Yahoo Finance's Brian Sozzi and Jared Blikre discuss the latest market action with Burke Financial Strategies Owner John Burke and SEI Non-Traditional Strategies CIO Jim Smigiel on The First Trade.
Yahoo Finance's Brian Sozzi and Jared Blikre discuss the latest market action with Burke Financial Strategies Owner John Burke and SEI Non-Traditional Strategies CIO Jim Smigiel on The First Trade.
Shares of United Parcel Service, Inc. (NYSE: UPS) were unaffected after the company said it was the unnamed company Fox News host Tucker Carlson called out for losing what he said is a politically sensitive package.What Happened: Carlson said during his daily "Tucker Carlson Tonight" show Wednesday that his New York office was in possession of "a collection of confidential documents related to the Biden family."Carlson was in Los Angeles at the time filming an interview with Tony Bobulinski, a former business partner of Hunter Biden, son of Democratic presidential nominee Joe Biden.Carlson asked his office to send over the documents that he described as "authentic" and potentially "damaging" to the Biden campaign. The documents were dropped off at a retail location of a "large national carrier," he said. Carlson didn't elaborate on what the documents are. Related Link: How The 2020 Presidential Election Could Impact Health Care StocksUPS Issues Statement: Carlson didn't name the company during his show. But UPS Corporate Media Relations Director Glenn Zaccara told Business Insider that UPS was the unnamed company."UPS is conducting an urgent investigation into this matter and regrets that the package was damaged," the company told Business Insider."The integrity of our network and the security of our customers' goods are of utmost importance. We will remain in frequent, direct contact with Fox News as we learn more through our investigation."To UPS' credit, Carlson said the company "went far and beyond" but "found nothing.""As of tonight, the company has no idea -- and no working theory, even -- about what happened to this trove of materials, documents that are directly relevant to the presidential campaign just six days from now," the Fox News host said.Photo by Jim.henderson via Wikimedia. See more from Benzinga * Click here for options trades from Benzinga * Molson Coors Stock Chugs Along After Big Q3 Beat * Grocery Prices A Concern As Coronavirus Cases Surge(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Botox, which AbbVie gained through its $64 billion acquisition of Allergan in May, suffered an initial hit during the peak of the health crisis, but demand has since improved. AbbVie's portfolio of aesthetic medicines such as Botox was showing a "V-shaped recovery," Chief Executive Officer Richard Gonzalez said in a statement. Humira brought in sales of $5.14 billion and AbbVie's newer psoriasis medicine Skyrizi generated $435 million in the quarter ended Sept. 30.
Jim Cramer shared his thoughts on the upcoming election and a potential blue wave.Cramer On The Election: "Let's see if people can fight the blue wave," Cramer said Thursday morning on CNBC. He's concerned about a potential blue wave and that "you have to be."He went on to describe a blue wave as: short and cover when the election night really ends because there's a lot of stocks in a blue wave that would be crimped by a "hijack of the far left."Cramer On A Game Plan: He went on to give a game plan for investors to make "real money.""Short the managed care stocks into a blue wave. The managed care stocks then drop 10%, then you buy the managed care stocks, leading with Centene (NYSE: CNC) and maybe United Health (NYSE: UNH). Pfizer (NYSE: PFE) goes down to $32 ahead of the election, drops to $31.50, people think they made a lot of money, you buy Pfizer," said Cramer."This is what you do, I just gave it to you."Potential Winners Under Biden: Cramer last week discussed his "basket of winners" if presidential candidate Joe Biden were to win the election.He believes investors will go towards the solar industry. Two solar stocks he likes: First Solar (NASDAQ: FSLR) and Tesla (NASDAQ: TSLA).Cramer also thinks infrastructure will be a winner under Biden. Cramer likes these two infrastructure stocks: Caterpillar (NYSE: CAT) and Deere & Company (NYSE: DE).See more from Benzinga * Click here for options trades from Benzinga * 'Halftime Report's' Top Stocks To Watch: AGCO, Keysight And More(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Before you open a retirement account, you should know the disadvantages of Roth IRAs. Income limits are one drawback. Learn about the disadvantages of Roth IRAs.
