Jan.08 -- Joe Biden says Vice President Mike Pence is "welcome" to attend the president-elect's inauguration. "I'd be honored to have him there," Biden said at a news conference on Thursday.
Jan.08 -- Joe Biden says Vice President Mike Pence is "welcome" to attend the president-elect's inauguration. "I'd be honored to have him there," Biden said at a news conference on Thursday.
The dynamic that has seemingly contributed to a short squeeze in the stock of videogame retailer GameStop Corp. also appears to be affecting shares in a host of other heavily shorted companies.
The ability of members of U.S. Congress to buy and sell stocks has been controversial over the years. One of its most prominent members made some purchases in December that could benefit from the new Biden administration. What Happened: It was revealed over the weekend that Speaker of the House and California Rep. Nancy Pelosi purchased 25 call options of Tesla Inc (NASDAQ: TSLA). The purchases could have been done by Pelosi or her husband Paul, who runs a venture capital firm. The options were bought at a stake price of $500 and expiration of March 18, 2022. Pelosi paid between $500,000 and $1,000,000 for the options, according to the disclosure. Pelosi also disclosed that she bought 20,000 shares of AllianceBernstein Holdings (NYSE: AB), 100 calls of Apple Inc (NASDAQ: AAPL) and 100 calls of Walt Disney Co (NYSE: DIS). Tesla shares have risen from $640.34 at the time the calls were purchased to over $890 today. The call options were valued at $1.12 million as of Monday. Related Link: How The 2020 Presidential Election Could Impact EV, Auto Stocks Why It’s Important: The purchases by Pelosi are questionable as arguments could be made that the companies stand to benefit from new President Joe Biden’s agenda. Biden's push for electric vehicles, which could include lifting the cap on sales, would give buyers tax credits again and is advantageous for Tesla. The president has also suggested a possible cash-for-clunkers program that could incentivize customers for trading in used vehicles towards the purchase of an electric vehicle. Pelosi could now have a conflict as she works to pass clean energy initiatives from which her family could profit. Former U.S. Senator David Perdue, a Republican, was criticized for making numerous stock trades during his six years in Congress. Perdue was the most prominent stock trader from Congress, making 2,596 trades during his time served. Some of Perdue’s transactions came while he was a member of several sub-committees. The Justice Department investigated Perdue and found no wrongdoing. What’s Next: It's legal for members of Congress and their spouses to own stocks. The transactions have to be disclosed per the STOCK (Stop Trading on Congressional Knowledge) Act that was passed in 2012. U.S. Senator Jeff Merkley of Oregon is one member of Congress who has co-sponsored legislation to ban the adding of individual stocks by members of Congress. Both Merkley and Pelosi are Democrats. Pelosi’s transactions could push for more regulations concerning stock purchases by members of Congress. (Photo: Official U.S. Embassy photograph by Archibald Sackey and Courage Ahiati.) See more from BenzingaClick here for options trades from BenzingaCharging Infrastructure SPAC Plays: Is EVGo The Best Of The Bunch?Barstool Fund Nears M For Small Businesses And Is About To Get A Huge Boost From Michigan© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Highly shorted stocks are being targeted by some investors trying to force people who have bet the prices will fall into covering. Watch Dillard’s and AMC Entertainment.
(Bloomberg) -- Michael Burry’s bullish stance on GameStop Corp. in 2019 helped lay the foundations for an epic retail-investor frenzy. Now the famed fund manager is warning that the rally has gotten out of hand.“If I put $GME on your radar, and you did well, I’m genuinely happy for you,” Burry, best known for his prescient bet against mortgage securities before the 2008 financial crisis, said in a tweet on Tuesday. “However, what is going on now – there should be legal and regulatory repercussions. This is unnatural, insane, and dangerous.”Read more: How WallStreetBets Pushed GameStop Shares to the MoonBurry, whose investment firm reported owning a 2.4% stake in GameStop as of Sept. 30, said in an email interview on Tuesday that he’s now “neither long nor short.” He declined to comment on when he sold the stock.Burry became a household name after his mortgage trade was featured in “The Big Short.” He helped draw attention to GameStop in mid-2019 after his Scion Asset Management unveiled a 3.3% stake in the beleaguered video-game retailer and urged the company to buy back shares. Burry’s holding has been cited by some of the traders who’ve flooded online forums in recent weeks with posts imploring their fellow punters to buy.GameStop’s 642% surge since Jan. 12 has captivated Wall Street, elicited a tweet from Elon Musk and stymied short sellers including Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research. It has also spurred calls for a Securities and Exchange Commission investigation, though legal experts say it’s difficult to prove chat-room posts are part of an illicit scheme to manipulate the market.Burry’s warning has so far done little to dampen retail investors’ enthusiasm: GameStop soared another 95% in pre-market trading as of 4:50 a.m. New York time, on course for another all-time high.(Updates pre-market trading in final 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.
