuses on precision medicine, designing oligonucleotides to safely deliver more effective, precisely targeted, therapeutic agents. The company has a pipeline of 10 drug candidates, in various stages of development in the treatment of serious diseases with, in the company’s words, ‘few or no treatment options.’ Wave Life Sciences uses an integrated approach to develop new nucleic acid therapeutics. The approach uses rational design to counter flaws in genetic replication, giving more consistent therapeutic effects from medications that are specifically targeted to particular diseases. The company's development program targeting Huntington’s disease is the most advanced. This is a severe inherited neurodegenerative disorder, with symptoms usually setting in between ages 30 and 50, and worsening over time. The company’s two most advanced drug candidates, WVE-120101 and WVE-120102, are in Phase 1b/2a trials, with reports on results expected by the end of this month. In addition, open-label extension (OLE) trials are ongoing for patients outside the US. In addition to these two drug candidates, Wave has several programs ongoing for the treatment of other rare diseases. The pipeline includes potential therapies for ALS, Duchenne muscular dystrophy, and various retinal diseases. These pipeline projects are all at preclinical stages. During the fourth quarter, Jim Simons’ Renaissance bought 235,620 shares of WVE, a substantial buy that shows confidence in the company’s pipeline. At current valuation, the stake – a new position for Simons – is worth $2.224 million. 5-star analyst Andrew Fein, of H.C. Wainwright, noted that Wave’s stock performance this year will depend largely on the results of the PRECISION HD-1 and HD-2 studies, and he believes there's reason for optimism. “[Our] positive view of the PRECISION studies stems from: (1) the selective targeting of either SNP1 or SNP2 knocks down expression of mutant Huntington protein (mHTT) while leaving wild-type HTT largely intact, which may improve the safety profile compared to competitor therapies that also target wild-type proteins…; (2) novel ASO modification chemistry makes a compelling case as seen by data, showing significantly higher transcript knockdown relative to traditional approaches; (3) Wave’s intrathecal dosing strategy should overcome systemic inflammatory responses seen in other programs; and (4) higher dosing cohorts should alleviate investor concerns of efficacy relative to competitor programs,” Fein opined. On the strength of these studies, Fein maintains his Buy rating and his $20 price target. At current levels, that target suggests an upside of 112% for the year ahead. (To watch Fein’s track record, click here) All in all, there are 5 reviews on record for WVE shares, with 3 saying Buy and 2 to Hold, making the analyst consensus a Moderate Buy. The average price target here is $17.80, implying a one-year upside of 84% from the share price of $9.76. (See WVE stock analysis on TipRanks) To find good ideas for biotech 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 bill that passed the Senate makes payments harder to get. Your tax return might help.
“These transactions are not anonymous,” the IRS' national fraud counsel said. “We see you.”
It’s time to check in with the macro picture, to get an idea of just where markets are headed in the coming months. That’s what a JPMorgan global research team, headed up by Joyce Chang, has been doing. The JPM team starts by noting the sell-off in US Treasury bonds last week, pushing up yields as investors acted in response to inflationary fears. However, the rise in bond yields steadied on Friday, and Chang’s team does not believe that inflation is the great bugaboo it’s made out to be; her team sees a combination of economic growth and fiscal stimulus creating a virtuous circle of consumer spending fueling more growth. They write, “Our global economics team is now forecasting US nominal GDP to average roughly 7% growth over this year and next as targeted measures have been successful in addressing COVID-19 and economic activity is not being jeopardized. Global growth will exceed 5%...” What this means, in JPM’s view, is that the coming year should be good for stocks. Interest rates are likely to remain low, in the firm’s estimation, while inflation should moderate as the economy returns to normal. JPM’s stock analysts have been following the strategy team, and seeking out the stocks they see as winners over the next 12 months. Three of their recent picks make for an interesting lot, with Strong Buy ratings from the analyst community and over 50% upside potential. We’ve used the TipRanks database to pull the details on them. Let’s take a look. On24 (ONTF) The first JPM pick were looking at here is On24, the online streaming service that offers third parties access for scaled and personalized networked events. In other words, On24 makes its streaming service available for other companies to use in setting up interactive features, including webinars, virtual events, and multi-media experiences. The San Francisco-based company boasts a base of more than 1900 corporate users. On24’s customers engage online with more than 4 million professionals every month, for more than 42 million hours every year. As can be imagined, On24 saw a surge of customer interest and business in the past year, as virtual offices and telecommuting situations expanded – and the company has now used that as a base for going public. On24 held its IPO last month, and entered the NYSE on February 3. The opening was a success; 8.56 million shares were put on the market at $77 each, well above the $50 initial pricing. However, shares have taken a beating since, and have dropped by 36%. Nevertheless, JPM’s Sterling Auty thinks the company is well-placed to capitalize on current trends. “The COVID-19 pandemic, we believe, has changed the face of B2B marketing and sales forever. It has forced companies to move most of their sales lead generation into the digital world where On24 is typically viewed as the best webinar/webcast provider.” the 5-star