The bull market kept rolling along Friday with the S&P 500 and Nasdaq once again closing at record heights and the Dow made progress by erasing all of its losses for the year. Conway G. Gittens has the details
The bull market kept rolling along Friday with the S&P 500 and Nasdaq once again closing at record heights and the Dow made progress by erasing all of its losses for the year. Conway G. Gittens has the details
The carmaker took the wraps off a major operational and management shake-up on its CEO's first day in the role.
The Dubai-based construction company that helped build the world's tallest building and other engineering marvels in the United Arab Emirates announced Thursday it would enter liquidation, the final step in a long collapse from the country's economic crisis a decade ago hastened by the coronavirus pandemic. Arabtec Holding PJSC made the announcement after emails circulated Wednesday among developers suggesting the firm's end had come. Despite trying to claw its way out of the chaos left by Dubai's 2009 financial crisis, the firm ended last year with hundreds of millions of dollars in debt and losses.
Remember, Joe Biden happens to be the greatest defense of the status quo, because his administration created Obamacare. Second, I didn't hear anything that made me feel that the banks, long-time punching bags of the Democratic party, didn't even merit a whisper. No wonder that group just ignited with Discover , the credit card company, and the one-time pinata, Goldman Sachs , leading the way.
Experts say this advice from the personal finance personality ought to be ignored.
‘You’ll see it as soon as it’s finished,’ President Trump said of his tax returns during the first presidential debate.
PepsiCo's CFO Hugh Johnston talks with Yahoo Finance about the company's key new product launch and latest earnings report.
(Bloomberg) -- Barstool Sports founder Dave Portnoy took to Twitter to slam Deutsche Bank analyst Carlo Santarelli on his cautious view of Penn National Gaming Inc., a 36% equity-stake holder of Barstool.Portnoy tweeted a question to CNBC host Jim Cramer: “Do analysts ever get fired for being catastrophically wrong?” Santarelli has the lone sell rating on Penn National and his 12-month share price estimate is about 57% below where it currently trades. Penn National’s stock which closed at $72.70 on Wednesday, climbed as much as 3.1% today.Santarelli earlier reiterated his bearish view on Penn National, writing that there are “a lot of unfounded expectations” baked into the “lofty” share price. Still, the analyst revised his estimates higher to account for the casino owner’s third-quarter update issued Sept. 29, noting margin strength during the period.Santarelli declined to comment on Portnoy’s tweet.The Deutsche Bank analyst maintains that Wall Street is affording Penn “far too much credit” around sports betting and iCasino, noting that “there has been little to no incremental legislation that advanced the iCasino or sports betting agendas in the U.S.,” and even less data that would justify the expectations of some peers for a doubling of the total addressable market (TAM) for sports.Retail investors have essentially turned Penn National into an “internet meme of sorts,” which has attracted institutional investors from segments beyond the “traditional gaming arena,” Santarelli told clients. The craze has been further juiced by this “big picture” TAM story and Twitter and Instagram posts. Combined, this has created a “narrative that largely abandons fundamental rationale.”His price target moved to $31 per share from $22, but remains the lowest projection according to views compiled by Bloomberg.Meanwhile, Union Gaming analyst John DeCree drew praise from Portnoy after he predicted that Penn would be a triple-digit stock over the next 12 months as he raised his target to a Street-high $100 from $62 in a note dated Oct. 1. Portnoy referred to DeCree as “people with brains” in a separate tweet.Shares of Penn have climbed more than 180% since announcing that it would acquire a stake in Barstool for $163 million in cash and convertible preferred stock on Jan. 29. Today’s market capitalization sits at $11.5 billion versus $3.04 billion earlier this year, according to data compiled by Bloomberg.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.
