Ruth Bader Ginsburg made her mark as a women's right champion who became the court's second female justice, but her legacy began in New York City.
Ruth Bader Ginsburg made her mark as a women's right champion who became the court's second female justice, but her legacy began in New York City.
Individual investors have never been more worried about a U.S. stock market crash. This counterintuitive reaction is because investor sentiment is a contrarian indicator. Historical data on investor beliefs about crash probabilities comes from Yale University finance professor (and Nobel laureate) Robert Shiller.
Individual retirement accounts and 401(k) plans often impose penalties if you take money out of a retirement account too soon or too late. There's usually an early withdrawal penalty if you make a withdrawal before age 59 1/2 and a penalty for failing to take annual distributions after age 72. Here's a look at the 401(k) and IRA penalties you won't have to pay this year.
The new Supreme Court justice could help kill the health care law. What if you rely on it?
It’s down to the wire. The U.S. Presidential elections are only a week away, and with the polls showing Biden has an edge over President Trump, investors are preparing.Oppenheimer’s Chief Investment Strategist John Stoltzfus points out that last week, stocks churned as investors rebalanced their portfolios, rotating and adding additional exposure to value stocks “while others took profits in growth names that had previously run-up substantially ahead of what could be higher capital gains and other taxes next year,” in the event that the Democrats come out on top.Highlighting that the expectation of an effective COVID-19 vaccine is behind the broadening of investor appetite for equities, Stoltzfus argues this renewed appetite " improves the attractiveness of value stocks.”Going forward, the strategist notes the Federal Reserve’s efforts “underscore the case for the economy’s recovery and the equity markets’ resilience and potential from here.” Although a “blue wave” is seen as a potential risk, Stoltzfus thinks this outcome is very unlikely, and that continued split control should alleviate market worries.Taking Stoltzfus’ outlook into consideration, our attention turned to three stocks Oppenheimer analysts believe can surge by at least 70% in the year ahead. Running the tickers through TipRanks’ database, we found out that each boasts a “Strong Buy” consensus rating from the broader analyst community.Chromadex (CDXC)Focused on improving the way people age, Chromadex operates as a science-based integrated nutraceutical company. Following a recent data readout, Oppenheimer thinks that now is the time to get on board.On October 6, CDXC published the results from the Phase 2 study evaluating a nutritional protocol that includes its Nicotinamide Riboside (NR) product along with the current standard-of-care in mild to moderate COVID-19 patients. It should be noted that the study included roughly 100 patients and was conducted in partnership with ScandiBio Therapeutics, at a research hospital in Istanbul, Turkey.Based on the data, patients dosed with the NR plus standard-of-care combination saw a 29% reduction in recovery time (6.6 days compared to 9.3 days). These results are on top of existing NR-related research, including 11 published clinical studies and others that are ongoing. According to management, a Phase 3 study is set to kick off soon.Weighing in for Oppenheimer, 5-star analyst Brian Nagel commented, “For a while, we have recommended CDXC as a decidedly compelling, albeit speculative investment play within specialty consumer. We interpret [the] news as further indication that ChromaDex continues its extensive and admirable push to understand well the science behind NR and its namesake product TruNiagen.”Going forward, Nagel believes that the consumer audience is poised to expand. “We are increasingly optimistic that a swell of NR-focused research from ChromaDex and its partners continues to build and management works to strengthen an effective marketing message that mass-market demand for NR and TruNiagen will expand, unlocking significant financial and operational levels of CDXC,” he explained.To this end, Nagel rates CDXC an Outperform (i.e. Buy) along with a $9 price target. Should the target be met, a twelve-month gain in the shape of a 90% could be in store. (To watch Nagel’s track record, click here)It’s not often that the analysts all