Sources tell FOX Business' Charlie Gasparino that some advisers say Trump may have contracted coronavirus while at Sept. 24th health care event in North Carolina.
Sources tell FOX Business' Charlie Gasparino that some advisers say Trump may have contracted coronavirus while at Sept. 24th health care event in North Carolina.
Wealthy Americans living in New York, New Jersey and California could face one of the steepest tax rates in decades if Democratic presidential nominee Joe Biden wins the November election.
Get the most from your retirement savings in these affordable places outside the U.S.
The internet bubble in 2000, the 1973-74 bear market — and the current market — are alarming outliers in the U.S. market’s 227-year history, writes Mark Hulbert.
Shares of consumer video service Netflix are down sharply after the bell today, following the company's Q3 earnings report. Why is Netflix suddenly worth about 5% less than before? A mixed earnings report, a disappointing new paying customer number, and slightly slack guidance appear to be the answer.
Shares of AT&T Inc. extended a slide Tuesday that marked their longest losing streak in more than a decade.
President Donald Trump says the American Dream is on the line this election, while Democratic challenger Joe Biden says his campaign is locked in a “battle for the soul of this nation.” How might the candidates affect the things you can see and hold, like a paystub, an income tax return or a portfolio statement? The focus on finances puts tax policy front and center.
Data was reported last week by the federal government on diesel inventories that was historic in the magnitude of the change from the prior week. It could mark a shift in the weak diesel market that has benefited carriers and drivers for several months. Ultimately, the price of diesel will be set primarily by the price of crude. But the spread between crude and diesel is also an important factor in the final pump price. That spread has been trending near historic lows for months.The primary reason has been refiners making too much non-jet fuel distillate relative to demand. Diesel is a distillate; so is jet fuel. The result has been that distillate/diesel inventories in the U.S. and the world have been at historically high levels. (Other products besides diesel in the category would include heating oil.)That appears to have shifted. The most transparent and immediate numbers are the weekly Energy Information Administration statistics, released each Wednesday for the week that ended the prior Friday. And the numbers that came out last week (Thursday, actually, due to the Columbus Day holiday) were eye-popping when it comes to diesel.The most easily understood inventory number is "days cover." That number is reached by taking daily consumption, dividing it into inventories and the result is the number of days of consumption that could be covered by existing stocks.For distillate inventories that don't include jet fuel, that number tends to run in the range of 28-35 days. But earlier this year, as diesel inventories began to soar due to changes being made by refiners seeking survival — more on that later — the days cover figure broke above 50 days. In the history of the EIA series going back to 1991, the days cover figure broke above 50 only a handful of times. It was never sustained above that level.This year, the days cover figure broke through 50 days in late May and stayed above it for nine out of the next 10 weeks. The growth in inventories was unprecedented. It dropped below 50 days in early August but stayed in the 47 to 49 days' range all through September and into October. That was unprecedented.But last week, that number plummeted to 42 days, a drop of 6.1 days. It was easily the biggest one-week decline in the history of the series. It meant that in one week, six days of distillate/diesel inventory cover disappeared. That had never happened before.Why? There were two major contributors to that decline.The first is that demand for distillate/diesel soared. The fact that it had been lagging was somewhat of a mystery, given the strong trucking market. The "product supplied" figure for distillate/diesel rose to 4.175 million barrels/day in the week ending Oct. 9, the first time it had been above 4 million b/d since the second week of March. A year ago at this time, it was 4.36 million b/d.Second, refiners made a lot less of it. Since the collapse in air travel, refiners have been doing everything they can to not make too much jet fuel. They've largely succeeded; days cover for jet fuel had gotten up to more than 70 days but now is less than 40, which is even lower than distillate/diesel. But to get to that level, refiners needed to shift their distillate output away from jet and toward other distillates. Refiners have been trying through various means to not only reduce jet output but also to cut back distillate output as well. They succeeded in the first task. The second is harder. Put a barrel of crude through a refinery and you will get some level of distillate molecules. Cutting back on it can be a challenge.There was another fuel that refiners didn't want to make during the pandemic: gasoline. As a result, even during the height of the pandemic, distillate output topped 5 million b/d as every effort was made to reduce gasoline output when people weren't driving. That 5 million b/d figure for distillate is not a crazy high number normally but it is in the middle of a sharp economic contraction. However, the push to cut back on distillate output has