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House Set to Vote on Second Historic Impeachment of President Trump

Jan.13 -- The U.S. House is to vote on a second impeachment of President Donald Trump. David Westin reports on "Bloomberg Markets: The Close."

Latest Stories

  • Keystone XL May Be Sold for Scrap If Biden Moves to Kill It

    (Bloomberg) -- The Canadian province that invested $1.1 billion of taxpayers’ money in the controversial Keystone XL project is now considering the sale of pipe and materials to try to recoup some funds.“If the project ends, there would be assets that could be sold, such as enormous quantities of pipe,” Alberta Premier Jason Kenney said in a press conference Monday. “That would offset construction costs.”With Joe Biden set to be sworn in this week, the U.S. president-elect’s campaign promise to cancel the crude pipeline’s license is haunting the Canadian oil sands industry. The decision may come via executive action on his first day in office, CBC News reported on Sunday, citing people it didn’t identify.Meanwhile, the government of Justin Trudeau vowed to defend the project.Alberta, home to the world’s third-largest crude reserves, has struggled for years with a lack of pipeline capacity to ship its crude to the U.S. Gulf Coast and other markets. TC Energy Corp.’s Keystone XL was one of the possible pipelines the industry was counting on to solve that.The cancellation of Keystone XL would cost Alberta taxpayers just over C$1 billion ($785 million), Kenney said.In March, Kenney’s government agreed to fund the first year of construction with a $1.1 billion investment and to guarantee $4.2 billion of loans as a way to jump-start construction.The province and TC Energy have a “solid legal basis” to recoup damages through the courts, Kenney also said.Canadian Energy Minister Seamus O’Regan said the federal government continues to support Keystone XL and will make the case for the project to the Biden administration.“Canadian oil is produced under strong environmental and climate policy frameworks, and this project will not only strengthen the vital Canada-U.S. energy relationship, but create thousands of good jobs for workers on both sides of the border,” said O’Regan in an email.Kenney stressed that the federal government had said the pipeline is the “the top priority” of Canada’s relationship with the U.S.“Sit down and review the many facts that have changed since KXL was proposed a decade ago,” Kenney said, citing reduced carbon emissions from the oil sands, labor agreements and an indigenous stake in the pipeline.More than a decade old, the Keystone XL project was first rejected by former-President Barack Obama due to concern about climate change, but his successor Donald Trump issued a new permit when he took office.The Canadian Association of Petroleum Producers said that canceling the project would kill thousands of jobs and offered to work with stakeholders to find a solution to complete the pipeline.From the archive: Why the Keystone XL Pipeline Project Is Controversial: QuickTakeFor 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.

  • What will Joe Biden do to mortgage rates? See what experts say

    See what the experts anticipate for home borrowers under the new administration.

  • Tax season is delayed — prepare early so your refund isn't

    You can get your return ready and get the most out of your income while you wait.

  • Here's How Much Investing $1,000 In Bank Of America Stock 5 Years Ago Would Be Worth Today

    Investors who owned stocks since 2016 generally experienced some big gains. In fact, the SPDR S&P 500 (NYSE: SPY) total return in the past five years is 120.4%. But there's no question some big-name stocks performed better than others along the way.Bank of America's Big Run: One market leader of the past five years was Bank of America Corp (NYSE: BAC).Big banks were crushed during the worst of the financial crisis in 2008 and 2009. Among the banks that survived the crisis, Bank of America was one of the hardest-hit. In fact, Bank of America shares dropped as low as $2.53 in early 2009 as investors questioned whether the company could avoid bankruptcy or total nationalization.By the beginning of 2016, Bank of America shares had worked their way all the way back up to around $16.45. Within months, the stock hit its low point of the past five years, dropping down to $10.99 following a bout of early-2016 volatility related to concerns over an economic slowdown in China.Bank of America then went on a tear for the remainder of 2016, more than doubling off its lows to around $23 by the end of the year. The stock made it to $33.05 by early 2018 before stalling out for roughly a year and a half.Related Link: Here's How Much Investing ,000 In JPMorgan Stock 5 Years Ago Would Be Worth TodayBank of America In 2021, Beyond: Bank of America shares broke out to the upside again in the closing months of 2019, surging to new highs of $35.72 before the COVID-19 sell-off pushed the stock back down to $17.95 in early 2020.Since then, Bank of America shares have regained nearly all of their lost ground and are currently trading at around $33.Bank of America investors who held on through a volatile few years were rewarded for their patience, and $1,000 worth of Bank of America stock bought in 2016 would be worth about $2,518 today, assuming reinvested dividends.Looking ahead, analysts expect Bank of America to take a breather in the next 12 months. The average price target among the 24 analysts covering the stock is $33.50, suggesting only 1.5% upside from current levels.Photo credit: Mike Mozart, FlickrSee more from Benzinga * Click here for options trades from Benzinga * Here's How Americans Are Spending Their Stimulus Payments * 5 Key Questions About The Federal Reserve's Approach In 2021(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 2 Big Dividend Stocks Yielding at Least 10%; Here’s What You Need to Know

