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CF Industries Rebounds After Earnings

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CF Industries initially fell last week after reporting earnings, but the fertilizer maker cleared a 47.10 buy point Monday.

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  • Exclusive: China's Ant explores ways for Jack Ma to exit as Beijing piles pressure - sources

    Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control, as meetings with Chinese regulators signaled to the company that the move could help draw a line under Beijing's scrutiny of its business, according to a source familiar with regulators' thinking and two people with close ties to the company. Reuters is for the first time reporting details of the latest round of meetings and the discussions about the future of Ma's control of Ant, exercised through a complicated structure of investment vehicles. The Wall Street Journal previously reported that Ma had offered in a November meeting with regulators to hand over parts of Ant to the Chinese government.

  • Huawei defense to ask Canada court for delay in CFO's extradition hearings

    The defense team for Huawei's chief financial officer, Meng Wanzhou, will ask a Canadian court to delay upcoming hearings in her U.S. extradition case, the court said on Friday. Meng's U.S. extradition hearings have lasted more than two years and she is scheduled to be back in the British Columbia Supreme Court on April 26. A source familiar with the matter told Reuters the application was a result of an agreement announced last week in a Hong Kong court between Huawei Technologies Co Ltd and HSBC regarding publication of internal documents relating to the fraud allegations against Meng.

  • Morgan Stanley’s Record Quarter Stained by Archegos Collapse

    (Bloomberg) -- Morgan Stanley surprised investors with a $911 million loss tied to the collapse of Archegos Capital Management, staining what was otherwise a record quarter for revenue and profit.“The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client, and $267 million of subsequent trading losses through the end of the quarter related to the same event,” Morgan Stanley said Friday in its first-quarter earnings statement.The hit was related to Archegos, Chief Executive Officer James Gorman said on a call with analysts. The CEO called the matter a “very complex event,” and said he was pleased with how the company handled it.The firm’s philosophy is to “cauterize bad stuff” and deal with it as quickly as possible, Gorman said. Archegos won’t change how Morgan Stanley views its prime-brokerage business, but it will be looking hard at certain types of family offices and the adequacy of their financial disclosures, he said.The Archegos hit leaves Morgan Stanley as the only major U.S. bank to be nursing losses from the flameout of Bill Hwang’s family office. The New York-based bank was one of the early backers of Archegos despite the legal taint tied to Hwang, who was previously accused of insider trading and in 2012 pleaded guilty to wire fraud on behalf of his predecessor hedge fund, Tiger Asia Management.“This amount is material and should have been disclosed earlier, especially given the degree of attention prior to earnings,” Mike Mayo, an analyst at Wells Fargo & Co., said in a note to clients. “We expect more from Morgan Stanley when it comes to governance, and are incrementally concerned about complacency based on the tone from today’s conference call.”Shares of the company fell 3.4% to $78.05 at 1:57 p.m. in New York, paring this year’s gain to 14%The Archegos collapse rattled investment banks across continents, with Credit Suisse emerging as the worst hit with almost $5 billion in losses from its exposure to the family office.In the wake of Archegos, Morgan Stanley’s equity traders gave up their No. 1 spot, falling behind Goldman Sachs Group Inc. and JPMorgan Chase & Co., which posted big trading wins earlier this week off a wild quarter for markets.Equities-trading revenue at Morgan Stanley nevertheless rose 17% to $2.88 billion, compared with the $2.6 billion average estimate of analysts surveyed by Bloomberg. Goldman Sachs and JPMorgan have been clawing away at Morgan Stanley’s lead in that business, but until now the firm has managed to stay ahead of the pack. Both rivals posted equities revenue in excess of $3 billion for the quarter.Gorman’s PayIn January, Gorman leaped past JPMorgan’s Jamie Dimon as the best-paid CEO of a major U.S. bank, after being awarded $33 million for the firm’s performance in 2020 while running a firm that’s a third the size of JPMorgan.One reprieve for Gorman’s firm was the timing of the fund’s blowup. In any other quarter, the losses would have stood out more starkly. Instead, the hit came at a time when the bank and all its major peers have smashed one record after another, helping dull the pain.“Such a shame we have to talk about the” Archegos hit, given the strong results throughout the rest of the firm, Glenn Schorr, an analyst at Evercore ISI, said in a report titled, “Other Than That, It Was a Great Quarter, Mrs. Lincoln.”Fixed-income trading revenue at Morgan Stanley rose 44% to $2.97 billion, compared with the $2.2 billion analysts were predicting before earnings season kicked off.Morgan Stanley’s investment bankers pulled in $2.61 billion in fees, compared to the $2 billion analyst estimate, as equity underwriting quadrupled. The quarter proved particularly lucrative with the continued explosion in blank-check companies, better known as SPACs, as well as public offerings from technology companies.Banks are also having to fend off fierce demand for their top talent, with venture-capital firm General Catalyst this month luring away Paul Kwan, Morgan Stanley’s head of West Coast technology investment banking.Wealth-management revenue totaled $5.96 billion, up from $5.68 billion in the previous quarter.The acquisition of E*Trade last year also proved timely, as average daily trading surged in the first quarter, well above its fourth-quarter record. The firm also announced the completion of the Eaton Vance takeover last month, adding another business likely to throw off consistent fee-based revenue.(Updates with analyst’s comment in sixth 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.

