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Court smacks down Hunter Biden's former Chinese business partner

Reaction from former Utah U.S. Attorney Brett Tolman on 'The Evening Edit'

Latest Stories

  • Joe Biden's $1.9 trillion stimulus plan could wreck Wall Street's favorite money-making trade

    Tech stocks could come under pressure as President-elect Joe Biden's stimulus plan works its way through the U.S. economy.

  • U.S. Stock Futures Decline After Biden’s Spending-Bill Proposal

    (Bloomberg) -- U.S. stock futures fell, erasing early gains, as investors assessed the details of President-elect Joe Biden’s $1.9 trillion spending-bill proposal that includes $350 billion in aid to states.Contracts on the S&P 500 Index were down 0.4% as of 11:36 a.m. in London, after rising as much as 0.2% earlier. The underlying index lost 0.4% in the cash session, with investors growing concerned about the path for Federal Reserve policy now that signs of faster inflation are emerging.In Europe, the Stoxx Europe 600 Index followed through, dropping as much as 0.7%, dragged lower by energy and mining shares. The health care sector outperformed and was the only industry group firmly in the green.The Fed’s largesse and prior federal spending packages worth almost $3 trillion have powered a 70% gain in U.S. stocks from the pandemic lows in March. Biden’s plan -- long telegraphed since his election in November -- is more than double the package approved in late December, and proposes sending $1,400 to qualified individuals. It also calls for increasing the federal minimum wage to $15 an hour.U.S. stocks have pushed to record after record since the vaccine approvals and Biden’s election in November. His agenda, including ambitious aid and a follow-up plan to spend on projects such as infrastructure, got a boost Jan. 5 when Democrats won control of the Senate.Vice President Kamala Harris’ vote should help seal Democratic wins on issues that require a simple majority for passage in the evenly split upper house. However, Biden proposals including aid to states and money for health care are likely to require 60 votes, which would appear difficult to achieve.“Given the distaste Republicans have for state aid, Mr. Biden’s bipartisan hopes will be immediately tested,” Jeffrey Halley, senior market analyst with Oanda Asia Pacific Pte., wrote in a note. “And that is before the remake America bills come through with the almost certain increases in taxes.”The record climbs in stocks have stretched valuations to levels not seen in two decades, prompting warnings of a bubble that will lead to a rapid selloff. Investors have tolerated them so far because of Biden’s pledge to amp up spending not only on direct aid, but also on fighting the virus and rolling vaccines. His bill sets aside $20 billion for a national vaccine program and $50 billion to expand testing capacity.Signs of froth abound, though. In a note titled “This Is Ludicrous,” Bespoke Investment Group summed up the recent action. It cited 59 U.S.-listed stocks that are trading at prices that are more than 10 times sales and have more than doubled in the past three months. Stocks currently in that category have risen 760% since March and have a combined market capitalization of $320 billion, according to George Pearkes, global macro strategist at the firm.“Stimulus is always going to be net positive for near-term growth and profits, but the question is always how much is already priced in,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors. “There’s more room for stimulus to get priced in from here, but it only adds to the cyclical recovery that will likely take place regardless of whether stimulus gets passed.”(An earlier version of this story was corrected to reflect the size of the plan in the first 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.

  • Value stocks are about to come out of their coma, says index fund powerhouse Vanguard

    The idea that value stocks are finally about to awaken after a decadelong slumber is almost a joke in financial circles. What is at least slightly different about Vanguard’s perspective is that its model suggests that investors have been correct in shunning value stocks, at least until the last few years. “Our research indicates that a value premium does exist and that the recent outperformance of growth stocks can be partially explained by downward-trending long-term inflation levels and the lack of material acceleration in earnings growth over the last decade,” the firm says.

  • Stock market news live updates: Stocks fall as investors eye $1.9 trillion stimulus proposal, retail sales disappoint

    Stocks dipped as traders considered details of President-elect Joe Biden’s newly unveiled stimulus proposal and weighed the likelihood of the package getting advanced quickly through Congress.