America goes to the polls on Tuesday (well, actually, America has been early voting for a few weeks, now), and while Democrat Joe Biden has a solid lead in the polls, there is some of evidence that President Trump may still win a second term. Finally, with all of the early voting, mass absentee ballots, and possible extended counting deadlines, we might not know on Tuesday night who the winner is.It’s a situation made of uncertainty, and financial markets don’t like that. Which brings us to dividend stocks. Investors want a pad, something to protect their portfolio in case of a market drop, and dividends offer just that. These profit-sharing payments to stockholders provide a steady income stream, that typically stays reliable even in a modest downturn. Wall Street’s analysts have been doing some of the footwork for us, pinpointing dividend-paying stocks that have kept up high yields, at least 8% to be exact. Opening up the TipRanks database, we examine the details behind those payments to find out what else makes these stocks compelling buys.Altria Group, Inc. (MO)We’ll start with Altria Group, the tobacco company best known for its iconic Marlboro cigarettes. Altria, like many of the so-called ‘sin stocks,’ is one of the market’s dividend champions, with a long history of reliable, high-yielding payments. The company has benefited from a psychological quirk of human nature during such a wild year as 2020: People will hunker down if necessary, but they won’t give up their small pleasures.Cigarettes are exactly that, and even though overall smoking rates have been declining in recent years, Altria saw stable financial results in the last few quarters. The first and second quarters both showed $1.09 in earnings, well above the 97 cents expected in Q1 and modest beat against Q2’s $1.06 forecast. Revenues hit $5.06 billion in Q2, in-line with the two previous quarters.Looking ahead, analysts expect Altria to post $1.15 per share in earnings on $5.5 billion in revenues when it reports Q3 results. That report is due out tomorrow morning. Meeting those results will help Altria maintain its dividend – although the company has a long-standing, very public, commitment to do just that. Altria has kept its dividend reliable for the past 12 years, and for the last payment, made it September, the company even slightly raised the payout by 2.4%. The current dividend is 86 cents per common share, or $3.44 annualized, and yields an impressive 8.8%.Looking at Altria in the lead-up to the Q3 report, Deutsche Bank analyst Stephen Powers writes, “[We] are positively biased on company fundamentals as we approach MO's results next week—reinforced by healthy scanned channel demand intraquarter across MO's core tobacco businesses, with particular strength in cigarettes driven by the Marlboro brand… we believe continued operational execution in its core business will enable MO to more credibly position itself as a stable core tobacco investment…”Powers rates the stock as a Buy, and his $51 price target implies a 37% upside for the coming year. (To watch Powers’ track record, click here)Overall, Altria has a Moderate Buy rating from the analyst consensus, based on 3 Buys and 2 Holds set in recent weeks. The stock’s current share price is $37.04, and the average price target of $46 suggests a 24% one-year upside. (See MO stock analysis on TipRanks)American Finance Trust (AFIN)Next on our list is a Real Estate Investment Trust, a REIT. These companies are known for their high dividends, a fact resulting from a quirk of tax regulation. REITs are required to return a certain percentage of profits directly to shareholders, and dividends are one of the surest means of compliance. AFIN, which focuses its portfolio on single- and multi-tenant service-retail properties, is typical for its niche.And its niche has been solid. AFIN boasts major companies like Home Depot, Lowe’s, and Dollar General among its top ten tenants, and announced earlier this month that it has collected over 91% of its third quarter rents. Looking ahead to Q3 results next week, EPS is expected at 23 cents, a 15% increase from Q2. The company offers a monthly dividend, at a rate of 7.1 cents per common share, instead of the more common quarterly payments. The monthly format allows some flexibility in managing adjustments to the payout rate; in April, AFIN reduced the dividend from 9 cents to 7.1 as part of efforts to manage the corona crisis effects on business. The current payment annualizes to 85.2 cents per share, and yields a robust 14.7%. This is more than 7x higher than the average dividend yield found among S&P 500 companies.B. Riley analyst Bryan Maher notes the difficulties that AFIN has faced, as a property owner and manager during an economic downturn, but is confident in the company’s ability to meet the challenges.