analyst wrote. “Even post-pandemic we expect the marketing motion to be hybrid with digital and in-person being equally important. That should drive further adoption of On24-like solutions, and we expect On24 to capture a material share of that opportunity.” In line with these upbeat comments, Auty initiated coverage of the stock with an Overweight (i.e., Buy) rating, and his $85 price target suggests it has room for 73% upside over the next 12 months. (To watch Auty’s track record, click here.) Sometimes, a company is just so solid and successful that Wall Street’s analysts line up right behind it – and that is the case here. The Strong Buy analyst consensus rating is unanimous, based on 8 Buy-side reviews published since the stock went public just over a month ago. The shares are currently trading for $49.25 and their $74 average price target implies an upside of 50% from that level. (See On24’s stock analysis at TipRanks.) Plug Power, Inc. (PLUG) And moving over to the reusable energy sector, we’ll take a look at a JPM ‘green power’ pick. Plug Power designs and manufactures hydrogen power cells, a technology with a great deal of potential as a possible replacement for traditional batteries. Hydrogen power cells have potential applications in the automotive sector, as power packs for alt-fuel cars, but also in just about any application that involves the storage of energy – home heating, portable electronics, and backup power systems, to name just a few. Over the past year, PLUG shares have seen a tremendous surge, rising over 800%. The stock got an additional boost after Joe Biden’s presidential election win – and his platform promises to encourage ‘Green Energy.” But the stock has pulled back sharply recently, as many over-extended growth names have. Poor 4Q20 results also help explain the recent selloff. Plug reported a deep loss of $1.12 per share, far worse than the 8-cent loss expected, or the 7-cent loss reported in the year-ago quarter. In fact, PLUG has never actually reported positive earnings. This company is supported by the quality of its technology and that tech’s potential for adoption as industry moves toward renewable energy sources – but we aren’t there yet, despite strides in that direction. The share price retreat makes PLUG an attractive proposition, according to JPM analyst Paul Coster. “In the context of the firm's many long-term growth opportunities, we believe the stock is attractively priced at present, ahead of potential positive catalysts, which include additional ‘pedestal’ customer wins, partnerships and JVs that enable the company to enter new geographies and end-market applications quickly and with modest capital commitment,” the analyst said. “At present, PLUG is a story stock, appealing to thematic investors as well as generalists seeking exposure to Renewable Energy growth, and Hydrogen in particular.” Coster’s optimistic comments come with an upgrade to PLUG’s rating - from a Neutral (i.e., Hold) to Overweight (Buy) - and a $65 price target that indicates a possible 55% upside. (To watch Coster’s track record, click here.) Plug Power has plenty of support amongst Coster’s colleagues, too. 13 recent analyst reviews break down to 11 Buys and 1 Hold and Sell, each, all aggregating to a Strong Buy consensus rating. PLUG shares sell for $39.3 and have an average price target of $62.85, which suggests a 60% one-year upside potential. (See Plug’s stock analysis at TipRanks.) Orchard Therapeutics, PLC (ORTX) The last JPM stock pick we’ll look at is Orchard Therapeutics, a biopharma research company focused on the development of gene therapies for the treatment of rare diseases. The company’s goal is to create curative treatments from the genetic modification of blood stem cells – treatments which can reverse the causative factors of the target disease with a single dosing. The company’s pipeline features two drug candidates that have received approval in the EU. The first, OTL-200, is a treatment for Metachromatic leukodystrophy (MLD), a serious metabolic disease leading to losses of sensory, motor, and cognitive functioning. Strimvelis, the second approved drug, is a gammaretroviral vector-based gene therapy, and the first such ex vivo autologous gene therapy to receive approve by the European Medicines Agency. It is a treatment for adenosine deaminase deficiency (ADA-SCID), when the patient has no available related stem cell donor. In addition to these two EU-approved drugs, Orchard has ten other drug candidates in various stages of the pipeline process, from pre-clinical research to early-phase trials. Anupam Rama, another of JPM’s 5-star analysts, took a deep dive into Orchard and was impressed with what he saw. In his coverage of the stock, he notes several key points: “Maturing data across various indications in rare genetic diseases continues to de-risk the broader ex vivo autologous gene therapy platform from both an efficacy / safety perspective… Key opportunities in MLD (including OTL-200 and other drug candidates) have sales potential each in the ~$200-400M range… Importantly, the overall benefit/risk profile of Orchard’s approach is viewed favorably in the eyes of physicians. At current levels, we believe ORTX shares under-reflect the risk-adjusted potential of the pipeline...” The high sales potential here leads Rama to rate the stock as Outperform (Buy) and to set a $15 price target, implying a robust 122% upside potential in the next 12 months. (To watch Rama’s track record, click here.) Wall Street generally is in clear agreement with JPM on this one, too. ORTX shares have 6 Buy reviews, for a unanimous Strong Buy analyst consensus rating, and the $15.17 average price target suggests a 124% upside from the current $6.76 trading price. (See Orchard’s stock analysis at TipRanks.) 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.
Class-action suits contend that insurers have been unfairly profiting from emptier roads.
ARK Investment founder Cathie Wood says her new Tesla price target is coming soon. What will it be? Barron's hazards a back-of-the-envelope guess.