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Global Equity Funds Had Record Weekly Inflows

Feb.12 -- Bank of America Corp. reported the largest week for equity funds with record inflows of $58.1 billion. Bloomberg’s Katie Greifeld reports in this week’s “ETF Friday” on "Bloomberg Markets."

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  • RBA Doubles Down in Defense of Yields Amid Global Bond Rebound

    (Bloomberg) -- The Reserve Bank of Australia doubled down on bond purchases Monday, spurring the biggest drop in yields in a year as policy makers around the world seek to check runaway bets on reflation.The central bank announced plans to buy more than $3 billion of longer-dated securities, following up on a surprise boost in purchases of shorter-maturity debt at the end of last week. Japanese government bonds also advanced while those in New Zealand surged in the wake of an about-face in the American market on Friday.As the global trading day shifts west, yields on German bunds look primed to decline, with attention also turning to bond-buying figures from the European Central Bank. Markets are also awaiting more from key global leaders this week, including Federal Reserve Chair Jerome Powell, who will deliver what are likely to be his final public comments before a mid-month policy meeting.“The Fed may realize that telling the market that they’re ok with what’s happened is just a red flag to a bull,” said Eric Robertsen, chief strategist at Standard Chartered Bank. “The RBA is in the same camp as every major central bank -- they want their economies to recover but they’re more and more dependent on low interest rates.”This Week: Dizzied Bond Traders Brace for More Pain as Fed Speakers Line UpBond markets have been pricing in accelerating inflation on expectations of a rapid global economic recovery that will leave central banks unable to maintain loose settings. Policy makers have pushed back, but with trillions of dollars sloshing around economies courtesy of monetary and fiscal infusions and vaccination rollouts, investors have seen rising price pressures on the horizon.U.S. Treasury yields ended an already tumultuous week on Friday with another sharp move -- shifting suddenly lower as traders squeezed in their final business for the month. The 10-year yield dropped as much as 14 basis points amid month-end rebalancing from equities to bonds. They were little changed on Monday during Asian trading.That set the scene for the open of trading in Asia on Monday, with Australia’s 10-year yield immediately dropping 19 basis points. It then dropped as much as 32 basis points to 1.60% after the RBA said it would buy A$4 billion ($3.1 billion) of long-dated bonds -- double the usual amount -- in a regular operation.Read More: Australia Central Bank Girds for All-Out Defense of Yield TargetThe RBA is expected to maintain its broad settings on Tuesday: a key interest rate and three-year bond yield target at 0.10% and a A$100 billion QE program for longer-dated securities. It surprised last month by announcing a second round of QE when the current tranche expires in mid-April and could tweak its buying plans Tuesday.“Markets will be looking for a firm response to the extreme bond market volatility,” said Su-Lin Ong, head of Australian economic and fixed-income strategy at Royal Bank of Canada. “At a minimum, we would expect a step up in yield-curve control for the next couple of weeks, possibly including more purchases on non QE operation days.”Coming Monday: ECB to Prove Whether Pledge to Cap Yields Is More Than Just TalkThe ECB is due to reveal how serious it is about countering rising yields when it publishes its latest bond-buying figures.A significant increase in purchases would show they are backing their words with action. Yet if the amount is little changed it could convince investors to push on with reflation trades, which are effectively bets the ECB will tolerate higher borrowing costs as the economy begins to recover.Based on moves in 10-year German bond futures since Friday’s close, cash bond yields are implied to fall around four basis points from the open.“With the ECB due to report its bond-buying figures today, the RBA meeting tomorrow and a raft of Fed speakers due this week, the risk is central banks fight back and throw some doubt in rates traders’ minds that the earlier hike schedule is mispriced,” Chris Weston, head of research at Pepperstone Group Ltd. in Melbourne, said in a note.(Updates with outlook for German bond market Monday)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.

  • Price of Gold Fundamental Daily Forecast – Gold Bulls Losing Battle with Bond Investors

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  • U.S. Dollar Index (DX) Futures Technical Analysis – Strengthens Over 91.165, Weakens Under 90.950

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  • How to make sure your next stimulus check is the full $1,400

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  • Texas power cooperative files for bankruptcy, citing $1.8 billion grid debt

    The largest and oldest electric power cooperative in Texas filed for bankruptcy protection in Houston on Monday, citing a disputed $1.8 billion debt to the state's grid operator. Brazos Electric Power Cooperative Inc, which supplies electricity to more than 660,000 consumers across the state, is one of dozens of providers facing enormous charges stemming from a severe cold snap last month. The fallout threatens utilities and power marketers, which collectively face billions of dollars in blackout-related charges, executives said.