    Stock markets are up and holding near record high levels, a condition that would usually make life difficult for dividend investors. High market values normally lead to lower dividend yields – but even in today’s climate, it’s still possible to find a high-yielding dividend payer. You need to look carefully, however. The market story of the past year has been unusual, to say the least. Last winter saw the steepest and deepest recession in market history – but it was followed by a fast recovery that is only now slowing. Many companies pulled back on their dividends at the height of the corona panic, but now they are finding that yields are too low to attract investors, and are looking to start increasing payments again. In short, the valuation balance of the stock market is out of whack, and equities are still trying to regain it. It’s leaving a murky picture for investors as they try to navigate these muddy waters. Wall Street’s analysts and the TipRanks database together can bring some sense to the seemingly patternless situation. The analysts review the stocks, and explain how they are fitting in; the TipRanks data provides an objective context, and you can decide if these 10% dividend yields are right for your portfolio. Ready Capital Corporation (RC) We will start with a real estate investment trust (REIT) that focuses on the commercial market segment. Ready Capital buys up commercial real estate loans, and securities backed by them, as well as originating, financing, and managing such loans. The company’s portfolio also includes multi-family dwellings. Ready Capital reported solid results in its last quarterly statement, for 3Q20. Earnings came in at 63 cents per share. This result beat expectations by 75% and grew 133% year-over-year. The company finished Q3 with over $221 million in available cash and liquidity. During the fourth quarter of 2020, Ready Capital closed loans totaling $225 million for projects in 11 states. The projects include refinancing, redevelopment, and renovations. Fourth quarter full results will be reported in March. The extent of Ready Capital’s confidence can be seen in the company’s recent announcement that it will merge with Anworth Mortgage in a deal that will create a $1 billion combined entity. In the meantime, investors should note that Ready Capital announced its 4Q20 dividend, and the payment was increased for the second time in a row. The company had slashed the dividend in the second quarter, when COVID hit, as a precaution against depressed earnings, but has been raising the payment as the pandemic fears begin to ease. The current dividend of 35 cents per share will be paid out at the end of this month; it annualizes to $1.40 and gives a sky-high yield of 12%. Covering the stock from Raymond James, 5-star analyst Stephen Laws writes, “Recent results have benefited from non-interest income and strength in the loan origination segment, and we expect elevated contributions to continue near-term. This outlook gives us increased confidence around dividend sustainability, which we believe warrants a higher valuation multiple.” Laws sees the company’s merger with Anworth as a net-positive, and referring to the combination, says, “[We] expect RC to redeploy capital currently invested in the ANH portfolio into new investments in RC's targeted asset classes.” In line with his comments, Laws rates RC shares an Outperform (i.e. Buy), and sets a $14.25 price target. His target implies an upside of 23% over the next 12 months. (To watch Laws’ track record, click here) There are two recent reviews of Ready Capital and both are Buys, giving the stock a Moderate Buy consensus rating. Shares in this REIT are selling for $11.57 while the average price target stands at $13.63, indicating room for ~18% upside growth in the coming year. (See RC stock analysis on TipRanks) Nustar Energy LP (NS) The energy and liquid chemical markets may not seem like natural partners, but they do see a lot of overlap. Crude oil and natural gas are highly hazardous to transport and store, an important attribute they share with industrial chemicals and products like ammonia and asphalt. Nustar Energy is an important midstream player in the oil industry, with more than 10,000 miles of pipeline, along 73 terminal and storage facilities. The relatively low oil prices of the past two years have cut into the top and bottom lines of the energy sector – and that is without accounting for the COVID pandemic’s hit to the demand side. These factors are visible in Nustar’s revenues, which fell off in the first half of 2019 and have remained low since. The 3Q20 number, at $362 million, stands near the median value of the last six quarters. Through all of this, Nustar has maintained its commitment to a solid dividend payout for investors. In a nod to the pandemic troubles, the company reduced its dividend earlier this year by one-third, citing the need to keep the payment sustainable. The current payment, last sent out in November, is 40 cents per share. At that rate, it annualizes to $1.60 and gives a yield of 10%. Barclays analyst Theresa Chen sees Nustar as a solid portfolio addition, writing, “We think NS offers unique offensive and defensive characteristics that position the stock well vs. midstream peers. NS benefits from a resilient refined products footprint, exposure to core acreage in the Permian basin, a foothold in the burgeoning renewable fuels value chain, as well as strategic Corpus Christi export assets… we think NS is a compelling investment idea over the next 12 months.” Chen sets a $20 price target on the stock, backing her Overweight (i.e. Buy) rating and suggesting ~27% upside for the year. (To watch Chen’s track record, click here) Interestingly, in contrast to Chen's bullish stance, the Street is lukewarm at present regarding the midstream company's prospects. Based on 6 analysts tracked by TipRanks in the last 3 months, 2 rate NS a Buy, 3 suggest Hold, and one recommends Sell. The 12-month average price target stands at $16.40, marking ~5% upside from current levels. (See NS stock analysis on 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.