  • Bitcoin Plunges in Biggest Intraday Drop Since February

    (Bloomberg) -- Bitcoin plunged the most in more than seven weeks, just days after reaching a record.The biggest crypto coin fell 8.5% to $55,810.32 as of 2:52 p.m. in Singapore on Sunday, after declining as much as 15.1% to $51,707.51. Ether, the second-largest token, dropped almost 18% before paring losses.Several online reports attributed the plunge to speculation the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.Bitcoin hit a record high of $64,869.78 last week ahead of the debut trade for the cryptocurrency exchange Coinbase Global Inc. on the Nasdaq Wednesday. The original crypto coin, Bitcoin is valued at more than $1 trillion after a more than 800% surge in the past year.Bitcoin Approaches $65,000 With Coinbase Listing Fueling DemandGrowing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifted other tokens to record highs. Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients.That’s despite lingering concerns over their volatility and usefulness as a method of payment. Dogecoin, a token created as a joke and which has been boosted by the likes of Elon Musk and Mark Cuban, rallied more than 110% Friday before dropping the next day. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site, the online exchange said in a blog post Friday.Governments are inspecting risks around the sector more closely as the investor base widens.Federal Reserve Chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.Crypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering skepticism about digital tokens. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.(Updates with regulators’ concerns from seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Alcoa Reaches Two-Year High as Aluminum Rally Supercharges Sales

    (Bloomberg) -- Alcoa Corp. gained the most in more than two years after reporting first-quarter earnings that beat analysts’ expectations, with aluminum prices surging and the company projecting further strength as economies reopen.Shares in the biggest U.S. maker of the metal climbed as much as 9.7% to the highest since November 2018. The stock gained 8.4% to $35.59 at 3:44 p.m. in New York.Alcoa was already on a roll before reporting earnings late Thursday, with shares jumping six-fold from a pandemic low last year. Aluminum demand is rising just as China, the largest producer of the metal, pushes to cut carbon emissions, spurring expectations the Asian nation will curb supply expansions. Alcoa told analysts Thursday it will continue to focus on paying down net debt with cash on hand, and that it expects to get within its target range this year.“With pricing tailwinds continuing, we expect Alcoa’s results to improve further,” David Gagliano, an analyst at BMO Capital Markets, said in a note to clients. “Alcoa is rapidly approaching the high end of its net debt target range, in turn opening the door for possible shareholder returns later in 2021 in our view.”The Pittsburgh-based company said in its earnings statement that it expects a strong 2021 based on continued economic recovery and increased demand for aluminum in all end markets. Alcoa Chief Executive Officer Roy Harvey said last month that China is taking meaningful steps to rein in production, calling it a “game-changer” for the industry after years of gluts.Benchmark aluminum prices surged 25% from the end of September through March, marking the biggest gain over that period since 2006.Alcoa reported earnings before interest, taxes, depreciation, and amortization of $521 million, topping the $450.8 million average of six analysts’ estimates compiled by Bloomberg and the highest since 2018. Sales rose to $2.87 billion, compared with the $2.62 billion analysts had forecast.(Updates with share price movement and analyst comment)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.