succeeded. U.S. refiners in the week ended Oct. 9 produced 4.279 million b/d of distillates. That's the lowest number since 2013. It wasn't easy, but refiners took the steps to start making less distillate, as they already had done to make less jet fuel and less gasoline earlier. (With people driving again, refiners are back to making gasoline.)The end result: the six-day drop in U.S. days cover, created by a drop in inventories on the back of less output, and a decline in demand. But it is not just the U.S. In its latest monthly report, the International Energy Agency (IEA) said middle distillate inventories in Europe in September rose just 500,000 b/d. The five-year average is 9.3 million b/d. The result is a graph that showed that inventories are still above the five-year average but are no longer at historical highs. They've gotten down to levels closer to earlier highs, still excessive but not chart-busting. Source: International Energy AgencyIn Asia, the IEA reported that middle distillate inventories rose with historic norms. (Autumn tends to be a time in oil markets of inventory building as the world prepares for winter.)Although the decline in distillate inventories in the U.S. may have been historic, it hasn't yet resulted in a significant price reaction. The price of crude has bounced around in the last weeks but ultimately gone nowhere. Brent crude, the world's benchmark and the more relevant marker for comparison with diesel, was $43.15/barrel on Sept. 17. Last Friday, it settled at $43.32./bDuring that time, the front-month price of ultra low sulfur diesel on CME rose to $1.1791/gallon from $1.1598/g. That increased the spread of ULSD over Brent to 14.09 cts/ga from 12.8 cts g on Sept. 17.But by point of comparison, to show how much all that diesel inventory had held down prices relative to crude, the spread a year ago was about 53 cts/gallon. The current diesel to Brent spreads aren't sustainable. Diesel has not entered a permanent, long-term realignment against crude. If the move toward normalcy is going to start anytime soon, it could be that last week's numbers were the signal that it has begun.More articles by John KingstonGood news for diesel consumers, tough news for oil patch drivers in federal reportLabor Day, Roadcheck one-offs catch diesel traders by surpriseOOIDA scoffs at high cost estimates for broker transparencySee more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * FreightWaves CEO Interviewed On "The Business Of Content" Podcast * News Alert: US, Canada, Mexico Border Closures Extended To Nov. 21(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Netflix reported third-quarter earnings after market close on Tuesday.
This is one of the worst ways to invest for yield in the stock market heading into what may be the best year for economic growth in 20 years — 2021. Classic dividend payers like Procter & Gamble (PG) Colgate-Palmolive (CL) General Mills (GIS) and Campbell Soup (CPB) are called “noncyclicals.” Instead, I’m telling income investors who subscribe to my stock letter to own cyclical names that pay dividends.
The 90-year-old billionaire is taking advantage of low interest rates. You should, too.
COVID-19 has had ruinous consequences for many companies, but you’d be hard pressed to find any negative impact on perennial winner Advanced Micro Devices (AMD). The chip maker has swatted away the pandemic and has continued the market trouncing performance it set off on some half a decade ago.Heading into next week’s earnings (October 27, AMC), in possession of a year-to-date share gain of 78%, RBC analyst Mitch Steves pounds the table for more AMD upside.The 5-star analyst anticipates a "beat and raise” and, as such, lifts his price target from $84 to $92. This figure implies additional upside of 13% over the following months. Needless to say, Steves’ rating stays an Outperform (i.e. Buy). (To watch Steves’ track record, click here)So, what’s behind the target increase?Steves explained, “Our checks remain positive and we anticipate: 1) upside to gaming numbers due to higher than expected demand, 2) upside on PC CPUs as well given the continued strength from WFH initiatives - we also think AMD is continuing to gain share against Intel and 3) the steady share gains on the server side should continue and the firm should reach low-mid teens share (up from 10%) in the next 2-3 quarters.”Steves also addresses the recent rumored takeover of semiconductor peer Xilinx. Investors’ initial negative reaction to the estimated $30 billion deal was based on the fear the purchase amounts to a “defensive minded transaction.” Steves believes the noise surrounding the acqusition means “the focus has shifted away from AMD's current core/organic growth story.” However, the analyst expects such worries will “likely fade” so long as AMD “can produce organic results that meet/exceed expectations.”In addition to cementing AMD’s status as a large-cap semiconductor company, those in favor of the deal also highlight the acquisition’s potential to help AMD “expand into the communications sub-segment” and point to AMD's success when going head to head against Intel in the CPU segment.So, that’s RBC’s view, let’s see now what the rest of the Street has in mind for the high-flying chip maker. AMD's Moderate Buy consensus rating is based on 11 Buys, 13 Holds and 1 Sell. The $86.26 average price target suggests modest upside of 6% from current levels. (See AMD 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 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.