  • Aston Martin: The billionaire building 'a British Ferrari'

    Lawrence Stroll, executive chairman of Aston Martin, told the BBC he wants to build a firm with a "luxury profile".

  • Fidelity’s Head of Global Macro Says Bitcoin May Have Place in Some Portfolios

    "Is it any wonder that bitcoin seems to be having its day?" Fidelity's global macro chief said.

  • Citi: Bitcoin at ‘Tipping Point’ as Institutions Come on Board

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  • The 7 worst things people do with their stimulus checks

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  • 'Roaring Kitty' no longer has financial broker license: filing

    The Massachusetts financial professional who gained notoriety as GameStop bull "Roaring Kitty" is no longer a broker registered with the Financial Industry Regulatory Authority, according to the organization's online records. Keith Gill, known as Roaring Kitty on YouTube and DeepF***ingValue on Reddit, is no longer a registered financial broker as of Feb. 26, the FINRA records show. Gill became a central figure in a January trading frenzy in which shares of the ailing videogame retailer surged more than 1,000% in two weeks, driven by interest among retail investors in online forums.

  • Texas power crisis deepens as more companies skip payments due to grid operator

    Texas energy companies failed to pay another $345 million for electricity and other services incurred during last month's cold snap, the operator of the state's grid said on Monday. The state's deregulated electricity market was thrown into turmoil last month as 48% of its generating plants went offline, fueling up to $9,000 per megawatt hour (mwh) spot rates and $25,000 per mwh service fees. In all, electricity prices on the state's wholesale market soared by $47 billion for the about five-day period when cold weather drove up demand and generating plants failed, estimated Carrie Bivens, a vice president at Potomac Economics, which monitors the Texas power market.

  • Goldman Sachs Predicts Over 50% Rally for These 2 Stocks

    Stocks started this year with heft gains, edged back last week, and now are rising again. The big tech giants led the moves, with volatility in Apple and Amazon leading the NASDAQ on its gyrations. The strategy team at investment bank Goldman Sachs have taken notice of the market shakeups, and are working out what it means for investors. According to macro strategist Gurpreet Gill, watching bond yields and stock values closely, “The rise in global yields is a reflection of improved growth prospects given encouraging vaccine progress and in the US forthcoming sizeable fiscal stimulus. [It] also signals higher inflation expectations and in turn pulled forward expectations for the timing of monetary policy normalization.” Monetary policy may be key to calming investor worries – and on that score, Federal Reserve Chair Jerome Powell’s testimony to Congress is seen as positive. In his comments to lawmakers, the head of the central bank indicated that the Fed has no intention to raise interest rates any time soon. So far, the outlook is in-line with predictions made by Goldman economist Jan Hatzius, who stated his belief earlier this year that the Fed would hold tight on rates and that 2021 will be a good year for long positions on stocks. So much for the macro outlook. At the micro level, turning to individual stocks, Goldman’s analysts have been busy locating the equities which they believe will gain should current conditions hold for the near- to mid-term. They found two stocks in particular with, in their view, 50% or higher upside potential. Using TipRanks’ database, we found out both tickers also sport a “Strong Buy” consensus rating from the rest of the Street. Vinci Partners Investments (VINP) The first Goldman pick we’re looking at is Vinci Partners, an alternative investment and asset management firm based in Brazil. The company offers customers a range of services and funds, including access to hedge funds, real estate and infrastructure investment, private equity, and credit investment. Vinci boasts a global reach and a leading position in Brazil’s wealth management industry. To start the new year, Vinci went public on the NASDAQ index. VINP shares started trading on January 28, at $17.70, slightly under the company’s initial pricing of $18. The first day’s trading saw 13.87 million shares of VINP go on sale. After some 4 weeks on the public markets, Vinci has a market cap of $910 million. Covering this stock for Goldman Sachs, analyst Tito Labarta describes Vinci as a well-diversified asset platform with strong growth potential. “We think Vinci is well positioned to gain share and outpace market growth given strong competitive advantages. Vinci has one of the most diverse product offerings among its alternative asset management peers, with seven different investment strategies and 261 funds. Moreover, Vinci has outperformed its benchmarks in all strategies, having a strong track record and being recognized with awards from relevant institutions, such as Institutional Investor, Morningstar, Exame and InfoMoney. The company has developed strong communication tools to reinforce its brand and institutional presence in the Brazilian marketplace, such as podcasts, seminars, investor days with IFAs, among other participations in events and webinars," Labarta opined. In line with his upbeat outlook, Labarta rates VINP a Buy, and his $39 price target implies an impressive 141% upside potential for the year ahead. (To watch Labarta’s track record, click here) One month on the NASDAQ has brought Vinci positive attention from Wall Street’s analysts, with a 3 to 1 split in the reviews favoring Buys over Holds and giving the stock its Strong Buy analyst consensus rating. The stock is currently selling for $16.15 and its $26.75 average price target suggests it has room for ~66% growth in the next 12 months. (See VINP stock analysis at TipRanks) Ortho Clinical Diagnostics Holdings (OCDX) Goldman Sachs analysts have also pointed out Ortho Clinical Diagnostics as a potential winner for investors. This company, a leader in the field of in vitro diagnostics, works with hospitals, clinics, labs, and blood banks around the world to deliver fast, secure, and accurate testing results. Ortho Clinical Diagnostics possesses several important ‘firsts’ in its industry: it was the first company to deliver a diagnostic test for Rh +/- blood typing, for detection of HIV and HEP-C antibodies, and more recently has been working on COVID-19 tests. Ortho is the world’s largest pure-play in vitro diagnostics company, handling over 1 million tests every day, from more than 800,000 patients around the world. Like Vinci Partners above, this company went public on January 28. The IPO saw Ortho put 76 million shares on the market, with trading on the first day opening at $15.50, below the $17 initial pricing. Even so, the IPO raised $1.22 billion in gross funds, and the over-allotment option from the underwriters brought in an additional $193 million. Goldman Sachs analyst Matthew Sykes believes the company’s past growth performance justifies a positive sentiment, and that Ortho is capable of deleveraging its balance sheet. "The key to the equity story for OCDX is successfully resetting their organic growth rate to a durable 5-7% from an historical pace of roughly flat. Given the level of profitability and potential FCF generation, if OCDX were to reset growth, they could delever the balance sheet and increase their level of inorganic and organic investments to create a durable growth algorithm," Sykes wrote. The analyst added, "The key growth driver in our view is the increase in OCDX’s lifetime customer value driven by a transition in the product set of their Clinical Lab business from a stand-alone clinical chemistry instrument to an integrated platform and ultimately to an automated platform. This transition is taking place largely within their own customer base, therefore is not dependent upon displacement, but rather serving the need of increasing throughput of a customer’s diagnostic capabilities. To this end, Sykes rates OCDX a Buy, and sets a $27 price target. At current levels, this implies a one-year upside of 51%. (To watch Sykes’ track record, click here) Ortho has a long history of delivering results for its customers, and that has Wall Street in a mood to rate the stock well. OCDX shares get a Strong Buy from the analyst consensus, based on 9 Buy reviews set since the IPO – against a just a single Hold. The average price target is $23.80, indicating ~33% upside potential from the current trading price of $17.83. (See OCDX stock analysis on 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.