  • Bank of America's 8 Best Stocks to Buy in Q1

    Here are analysts' top stocks to buy in the first quarter.The S&P 500 closed out 2020 at all-time highs on optimism surrounding additional government stimulus measures and a potential global economic rebound in 2021.

  • I don’t know if my 3-year-old daughter will go to college, so would saving through my retirement account be more flexible than starting a 529 plan?

    After her birth I wanted to establish a 529 plan. Now that we’re heading into 2021 with all this talk about debilitating college loan debt, I’ve started wondering if it still makes sense to start a brand-new 529 plan or just simply keep contributing to my current 403(b) retirement account, then tapping that early for her, if needed.

  • Morning Bell With Jim Cramer: Buy Penn National Stock

    Jim Cramer shares stock-market news including why Penn National stock has room to run, investors' unwillingness to embrace ESG stocks and how to pick EV stocks.

  • Four things that could pop the 'rational bubble' in equities: Mohamed El-Erian

    Four things could pop the "rational bubble" in equities, says Mohamed El-Erian — even if they're not likely to happen right now.

  • Fastest-Growing Stocks: Square Stock Among 7 Stocks Expecting Up To 156% Growth In 2021

    What are the fastest-growing stocks to watch in 2021? Here's a list featuring GRWG stock, Square, Daqo and four other stocks expecting up to 156% growth.

  • Marijuana Stocks Jump On Democratic Senate; Are Any Good Buys Now?

    Marijuana stocks surged as a Democratic Senate adds to cannabis legalization momentum. Are any pot stocks good buys now amid profitability challenges?

  • Biden's Boom: The $30 Trillion ESG Sector Is Set To Explode In 2021

    The ESG mega-trend sent trillions of dollars pouring in last year. But the real boom could be set to take off beginning January 20th

  • Wells Fargo Beats on Earnings but Misses Revenue Forecasts

    Wells Fargo posts better-than-expected fourth-quarter earnings though revenue falls steeply as a drop in consumer and business lending is offset by home lending.

  • Virgin Galactic, Space Stocks Soar As Tesla Bull Eyes New ETF

    Virgin Galactic and other space stocks jumped Thursday on hopes for a new space-focused exchange traded fund.

  • JPMorgan posts big Q4 earnings beat, releases credit reserves amid 'economic uncertainty'

    JPMorgan delivered results that blew away analysts’ expectations even as the COVID-19 pandemic continued to exert significant headwinds on the global economy.

  • Playtika IPO Seeks $1.6 Billion; $10 Billion Value For Game Developer

    Playtika, a developer of casino and mobile games, raised $1.9 billion with an initial public offering that gave it a valuation near $11 billion. The Playtika IPO exceeded expectations.