  • Atlantia investor urges Italy not to interfere in Autostrade sale

    Atlantia investor and hedge fund TCI has urged Italy's government not to put any pressure on the Italian infrastructure group to strike a deal to sell its motorway business Autostrade, a letter seen by Reuters shows. TCI's letter, dated April 12, asks the government to allow Atlantia to evaluate "independently and free from any political interference" an offer for Autostrade from Spanish infrastructure group ACS. Autostrade, which manages half of Italy's motorway network, has been in the political crosshairs since the 2018 deadly collapse of a Genoa motorway bridge run by the company.

  • Ex-Allianz Insurance Veteran Wemmer Plans Amsterdam SPAC

    (Bloomberg) -- Dieter Wemmer, a veteran insurance executive who was chief financial officer at Allianz SE, is launching a blank-check company to target deals in the sector where he worked for more than three decades, people familiar with the matter said.Wemmer plans to raise about 250 million euros ($300 million) on the Amsterdam stock exchange in May, the people said, asking not to be identified discussing confidential information. He’s teaming up with Murray Wood and Santiago Corral, co-owners of insurance-focused investment firm Nazare Capital, to create the SPAC.The executives have begun speaking with potential investors, the people said. They’re considering seeking targets among technology players in the insurance space, the people said. Wemmer, who’s a German national, will be executive chairman of the SPAC while Wood will serve as its chief executive officer, according to the people.Bank of America Corp. is advising on the SPAC, the people said. Wemmer and a representative for Bank of America declined to comment, while a spokesperson for Nazare couldn’t be reached for comment.There’s an active market for insurance mergers and acquisitions. Low interest rates and outdated technology systems are leading insurers, particularly those offering property and casualty cover, to look at restructurings or buying companies that offer tech they don’t have.Blank-Check FrenzyA veteran of European finance, Wemmer worked at Allianz until 2017 and previously held the CFO role at Zurich Insurance Group AG, where he joined the industry in 1986. He still has board positions at Swiss bank UBS Group AG and Danish renewables giant Orsted A/S. Last year, Wemmer teamed up with activist investor Elliott Management Corp. to push for change at Dutch insurer NN Group NV.He joins a growing cohort of financiers from the region in jumping into the SPAC frenzy, which has been spreading from the U.S. to Europe. Former bank CEOs Jean Pierre Mustier, Martin Blessing and Tidjane Thiam are among those working on blank-check companies this year.These vehicles raise investor money in the equity markets to fund takeovers of privately-held targets and have become firmly established among corporate chieftains, politicians and celebrities, with many launching multiple SPACs.More than 300 blank-check companies globally have completed IPOs this year to raise a combined $101.7 billion, according to data compiled by Bloomberg. That’s already more than last year’s record annual haul.Despite a recent uptick in Europe, the trend is just starting on the continent and the U.S. is still the dominant venue for such listings. Four blank-check have gone public through IPOs on European exchanges so far this year to raise $1.5 billion, about triple the amount raised in the whole of 2020, according to data compiled by Bloomberg.(Adds insurance industry detail in fifth 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.

  • Coinbase CEO Sold $291.8M in Shares on Opening Day

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  • Stocks End Week at Records on Economic Optimism: Markets Wrap

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