  • Dow Jones Jumps As Yellen Pushes Congress To 'Act Big'; Nio Retakes Buy Point

    The Dow Jones Industrial Average jumped more than 270 points Tuesday, as Janet Yellen pushed Congress to "act big" with a stimulus relief package.

  • These Companies Want to Charge Your Electric Vehicle as You Drive

    Several automotive, utility and infrastructure companies are testing technology that promises to allow electric cars, buses and trucks to charge on the move.

  • Peloton, Fiverr and Chewy downgraded to sell at UBS

    In a note on U.S. internet and interactive entertainment stocks, UBS downgraded Peloton Interactive , Fiverr International and Chewy to sell from neutral. Analysts led by Eric Sheridan said the three stocks are "emblematic of a market that values growth over any semblance of valuation that can be justified on a multiple year view based on our fundamental analysis." Take-Two Interactive Software was downgraded to neutral from buy.

  • GM Jumps as Microsoft Joins $2 Billion Self-Driving Venture

    (Bloomberg) -- General Motors Co. and Microsoft Corp. are leading a $2 billion investment round in self-driving car startup Cruise LLC in a deal that will bring the software giant’s cloud and edge-computing capabilities to the venture. Shares of GM surged on the news.The additional funds will raise Cruise’s post-investment valuation to an estimated $30 billion, up from $19 billion when T. Rowe Price Associates Inc. invested in the company in 2019, Cruise said in a statement Monday. Cruise partner Honda Motor Co. and other institutional investors are also participating in the new round.The partnership with Microsoft gives Cruise, which is majority owned by GM, a major software player in its corner. That will help the company compete with Waymo, which has access to the software capabilities of parent Alphabet Inc.Word of the collaboration propelled GM’s stock to new highs, fueling a rally the company has enjoyed as Chief Executive Officer Mary Barra bets heavily on next-generation auto technology such as self-driving and electric vehicles. Shares of GM paired an early gain of as much as 8.9%, trading up 8.3% to $54.12 as of 10:43 a.m. in New York. Microsoft rose 0.3% to $213.39.Read more: GM Shares Close at Post-IPO Record as EV Plans Draw PraiseCruise will be able to use Microsoft’s Azure cloud-computing platform to manage its self-driving vehicle network. Azure will handle data and mapping, as well as enable cars to communicate with Cruise’s back office and customer-facing app for ride-hailing. It’s a vital piece of software infrastructure that Cruise needs to build its planned commercial robotaxi service.Thinning of Herd“Our mission to bring safer, better and more affordable transportation to everyone isn’t just a tech race - it’s also a trust race,” Dan Ammann, Cruise’s chief executive officer, said in a statement. “Microsoft, as the gold standard in the trustworthy democratization of technology, will be a force multiplier for us as we commercialize our fleet of self-driving, all-electric, shared vehicles.”Cruise plans to charge fares for its service. The next step would be to seek approval from California.The deal is a big boost for Cruise because it brings in more cash at a time when some autonomy startups have been falling by the wayside due to lack of funding, said Sam Abuelsamid, principal research analyst with Guidehouse Insights. Microsoft’s cloud platform is an essential piece for Cruise to successfully manage a commercial fleet, he added.“Having a robust cloud platform will be key to commercializing this technology,” Abuelsamid said in a phone interview. “You have to have the ability to dispatch and monitor all of the fleet.”Last year, autonomous trucking startup Starsky Robotics shut down due to lack of cash, and Zoox Inc. sold to Amazon.com Inc. after failing to secure a new round of funding.“A handful of front-runner AV companies that look most likely to win are attracting substantially all of the best human capital and a huge chunk of the financial capital,” Cruise President and Chief Technical Officer Kyle Vogt said on Twitter. “That is how a company without millions of customers can be valued at $30 billion. We’ve made some incredible progress towards this vision, but there is much left to do. Back to work!”(Updates with analyst comment in the eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • SPAC Churchill Capital declines comment on whether it is pursuing specific merger following 'unusual' trading of its stock