  • Sorrento Stock Could Hit $30, Says Analyst

    The major U.S. equity-indexes are hovering around all-time highs, and a question that frequently pops up these days, is whether some companies’ valuations might be overstretched. However, some operate at the opposite end of the spectrum, and could yet offer investors untapped opportunities. H.C. Wainwright analyst Ram Selvaraju points in the direction of Sorrento Therapeutics (SRNE), as one such company. Selvaraju rates SRNE a Buy along with a $30 price target, which implies a 275% upside from current levels. (To watch Selvaraju’s track record, click here) So, what’s behind the optimistic outlook? Well, for starters, Sorrento has a stake in two cell-based immunotherapy companies that could “drive value in Sorrento shares over the coming months.” One is Celularity, a clinical-stage cell therapeutics company focused on cellular medicines for cancer, infectious diseases, and degenerative diseases. Celularity is expected to go public later this year via a SPAC merger with GX Acquisition Corp. The merged company’s equity value following the transaction’s closure will land at roughly $1.7 billion. Selvaraju estimates Sorrento's position should be worth in the $200 million region. The second company is NantKwest, which recently signed a deal to merge with ImmunityBio. The transaction is expected to close in 1H21. Sorrento owns roughly 8.2 million shares of the clinical-stage immunotherapy company. These are currently worth around $121 million, going by NantKwest’s recent share price. Additionally, the analyst highlights Sorrento’s “burgeoning portfolio of assets spanning three distinct therapeutic areas (non-opioid pain management, oncology and COVID-19).” In fact, on the Covid-19 front alone, Sorrento has taken a broad-based approach and has a long list of diagnostic, prophylactic and therapeutic offerings in the pipeline, with “updates likely to come fast and furious.” These include two rapid detection tests; COVI-STIX, for which the company filed for Emergency Use Authorization (EUA) in the U.S. in December, and COVI-TRACE, which Selvaraju claims could come in handy at any mass gathering event. “We believe that the incentive to facilitate the large-scale and indeed ubiquitous deployment of the COVI-TRACE test is extremely high and governments worldwide may seek to implement this in their respective regions,” the 5-star analyst opined. Other Covid-19 candidates include COVIGUARD - a SARS-CoV-2 neutralizing antibody, COVI-AMG - an affinity-matured version of the COVIGUARD neutralizing antibody, a neutralizing antibody cocktail named COVI-SHIELD and COVIDTRAP, an ACE2 receptor decoy, intended to imitate the mammalian ACE2 receptor that acts as the primary portal for the SARS-CoV-2 virus to penetrate human cells. It has been relatively quiet when it comes to other analyst activity. In the last three months, only 2 analysts have issued ratings. However, as they were both Buys, the word on the Street is that SRNE is a Moderate Buy. Based on the $25.50 average price target, shares could climb 219% higher in the next twelve months. (See SRNE stock analysis on TipRanks) To find good ideas for healthcare 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.

  • I took care of my late mother for 8 years. Am I obliged to tell my sisters she made me co-owner of a substantial bank account?

    This daughter writes: ‘My conscience is getting the better of me, and I would like to be transparent about being the joint owner of this savings account.’

  • Trump's China tech war backfires on automakers as chips run short

    Automakers around the world are shutting assembly lines because of a global shortage of semiconductors that in some cases has been exacerbated by the Trump administration's actions against key Chinese chip factories, industry officials said. The shortage, which caught much of the industry off-guard and could continue for many months, is now causing Ford Motor Co, Subaru Corp and Toyota Motor Corp to curtail production in the United States. Automakers affected in other markets include Volkswagen, Nissan Motor Co Ltd and Fiat Chrysler Automobiles.

  • Cramer Gives His Opinion On Occidental Petroleum, Salesforce And More

    On CNBC's "Mad Money Lightning Round," Jim Cramer said Ballard Power Systems Inc (NASDAQ: BLDP) is good, but Plug Power Inc (NASDAQ: PLUG) is his favorite.Cramer likes Romeo Power Inc (NYSE: RMO). The stock has come down a lot and he thinks it's kind of attractive.Occidental Petroleum Corporation (NYSE: OXY) is going higher in the short term, thinks Cramer. He advised a viewer not to sell it because it will probably go to his entry price of $33. Eventually, he would have to sell because the new administration thinks fossil fuels are bad for the environment.Cramer almost pulled the trigger and bought salesforce.com, inc. (NYSE: CRM). He is holding off right now, but he might start buying it next week.See more from Benzinga * Click here for options trades from Benzinga * 'Trading Nation' Analysts Weigh In On Semiconductors * Mike Khouw Sees Unusual Options Activity In EEM(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Exxon Mobil's stock falls after WSJ report of SEC investigation

    Shares of Exxon Mobil Corp. dropped 2.3% in premarket trading Friday, putting them on track for their first decline in 10 sessions, after The Wall Street Journal reported the Securities and Exchange Commission has launched an investigation into allegations that an employee of the oil giant overstated the value of a key Permian Basin asset. Citing people familiar with the matter, the WSJ report said several people involved in valuing the asset complained that they were being forced to use unrealistic assumptions about how quickly the company could drill wells in the Permian Basin to arrive at a higher value. At least one employee how complained was fired last year, the WSJ report said. Exxon Mobil's stock had soared 22.1% amid a 9-day win streak, to close Thursday at a 7-month high. It has run up 46.0% over the past three months through Thursday, while the SPDR Energy Select Sector ETF has advanced 44.0% and the S&P 500 has gained 9.0%.