agree on a stock, so when it does happen, take note. CDXC’s Strong Buy consensus rating is based on a unanimous 3 Buys. The stock’s $7.67 average price target suggests a 61% upside from the current share price of $4.70. (See CDXC stock analysis on TipRanks)Apellis Pharmaceuticals (APLS)Next up we have Apellis Pharmaceuticals, which develops innovative therapies that target complement mediated diseases. With a solid set up emerging for 2021, Oppenheimer is pounding the table on this healthcare name.Recently, APLS provided an update on its pipeline, including its systemic C3 inhibitor, pegcetacoplan, which will target C3G/IC-MPGN and ALS. 5-star analyst Justin Kim, who covers APLS for Oppenheimer, points out that C3G and IC-MPGN reflect a significant opportunity for systemic C3 inhibition, based on data that supports the role of complement activation and deposition.Even with the “sub-optimal response” from a leading Factor D inhibitor, the analyst is optimistic about the C3 approach, “which could demonstrate a more potent and broader inhibition of the cascade.” It should be noted that a Phase 2 open-label study enrolling up to 12 patients was recently initiated.On top of this, given that Alexion's C5-approach is being explored in an ongoing Phase 3 ALS program, Kim has high hopes for this indication. “With APLS' Phase 2 study enrolling ~200 patients, the company believes the study could be registration-enabling. At a potential case rate of ~5/100,000 in the U.S., ALS (and neurology) could reflect the largest longer-term opportunity for the systemic C3 pipeline, consistent with Alexion's neurology focus,” he mentioned.If that wasn’t enough, pegcetacoplan is currently in Phase 3 development for paroxysmal nocturnal hemoglobinuria (PNH) and geographic atrophy (GA). Although APLS faces hefty competition, Kim sees “a best-in-class product profile in pegcetacoplan, based on the available data.” The analyst added, “With a potential PDUFA expected in the middle of 2021 for PNH, we believe investors remain focused on potential commercial considerations for pegcetacoplan's lead indication.”As for the GA opportunity, Kim stated, “We highlighted in our launch our appreciation for GA, which continues to be a potentially transformative catalyst for shares at study readout (Q3 2021). With the DERBY and OAKS studies completing enrollment, we remain bullish on pegcetacoplan's positioning in GA, the clinical meaningfulness of currently available data, and market opportunity.”“As the long-term fundamentals remain robust and favorable, we continue to view APLS as an underappreciated biotech tracking well for a potential first approval in a well-understood commercial rare disease market, significant optionality in blockbuster indication geographic atrophy, and intriguing earlier-stage opportunities and assets (C3G, COVID-19, gene therapy). We expect management to continue to execute on these objectives, effecting re-rating of the shares,” Kim summarized.Everything that APLS has going for it convinced Kim to maintain his Outperform (i.e. Buy) rating. In addition to the call, he left the price target at $62, suggesting 71% upside potential. (To watch Kim’s track record, click here)What does the rest of the Street have to say? 4 Buys and 1 Hold have been issued in the last three months. Therefore, APLS gets a Strong Buy consensus rating. Based on the $50.67 average price target, shares could rise 47% in the next year. (See APLS stock analysis on TipRanks)Boingo Wireless (WIFI)As for Boingo Wireless, it provides connectivity to mobile devices over small-cell systems that encompass LTE as well as Wi-Fi spectrum and networks. According to Oppenheimer, this company’s future looks bright.Representing the firm, 5-star analyst Timothy Horan tells clients that uncertainties related to the pandemic and valuation prompted him to downgrade the rating back in April, but now, he sees an attractive entry point.Given that WIFI has solid assets across growing end-markets (Military and DAS), and the stock is trading at 13x Horan’s 2021 cash EBITDA, which is a 35% discount to a 20x purchase price and reflects a 25% discount to tower companies trading at approximately 25x 2021E EBITDA, the analyst believes an acquisition is likely.