Goldman Sachs sounds the alarm on some very hot tech stocks.
Top news and what to watch in the markets on Wednesday, January 27, 2021.
GME stock surged on an Elon Musk tweet, but pared gains as Melvin Capital closed its short. Microsoft rose on earnings, while AMD and Palantir fell on news. Leading stocks struggled Tuesday.
Last week, EVgo became the latest charging infrastructure company to announce a SPAC deal to go public during a time that is seeing rapid adoption of electric vehicles and infrastructure. About EVgo: Climate Change Crisis Real Impact I Acquisition Corp (NYSE: CLII) is bringing EVgo public in a deal that values the company at $2.1 billion. EVgo has over 800 locations for its fast-charging stations in 34 states, including 67 major metropolitan markets. The company has supported over 220,000 customers. EVgo has the largest public DCFC (direct current fast charging) network. The company is a partner with General Motors Company (NYSE: GM), Tesla Inc (NASDAQ: TSLA), Nissan, Lyft Inc (NASDAQ: LYFT) and Uber Technologies Inc (NYSE: UBER). Charging stations are hosted at retail locations like Albertsons, Wawa and Kroger (NYSE: KR). DCFC is the key that sets EVgo apart from competitors. DCFC made up only 5% of the market in 2019 and is expected to grow share to 40% by 2040. EvGo has 818 DCFC sites and 1,412 charging units. Related Link: 7 Current And Former SPACs That Could Be 2020 Election Plays Competitors: EVgo is the only charging partner engaged by multiple OEMs to build out the network. A deal with General Motors will see the company add over 2,700 additional fast-charging locations. EVgo also has a deal with Nissan that gives $250 charging credits to customers. The company is also the first charging network with integrated Tesla connectors. Going forward, over 770 connectors are being added to chargers to help Tesla customers. In the electric vehicle charging market, EVgo competes with Blink Charging (NASDAQ: BLNK), Electrify America, which is owned by Volkswagen (OTC: VWAGY) and ChargePoint, which is merging with SPAC Switchback Energy Acquisition Corp (NYSE: SBE). EVBox Group, which is going public with SPAC TPG Pace Beneficial Finance Corp (NYSE: TPGY), could also soon be a competitor as it seeks to enter the U.S. market. ChargePoint and EVBox both have hundreds of thousands of charging stations. EVgo is the leader in DCFC trailing only Tesla by the number of locations with fast charging stations. Chargepoint had 731 locations as of June, Electrify America had 438 and Blink was part of a combined group that had 140 DCFC. One notable difference between the competitors is an area of concern for EVgo. Despite its lead in the number of DCFC locations, EVgo has less connections than rivals due to an average of 1.7 per location. EVgo’s total of 1,338 ranked behind Electrify America’s 1,807 and ChargePoint’s 1,614. The industry average was 3.8 connections per charging location. EVgo is working on expanding the number of connections per location in the future with future spots having four, six or eight charging connectors. EVgo also prides itself in a 98% uptime rating. Customer satisfaction scores reflect the uptime with EVgo scoring an 8.5 out of 10 for customer satisfaction compared to 8.0 for Electrify America, 7.6 for ChargePoint and 7.0 for Blink Charging. Benzinga’s Take: There could be room for several charging infrastructure stocks to gain on the continued rollout of the additional thousands of stations promised by President Joe Biden. ChargePoint looks like it could be a big winner with its large number of stations and lead in the total number of DCFC connectors. EVgo could be a winner as it works with partners like GM and Tesla to rollout additional DCFC locations and add Tesla connectors going forward. Share Performance: CLII shares have more than doubled since announcing the deal. Switchback shares are up nearly 300% in the last year. Blink Charging shares are up over 2,000% over the last year. See more from BenzingaClick here for options trades from BenzingaPalihapitiya Announces New PIPE Climate Investment: Who Could It Be?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