  • A $300 Billion Quant Trade Wins in ‘Almost Unbelievable’ Market

    (Bloomberg) -- Wall Street’s great reopening trade is reviving a $300 billion quantitative strategy that’s surfing the reflation-driven momentum across global markets.With rising expectations on economic growth fueling trends in everything from Treasuries and oil to stocks, Commodity Trading Advisors just notched one of their best months since 2000.These trades acutely tied to the business cycle may have more room to run as Covid-19 cases fall and fresh U.S. stimulus kicks in.“It’s truly trend-following at its best now,” said Nicolas Mirjolet, chief executive officer at Quantica Capital, a $750 million Swiss CTA, which is up around 9% so far this year. “The environment right now is almost unbelievable in terms of the consistency, the strength and persistence of trends that we see across asset classes.”While the Treasury rout may be inflicting fear and loathing across Wall Street, it’s been a boon for Quantica as the firm profits from one of the biggest bond shorts in its 16-year history.CTAs, which use the futures market across assets, climbed 5.2% in February as of Thursday, a Societe Generale index shows. That’s the among the 10 best months in data going back to 2000. It signals a reprieve for an industry caught out by the 2020 market whiplash.“Rising inflation environments are good for CTAs,” said Kathryn Kaminski, chief research strategist at quant firm AlphaSimplex. “You have a lot more movement and it’s relatively disruptive.”The pro-growth market regime was ignited in early November when progress on a coronavirus vaccine was first announced. That set off protracted streaks of gains and losses for a large number of assets -- a regime ideal for trend followers, which typically trade a variety of derivatives with a medium-term view.After last week’s historic rout, Treasury bears just had their best run since 2016. CTAs are the most bearish on long-dated bonds since at least May 2019, data provided by Dynamic Beta as of Thursday show.Rising growth expectations have also fueled huge gains for commodities with the likes of corn and soybeans up roughly 50% in the past year. On a six-month rolling basis, both offered higher risk-adjusted returns, or Sharpe ratios, than the famously high-flying Bitcoin, according to Quantica.Even beyond CTAs, momentum traders have dominated this year as the retail cohort rush into speculative stocks in the cheap-money era. Think GameStop Inc., blank-check firms, Tesla Inc. and Cathie Wood’s theme-driven funds.Still, CTAs have a long way to go to redress a woeful decade of underperfomance in which they lagged both asset benchmarks and hedge funds. While bullish bets on bonds have been lucrative since 2009 amid loose monetary policy and sluggish economic growth, trends in other asset classes have proved far less durable.Much will now depend on the longevity of the reflation trend. Already, there have been some signs of a reversal, with CTA performance taking a hit on Thursday when commodities and stocks fell.Still for now, these quants are still seeing plenty to like.Andrew Beer’s iM DBi Managed Futures Strategy ETF, which imitates CTA exposures, has been adding oil longs and increasing bearish bets on long interest rates, their data show.“A true regime shift in inflation would be very, very good news for managed-futures funds,” said the co-portfolio manager.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.