“We believe there's a high probability Boingo sells part or all of its business to towers or an infrastructure-focused private equity firm in the next year. A strategic buyer could improve EBITDA by $15 million on unnecessary overhead expenses alone. Plus, there's a strong appetite for wireless infrastructure, shown by multiple recent transactions,” Horan explained.Most likely, the business will be broken up into three different companies, with it worth roughly $800 million on a SoTP basis compared to its current $500 million enterprise value, according to Horan. He also argues that the Military/Multifamily segment has a $600 million enterprise value business based on a 18x EBITDA multiple and his $34 million EBITDA estimate, with DAS and Wholesale making up another $200 million in firm value.Expounding on the Military and DAS opportunity, Horan commented, “Positively, more 4G/5G spectrum will be deployed and Boingo expects to go live with a carrier for the LIRR's first phase by the end of 2020. The Military business has shown resiliency through the pandemic. Boingo saw a large traffic uptick in Q2 2020 on Military bases and it's expanding higher ARPU 100Mbps service to more bases.”Additionally, Horan expects WIFI’s Q3 results to be weak due to lower airport and venue traffic, but believes that revenue and cash EBITDA have most likely bottomed, with management making significant efforts to trim expenses.“We believe Boingo's wireless assets are unique and the pandemic has highlighted the need for its critical neutral infrastructure to support connectivity. Recent acquisitions point to a strong interest for wireless infrastructure and Boingo's valuation is attractive at current levels. Military and DAS have been resilient and are well-positioned long-term,” Horan concluded.In line with his optimistic approach, Horan joined the bulls, upgrading the rating from Perform to Outperform and attaching a $15 price target. Investors could be pocketing a gain of 63%, should this target be met in the twelve months ahead. (To watch Horan’s track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 7 to be exact, have been issued in the last three months. So, the message is clear: WIFI is a Strong Buy. Given the $19.86 average price target, shares could surge 116% in the next year. (See WIFI 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.
The relentless beatdown of all those who've bet against Elon Musk and Tesla's stock has been well-chronicled. But what about the big wins for short-sellers this year?
Apple has been an American success story several times over with the Mac, iPod, iPhone and other inventions. But is Apple stock a buy now? Here's what its stock chart and earnings show.
The job cuts, which are on top of Chevron's plan to cut 10%-15% of its workforce, come after the company promised to lower its operating expenses by $1 billion this year in the face of sharply lower energy demand. Most of the cuts will take place this year, Chevron said. Noble had about 2,300 employees at the end of last year.
There's still time to benefit from 2020's IRA contribution limits. And odds are that you haven't put in the maximum allowed yet.
If you have followed me for very long at all, you probably already know that I have long (for years) labeled Lisa Su "The Best CEO" in the semiconductor industry. If one is aware of how highly I think of Nvidia's Jensen Huang (Lisa Su's cousin), one understands the level of admiration that the statement reveals. Advanced Micro Devices has entered into a definitive agreement to acquire Xilinx in an all-stock deal valued at $35 billion, or about $143 per share.
When looking for the best artificial intelligence stocks to buy, identify companies using AI technology to improve products or gain a strategic edge, such as Microsoft, Netflix and Nvidia.
The Internal Revenue Service announced new changes to eligibility for traditional IRA deductions in 2021.
The past decade has been miserable for oil and gas stocks. They have trailed the broader market consistently despite leading an energy renaissance in the U.S.
Hasso Plattner, chairman and co-founder of SAP, bought shares worth nearly $300 million in the German software company on Monday after a once-in-a-generation price slide triggered when management dumped its profit targets. The 76-year-old billionaire bought shares worth 248.5 million euros ($294 million) at an average price of 101 euros, according to a regulatory filing published on Tuesday. SAP shares slumped by 20% after CEO Christian Klein ditched his "ambition" for profit margins to expand steadily through 2023 and lowered the outlook for this year due to the impact of the coronavirus pandemic.