Rocket Companies Inc (NYSE: RKT) shares traded higher by 7.6% on Thursday after the company inked a new deal with popular real estate listings platform Realtor.com.What Happened? Homebuyers shopping on Realtor.com will now see advertising from Rocket Mortgage for pre-approved mortgages. The ads will allow Realtor.com users to connect directly to a Rocker mortgage application, according to Inman.Why It's Important: Rocket shares have been on a bumpy ride since its August IPO, but investors were certainly bullish on the Realtor.com deal.Rocket subsidiary Quicken Loans is leaning into an extremely strong 2020 housing market. In early September, the company reported a $3.5 billion second-quarter profit on revenue of more than $5 billion. Loan origination volume was a record $72.3 billion for the quarter, up 126% from a year ago.The housing market has been booming since the Federal Reserve cut interest rates to near 0% back in March to stimulate the economy. On Wednesday, the National Association of Realtors reported a record 8.8% monthly increase in pending home sales in the month of August.Related Link: 'Tech Driven Growth Story': Analysts Initiate Coverage Of Rocket Companies Following Quiet Period What's Next? Investors will be watching to see if the housing market says hot in the fourth quarter and if the Realtor.com deal has any significant impact on Rocket's numbers."We're in a state of affairs in lots of areas of the nation the place stock is low, houses are promoting in days, so for a shopper to have the ability to discover a dwelling, get a verified approval, get that data day or night time to their agent and make a seamless supply is totally vital," Jay Farner, CEO of Rocket Companies, told Inman.Rocket's stock traded around $21.32 per share at publication time.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Pending Home Sales Up 5.9% In July, Ahead Of Expectations * Rocket Companies Jumps After Pre-Announcing 437% Revenue Growth(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
New research highlights how Obamacare being overturned would bring a major tax cut for the richest Americans.
How badly is COVID-19 hurting Americans on the cusp of retirement? In an interview, economist Teresa Ghilarducci, a professor at The New School in New York City and one of the nation’s leading experts on retirement, told me that half—that’s right, half—of Americans aged 55 and up will retire in poverty or near poverty. 80% of older Americans can't afford to retire - COVID-19 isn't helping More than 25 million older Americans are financially insecure - living at or below the federal poverty level.
Despite being one of the most recognizable wireless carriers in the U.S., AT&T stock has had a rough 2020. But the stock does have some perks. Is it a buy?
USA TODAY reached out to tax attorneys and legal experts to get their reaction to the New York Times report on Trump's taxes. Here's what they said.
Nikola and GM continue talks to close on a manufacturing partnership, which a Wall Street analyst called critical.
Tesla, Inc. (TSLA) CEO Elon Musk has been busy as a bee since last week's highly touted "Battery Day" fell flat, dropping the stock more than 10%.The electric vehicle (EV) manufacturer signed a sales agreement with Piedmont Lithium on Wednesday, just one day after a report that plans to mine the substance in Nevada faced "stark obstacles." Musk then teased Twitter with talk about a Starlink IPO in "several years" just before Walmart Inc. (WMT) tripled its Canadian Tesla Semi order and Tesla announced an 8% drop in China Model 3 prices. Musk saved the best for last, with "familiar sources" telling EV industry portal Electrek last week that Tesla had achieved record delivery volume.
As the fourth quarter began, it’s a sensible time to start lining up stocks for the coming year. The investing environment is unsettled, at the least, with the coronavirus still behaving unpredictably, the election around the corner, and a strong, but somewhat unsteady, economic recovery in progress after the summer’s sharp recessionary pressures. It’s no wonder, then, that investors welcome the professional insight of Wall Street’s stock analysts.Those analysts have been working overtime through this eventful year, and with 2021 around the corner, they are starting to point out their best ideas for the new year. We used the TipRanks database to pull up the details on three stocks which the analysts describe as their 'top picks.' Let's take a closer look.SLM Corporation (SLM)The first Top Pick we’re looking at today, SLM Corporation, is better known as Sallie Mae. It’s a major loan company in the secondary education sector, providing financing, debt management, and servicing for student loans, both private and US government-guaranteed. The company has been a great beneficiary of the expansion of student loan programs – and the increase in college tuitions – over the past few decades.The headwinds facing the company are real. The virus pandemic forced university closures in the spring, and pushed classes to online venues in the summer and going forward to the fall. This has resulted in lower tuition charges, just as the economic disturbances have made it more difficult for loan recipients to make payments. Student loans are famously non-dischargeable through bankruptcy, but payments can be deferred – and that has been happening.With all of that, Sallie Mae started 2020 on a true high note. Revenues, and earnings, both spiked sharply upward in the first quarter, with the top line reaching $692 million and EPS coming in at 79 cents. There was an ominous sign, however, as earnings missed the forecast by 10%. That warning was borne out in Q2, when the coronavirus hit. Both revenues and earnings fell sharply. Revenues dropped by well over $300 million, and EPS turned