  • 3 Penny Stocks To Buy According To Top Stock Market Analysts

    Penny Stocks To Buy With Price Targets Up To 168% According To Analysts Maxim Group & H.C. Wainwright. There is blood in the water after last week’s (2/22/2021 - 2/26/2021) extreme volatility in the stock market, which has left investors & traders on uncertain footing. Nearly every market sector pulled back as interest rates, economic growth, stimulus, and of course, coronavirus cases were all in the public spotlight. Monday, March 1, 2021, the market opened strong, staying true to the wild volatility it has become known for. March 2021 Starts Off By Providing Clarity To Traders & Investors On Key Issues & Topics On Saturday 2/27/2021 the FDA issued an emergency use authorization for the third Covid-19 vaccine from Johnson & Johnson’s (NYSE: JNJ). This single-shot vaccine has begun distribution within the United States giving the public a new and 3rd choice for a Covid-19 vaccine. What’s more, over the weekend, the House passed President Biden’s Covid-19 relief package, which now goes to a vote in the Senate. The stock market seems to be reacting favorably to these events. Many Wall Street bulls have supported further growth in the market. The Oracle of Omaha, Warren Buffett said this in his annual letter over the weekend: “Despite some severe interruptions, our country’s economic progress has been breathtaking. Our unwavering conclusion: Never bet against America.” Warren Buffett’s words seem to have rippled through the analyst community as well, with a slew of new ratings and target changes to begin the month of March. Among these analysts, H.C. Wainwright and Maxim have just issued fresh outlooks on several penny stocks to kick-off the final month of Q1 2021. According to analysts, these are the top 3 penny stocks to buy right now: Super League Gaming Inc. (NASDAQ: SLGG) ReWalk Robotics Ltd. (NASDAQ: RWLK) Fortress Biotech Inc. (NASDAQ: FBIO) Penny Stocks To Buy [According To Maxim Group]: Super League Gaming (NASDAQ: SLGG) On March 1, 2021, Maxim Group initiated coverage on Super League Gaming (NASDAQ: SLGG) giving a Buy rating on the company. The firm also set a $6 price target on the penny stock suggesting a potential upside of 91% compared to its closing price on Friday (2/26/2021). Will Super League's stock manage to reach these heights? Esports has been a fast-moving and huge growth sector. Instead of building teams or developing the games themselves, Super League has taken a different approach of providing video-game-derived entertainment as well as an esports community aggregator & media distribution. Super League recently announced a partnership with Harena Data Inc. to produce and distribute video gaming and esports entertainment. [Read more] How To Buy Penny Stocks in 2021 “Harena Data is one of the best-kept secrets in video gaming and esports. They have an impressive set of initiatives dedicated to making esports and gameplay accessible to an ever-increasing global audience of players, fans, and viewers,” commented Matt Edelman, Chief Commercial Officer of Super League Gaming, in the February press release. In addition to Maxim Group’s bullish analyst rating on this penny stock, large financial institutions have also gotten behind the penny stocks. Recently both Nomis Bay Ltd and 3i, LP reported stakes in the company at the end of February 2021. ReWalk Robotics Ltd. (NASDAQ: RWLK) Is A Penny Stock to Buy [According To H.C. Wainwright] Today (3/1/2021), H.C. Wainwright boosted its $2.50 price target to $3.50 for penny stock ReWalk Robotics Ltd. (NASDAQ: RWLK). The firm currently maintains a Buy rating on this penny stock, despite the analyst’s forecast “only” being 32% higher than Friday’s (2/26/2021) closing price, ReWalk has gained some recent notoriety thanks to a few key developments which includes a capital raise of $40 million. The Company intends to use the net proceeds for development activities for its ReStore and Personal 6.0 devices. ReWalk also said it looks to broaden third-party payor and CMS coverage for its ReWalk Personal device and commercialize its new product lines added through distribution agreements. Further uses of proceeds also included R&D for its lightweight exo-suit technology for potential home personal health utilization for multiple indications and future generation designs for its spinal cord injury device, among other things. Obviously, a raise of this size is nothing to ignore, and since it’s going toward particular development targets, 2021 could already be ramping up in a big way for penny stock ReWalk Robotics. Top Penny Stocks To Buy Fortress Biotech Inc. (NASDAQ: FBIO) [According To H.C. Wainwright] One of the biotech penny stocks we’ve discussed frequently has been Fortress Biotech Inc. (NASDAQ: FBIO). This biotech penny stock company has founded several other publicly traded companies. When looking at Fortress Biotech, you’ve also got to consider its related companies as they’ve indirectly impacted momentum in Fortress. [Read More] Robinhood Penny Stocks Are Trending But Are These 5 A Buy This Week? Late last week, H.C. Wainwright reiterated its Buy rating on this penny stock. The firm has a $10 price target for Fortress, suggesting a forecasted upside of $168% compared to Friday’s (2/26/2021) closing price. Whether or not that is reached depends a lot on the company itself. H.C., however, isn’t the only firm with a lofty target. Dawson James boosted its $16 price target earlier in February to $21 and between the two firms, they hold the highest forecasts on Fortress. March also begins with news from one of Fortress’ related companies. Checkpoint Therapeutics, Inc. (NASDAQ: CKPT) announced the formation of an independent Scientific Advisory Board, to be built with leaders in the fields of immunotherapy, lung and skin cancers. “We are honored to have the opportunity to work with such a distinguished group of clinical and scientific leaders on the development of our pipeline products, including cosibelimab in our initial indications in skin and lung cancers, and CK-101 in lung cancer, as well as helping us identify new opportunities for development,” said James F. Oliviero, President and Chief Executive Officer of Checkpoint. Penny Stocks & Analyst Ratings Are all penny stocks with bullish analyst ratings going to go up? No, but when it comes to these penny stock ratings and targets, it should be an indicator that these penny stocks may warrant more research. Do your own due diligence before investing or trading and see if you arrive at the same bullish or bearish conclusion as these analysts do. In this case, these recent ratings on the above 3 penny stocks seem to have resonated with the market as we kick off March 2021. Photo by energepic.com from Pexels. See more from BenzingaClick here for options trades from BenzingaWill Hawaii Pass A Psilocybin Legalization Bill? Senator Chang Makes A Strong Case6 Catalysts Bank Stock Investors Should Watch In 2021© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Texas Power Firm Hit With $2.1 Billion Bill Files for Bankruptcy