(Bloomberg) -- Sheldon Adelson’s Las Vegas Sands Corp. is exploring the sale of its casinos in Las Vegas, according to people with knowledge of the matter, a move that would leave the mogul focused on Asia and mark his exit, for now, from the U.S. gambling industry.The world’s largest casino company, Sands is working with an adviser to solicit interest for the Venetian Resort Las Vegas, the Palazzo and the Sands Expo Convention Center, which together may fetch $6 billion or more, said the people, who asked to not be identified because the talks are private. The properties are all connected along the city’s famous strip.A representative for Las Vegas Sands confirmed it was in very early discussions about a sale and that nothing has been finalized.A sale would concentrate Sands’ casino portfolio entirely in Macau and Singapore, two larger casino markets for Adelson, who ranks as one of the world’s richest people, with a fortune estimated at $29.7 billion. The U.S. was already a small and shrinking part of his business, accounting for less than 15% of revenue last year.“The growing insignificance of the U.S. market explains to you why Las Vegas Sands is looking to offload their U.S. properties,” said Ben Lee, a Macau-based managing partner at IGamiX. “It is 15% of revenue but 80% of regulatory pain and burden.”A recovery in Asia helped improve Sands’ operating results in the third quarter, Adelson said in an earnings call last week. In Singapore, Marina Bay Sands had a profitable quarter as operations progressively resumed across the resort during the summer.The money from a sale could allow the company to fund other development opportunities. Sands dropped out of the competition to build a casino in Japan earlier this year due to terms executives described as unfavorable. Adelson, 87, has expressed interest in building in New York City, an opportunity that could arise next year.The stock rose as high as 12% in after-hours trading Monday after Bloomberg reported on the news of the deal. The shares had closed down 3.1% to $49.13.Makes SenseWith the global pandemic creating uncertainty in the Las Vegas convention business and an implied price for the properties of 12 times earnings before interest, taxes, depreciation and amortization, a deal could make sense, Ben Chaiken, a Credit Suisse analyst, wrote in a research note late Monday. He added the caveat that it’s not clear who would buy the casinos.Adelson is chairman, chief executive officer and the majority shareholder of Las Vegas Sands, which has a market value of $37.5 billion.Casinos in Macau, the world’s biggest gambling market, generated 63% of the company’s $13.7 billion in revenue last year, before the pandemic struck. Covid-19 has devastated the casino industry, as it has other businesses where people gather in large numbers, like movie theaters, concerts and restaurants. Singapore was second at 22%.Sands is expanding in both regions, with Macau alone earmarked for $2.2 billion in spending.What Bloomberg Intelligence Says“The possible sale of its Las Vegas assets for $6 billion could fund those Asian projects, while $6.3 billion of existing liquidity would be enough to sustain idle operations for 17 months. China’s lifting of restrictions on visas should benefit Sands in Macau.”Brian Egger, senior gaming and lodging analystMacau’s recovery from Covid-19 curbs has been slow after China gradually lifted travel restrictions and formed a travel bubble with the gambling hub. Mainland Chinese visitor arrivals during China’s Golden Week holiday in early October were down 84% from a year earlier. However, there are signs gamblers are starting to return in volume as a visa backlog clears.Adelson Cashing Out of Vegas Would Come at Trying Time for City“We are seeing an uptick in real tourists on the ground in Macau,” said Lee. “The profile of the Chinese tourists is dominated by young females and families -- mainlanders taking advantage of the cheap accommodation on offer.”(Updates with analyst comment and Macau background beginning in fifth paragraph)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.