“Like most REIT's, AFIN has been impacted by the COVID-19 pandemic, which is not surprising given its portfolio has a large number of service retail assets. However, 71% of the portfolio is necessity-focused retail, with the balance being distribution and office properties. As such, AFIN collected 84% of cash rents due in 2Q20, including 96% of the cash rent due from its top 20 tenants. Cash rent collection for July improved to 88%. AFIN has been proactive in working with certain tenants to negotiate rent deferrals/credits…” Maher noted. To this end, Maher rates AFIN stock a Buy, and gives it a $10 price target. At current trading levels, this implies a strong one-year upside potential of 76%. (To watch Maher’s track record, click here)AFIN is priced at $5.69, and its average target matches Maher’s, at $10. The stock has a Moderate Buy from the analyst consensus, based on an even split between Buy and Hold reviews. (See AFIN stock analysis on TipRanks)Golub Capital BDC (GBDC)Last but not least is Golub Capital, a business development company and asset manager. Golub works with middle market companies, providing solutions for financing and lending. The company boasts a market cap of $2.2 billion, as well as over $30 billion in capital under management.In the months since the corona virus crisis hit the economy, Golub has seen a depressed share price and high volatility in its earnings. The stock is down 28% year-to-date. Earnings, which collapsed in 4Q19, have been bouncing in 2020. The first quarter showed 33 cent per share, while the Q2 figure came in at 28 cents. Looking ahead, the forecast expects a repeat of the second quarter EPS figure, 28 cents. Revenues have been just as volatile; the first quarter saw a deep net loss, but Q2 saw the top line bounce back to $145 million. This was the highest quarterly revenue figure in the past year.Golub believes in keeping up the dividend for investors, offering not only a reliable regular payment but also periodic special dividends. The company adjusted the payment earlier this year, both to keep it affordable during the coronavirus crisis and to keep the yield from getting too high. The result was a 12% cut, making the current payment 29 cents per common share quarterly. This still gives a high yield of 9.16%, which compares well to the 2.5% average found among finance sector peers.Finian O’Shea, from Well Fargo, notes that Golub has recently announced a $2 billion unsecured debt issue, a move that gives the company plenty of liquidity in a difficult time. He writes, “GBDC isn’t paying a hefty premium for unsecureds to begin with... We think the improved flexibility and longer tenor of unsecureds make them an attractive addition to the right side of the balance sheet, and see it as a vote of confidence in GBDC’s underlying portfolio.”O’Shea reiterates his Overweight (i.e. Buy) rating on this stock. His price target, at $13.50, indicates room for a modest 6% upside. (To watch O’Shea’s track record, click here)Like AFIN above, Golub Capital has a Moderate Buy consensus rating, with 1 each Buy and Hold reviews. The stock’s average price target matches O’Shea’s, at $13.50. (See Golub’s stock analysis at 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.
Apple reported revenue of $64.7 billion in its latest quarter, up about 1%, but the company declined to provide guidance for the current quarter.
The ITEP data broke down the impact by state. Population has a major impact on the overall total in tax increases.
The Dow Jones Industrial Average climbed amid a broad rally as House Speaker Nancy Pelosi pressed Treasury Secretary Steven Mnuchin on coronavirus stimulus.