    (Bloomberg) -- The largest power generation and transmission cooperative in Texas filed for bankruptcy in the wake of power outages that caused an energy crisis during the winter freeze last month.Brazos Electric Power Cooperative filed for Chapter 11 in Texas after racking up an estimated $2.1 billion in charges over seven days of the freeze. Last year, it cost cooperative members $774 million for power for all of 2020.The magnitude of the charges “could not have been reasonably anticipated or modeled” and far exceeds Brazos highest liquidity levels in recent years, Executive Vice President Clifton Karnei said in a bankruptcy court declaration. The cooperative on Feb. 25 told state grid operator the Electric Reliability Council of Texas that it wouldn’t pay the $2.1 billion sum, and Karnei resigned from Ercot’s board of directors, court papers show.Read More: Texas’s Power Market Is $1.3 Billion Short After Energy CrisisBrazos had “no choice” but to file for bankruptcy, Karnei said. Chapter 11 protection lets Brazos keep operating while it works out a plan to repay creditors. The cooperative listed assets and liabilities of as much as $10 billion each.“Brazos Electric suddenly finds itself caught in a liquidity trap that it cannot solve with its current balance sheet,” Karnei wrote in the declaration.Aside from its power bills, the cooperative has more than $2 billion of debt outstanding, spread across $1.56 billion of secured notes and about $480 million under a credit line administered by Bank of America Corp., court papers show. Brazos had A+ credit grade from Fitch Ratings and an A from S&P Global Ratings prior to the bankruptcy.Brazos, a member-owned power provider serves customers across 68 Texas counties, stretching from just north of Houston to near the Texas panhandle, court papers show.The bankruptcy is likely to be one of many after four million homes and businesses went without heat, light and water during the deep winter freeze last month, causing as much as $129 billion in economic losses. The state’s broader market set a record for the most expensive week of power in U.S. history. The impact on individual companies is only starting to emerge, with some racking up huge losses while oil and gas producers saw their output halted.Companies that failed to produce electricity were forced to buy power as prices soared. Ercot says it’s $1.3 billion short of what it needs to pay generators for what was produced. This puts huge financial pressure on utilities that managed to keep producing power, as well as those that failed.Ercot has stopped payments to some utilities as it tries to manage defaults. If the grid operator fails to completely cover defaults, the resulting costs would be passed onto all market participants.Griddy Energy LLC , a Texas retail electricity provider that came under fire after its customers received exorbitant power bills during the energy crisis last week, was barred from participating in the state’s power market on Feb. 26.The supplier charges electricity based on real-time prices in wholesale markets, therefore passing the costs straight on to consumers. Ercot revoked Griddy’s rights to conduct activity in the state’s electricity market due to nonpayment, according to a market notice seen by Bloomberg.Fitch Ratings put all retail and wholesale electric utilities operating within Ercot on rating watch negative last month, citing concerns regarding funding requirements and liquidity in the near term.The case is Brazos Electric Power Cooperative Inc., 21-30725, U.S. Bankruptcy Court for the Southern District of Texas (Houston).(Updates with financial details beginning in paragraph three.)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.