deeply into negative territory. The EPS loss for Q2, at 22 cents, was far below the 6-cent profit expected. Wells Fargo analyst Moshe Orenbuch, rated 5-stars at TipRanks, believes that SLM has better prospects going forward should President Trump win reelection, but would still fare well under a Biden Administration. He writes, “[We] believe that SLM will rerate upward in a Trump repeat and eventually as investors realize that in a Biden presidency free public school tuition for all is a low priority with a high price tag…” Orenbuch goes on to add that SLM has a solid base in a social reality: “We think that the value proposition of graduating from college, especially for upper-middle class borrowers, entails a shoot at premium jobs/careers. As long as the vast majority of companies require college degrees, we expect little change to demand for higher education…”With solid demand as a base, and adequate prospects going forward no matter who wins in November, SLM earns Orenbuch’s Top Pick status and a Buy rating. Orenbuch gives SLM a $12 price target which suggests a 48% upside for the coming 12 months. (To watch Orenbuch’s track record, click here)Overall, SLM has a Strong Buy rating from the analyst consensus, based on 4 reviews breaking down to 3 Buys and 1 Hold. The shares are selling for $7.97, and their average price target of $9.33 indicates room for a 17% one-year upside. (See SLM stock analysis on TipRanks)Booking Holdings (BKNG)The next stock on our Top Picks list is a holding company. Booking Holdings is a leader in the online travel sector, with subsidiaries providing ticketing, bookings, and other travel services worldwide. Booking Holdings operates in 220 countries and 40 languages, and last year customers used the service to book 7 million airline tickets, 845 million hotel room nights, and 77 million car rental days. The company’s best-known brands are Booking.com and Priceline.As can be imagined, the travel restrictions put in place to combat the corona pandemic put a damper on BKNG’s business. This was reflected in the financial results; revenues and earnings plummeted in the first half of the year, with the Q2 results getting as low as $630 million at the top line. Earnings for the second quarter were even worse, at a net loss of $10.81. While the stock has partially recovered from the mid-winter market slide, it is still down 15% so far this year.Covering this stock for Cowen, analyst Kevin Kopelman sees Booking Holdings in a good place compared to its competition. He writes, “BKNG gained share vs the overall Hotel industry this summer (est Aug rev -45%, vs -55% for global industry), driven by large selection of Alternative Accommodations and strong position in Europe Leisure Travel. While Europe has become a short-term negative in Sep (est BKNG falling to -50%, global Hotel flattening at -55%), BKNG has nevertheless shown it is relatively well-positioned.”Looking at the travel and leisure sector as a whole, and reflecting on BKNG’s current status, Kopelman adds, “While bad news may not be over, we think this [price] represents a buying opportunity.”To this end, Kopelman selected BKNG as his top pick. The analyst rates the stock an Outperform (i.e. Buy) along with a $2000 price target. This figure suggests a 15% one-year upside potential. (To watch Kopelman’s track record, click here)Overall, with 11 Buys and 10 Holds set in recent weeks, Booking Holdings gets a Moderate Buy rating from the analyst consensus. Shares are selling for $1,700, and the average price target of $1,915 implies a 12% upside from current levels. (See BKNG stock analysis on TipRanks)Dynatrace, Inc. (DT)Last but not least is Dynatrace, an AI software company in the cloud sector. The company’s platform is designed to monitor and manage system architecture and cloud software as an all-in-one tool, giving network managers everything needed to minimize system strain and tag problems in one place.In these days of the ongoing corona crisis and a mass shift to remote working and virtual office spaces, Dynatrace’s product line has become more valuable than ever. This is clear from the company’s share performance – DT has only been trading publicly since August of last year, but in that time the stock has gained 71%.The quarterly results show this, too. The company’s first profitable quarter was Q4 of last year, and revenues continued to grow sequentially in Q1 and Q2 this year. In Q2, the top line was reported at $155 million, with EPS of 9 cents. The earnings beat the forecast by 80%. Not many companies have shown sequential revenue and earnings growth throughout the pandemic period – it’s a clear sign of strength for Dynatrace.Kash Rangan, 5-star analyst from Merrill Lynch, has chosen DT as his top pick, and explains why in a detailed note: "We walked away incrementally positive post the company’s first analyst day that was hosted virtually. It re-affirmed our view that Dynatrace has a highly differentiated technology, addressing a large and growing market ($30bn+), with a durable and balanced business model. Now that the move to the new platform and recurring revenues has been completed, in our view, DT can accelerate execution on becoming even more strategic with Global 15,000 customers (each with $1bn+ in revenues), which face increasingly complex multi-cloud environments."Accordingly, Rangan gives DT shares a Buy rating, with a $50 price target that implies a 20% upside for the year ahead. (To watch Rangan’s track record, click here)All in all, Dynatrace has a Strong Buy analyst consensus rating, based on 10 Buys and 2 Holds from recent reviews. The stock’s $48.91 average price target suggests room for 17% upside growth from the current share price of $41.81. (See Dynatrace’s stock analysis at 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.
