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Inside the Fed’s Plan to Support Minority Workers

Recent changes to the Federal Reserve’s monetary policy framework could boost prospects for marginalized groups. Raphael Bostic, President of the Federal Reserve Bank of Atlanta, explains.

Latest Stories

  • Tesla stock rises as price target tops $1,000 at Oppenheimer

    Tesla's stock rose Wednesday after Oppenheimer analyst Colin Rusch raised his price target to a Street high $1,036, while reiterated his outperform rating.

  • UPDATE: Bionano Genomics prices $200 million underwritten stock offering at a discount of $6 a share

    Bionano Genomics Inc. priced a $200 million underwritten stock offering announced late Tuesday at a discount of $6 a share, selling 33.3 million shares. The stock closed Tuesday at an alltime high of $9.14. The genome sequencing company's shares have gained 662% in the last 12 months on little news flow, and trading volumes have been active in recent sessions. Bionano previously sold 29 million shares at $3.05 a share less than two weeks ago. The stock fell 22% in premarket trade to reflect the dilutive effect of the offering. Oppenheimer was sole bookrunner on the deal with BITG acting as lead manager and Ladenburg Thalmann and Maxim Group acting as co-managers. Underwriters have a 30-day option to purchase another 5 million shares at the offering price. Bionano shares traded for less than $1 for much of 2020, before prices shot higher just before the end of the year despite no public announcements about changes at the genome-analysis company, which lost nearly $30 million on sales of $4.5 million in the first nine months of 2020.

  • Why Netflix stock is going haywire after its latest earnings report

    This is why Netflix shares are really going bonkers after the company's latest earnings report.

  • Biden to Bar Keystone Pipeline in Reversal of Early Trump Move

    (Bloomberg) -- Joe Biden will cancel the Keystone XL oil pipeline hours after becoming president on Wednesday, killing once again a cross-border project that had won a four-year reprieve under his Republican predecessor, Donald Trump.In one of his first major environmental actions, Biden will revoke TC Energy Corp.’s pipeline permit via an executive order because it doesn’t “serve the U.S. national interest,” according to fact sheet from his transition team.The move brings Keystone’s fate full circle, repeating a decision made in 2015 by President Barack Obama to keep the pipeline from crossing the border. Trump reversed that in 2017 on his fourth full day in office over the objections of environmental groups.Environmentalists are counting on the latest rejection -- coming more than a dozen years since the pipeline was first proposed -- to stick. They argue the project would provide an outlet for heavy Canadian oil sands crude extracted in Alberta through particularly energy-intensive processes that ratchet up its carbon footprint.“Putting a stop to the dirty and dangerous Keystone XL tar sands pipeline immediately and once and for all would be an important first step and testament to the leadership of the diverse grassroots movement that has long pushed to stop it and other harmful pipelines,” said Tiernan Sittenfeld, a senior vice president with the environmental group League of Conservation Voters.Biden promised the action on the campaign trail, yet his formal step still provoked outrage from oil industry leaders and some labor unions that support the project.“The Biden administration has chosen to listen to the voices of fringe activists instead of union members and the American consumer on Day 1,” said the United Association of Union Plumbers and Pipefitters in an emailed statement based on news reports before the action.Construction of Keystone XL already began last year, jump started with a $1.1 billion investment by the province of Alberta. Whole segments of the line, including one that crosses to U.S.-Canadian border, have already been built.TC Energy has worked to make the project more palatable to a Democratic administration, inking labor agreements with four major pipeline unions last August, agreeing to sell an equity stake in the line to indigenous communities along the route and promising to power it entirely with renewable energy.Still, Keystone XL has been a lightning rod for controversy and a litmus test for environmentalism almost since it was first proposed in 2005. The 1,179 mile (1,897 kilometer) segment is designed to move oil from Alberta through Montana, South Dakota and Nebraska, then connect with an existing network feeding crude to the Gulf Coast. The line would carry as much as 830,000 barrels of oil a day.Opponents argue it will stimulate oil sands development, contributing to climate change.Years ago, proponents of the controversial crude pipeline argued that more of Canada’s cheaper, heavy crude would help fuel producers on the U.S. Gulf Coast wean off supplies from countries like Venezuela or the conflict-prone Middle East.But refiners in Texas and Louisiana have become increasingly flexible, using more of the abundant light oil from shale fields. Plus, Canadian crude’s price advantage has narrowed, and imports from the country have roughly doubled in a decade to a steady flow of more than 3.5 million barrels a day, without Keystone XL.“It’s not an issue for refiners,” said Robert Campbell, head of oil products research at Energy Aspects Ltd. “They can switch into domestic light. The hurt would be on oil sands producers.”Alberta Premier Jason Kenney on Tuesday urged Canadian Prime Minister Justin Trudeau to take steps to save the permit, saying its revocation “would damage the Canada-U.S. bilateral relationship.”Keystone XL was one of only a handful of energy and mining projects Biden took an explicit stand against while on the campaign trail. Environmentalists emboldened by his move on Keystone are already pressuring him to revoke a critical authorization allowing continued operation of Energy Transfer LP’s Dakota Access oil pipeline and take action against Enbridge Inc.’s plan to replace and expand its aging Line 3 pipeline from Alberta to Superior, Wisconsin.From the archive -- Why the Keystone Project Is Controversial: QuickTake“It’s exciting news,” said Dallas Goldtooth, an organizer with the Indigenous Environmental Network. “Now what are you going to do about Line 3 and the Dakota Access pipeline? We are happy, but we want to see what comes next.”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.