  • Oil Exports From U.S. Supertanker Port Crash to Zero From Record

    (Bloomberg) -- Crude exports from Louisiana’s offshore supertanker port tumbled to zero as Asian buyers limited purchases to manage high inventories that threaten to overwhelm storage facilities.The lack of shipments in February from the Louisiana Offshore Oil Port -- for the first time in nearly two years -- is a stark contrast from January when the facility sent out a record of nearly 15 million barrels of domestic crude to buyers in China, South Korea and India, data compiled by Bloomberg show.“Demand from Asia, and more specifically China, for U.S. crude has slowed because of high inventories in that region after recent heavy buying,” said Yuntao Liu, a London-based analyst at Energy Aspects Ltd. Purchases were also likely postponed as U.S. shipments in February would reach Chinese buyers in April, the peak of the country’s refinery maintenance season, he said.China is America’s largest customer for domestic crude. Any slowdown in Chinese appetite for oil may risk plans by U.S. drillers to restore production with crude futures prices trading around $60 a barrel and showing signs of a further recovery. The Covid-19 pandemic has devastated demand and shuttered oil wells across the nation since the start of early last year.“Interest for U.S. oil might return later in March,” said Liu. “Those supplies would arrive in China during May and June when most turnarounds are completed.”East Asia may also be shunning U.S. crude purchases ahead of meetings by the Organization of the Petroleum Exporting Countries and its allies later this week where discussions will focus on potentially unleashing barrels that had been curtailed. Supplies from LOOP are primarily medium-heavy sour crudes produced in the U.S. Gulf of Mexico that compete directly with oil from many OPEC members. A decision to revive supply could mean less interest for loadings at LOOP.“Supplies from the Middle East are the first choice for Asia,” said Liu. “It’s their base load for sour crude.”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.