President Donald Trump's trade war with China did not achieve the objective of boosting manufacturing in the U.S., the Wall Street Jornal reports.What Happened: Manufacturing activity in the U.S. has not reversed despite billions of dollars in tariffs to discourage importing Chinese manufactured goods.The trade deficit with China reduced in 2019. Still, the overall trade balance has soared to a record $84 billion in August as U.S. importers shifted to imports from Vietnam, Mexico, and other countries. Since the pandemic, China's trade deficit is back to where it was at the start of the Trump administration.The goal of reshoring factory production to the U.S. is unfulfilled as job growth in manufacturing slowed since July 2018, while the manufacturing activity peaked in December 2018.Why It Matters: Trump's trade advisers say that the tariffs of $370 billion on Chinese goods have succeeded in forcing China to agree to phase one trade deal in January and will end China's unfair practices over time. Industry analysis by the Federal Reserve shows that tariffs helped boost employment by 0.3% by protecting domestic industries exposed to cheaper Chinese imports.Those gains were more than offset by higher costs of Chinese imports due to tariffs, cutting manufacturing employment by 1.1% in the U.S. The retaliatory tariffs by China on the U.S. exports reduced domestic factory jobs by 0.7%.According to Peterson Institute for International Economics trade expert Chad Bown, President Trump is not the first to use tariffs to protect industries, but this is the biggest use of tariffs since the Great Depression.Image Courtesy: WikimediaSee more from Benzinga * Click here for options trades from Benzinga * European Markets Today: Indices Plunge On Fears Of New COVID-19 Restrictions Hurting Economy * AstraZeneca COVID-19 Vaccine Data Shows Promising Signs In Older Age Group: FT(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
More than a third of partnered or wedded couples say money causes the most stress in their relationships, according to a 2018 survey of more than 1,400 Americans conducted by The Harris Poll on behalf of Ally Bank. For some, money woes could cause the couple to go from wedded bliss to divorce court. "We all know money is one of the main sources of (marital) strife," says Dan Hill, certified financial planner and president of Hill Wealth Strategies in Richmond, Virginia.
At least a half dozen analysts picked up coverage of the stock on Monday following Palantir’s direct stock listing on the New York Stock Exchange in late September.
Interest rates are ultralow, but yields of up to 10% are still available in the U.S. stock market. Risk is often part of the package.
(Bloomberg) -- Tensions flared in bankruptcy court Monday over J.C. Penney Co.’s proposed sale to its lenders and landlords, with one lawyer alleging a dissenting creditor group is waging “economic terrorism” in search of a payout.Those creditors, led by Aurelius Capital Management, hold J.C. Penney term loans and other debt. They’ve submitted a competing proposal to buy the retailer’s real estate while still allowing mall owners Simon Property Group Inc. and Brookfield Property Partners take over the company’s operations. But the proposal isn’t feasible and is instead an attempt by those lenders to “extract a premium,” Andrew Leblanc of Milbank said in a bankruptcy hearing Monday.The sale agreement “is not plug-and-play -- you can’t swap out one piece of it,” said Leblanc, who represents the other lender group. “What stands in our way are people who appear to be looking for some kind of payout.”The Aurelius group has argued that the current sale proposal would deliver an unfair windfall to J.C. Penney’s bankruptcy lenders, which include H/2 Capital Partners.Lender Violence “It’s lender-on-lender violence, for the most part, is what we have here,” Phil Dublin of Akin Gump Strauss Hauer & Feld said on behalf of the the Aurelius group. “It’s greed.”Under the sale agreement that J.C. Penney has been rushing to close in recent weeks, bankruptcy lenders would forgive a large slice of debt in exchange for the retailer’s assets. The company would then sell its operations to Simon and Brookfield.But the dissenting creditor group has argued that the lenders’ so-called credit bid isn’t nearly high enough, alleging the deal would deliver bankruptcy lenders a 162.4% recovery.The disagreement boils down to a fight between creditors that can ultimately be settled, Josh Sussberg of Kirkland & Ellis said on behalf of J.C. Penney in the hearing. He said a competing bid would need to top $2.47 billion in cash in order to best the current proposal, something the Aurelius bid doesn’t do.The case is J.C. Penney Company Inc., 20-20182, U.S. Bankruptcy Court for the Southern District of Texas (Corpus Christi). To view the docket on Bloomberg Law, click here.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.
The chip industry consolidation dance continued this morning as AMD has entered into an agreement to buy Xilinx for $35 billion, giving the company access to a broad set of specialized workloads. CEO Lisa Su believes the acquisition will help make her company the high performance chip leader.