Amazon has continued to reap the rewards of a society increasingly dependent on ecommerce — a trend further fueled by the COVID-19 pandemic. The company crushed analyst expectations Thursday, reporting net income of $6.3 billion in the third quarter, or $12.37 per diluted share, compared with $2.1 billion in net income, or $4.23 per diluted share in the same quarter last year. It's worth noting that Amazon achieved these results without the benefit of Prime Day, the annual shopping event that is typically held in July.
ExxonMobil followed its U.S. rival Chevron in reporting a narrower-than-expected third quarter loss while focusing on cost cuts amid an ongoing slump in global crude prices.
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Shares of Altria Group Inc. rose 0.8% in premarket trading Friday, after the Marlboro cigarettes parent reported a narrower net loss, while the adjusted profit and revenue beat expectations. The net loss was $952 million, or 51 cents a share, after a loss of $2.60 billion, or $1.39 a share, in the year-ago period. Excluding non-recurring items, such as a $2.6 billion impairment charge related to its investment in JUUL, adjusted earnings per share came in at $1.19, above the FactSet consensus of $1.16. Altria also recorded a loss of 8 cents a share related to its stake in cannabis company Cronos Group Inc. during the quarter. For year to date, Altria has recorded charges of $50 million related to the COVID-19 pandemic. Revenue net of excise taxes rose 4.9% to $5.68 billion, topping the FactSet consensus of $5.53 billion. Total cigarette shipments slipped 0.4% to 27.62 billion sticks, while Marlboro shipments increased 0.7% to 24.26 billion sticks. Altria expects 2020 adjusted EPS of $4.30 to $4.38, surrounding the FactSet consensus of $4.33. The stock has dropped 26.1% year to date through Thursday, while the S&P 500 has gained 2.5%.
Getting a handle on the lithium market is difficult for the average investor. Further, lithium is a small market, says Andrew Miller, product director at Benchmark Mineral Intelligence, a price-reporting agency that specializes in the lithium-ion battery market.
Exxon Mobil topped Q3 views and guided 2021 investment sharply lower while Chevron reported mixed results.
(Bloomberg) -- Apple Inc. shares fell 4.5% in early trading on Friday, the day after it reported iPhone sales that missed Wall Street estimates and said revenue in China slumped.The company gave no forecast for the key holiday quarter, disappointing some analysts who were hoping for guidance. However, Chief Executive Officer Tim Cook said the new iPhone 12 line has been well received. Sales of Macs and Services also reached all-time highs in the fiscal fourth quarter.The Cupertino, California-based technology giant on Thursday said sales in the three months ending Sept. 26 came in at $64.7 billion. That beat analysts’ estimates of $63.5 billion, according to data compiled by Bloomberg. Earnings were 73 cents a share, also topping Wall Street expectations.Sales of the iPhone fell 21% on anticipation of the new models, which arrived later than usual this year. Cook said the response to the 5G iPhone lineup and other new devices has been “tremendously positive.”Read more: Apple IPhone 12 5G Line Wins Praise for Lower Prices, New SizesIn Greater China, one of the company’s most important regions, revenue fell 29% to $7.9 billion, the lowest since 2014. Products beyond the iPhone grew double digits in China, Luca Maestri, Apple’s chief financial officer, said in an interview with Bloomberg Television. He expects the iPhone 12 Pro Max with its larger screen to do “incredibly well” in the region and that the company is confident about growing there in the December quarter.Apple shares declined 4.5% to $110.15 in early trading on Friday, after closing at $115.32 in New York. The stock has surged 57% this year and expectations were high ahead of Thursday’s results.“Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services,” Cook said.The world’s largest technology company didn’t provide guidance again due to the ongoing impact of Covid-19, with Maestri citing the uncertainty from rising cases in the U.S. and Europe. The holiday quarter is usually Apple’s most important. This year, it includes the release of the iPhone 12 lineup, a new iPad Air, a cheaper HomePod and Macs with Apple’s own processors.On a conference call with analysts, Apple said the iPhone, other major hardware and services will generate double-digit growth in the current quarter.Maestri is optimistic about the iPhone’s performance, saying that the new line has the “tailwind of 5G, which is a once-in-a-decade opportunity.”Cook added that Apple is entering 5G at the right time, with carriers improving and expanding their networks on a weekly basis. He also said 5G networks are “fairly advanced” in China, which could help sales during the current period.Fiscal fourth-quarter revenue from the iPhone was $26.4 billion. Wall Street expected $27.1 billion. The iPad brought in $6.8 billion, beating estimates of $6.1 billion, while Mac sales totaled $9 billion, ahead of Wall Street forecasts of $8 billion.The pandemic has forced millions of people to work and study from home, spurring demand for Apple devices. But the health crisis has also disrupted the company’s global supply chain.“Our outstanding September quarter performance concludes a remarkable fiscal year, where we established new all-time records for revenue, earnings per share, and free cash flow, in spite of an extremely volatile and challenging macro environment,” Maestri said in a prepared statement.New iPhones often come out in September, giving Apple’s fiscal fourth-quarter a boost. This year, the iPhone 12 and iPhone 12 Pro went on sale last week, while the iPhone 12 mini and the iPhone 12 Pro Max become available for pre-order next week.That left Apple relying on other new products in the September quarter, including a couple of weeks of sales of the Apple Watch Series 6 and a lower-end iPad. The company also saw continued iPhone sales from the cheaper iPhone SE launched earlier this year, the newest iPad Pro and existing Macs.Services, which includes the App Store, Apple Music and iCloud, generated sales of $14.5 billion, up from $12.5 billion a year ago and higher than Wall Street expectations of $13.9 billion. The services result was spurred by records for music streaming, cloud storage, AppleCare product support and the App Store, Maestri told Bloomberg TV.That segment might get another boost in the current quarter when the company launches Apple One subscription bundles and a new Fitness+ service. Maestri said the bundles will launch on Friday and that the fitness service will debut this quarter.Apple’s Wearables, Home and Other Products category, one of the firm’s fastest-growing segments that includes the Apple Watch and AirPods, brought in $7.9 billion in revenue. That beat Wall Street predictions of $7.4 billion.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Aurora Cannabis Inc. said Friday it expects its fiscal first-quarter revenue to come in at the high end of its guidance of $60 million to $64 million. The Canadian cannabis company said it expects to have the financial flexibility after filing a shelf registration to raise up to $500 million in securities to be in full compliance with all financial covenants as of Sept. 30 under an amended credit facility. "Aurora's relationship with the lending syndicate remains strong and there are no new obligations to repay any portion of the credit facility until its stated maturity date," the company said in a statement. U.S.-listed shares were down about 1% premarket and have fallen 84% in the year to date, while the Cannabis ETF has fallen 29% and the S&P 500 has gained 2.5%.