  • When You Buy A Stock, Here's How Much Cash The Company Actually Receives

    When you buy $1,000 of a company’s stock in your Robinhood account, how much of that cash goes directly to help fund the company and its business operations? The answer is $0. Where Your Cash Goes: The issue of buying shares of stock to help “save” struggling companies like GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings Inc (NYSE: AMC) has come up frequently on social media since the WallStreetBets-fueled meme stock buying frenzy began in January. However, experienced investors know that publicly traded companies don’t get a dime from the cash you spend buying their shares of stock. Related Link: Kevin O'Leary Of 'Shark Tank,' Benzinga CEO Jason Raznick Talk GameStop, Bitcoin And Economic Recovery Trades Companies typically raise cash in the public market when they first go public via an initial public offering (IPO), a merger with a special acquisition company (SPAC) or a direct listing. However, once their shares are trading on the public market, any shares you buy in your brokerage account are coming directly from another shareholder who is selling, not the company itself. Aside from any trading fees you may spend on the transaction, every dollar you spend buying shares of GameStop, AMC or other stocks ends up in the brokerage account of the person or institution that sold them to you. AMC and GameStop traders on Reddit and Twitter have been celebrating their efforts to “save” these companies by buying shares of stock. In reality, the companies haven’t gotten any funds from any of the recent stock buying. How Public Companies Raise Funds: Once a company is public, it must raise capital via options such as a follow-on public offer (FPO), also known as a secondary offering. FPOs can be both dilutive or non-dilutive. A non-dilutive FPO happens when the founders or other large shareholders sell some of their shares to the public. An FPO may increase a stock’s float, or free-trading shares, but it does not increase the company’s outstanding shares or decrease its EPS. See also: How to Buy Stocks A dilutive FPO happens when a company creates new shares to sell to the public. By creating new shares, the ownership stakes of existing shareholders are decreased slightly the same way the value of a currency erodes when central banks print more money. Companies can also raise capital by borrowing money. However, the company must first find a lender that will agree on a reasonable interest rate. Many lenders don’t want to touch struggling companies like AMC and GameStop because they aren’t convinced they will be able to pay back their debts. What It Means For Meme Stocks: Despite all the publicity and wild volatility in GameStop, the company itself hasn’t actually been directly helped by all the retail buying. GameStop reportedly considered selling more shares during the January rally, but the SEC has said it would closely scrutinize any company that attempted to take advantage of the extreme trading volatility to knowingly sell overpriced shares to vulnerable investors. In June 2020, bankrupt Hertz Global Holdings Inc (OTC: HTZGQ) withdrew a proposed $500 million equity offering after the SEC cracked down on the company for potentially preying on investors. AMC, on the other hand, was able to raise $1.2 billion via debt and equity deals in January after its stock rallied more than 700%. “The irony here, of course, is that GME couldn’t even tap equity markets to take advantage of the recent short squeeze,” DataTrek Research co-founder Nicholas Colas said this week. He said the so-called “dumb money” flowing into the market may not be helping the companies directly, but it is certainly making short sellers think twice. “You don’t have to be long, but betting against people who think their 10-share buy order is going to change the world is both risky and not actually a fundamentally-based investment position,” Colas said. Benzinga’s Take: GameStop hasn’t been helped directly by all the retail stock buying, but investor enthusiasm and a higher stock price definitely help more than it hurts. If GameStop can now demonstrate its army of new investors and its massive amount of free publicity has translated into improved sales and earnings numbers, the company may have several funding options open up in the near future. GameStop reports fourth-quarter earnings in late March. Photo by Sharon McCutcheon on Unsplash. Latest Ratings for GME DateFirmActionFromTo Jan 2021B of A SecuritiesMaintainsUnderperform Jan 2021Telsey Advisory GroupDowngradesOutperformUnderperform Oct 2020JefferiesDowngradesBuyHold View More Analyst Ratings for GME View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaWhy GameStop Stock Traders Should Beware The 'Law Of Twos And Threes'Kevin O'Leary Of 'Shark Tank,' Benzinga CEO Jason Raznick Talk GameStop, Bitcoin And Economic Recovery Trades© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week