The Dow Jones rallied from a session pullback as the Tuesday coronavirus stimulus deadline set by House Speaker Nancy Pelosi draws closer.
Researchers asked high-net worth investors what goes through their mind when they think about equity exposure.
Shares in South Korean automaker Hyundai Motor Co <005380.KS> and affiliate Kia Motors Corp <000270.KS> tumbled as much as 6% on Tuesday after warning third-quarter earnings would be hit by a further $3 billion in charges related to engine problems. Hyundai and Kia said quality-related costs of a combined 3.36 trillion won ($2.95 billion) related to the years-long quality problem that has tarnished their credibility, taking the total costs to nearly $5 billion. "The amount of provisions Hyundai and Kia are declaring is getting bigger each year passed and that is worrisome," said Kevin Yoo, an analyst at eBEST Investment & Securities.
Tesla earnings follow blowout Q3 deliveries, as production recovered from pandemic factory shutdowns.
It’s the final countdown. With the U.S. Presidential election only two weeks away, election year stress is making the rounds on Wall Street, but one pro argues that regardless of the outcome, opportunity could emerge.Oppenheimer’s Chief Investment Strategist John Stoltzfus notes that in the last leg of the race to the White House, “the markets appear to be signaling that no matter how loud the rhetoric gets from either side and no matter which side wins, investment opportunity in some form is likely to prevail over risk beyond inauguration day in January 2021.” He added, “In our experience opportunity often arises from uncertainty while a perception of ‘certainty’ often breeds complacency.”As for Q3 earnings season, it’s already surprising to the upside. Although it’s still too early to tell how the season will play out, Stoltzfus says “so far so good.” Data from the past weekend shows 84% of companies that already reported have beat earnings expectations and 82% have exceeded revenue expectations for the quarter. Taking Stoltzfus’ outlook into consideration, Oppenheimer’s analysts are pounding the table on two under-the-radar stocks, noting that each could double or more in the next year. Using TipRanks’ database, we found out that the rest of the Street is also on board, as each boasts a “Strong Buy” consensus rating.NeuBase Therapeutics (NBSE)Developing the next generation of gene-silencing therapies with its flexible, highly specific synthetic antisense oligonucleotides, NeuBase Therapeutics wants to improve the lives of patients everywhere. Based on the strength of its platform, Oppenheimer thinks big things could be in store.Firm analyst Hartaj Singh highlights the company'sPeptide-nucleic acid (PNA) AnTisense OLigonucleotide (PATrOL) platform, which enables rapid drug design to treat various medical abnormalities, systemic delivery (IV), blood-brain barrier penetration, increased cell permeability, access to genomic loci and secondary RNA structures and the development of highly selective therapies, as overcoming the technical limitations to first-generation antisense oligonucleotides (ASOs).“We believe that in the profound potential of ASOs to treat diseases, the current field of first-gen therapies has created a ‘hurdle’ for a company like NBSE, whereby its technical advantages to ASOs through its PATrOL platform could lead to therapies with a better risk/benefit profile,” Singh explained.Additionally, the long-tail redistribution of NBSE's PNAs could have significant implications in terms of the dosing regimens for these agents (potentially weeks to months). Singh mentioned, “In combination with the enhanced druggability of targets via PNAs, we continue to view the PATrOL platform's potential highly, with the customary attention reserved for safety on such novel medicines.”After the first half of 2020 “helped shine additional validation” on this platform, the company remains on track with its lead Huntington's disease (HD) candidate, NT0100. Additional preclinical results and candidate selection are set to come by YE20.Looking at the available preclinical NHP data, it supports broad biodistribution and rapid tissue uptake following systemic (IV) administration, an important feature of the platform, according to Singh. “As the delivery of therapeutics and their penetration of deep brain structures remain of paramount importance for diseases such as HD, we are encouraged leading up to additional PD data from preclinical models (Q4 2020)… Despite the early nature of these preclinical NHP PK data and in-vitro PD data, we believe that they strongly validate the approach NeuBase has taken to truly develop a ‘better mousetrap,’ and differentiate its technology from conventional ASOs,” he commented.These features are inheritable across the class of PNAs NeuBase hopes to bring forward, and thus, Singh has high hopes for NT0200, its product for HD and myotonic dystrophy (DM1). DM1 is trailing the HD program by approximately six months. Following candidate selection in 1H21, IND-enabling studies could kick off. Everything that NBSE has going for it prompted Singh to leave his Outperform (i.e. Buy) rating as is. Along with the call, he keeps the price