For investors seeking a strong dividend player, there are some market segments that are known for their high-yield dividends, making them logical places to start looking for reliable payers. The hydrocarbon sector, oil and gas production and mainstreaming, is one of these. The sector deals in a products that’s essential – our world runs on oil and its by-products. And while overhead for energy companies is high, they still have a market for their deliverables, leading to a ready cash flow – which can be used, among other things, to pay the dividends. All of this has investment firm Raymond James looking to the roster oil and gas midstream companies for dividend stocks with growth potential. "We anticipate the [midstream] group will add around ~1 turn to its average EV/EBITDA multiple this year. This equates to a ~20-25% move in equity value," Raymond James analyst Justin Jenkins noted. Jenkins outlined a series of points leading to a midstream recovery in 2021, which include the shift from ‘lockdown’ to ‘reopen’ policies; a general boost on the way for commodities, as the economy picks up; a political point, that some of DC’s more traditional centrists are unlikely to vote in favor of anti-oil, Green New Deal policies; and finally, with stock values relatively low, the dividend yields are high. A look into the TipRanks database reveals two midstream companies that have come to Raymond James’ attention – for all of the points noted above. These are stocks with a specific set of clear attributes: a dividend yield of 7% or higher and Buy ratings. MPLX LP (MPLX) MPLX, which spun off of Marathon Petroleum eight years ago as a separate midstream entity, acquires, owns, and operates a series of midstream assets, including pipelines, terminals, refineries, and river shipping. MPLX’s main areas of operations are in the northern Rocky Mountains, and in the Midwest and stretching south to the Gulf of Mexico coast. Revenue reports through the ‘corona year’ of 2020 show the value potential of oil and gas midstreaming. The company reported $2.18 billion at the top line in Q1, $1.99 billion in Q2, and $2.16 billion in Q3; earnings turned negative in Q1, but were positive in both subsequent quarters. The Q3 report also showed $1.2 billion in net cash generated, more than enough to cover the company’s dividend distribution. MPLX pays out 68.75 cents per common share quarterly, or $2.75 annualized, which gives the dividend a high yield of 11.9%. The company has a diversified set of midstream operations, and strong cash generation, factors leading Raymond James' Justin Jenkins to upgrade his stance on MPLX from Neutral to Outperform (i.e. Buy). His price target, at $28, implies a 22% one-year upside for the shares. (To watch Jenkins’ track record, click here) Backing his stance, Jenkins writes, “Given the number of 'boxes' that the story for MPLX can check, it's no surprise that it's been a debate stock. With exposure to inflecting G&P trends, an expected refining/refined product volume recovery, the story hits many operational boxes - while also straddling several financial debates… We also think solid 2020 financial results should give longer-term confidence…” Turning now to the rest of the Street, it appears that other analysts are generally on the same page. With 6 Buys and 2 Holds assigned in the last three months, the consensus rating comes in as a Strong Buy. In addition, the $26.71 average price target puts the upside at ~17%. (See MPLX stock analysis on TipRanks) DCP Midstream Partners (DCP) Based in Denver, Colorado, the next stock is one of the country’s largest natural gas midstream operators. DCP controls a network of gas pipelines, hubs, storage facilities, and plants stretching between the Rocky Mountain, Midcontinent, and Permian Basin production areas and the Gulf Coast of Texas and Louisiana. The company also operates in the Antrim gas region of Michigan. In the most recent reported quarter – 3Q20 – DCP gathered and processed 4.5 billion cubic feet of gas per day, along with 375 thousand barrels of natural gas liquids. The company also reported $268 million in net cash generated, of which $130 million was free cash flow. The company reduced its debt load by $156 million in the quarter, and showed a 17% reduction in operating costs year-over-year. All of this allowed DCP to maintain its dividend at 39 cents per share. Early in the corona crisis, the company had to cut back that payment – but only once. The recently declared 4Q20 dividend is the fourth in a row at 39 cents per common share. The annualized rate of $1.56 gives a respectable yield of 7.8%. This is another stock that gets an upgrade from Raymond James. Analyst James Weston bumps this stock up from Neutral to Outperform (i.e. Buy), while setting a $24 target price to imply 20% growth on the one-year time horizon. “[We] expect DCP to post yet another solid quarter on sequential improvements in NGL prices, NGL market volatility, and positive upstream trends… we are not capitalizing current propane prices and anticipate a solid, but more normalized pricing regime over the next 12-18 months. In our view, this will create a beneficial operating environment for DCP cash flows that is not currently reflected in Street estimates,” Weston noted. All in all, the Moderate Buy analyst consensus rating on DCP is based on 7 recent reviews, breaking down 4 to 3 Buy versus Hold. Shares are priced at $19.58 and the average target of $23 suggests an upside of ~15% from that level. (See DCP stock analysis on TipRanks) To find good ideas for dividend 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 share spikes in GameStop and others including BlackBerry Ltd, headphone maker Koss Corp and Nokia Oyj, have sent short-sellers scrambling to cover losing bets, while raising questions about potential regulatory clampdowns. The top securities regulator in Massachusetts thinks trading in GameStop stock, which has jumped to $148 a share from $19.95 since Jan. 12, suggests there is something "systemically wrong" with the options trading surrounding the stock, Barron's reported on Tuesday. GameStop, BlackBerry and Nokia were among the most heavily traded U.S. stocks before the bell, with analysts putting the moves partly down to herds of amateur investors chasing tips from Reddit discussion threads or the private Facebook group "Robin Hood's Stock Market Watchlist".
Regulators suspended the tech giant's planned listing before ordering a shake-up at the company.
(Bloomberg) -- GameStop Corp. continued its skyward march in U.S. premarket trading after an Elon Musk tweet fanned the flames of the stock’s jaw-dropping rally that has sent the company’s market value surging beyond $10 billion.The stock rose as high as $260, up 76% from the last close of $147.98. That followed Tuesday’s 93% surge, which meant GameStop has risen more than eightfold this month in a dizzying rally fueled by Reddit-charged day traders.Following a frenzied session on Tuesday, the stock’s gains reached new extremes outside regular hours after Tesla Inc. chief Musk tweeted a link to a Reddit thread about the company. Famed fund manager Michael Burry warned that the manic rally has gotten out of hand, calling the stock’s rise “unnatural, insane, and dangerous.”GameStop’s surge has captivated Wall Street and stymied short sellers including Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research. It has also spurred calls for a Securities and Exchange Commission investigation, though experts say it’s difficult to prove chat-room posts are part of an illicit scheme to manipulate the market.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.
GameStop (GME) shares gained another 92% today to close at a record $147.98 a piece in another clash filled session between reddit WallStreetBets and short sellers. The company’s market cap is now over $10 billion.
Plug Power raised 2021 guidance and a key 2024 target Tuesday, then announced a $1.5 billion secondary stock offering after the close.
Top news and what to watch in the markets on Tuesday, January 26, 2021.
Your retirement savings are $1 million. You want $100,000 of yearly retirement income, including Social Security. Is that doable without tons of risk?