    Welcome to the Cannabis Countdown, the Legal Marijuana Industry’s Number One Curated Weekly News Recap. In This Week’s Edition, We Recap and Countdown the Top 10 Cannabis and Psychedelic Stock News Stories for the Week of February 22nd – 28th, 2021. Without further ado, let’s get started. * Yahoo Finance readers, please click here to view the full article. 10. Red White & Bloom to Enter Third Largest U.S. Cannabis Market With Acquisition of Acreage Holdings’ Florida Operations Florida’s Cannabis Market is the Third-Largest in the U.S., With 2020 Medical Marijuana Sales Exceeding $1.2 Billion Red White & Bloom (OTCQX: RWBYF) announced that the company has struck a deal with Acreage Holdings (OTCQX: ACRGF) to acquire its Florida operations. Upon closing of the deal, RWB will have operations or brands in 6 of the top 10 U.S. states, which generated combined revenue of over $8.8 billion last year. READ FULL RWB ARTICLE 9. Investing $1,000 in These 2 Psychedelic Stocks is an Absurdly Smart Move The Buzz Surrounding Psychedelic Therapies is Only Going to Grow Over Time If you feel that missed out on the cannabis stock bonanza of the last few years, don’t fret. There’s another upcoming opportunity that’s shaping up to be even bigger: psychedelics. Even though psychedelic therapies are still in their infancy, I think there are already a few promising Psychedelic Stocks, such as Compass Pathways (NASDAQ: CMPS) and MindMed (OTCQB: MMEDF) that are worth a $1,000 investment. READ FULL PSYCHEDELIC STOCKS ARTICLE 8. Cannabis Earnings Roundup: Financials From the Big 4 Canadian LPs, Do the Recent Quarterly Results Justify the Lofty Share Prices? Following the Cannabis Sector’s Meteoric Rise to Start the New Year, the Big 4 Canadian LPs Have Each Reported Quarterly Earnings As a result, Cannabis investors have had the opportunity to access the up to date fundamentals of each company and determine if top Canadian Pot Stocks Aphria (NYSE: APHA), Canopy Growth (NYSE: CGC), Aurora Cannabis (NYSE: ACB) and Cronos Group (NASDAQ: CRON) are deserving of their current lofty share prices. READ FULL CANNABIS EARNINGS ARTICLE 7. Field Trip Health Announces Upsize to Previously Announced Bought Deal Public Offering Field Trip Intends to Use the Net Proceeds From the Offering for the Development of the Company’s FT-104 Novel Psychedelic Development Program, the Opening of New Field Trip Health Centers, and for Working Capital and General Corporate Purposes Field Trip Health (OTC: FTRPF) announced that, due to strong demand, it has agreed with a syndicate of underwriters led by Bloom Burton Securities, to increase the size of its previously announced $50,000,015 bought deal offering. Pursuant to the upsized deal terms, the underwriters have agreed to purchase, on a bought deal basis, 12,750,000 common shares of Field Trip, at a price of $6.50, for aggregate gross proceeds of $82,875,000. READ FULL FIELD TRIP ARTICLE 6. Wrigley Chewing Gum Heir to Take Cannabis MSO Parallel Public Via $1.9 Billion Deal Chewing Gum Heir William “Beau” Wrigley Jr., the CEO of Atlanta-Based Parallel, Struck a Mammoth Deal With an Entertainment Mogul to Take the Cannabis Multi-State Operator Public Through a Transaction That Values the Company at $1.9 Billion Ceres Acquisition Corp. – a special purpose acquisition company (SPAC) co-founded by Scott “Scooter” Braun – will buy Parallel, allowing the new company to go public by taking on Ceres’ listing on Canada’s NEO Exchange. READ FULL WRIGLEY MSO ARTICLE 5. MindMed Closes Acquisition of HealthMode, a Leading Machine Learning Digital Medicine Company The Acquisition Will Help MindMed Build a Full Stack Digital Mental Health Platform for Psychedelic Medicines MindMed (OTCQB: MMEDF) reported that it has closed the previously announced acquisition of HealthMode, a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring. MindMed also announced that ex-Pfizer (NYSE: PFE) Digital Medicine Executive Dr. Daniel R. Karlin and former Google AI/ML industry veteran Bradford Cross were added to the company’s executive team. READ FULL MINDMED ARTICLE 4. Investors Have Been Flocking to This U.S. Cannabis ETF It Only Took Six Months for the Newest Cannabis ETF to Reach $1 Billion in Assets On Tuesday, AdvisorShares announced its AdvisorShares Pure U.S. Cannabis ETF (NYSE: MSOS) crossed the threshold, making it just the second Cannabis ETF to reach the mark. ETFMG Alternative Harvest ETF (NYSE: MJ) is the other. READ FULL CANNABIS ETF ARTICLE 3. Liberty Health Sciences Shareholders Overwhelmingly Approve Acquisition By Ayr Wellness Shareholders Representing 57% of Issued and Outstanding Shares Voted and 95% Voted in Favour of the Transaction Ayr Strategies (OTCQX: AYRSF), a leading vertically integrated cannabis multi-state operator, and Liberty Health (OTCQX: LHSIF) announce at a special meeting, Liberty security holders voted overwhelmingly in favour of the proposed acquisition of Liberty shares by Ayr in a transaction originally announced on December 22, 2020. READ FULL AYR ARTICLE 2. MindMed Looks Bullish on Growing Acceptance of Psychedelics MindMed’s Stock is Up 937% Since March 2020 But it’s Just Getting Started MindMed (OTCQB: MMEDF)is one of the best Psychedelic Stocks out there. The excitement around the medicinal potential of Psilocybin and other Psychedelics like kratom has helped put MindMed into the spotlight and fuel strong capital appreciation. READ FULL MMED STOCK ARTICLE 1. Creso Pharma Inks Deal to Enter U.S. Cannabis Market With Established Partner The American Cannabis Market is a Major Growth Opportunity for Creso Pharma and its Planned Deal With CERES Natural Remedies Will Help the Company Establish a U.S. Presence Ahead of Likely Federal Legalization Creso Pharma (OTC: COPHF) announced that it has executed a non-binding letter of intent (LOI) with leading CBD and plant-based remedies provider CERES Natural Remedies to distribute and sell Creso’s range of CBD and hemp animal health products in the USA. CERES’ operating business, High Fidelity is Vermont’s largest independent cannabis company and through its established footprint, has generated over USD $35 million in revenue since 2013. READ FULL CRESO PHARMA ARTICLE Photo by Esteban Lopez on Unsplash See more from BenzingaClick here for options trades from BenzingaCannabis Countdown: Top 10 Marijuana And Psychedelics Industry News Stories Of The WeekCannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • How to Retire a Millionaire Without a 401(k)

    You can retire a millionaire even if you don't have a 401(k). Find out how to hit that goal using IRAs, health savings accounts, and more.

  • A new rule is about to make PPP loans more generous for businesses without employees

    A new SBA rule will make loans substantially more generous for businesses with no employees.