    Churchill Capital Corp IV , a special purpose acquisition corporation set up by former Citigroup Inc. banker Michael Klein, issued a statement on Tuesday in response to inquiries from shareholders and following what it called 'unusual trading' in its shares in recent sessions. The blank-check company, which was formed for the purpose of acquiring a business or businesses, said it is always reviewing a range of potential business combinations to find a best fit for its shareholders. "We do not generally comment on rumors and speculation and will not comment as to whether the company is or is not pursuing a specific business opportunity other than saying, as noted, we are always evaluating a number of potential business combinations," said the statement. Churchill shares have gained about 50% in the last three months, amid media reports that it is in talks for a merger with electric vehicle company Lucid Motors. Electric vehicles have become a major subject of speculation after Tesla Inc.'s more than 700% gains in the last 12 months.

  • Is DraftKings Stock A Buy Or Sell Right Now As More States Legalize Sports Betting?

    DraftKings is one of the top IPO stocks to watch, as gambling legalization gains steam. Here is what the fundamentals and technical analysis say about buying DKNG stock now.

  • The Stock Market Can’t Get Much Better From Here. Why a Correction Could Be Coming.

    Stock prices already reflect a wallop of government spending and central-bank aid that can’t get much larger from here, Bank of America warns. Other market watchers are downbeat as well.

  • 5 Stocks Expected to Crush the S&P 500

    To this end, The Boston Consulting Group (BCG) and Fortune magazine created the Fortune Future 50, "the global companies with the best prospects for future growth." The top five names on Fortune Future 50's list include ServiceNow (NOW), Veeva Systems (VEEV), Atlassian (TEAM), Workday (WDAY), and Splunk (SPLK). ServiceNow is an enterprise software company, focusing on digital workflows.

  • A Guide to the Capital Gains Tax Rate: Short-term vs. Long-term Capital Gains Taxes

    Not all capital gains are treated equally. The tax rate can vary dramatically between short-term and long-term gains. Learn about both types in this tax guide.

  • What to expect from the early Biden administration on student loans

    With Democrats holding a majority in the House and Senate, one expert believes the Biden administration to take bold action on the nearly $1.7 trillion in student loan debt held by roughly 43 million Americans.

  • 13 Small-Cap Stocks Are Poised To Be The Next Big Caps

    Small-cap stocks are on a tear. And it's not too early to wonder which ones have the mojo to reach large-cap S&P 500 size.

  • Nigeria’s ambitious Chinese-built rail project is keen to avoid a familiar problem

    The Lagos-Ibadan corridor is easily one of the most important for Nigeria's economy as it connects the commercial capital to the rest of the country

  • Outlook darkens for Wall Street as Biden's regulators take shape

    Wall Street may be facing an uncomfortable four years after President-elect Joe Biden's team confirmed on Monday it planned to nominate two consumer champions to lead top financial agencies, signaling a tougher stance on the industry than many had anticipated. Gary Gensler will serve as chair of the Securities and Exchange Commission (SEC) and Federal Trade Commission member Rohit Chopra will head the Consumer Financial Protection Bureau (CFPB). Progressives see the agencies as critical to advancing policy priorities on climate change and social justice.