The US auto industry is looking up, despite the COVID pandemic – and that has car watchers and Wall Street analysts alike moving toward a cautious optimism. Customers are starting to buy cars again, as shown by Toyota Motor's December figures: The company reported sales of 249,601 vehicles, up 20.4% year-over-year. Now, with vaccination rates increasing and better spring weather just a couple of months away, the car companies are predicting increased demand – and for 2021, they expect to see substantial year-over-year gains as they recoup from depressed sales in the ‘corona year.’ Against this backdrop, J.P. Morgan is pounding the table on two auto stocks in particular, noting that each could surge at least 20% in the year ahead. We ran the the two through TipRanks database to see what other Wall Street’s analysts have to say about them. Ford Motor (F) Ford Motor is the smallest of Detroit’s Big Three. Boasting a $45 billion market cap, however, Ford shows that ‘small’ is a relative concept. The company also boasts a loyal customer base and a solid sales foundation build on the F-series pickups. Ford’s Q3 revenue, at $37.5 billion, showed a turnaround from the corona-induced losses of 1H20; it was the strongest quarter yet reported for 2020, and beat expectations by 13%. Net profit for the third quarter was $2.34 billion in Q3, a 22% year-over-year gain. The quarterly performance was bolstered by a 35% market share for the F-series trucks in the US market, a 22% increase in product shipments to China, and the best performance by Ford Credit in 15 years. In recent months, however, Ford has taken some hits. The company was forced to issue a pair of safety recalls in the North American market this past November, on select models of the Taurus, Explorer, Edge, and Lincoln Aviator vehicles. And earlier this month, Ford announced that it would take a $4.1 billion hit due to the closure of three manufacturing plants in Brazil. Reviewing Ford for JPM, analyst Ryan Brinkman notes several factors that will support the stock. “We find Ford shares attractive given valuation only roughly in line with history despite a number of significant positives, including (1) a substantially refreshed vehicle lineup including hot new introductions such as the Mustang Mach-E battery electric crossover, new Ford Bronco (>190K reservations), Bronco Sport, and upcoming F-150); (2) a refreshed F-150 has historically led to a substantial improvement in North American profitability, which we expect by 2Q21; (3) the “Bold Moves” Ford is taking to right-size its international operations, including most recently in South America, we think will free up capital for use in initiatives investors are likely to reward more, such as its electrification and autonomous efforts,” Brinkman wrote. In line with his bullish comments, Brinkman upgraded his stance on F, from Neutral to Overweight (i.e. Buy), and set a $14 price target, implying an upside of 25% for the year ahead. (To watch Brinkman’s track record, click here) Overall, Wall Street is inclined toward caution here, where JPM is willing to take a risk. The stock has 12 recent reviews, breaking down to 4 Buys, 7 Holds, and 1 Sell. The shares are selling for $11.19, and the average price target of $10.01 indicates ~11% downside from current levels. (See Ford’s stock analysis on TipRanks) General Motors (GM) General Motors, best known by its initials, is the largest of Detroit’s automakers, with a market cap of $75 billion. The company has seen 58% share gains in the past 12 months, and is up 210% from its corona-induced low point hit last March. GM’s recent performance has impressed auto industry watchers. In Q3, the company showed $35.5 billion at the top line, its best quarterly revenue in the past four quarters, and matching its 3Q19 results. Income was $4 billion, or $2.78 per share, a year-over-year jump of 74%. Fourth quarter results are due out on February 10, but preliminary sales figures show a 4.8% gain yoy, despite an 11.8% fall in US auto sales for the year. The company has outperformed its industry in Q4, and for the full year, on the strength of its pickup and SUV lines – a testament to the ongoing popularity of mid-size trucks in the consumer market. Other strong-selling models include the fully electric Chevy Bolt, whose sales are up 26%, and the classic Chevy Corvette, which has seen sales rise 20%. GM has also been ramping up autonomous vehicle work through the Cruise division. In January, the company debuted the Cruise Origin, a production model for a driverless vehicle. The Origin is designed from the start as an autonomous vehicle, and so does not have a manual steering system. Future production will be centered at the GM Detroit-Hamtramck plant; for now, the vehicle is in testing on the streets of San Francisco. In his notes on GM for J.P. Morgan, analyst Ryan Brinkman sees steady growth ahead. "GM’s 4Q20 global light vehicle production tracked +16% y/y, solidly better than was expected back in mid-October… GM’s trend in production in 4Q was stronger than Ford’s, given non-repeat of the UAW strike negatively impacting both 3Q and 4Q 2019… 4Q20 GM production outside North and South America tracked materially better than expected back in mid-October, driven by strongly recovering sales in China,” Brinkman commented. To this end, Brinkman rates GM shares an Overweight (i.e. Buy), and his $63 one-year price target indicates his confidence in 21% upside potential. All in all, GM has built its Strong Buy consensus rating on solid performance which has attracted 12 Buy ratings in the last three months, as opposed to only 1 Hold. This stock is selling for $52.04, and the $55.50 average price target implies an upside of ~7%. (See GM stock analysis on TipRanks) To find good ideas for auto 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.
These are the marijuana stocks with the best value, fastest growth, and most momentum for February 2021.
Raytheon beat Q4 estimates and predicted increases in shareholder returns but gave mixed 2021 guidance.
One of the biggest questions on Wall Street right now: is the stock market a bubble on the verge of exploding?