Exxon Mobil's third-quarter loss may be much worse than feared as the coronavirus pandemic continues to weigh on oil prices.
Microsoft, FedEx, Amgen, and AbbVie—among others—came up in our screen for stocks that are inexpensive relative to their industry and are expected to see earnings growth.
The stock market is on pace for its worst month since March, though the quarter has been great. What that says about a possible October surprise.
What to make of the markets lately? Early September showed a sharp drop from peak values, but since the eighth of the month – for the past three weeks – volatility has ruled the day. All the major indexes have bouncing up and down without showing a clear trend. While increased volatility is almost certainly going to stay with us for a while, it’s time to consider defensive stocks. And that will bring us to dividends. By providing a steady income stream, no matter what the market conditions, a reliable dividend stock provides a pad for your investment portfolio when the share stop appreciating.With this in mind, we’ve used the TipRanks database to pull up three dividend stocks yielding 8% or more. That’s not all they offer, however. Each of these stocks has a Strong Buy rating, and considerable upside potential.Solar Senior Capital (SUNS)The first stock is Solar Senior Capital, an investment management company focused on an externally managed non-diversified portfolio. SUNS invests in mid-market companies, taking positions in unitranche instruments, secured loans, and first and second lien debt. The company’s investment targets are mid-market firms with below-investment grade credit ratings, and its portfolio is valued at $532.4 million.Solar’s earnings, up to 1Q20, had held steady at 35 cents per share – but that took a sudden dive in the second quarter this year, coming in at 32 cents. That drop came even as the company also reported a solid financial base, with net assets of $249 million and available capital exceeding $210 million.Despite the lower earnings, the quarterly results were sufficient to maintain the dividend. This is paid monthly, at a rate of 10 cents per common share, making the quarterly distribution 30 cents. This leads to a high payout ratio, but at current earning levels the dividend is sustainable. The annualized payment, of $1.20, gives a yield of 9.4%, which is more than 4.5x higher than the average dividend yield found among S&P index members. The company has paid out the dividend reliably, no matter the market conditions, since 2011.Covering this stock for Ladenburg, analyst Mickey Schleien rates SUNS a Buy, along with a $15 price target. This target implies an 18% upside for the coming year. (To watch Schleien’s track record, click here)Supporting his stance, Schleien writes, “…the company's pipeline is increasing with more compelling opportunities at higher yields. SUNS is operating within the incentive management fee catch-up band, and the external manager continues to waive fees to the extent necessary for NII to cover the dividend through 2020.” The Strong Buy analyst consensus rating on SUNS is unanimous, based on 3 Buy reviews. The stock’s $12.68 trading price and $15.67 average price target give a one-year upside potential of 24%. (See SUNS stock analysis on TipRanks)Barings BDC, Inc. (BBDC)Barings, the next stock on our list, is a busines development corporation. The company provides capital access and asset management for its customers, middle-market companies seeking financing solutions. Barings invests in debt, equity, and fixed income assets, and boasts over $346 billion in total assets under management.While Barings took a hard hit to revenue in the first quarter, as the corona crisis took hold, the company has seen the top line return to positive numbers in the second quarter. At $56 million, the Q2 revenue was also more than 4x higher than results in the second half of 2019. Earnings have been stable, with EPS reported between 14 and 16 cents for the past 7 quarters.In another sign of strength, Barings in August completed an agreement to acquire MVC Capital. The deal, which totals $177.5 million in cash and stock, is expected to close in 4Q20 and will create a combined company with an investment portfolio worth more than $1.2 billion.While that move is going forward, BBDC continues to reward shareholders. The company has been gradually growing its quarterly dividend payment for the past two years. The current payout is 16 cents per common share, giving an annualized payment of 64 cents and a robust yield of 8%.Raymond James analyst Robert Dodd notes the importance of the MVC transaction for BBDC: “…we expect that BBDC will recognize a top-line income contributor 'accretion of purchase discount' over the life of the MVC portfolio.” Dodd goes on to note that this will have a positive impact on the dividend, writing, “We are projecting a dividend increase following the close of the MVC acquisition. We believe the dividend could be increased from the current $0.16/share per quarter to $0.17/share in 1Q21. While we believe earnings power will exceed that level, over-coverage is a good