target at $17, suggesting 104% upside potential. (To watch Singh’s track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 4 to be exact, have been issued in the last three months. Therefore, the message is clear: NBSE is a Strong Buy. Given the $16.50 average price target, shares could soar 97% in the next year. (See NBSE stock analysis on TipRanks)Prevail Therapeutics (PRVL)Next up we have Prevail Therapeutics, which is developing disease-modifying gene therapies for patients with Parkinson’s disease and other neurodegenerative disorders. After an impressive update on the progress of its pipeline, Oppenheimer likes what it’s seeing.Representing the firm, analyst Jay Olson highlights the encouraging data from the Phase 1/2a PROPEL trial evaluating its lead candidate, PR001, in Parkinson’s disease (PD) patients with the GBA1 mutation (PD-GBA). This mutation affects roughly 9% of all PD patients in the U.S.Looking more closely at the trial, it enrolled two patients, with preliminary data demonstrating normalization of CSF GCase activity at month-three from undetectable levels at baseline. According to Olson, this strongly suggests clinical improvement. It should be noted that there were serious adverse events (SAEs) at month-three, likely related to immune response to AAV9 capsid, that resolved. However, the analyst argues the immune response in AAV9 gene therapies is normal and transient.Additionally, PRVL submitted a protocol amendment for the PROPEL trial, and enrollment is expected to continue in 2H20. The company wants to change the design to an open-label study targeting 12 patients, including the two current patients, and plans to optimize the immunosuppresive regimen to spare steroid administration. To this end, two-month safety and biomarker data in a subset of patients is set to come by mid-2021. Should the therapy ultimately be approved for this indication, Olson sees possible 2035 risk-unadjusted sales of $8 billion.On top of this, a normalization of CSF GCase activity at month-four from undetectable levels at baseline was also seen in a Gaucher disease (GD2) patient on PR001 within compassionate use program. This rare inherited lysosomal disorder is also caused by autosomal recessive inheritance in the GBA1 gene.In Olson’s opinion, this result provided positive read across to the Phase 1/2 PROVIDE study in GD2, initiating in 2H20. “Because GD2 is an ultrarare disease that affects infants and results in a very short life expectancy, we believe the GD2 indication has a shorter regulatory pathway compared to other GBA1-related indications. We estimate PR001 approval, if clinically successful, may happen in 2024 given a lack of treatments for GD2 patients,” he mentioned. What’s more, the Phase 1/2 PROCLAIM study of PR006, its therapy for GRN frontotemporal dementia (GRN-FTD), is expected to kick off in 2H20, with the two-month biomarker readout from a subset of patients slated for late 2020 or early 2021.Given all of the above, Olson stated, “We view share price at an attractive entry point while PRVL remains well-capitalized with $131 million in cash providing runway into 1H22.”It should come as no surprise, then, that Olson stays with the bulls. In addition to an Outperform (i.e. Buy) rating, he left a $25 price target on the stock. Investors could be pocketing a gain of 156%, should this target be met in the twelve months ahead. (To watch Olson’s track record, click here)All in all, other analysts echo Olson’s sentiment. 5 Buys and no Holds or Sells add up to a Strong Buy consensus rating. With an average price target of $23.25, the upside potential comes in at 139%. (See PRVL 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.
Dow Jones futures were in focus late Tuesday, as the coronavirus stimulus deadline looms. Netflix and Snap reported earnings.
Some employers worry if they provided employees these two retirement benefits, workers may not save as much for their futures.
Individual retirement accounts, commonly known as IRAs, are retirement fund staples for many people. Traditional IRAs let workers take a tax deduction when they deposit money into their account and then pay taxes when they make a withdrawal. It sounds straightforward, but exactly when you withdraw that money can make a big difference in how much you end up paying the government in taxes and fees.
American Electric Power Co. Inc. announced Tuesday a 5.7% increase to its quarterly dividend, to 74 cents a share from 70 cents. The electricity transmission company's new dividend will be payable Dec. 10 to shareholders of record on Nov. 10. The stock slipped 0.2% to $91.12 in afternoon trading. At current prices, the new annual dividend rate implies a dividend yield of 3.25%, compared with the yield for the SPDR Utilities Select Sector ETF of 3.04% and the implied yield for the S&P 500 of 1.63%, according to FactSet. "AEP has paid a cash dividend on its common stock every quarter since 1910, and we're pleased our strategic business decisions continue to provide increased returns to our shareholders," said Chief Executive Nicholas Akins. The stock has slipped 3.6% year to date, while the utilities ETF has eased 0.9% and the S&P 500 has gained 7.6%.