BYD Company Limited (OTC: BYDDF) enjoyed robust earnings in the third quarter due to a bounce-back in demand for electric vehicles in China and increased sales of face masks.What Happened: The Chinese automaker backed by Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett released its third-quarter results on Thursday.Sales rose 41% to $6.67 billion in the three months through September, while the automaker's net profit increased 1,362% to $262.1 million (RMB 1.75 billion). Earnings per share rose 3,000% from the similar quarter a year ago at $0.093 (RMB 0.62).The company said its new flagship model "Han" and modified flagship model "Tang" both secured a large number of orders and continue to drive strong growth in sales volume.The company said its market supply of materials for pandemic prevention has "gradually stabilized." Why It Matters: Last month, BYD had said there is a strong demand for its luxury sedan "Han," which saw more than 40,000 orders within two months of launch, according to CNBC.View more earnings on BYDDFOther Chinese EV makers such as Xpeng Inc (NASDAQ: XPEV) have also seen a rise in demand for their luxury vehicles.Tesla Inc (NASDAQ: TSLA) is the market leader in China with its Model 3 selling 70,591 units in 2020 through August and accounting for 13% of overall EV sales but Chinese automakers are fast catching up. China Association of Automobile Manufacturers forecasts new EV sales to reach 1.1 million by year-end despite the COVID-19 pandemic, according to Reuters.In 2019, China reportedly accounted for half of the world's EV sales with 1.2 million units sold in the country. Apart from EV sales, BYD also likely benefited from its newly-established mask-making business, Bloomberg noted.Price Action: BYD OTC shares closed 11.5% higher at $20.60 on Thursday. Photo courtesy: Wikimedia See more from Benzinga * Click here for options trades from Benzinga * Geely Plans To Make 30,000 Polestar EVs Annually At New China Plant: Report(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Shares of Nio Inc. soared 15.2% to a record high in very active afternoon trading Thursday, to pace a broad rally in the shares of electric vehicle makers, particularly those based in China. Trading volume ballooned to 177.3 million shares, enough to make the stock the most actively traded on the NYSE. The gains come after Ford Motor Co. reported late Wednesday blowout third-quarter results, boosted by strength in its China business. Separately, the Nikkei reported earlier this week that China plans to phase out all gas-burning vehicles by 2035. Among other China-based EV makers, shares of Li Auto Inc. ran up 11.9% and XPeng Inc. shot up 8.3%. Among U.S. EV makers, shares of Tesla Inc. rallied 2.0%, Workhorse Group Inc. climbed 2.2% and Nikola Corp. tacked on 1.1%. Meanwhile, the iShares MSCI China ETF advanced 2.3% in afternoon trading, while the S&P 500 gained 1.8%.
Electric vehicle maker Fisker Inc announced Thursday it has completed a reverse merger with the blank check company Spartan Energy Acquisition Corp (NYSE: SPAQ).What Happened: Both companies will merge in a business combination to create a new entity whose Class A common stock will list on the New York Stock Exchange under the symbol "FSR." Through the reverse merger, Fisker has gained access to $1 billion in cash inflows.Spartan is funded by an affiliate of private equity giant Apollo Global Management Inc. (NYSE: APO).With the funding and strategic tie-ups in place, CEO and Chairman Henrik Fisker remarked, " We can now fully turn our attention to developing and launching the revolutionary, all-electric Fisker Ocean into the heart of the midsize SUV market."Earlier this month, Fisker and Magna International (NYSE: MGA) partnered to manufacture the all-electric SUV model Ocean, and production is expected to commence towards the end of 2022.Why Does It Matter: Special Purpose Acquisition Companies or SPACs are gaining more traction in the EV segment.Lordstown Motors Corp merged with DiamondPeak Holdings Corp (NASDAQ: DPHC) in August. Stocks of the merged entity are listed on Nasdaq under the symbol RIDE, which gained 5% during Thursday's trading hours.In early June, Nikola Corp (NASDAQ: NKLA) announced a merger with SPAC VectoIQ.Price Action: After a 2.61% fall during Thursday's trading session, SPAQ gained 1.79% in the after-hours to close at $9.12.See Also: Jim Cramer Compares Fisker And Its CEO To Nikola, Trevor MiltonSee more from Benzinga * Click here for options trades from Benzinga * Wyoming Approves Avanti Financial As A Digital Asset Custodian * UK Government Expects Verdict On Pfizer's Vaccine Before Christmas: Report(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
If he were still alive, John Kennedy Toole would surely admire the coverage in the financial media on Exxon Mobil . Going into yesterday's dividend announcement, the CoD seemed to miss the fact that Exxon had maintained its dividend in its April announcement, which is typically the time of year when Exxon sets its dividend rate for the following four payments. You could spin yesterday's announcement negatively, as Reuters and many others did, and note that Exxon was not raising its dividend in 2020 (you should have figured that out in April.) Or you could say "holy *#$*" this company is STILL going to pay a dividend that produces a yield north of 10%.