thing in our view — and we believe projecting a 90% payout ratio is prudent.”Dodd’s comments back up his Buy rating on the stock. He gives Barings a $9.50 price target, which indicates room for 19% growth over the next 12 months. (To watch Dodd’s track record, click here)Overall, Barings’ Strong Buy consensus rating is held up by 3 recent Buys against a single Hold. The company has an average price target of $9, suggesting a 12.5% upside from the $8.01 trading price. (See BBDC stock analysis on TipRanks)TriplePoint Venture Growth (TPVG)The last stock on our list is another management investment company. TriplePoint Venture is a venture capital investment firm with a portfolio focused on the tech and life sciences. These are high-growth industries that gobble up cash – but also offer the promise of high returns.TriplePoint’s earnings have been falling off this year from their peak, at 45 cents per share in Q4 of last year, even as revenue as recovered from corona-induced losses in the first quarter. For the second quarter, the top line came in at $23 million, while EPS slipped 7% to 38 cents. Even though earnings are down, they still beat the forecast by 5.5%.However, the company’s dividend payment has been remarkably stable for the past few years. Except for one downward blip in December 2018, the dividend has been consistently paid out at 36 cents per common share per quarter. This gives an annualized payment of $1.44, and a powerful yield of 12.8%. The high yield, combined with the reliable payment history, make this dividend valuable, especially in a time of near-zero interest rate policy.Christopher York, 4-star analyst with JMP Securities, believes that the recent second quarter results justify an Outperform (i.e. Buy) rating on TPVG, and his $13 price target implies an upside of 16%. (To watch York’s track record, click here)Backing his outlook, York writes, “TPVG remains our favorite BDC idea for those that trade below $500mln in market cap; we find the stock especially attractive for both yield-seeking and value investors [...] We continue to believe TriplePoint's core dividend run-rate of $0.36 is sustainable throughout 2021 and note that the total return requirement in the incentive fee should provide additional support to dividend coverage from any future credit losses.”Overall, Wall Street’s analysts have been nothing but bullish on TPVG over the past three months. Out of 5 analysts who cover the stock, all 5 are bullish. Meanwhile, their average price target of $13.30 suggests a 19% upside from current levels. (See TriplePoint’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.
On Thursday, shares of Tortoise Acquisition (NYSE: SHLL) saw unusual options activity. After the option alert, the stock price moved down to $46.93. * Sentiment: BULLISH * Option Type: SWEEP * Trade Type: CALL * Expiration Date: 2020-10-16 * Strike Price: $55.00 * Volume: 242 * Open Interest: 4050Three Ways Options Activity Is 'Unusual'Extraordinarily large volume (compared to historical averages) is one indication of unusual options market activity. Volume refers to the total number of contracts traded over a given time period when discussing options market activity. The number of contracts that have been traded, but not yet closed by either counterparty, is called open interest. A contract cannot be considered closed until there exists both a buyer and seller for it.Another indicator of unusual options activity is the trading of a contract with an expiration date in the distant future. Additional time until a contract expires generally increases the potential for it to grow its time value and reach its strike price. It is important to consider time value because it represents the difference between the strike price and the value of the underlying asset.Contracts with a strike price far from the underlying price are also considered unusual because they are defined as being "out of the money". This occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made because the underlying asset value is expected to change dramatically in the future, and the buyer or seller can take advantage of a greater profit margin.Understanding Sentiment Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price.These observations are made without knowing the investor's true intent by purchasing these options contracts. The activity is suggestive of these strategies, but an observer cannot be sure if a bettor is playing the contract outright or if the options bettor is hedging a large underlying position in common stock. For the latter case, bullish options activity may be less meaningful than the exposure a large investor has on their short position in common stock.Using These Options Strategies Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.For more information to understand options alerts, visit https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alertsSee more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * 4 Sectors Moving Up In Monday's Pre-Market Session * Unusual Options Activity Insight: Tortoise Acquisition(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.