  • Shale Driller Stuns Bondholders as Argentina Runs Out of Dollars

    (Bloomberg) -- In the 99 years since it was founded to pump the oil fields of Patagonia, Argentine energy driller YPF SA has been whipsawed by countless booms and busts. If global oil markets weren’t collapsing, it seemed, then Argentina was mired in a debt crisis that was wreaking havoc on the whole nation’s finances.Never, though, had the company been pushed into a large-scale default of any kind. Until, it would appear, now. Word of this came in an odd way: Officials at state-run YPF sent a press release in the dead of night laying out a plan to saddle creditors with losses in a debt exchange.Implicit in its statement was a threat that traders immediately understood -- failure to reach a restructuring deal could lead to a flat-out suspension of debt payments -- and they began frantically unloading the shale driller’s bonds the next morning. Today, some two weeks later, the securities trade as low as 56 cents on the dollar.Creditors, including BlackRock Inc. and Howard Marks’s Oaktree Capital Group, are gearing up for bare-knuckled negotiations just four months after ironing out a restructuring deal with the government that marked the country’s third sovereign default this century alone.YPF’s downfall underscores just how hard the pandemic has hammered both the global oil industry and the perennially hobbled Argentine economy. Dollars are now so scarce in Buenos Aires that the central bank refused to let YPF buy the full amount it needed to pay notes coming due in March. That was the immediate cause of the restructuring announcement.A longer view reveals a steady decline in the company’s finances since the government re-nationalized it in 2012 and forced it to swell payrolls, artificially hold down domestic fuel prices and skimp on investments, leading to four straight years of oil-and-gas output declines.YPF must now reach a deal with creditors to get its finances in order to boost investment in the gas-rich Vaca Muerta shale formation in Patagonia.The task is even more urgent as the South American winter approaches with YPF unable to meet domestic gas demand, meaning Argentina will have to boost imports -- and fork over precious hard currency -- in the middle of a global spike in prices.“The central bank’s decision really put YPF between a rock and a hard place,” said Lorena Reich, a corporate-debt analyst at Lucror Analytics in Buenos Aires.Officially, YPF says that the swap is voluntary and that it will continue to pay all its bonds whether they are exchanged or not. But that’s certainly not how investors understand the situation, and ratings companies say the proposal constitutes a distressed exchange that would be tantamount to default.Overall, YPF is seeking to restructure $6.2 billion of bonds, pushing back a total of $2.1 billion in debt payments through the end of next year so that it can invest the money in bolstering production. The deal offers investors a slight upside from current bond prices, but would stick creditors with losses of as high as 16% on a net-present-value basis, according to calculations by Portfolio Personal Inversiones, a local brokerage.While some investors had anticipated YPF would try to refinance its short-term debt -- without imposing any losses -- the plan to restructure virtually all the company’s overseas bonds was a big surprise.“The offer crossed the line of reason,” said Ray Zucaro, the chief investment officer at RVX Asset Management in Miami, who owns YPF bonds. “There was no reason they needed to include all the bonds when they only needed relief on the short-dated notes.”YPF says it included all its securities in the swap to give all its bondholders a fair shot at exchanging into a new export-backed note maturing in 2026 that offers more protection than unsecured debt.Creditors have begun to form groups to negotiate the terms of the restructuring, and while the talks haven’t begun in earnest, the company says it’s willing to negotiate. On Jan. 14, YPF amended some of the rules for its consent solicitation after investor outcry over a procedural issue.Cash CrunchArgentina’s cash crunch couldn’t come at a worse time for YPF, which was already facing a drop in demand because of the pandemic. The driller needs more investment to ramp up capital-intensive shale production in Vaca Muerta as aging traditional fields decline. It’s expected to spend $2.2 billion in 2021 after last year’s paltry $1.5 billion. But that’s still a far cry from the more than $6 billion a year it invested in the wake of the nationalization.As the company looks for savings in the bond market, it’s also slashing other costs, cutting salaries and reducing its bloated workforce by 12%. It’s trying to sell stakes in some oil fields, as well as its headquarters in Buenos Aires, a sleek glass skyscraper where executives take calls looking out over the vast River Plate estuary into Uruguay.Founded in 1922 as one of the world’s first entirely state-run oil companies, YPF was passed from nationalist governments to military dictatorships until the early 1990s, when it was sold to Madrid-based Repsol SA as part of a short-lived attempt to free up the economy. In 2012, President Cristina Fernandez de Kirchner’s leftist government expropriated 51% of the company, eventually paying Repsol $5 billion in bonds for its stake. YPF’s market value today is just $1.6 billion.The central bank’s refusal to sell YPF the dollars it needs to pay its obligations, despite the company’s earlier efforts to refinance its short-term debt, is a bad sign for all overseas corporate bonds from Argentina, according to the financial services firm TPCG. The concern is that if the country’s flagship company isn’t eligible to buy dollars at the official exchange rate as the bank seeks to hold onto hard-currency reserves, no one else will be either.“The central bank’s message is pretty clear,” said Santiago Barros Moss, a TPCG analyst in Buenos Aires. “There just aren’t enough dollars in Argentina for corporates right now.”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.

  • AbbVie Stock Is Trading Near A 3-Year High — Is It Time To Add ABBV Stock?

    AbbVie stock is trading close to a three-year high after the company entered into an agreement that would allow it to buy Cypris Medical, a privately held medical devices company.