  • 7 of IBM Watson's Top Stock Picks

    IBM Watson picked these stocks to outperform.Artificial intelligence will likely revolutionize the global economy in the next several decades, and Wall Street is not immune to the AI disruption.

  • Gevo shares slide 20% premarket on news of $350 million stock offering

    Shares of renewable energy company Gevo Inc. slid 20% in premarket trade Wednesday, after the company said it is selling $350 million of shares in a registered direct offering priced at-the-market. The company is offering 43.75 million shares, priced at a discount of $8 each. The stock closed Tuesday at $11.03. H.C. Wainwright is acting as placement agent on the deal. Proceeds will be used to fund capital projects, for working capital and for general corporate purposes. Englewood, Colo.-based Gevo's shares have gained 404% in the last 12 months, while the S&P 500 has gained 14%.

  • Ford Must Recall 3M Vehicles Due To Dangerous Airbags, Orders NHTSA

    Ford Motor Company (NYSE: F) will have to recall 3 million vehicles due to defective airbags, according to the National Highway Traffic Safety Administration, Reuters reported Tuesday.What Happened: The federal regulator rejected Ford and Mazda Motor Corporation's (OTC: MZDAY) petitions centered around avoiding the recall of the dangerous Takata airbags, according to Reuters.The agency said on its website that 2006 Ford Ranger and Mazda B-Series vehicles are at a far higher risk for exploding airbags, which could injure or kill vehicle occupants due to emanating fragments."These vehicles can and should be repaired immediately," the regulator said. Ford said Tuesday that the affected vehicles were subject to an earlier recall for the passenger-side airbag, according to Reuters.See Also: GM To Recall 5.9M Vehicles Over Faulty Airbags As NHTSA Turns Down PetitionWhy It Matters: Affected vehicles include Ford Ranger, Fusion, Edge, Lincoln, Zephyr/MKZ, Mercury Milan, and Lincoln MKX, noted Reuters.The defect has led to the largest automotive recall in U.S. history -- necessitating the refurbishing of 67 million airbags.The inflators have reportedly led to the death of at least 27 people around the world and 18 in the United States and have caused over 400 injuries. Ford must submit to NHTSA a "proposed schedule for the notification of vehicle owners and the launch of a remedy" within 30 days, as per Reuters.Last week, Tesla Inc (NASDAQ: TSLA) was asked by the regulator to recall 158,000 Model S, X vehicles due to defective touchscreens.Price Action: Ford shares closed nearly 1.9% higher on Tuesday at $10.02 and gained 1% in the after-hours session.See more from Benzinga * Click here for options trades from Benzinga * Self-Driving Vehicles Can Now Be Made Without Steering Wheels Under New NHTSA Rules * Tesla Model 3 Was UK's Best Selling Battery EV In 2020(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • These Stocks Are More of a Gamble Than an Investment

    Academics say there’s more in common with stock-market investing and gambling than you might imagine. And they have a simple methodology for determining that stocks are gambles rather than investments.

  • Morgan Stanley Posts Fourth-Quarter Earnings Beat

    Morgan Stanley posts stronger-than-expected fourth-quarter earnings thanks to a surge in trading, investment banking and wealth management revenue.

  • Is Alibaba Stock A Buy Right Now? Here's What Earnings, Chart Show

    Alibaba stock is an IBD Long-Term Leader with outstanding fundamentals, but does that make the China bellwether a buy right now?

  • Bionano Genomics to sell more shares, stock falls

    Bionano Genomics Inc. on Tuesday announced its second share sale in less than a month amid an unexplained spike in its price and volume, sending shares down in after-hours trading. Bionano did not disclose a targeted number of shares nor price in its offering, but the stock still fell more than 8% in the extended session. Bionano previously sold 29 million shares at $3.05 a share less than two weeks ago, as shares traded on the open market for more than $5. The stock has since continued to ride higher, closing at an all-time high of $9.14 Tuesday. Bionano shares traded for less than $1 for much of 2020, before prices shot higher just before the end of the year despite no public announcements about changes at the genome-analysis company, which lost nearly $30 million on sales of $4.5 million in the first nine months of 2020.

  • Alibaba's Jack Ma makes first public appearance in three months

    Alibaba Group founder Jack Ma made his first public appearance since October on Wednesday when he spoke to a group of teachers by video, easing concern about his unusual absence from the limelight and sending shares in the e-commerce giant surging. Speculation over Ma's whereabouts has swirled in the wake of news this month that he was replaced in the final episode of a reality TV show he had been a judge on, and amid a regulatory clampdown by Beijing on his sprawling business empire. The billionaire, who commands a cult-like reverence in China, had not appeared in public since Oct. 24, when he blasted China's regulatory system in a speech at a Shanghai forum.

  • Procter & Gamble Tops Q2 Earnings Forecast, Boosts 2021 Guidance: Shares Jump

    Procter & Gamble boosted its fiscal 2021 profit forecast Wednesday after health care and home sales drove stronger-than-expected second quarter earnings for the consumer brands group.

  • Chips Are in Short Supply. Here’s 1 Stock to Play the Shortage.

    Chip shortages around the world have created an opportunity for investors to take a look at semiconductor distribution companies.

  • How the stock market and economy performed under Democratic presidents

    Historical data shows the stock market does well when Democrats are in charge.

  • Warren Buffett Stocks: Pool Stock, Veeva, PayPal Among 10 Stocks On This Screen

    See who joins PayPal, Veeva and Lululemon on this screen of Warren Buffett stocks based on the investing strategy of the Berkshire Hathaway CEO.

  • Best Tech Stocks To Buy Or Watch Now: 5 Growth Stocks Leading The Stock Market

    The best tech stocks to buy and watch are strong price performers with healthy fundamentals, thanks to a new product or service that's driving growth.

  • Nio Stock Could Hit New Highs in 2021; Here’s Why

    Wall Street has been looking at Nio Limited (NIO) of late, and investors seem to like what they see. Over the past 12 months, NIO stock is up a whooping 1017%, and remains close to its 52-week high. It probably hasn't hurt that the Chinese EV manufacturer released solid December car deliveries, showing a huge step forward. As expected, the fund-raising dip in December was another buying opportunity. The forecasted large growth rate in the Chinese EV market should lead to another big year for Nio. Big Monthly Delivery Increase Nio delivered 7,007 units during December for a big step up from the 5,291 in November. The Chinese EV company had generally seen small monthly delivery increases since April as the sector raced ahead. For December, Nio had a nearly equal delivery of ES8, ES6 and EC6 models. In total, Q4 deliveries were 17,353 EVs while the full-year count was only 43,728 vehicles. The company is already on an annualized rate of 84,000 cars. In comparison XPeng (XPEV) had 5,700 deliveries while Tesla (TSLA) reached totals of nearly 500,000 units for the year. Nio remains a leader in China, but the company is far behind Tesla as a global EV manufacturer. The company unveiled a new sedan called the ET7 at the fourth Nio Day on January 9. The EV will cost between $70K and $85K so the company isn’t going to catch up with competitors on volumes with the ET7. Possibly the biggest news was a 150 kilowatt-hour battery pack with a claimed range of 625 miles. Batter technology will remain a distinguishing factor in EV sales. Chinese Market Surge The Chinese EV market is set to surge to 1.8 million vehicles in 2021, up 40% from 1.3 million vehicles last year. Despite the 100% growth rate in 2021, Nio still only has a fraction of the business. While the company selling shares at only $39 last month now seems ill timed with the stock near $60, Nio is poised with capital to build out manufacturing and further attack a market where the company only has EV market share in the 3% range. The total Chinese vehicle market approaches 3 million units monthly so Nio hardly registers on total sales. Due to this vast opportunity, the company raised another $1.3 billion via convertible debt. In total, Nio has raised over $4 billion in the last month to fund growth. Analysts have sales nearly doubling to $4.6 billion this year and surging again to $7.5 billion in 2022. The greenfield market opportunity in China appears to easily support Nio reaching these sales targets. However, the stock has a market value of $90 billion, so it will dip on any missteps. Takeaway The key investor takeaway is that Nio appears poised to further capture market share in a growing Chinese EV market. The company continues to innovate in battery technology and autonomous driving. As always, Chinese stocks have additional risks due to regulatory concerns and transparency issues. Those interested in the Nio story and willing to take the risk should use any pain from news of new competitors entering the market as an opportunity to the EV stock. Overall, Wall Street is divided on NIO shares, a circumstance reflected in the Moderate Buy analyst consensus rating. That rating is based on 13 reviews, including 7 Buys and 6 Holds. (See NIO stock analysis on TipRanks) Disclosure: No position. Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.

  • Electric vehicle startup Rivian adds $2.65 billion investment led by T. Rowe Price

    Rivian, an electric vehicle startup backed by Amazon.com Inc and Ford Motor Co that aims to put an electric pickup and SUV in production this year, on Tuesday announced a $2.65-billion investment round led by T. Rowe Price. Rivian said it has raised $8 billion since the start of 2019. The California company's new valuation with this latest investment is $27.6 billion, according to a person familiar with Rivian's financials.

  • If your spouse died in 2020, skipping this tax rule could result in a harsh penalty

    You will be among the many whose federal income tax situation is affected. Here are five important things to know at tax return time, which will be here all too soon. Unless you remarried by 12/31/20, you were considered single for all of last year for federal income tax purposes.