Oct.01 -- David McAllister, Brexit group chairman at European Parliament, discusses the European recovery fund and the ongoing Brexit negotiations between the EU and the U.K. He speaks exclusively on “Bloomberg Markets: European Open.”
Oct.01 -- David McAllister, Brexit group chairman at European Parliament, discusses the European recovery fund and the ongoing Brexit negotiations between the EU and the U.K. He speaks exclusively on “Bloomberg Markets: European Open.”
The carmaker took the wraps off a major operational and management shake-up on its CEO's first day in the role.
The Dubai-based construction company that helped build the world's tallest building and other engineering marvels in the United Arab Emirates announced Thursday it would enter liquidation, the final step in a long collapse from the country's economic crisis a decade ago hastened by the coronavirus pandemic. Arabtec Holding PJSC made the announcement after emails circulated Wednesday among developers suggesting the firm's end had come. Despite trying to claw its way out of the chaos left by Dubai's 2009 financial crisis, the firm ended last year with hundreds of millions of dollars in debt and losses.
Remember, Joe Biden happens to be the greatest defense of the status quo, because his administration created Obamacare. Second, I didn't hear anything that made me feel that the banks, long-time punching bags of the Democratic party, didn't even merit a whisper. No wonder that group just ignited with Discover , the credit card company, and the one-time pinata, Goldman Sachs , leading the way.
Experts say this advice from the personal finance personality ought to be ignored.
‘You’ll see it as soon as it’s finished,’ President Trump said of his tax returns during the first presidential debate.
PepsiCo's CFO Hugh Johnston talks with Yahoo Finance about the company's key new product launch and latest earnings report.
USA TODAY reached out to tax attorneys and legal experts to get their reaction to the New York Times report on Trump's taxes. Here's what they said.
New research highlights how Obamacare being overturned would bring a major tax cut for the richest Americans.
Despite being one of the most recognizable wireless carriers in the U.S., AT&T stock has had a rough 2020. But the stock does have some perks. Is it a buy?
Nikola and GM continue talks to close on a manufacturing partnership, which a Wall Street analyst called critical.
How badly is COVID-19 hurting Americans on the cusp of retirement? In an interview, economist Teresa Ghilarducci, a professor at The New School in New York City and one of the nation’s leading experts on retirement, told me that half—that’s right, half—of Americans aged 55 and up will retire in poverty or near poverty. 80% of older Americans can't afford to retire - COVID-19 isn't helping More than 25 million older Americans are financially insecure - living at or below the federal poverty level.
It’s built on four index funds (or exchange-traded funds) that include the most basic U.S. equity asset classes: large-cap blend stocks (the S&P 500 (SPX) in other words), large-cap value stocks, small-cap blend stocks, and small-cap value stocks. This combination has outperformed the S&P 500 Index in six of the past nine decades.
Exxon Mobil's third-quarter loss may be much worse than feared as the coronavirus pandemic continues to weigh on oil prices.
Since 2019, the healthcare sector has been bracing for the wild ride that would be the election year. However, according to some Street pros, 2021 is looking a lot like 2009, and this could actually be a good thing for the space.“[We] think 2021 will play out very similarly to 2009 for the health care sector. If in fact the political prediction markets are correct and Democrats seize control of the presidency and the U.S. Senate, the rhetoric on changes to health care policy exceeds the reality of what can be accomplished," UBS healthcare strategist Eric Potoker noted.Potoker points out that the 2009 passage of the Affordable Care Act (ACA) had a muted effect on the industry, with demand for products and services rising due to expanded health coverage. Healthcare stocks reaped the benefits of this between 2009 and 2015, and the space outperformed the rest of the market.To this end, Potoker believes 2021 will play out in a very similar way, and therefore, is pointing to the healthcare space as a must-watch area of the market.Using TipRanks’ database, we scanned the Street for compelling yet affordable plays within the healthcare sector. Locking in on three trading for less than $5 per share, the platform revealed that even with the risk involved, all three have scored overwhelmingly bullish analyst support, enough to earn a “Strong Buy” consensus rating. What’s more, each boasts a massive upside potential.Kintara Therapeutics (KTRA)Working to meet the needs of patients who are failing or resistant to current treatment regimens, Kintara Therapeutics focuses on developing cutting-edge cancer therapies. Based on its diverse oncology-focused pipeline and $1.40 share price, some members of the Street believe the share price reflects an attractive entry point.Aegis analyst Nathan Weinstein cites the company's two differentiated, late-stage oncology assets as the primary components of his bullish thesis. These candidates are VAL-083, a small molecule chemotherapeutic agent for the treatment of glioblastoma multiforme (GBM), a highly lethal brain cancer with a 95% five-year mortality rate, and REM-001, a phototherapy designed for the treatment of cutaneous metastatic breast cancer (CMBC).Looking at the former, Weinstein highlights the fact that VAL-083 affects DNA in a different way than the current standard of care, temozolomide (TMZ). “We think VAL-083 could show relative benefit, particularly in MGMT-unmethylated patients. Two thirds of GBM patients have an unmethylated MGMT promoter,” the analyst noted.The MGMT repair enzyme has been found to correct the damage to DNA caused by TMZ. However, patients with an unmethylated MGMT repair enzyme have a poor response to TMZ treatment, which bodes well for KTRA as its therapy has a different mechanism of action. “In our view, data from the ongoing Phase 2 trials presented at AACR (June 2020) are encouraging regarding overall survival (OS) and progression free survival (PFS) data vs historical controls,” Weinstein opined.As for REM-001, it has been evaluated in over 1,000 patients to-date, and thus has a “well-characterized safety profile,” in Weinstein’s opinion. Additionally, in previous CMBC trials, the asset has demonstrated robust efficacy, including 80% complete response of evaluable lesions.All of the above prompted Weinstein to comment, “We find the valuation of Kintara in the market to be compelling, as little value is being ascribed to the company, despite having two phase 3 ready oncology assets with sufficient funding in-place to reach multiple milestones ahead.”To this end, Weinstein rates KTRA a Buy along with a $6 price target. This target conveys his confidence in KTRA’s ability to climb 341% higher in the next year. (To watch Weinstein’s track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 3 to be exact, have been issued in the last three months. Therefore, the word on the Street is that KTRA is a Strong Buy. Given the $4.33 average price target, shares could soar 218% from current levels. (See KTRA stock analysis on TipRanks)DiaMedica Therapeutics (DMAC)Utilizing its cutting-edge technologies, DiaMedica Therapeutics develops novel recombinant proteins to treat kidney and neurological diseases. With a price tag of $4.20 per share and potential catalysts coming up, it’s no wonder this stock is on Wall Street’s radar.Representing Craig-Hallum, analyst Alexander Nowak sees multiple value-creating catalysts on tap, noting that the company appears “chronically undervalued.” Looking ahead to Q4, DMAC will have a meeting with the FDA for DM199 in acute ischemic stroke (AIS), where break-through designation, Special Protocol Assessment (SPA), Phase 3 trial design and a Phase 3 study greenlight will be topics of discussion. DM199, DMAC’s lead candidate, is a recombinant form of the KLK1 protein (an endogenous serine protease produced in the kidneys, pancreas and salivary glands).According to Nowak, this Phase 3 study is the next major potential catalyst and could possibly lead to strategic partnership conversations. He added, “We also think a SPA that confirms exclusion of mechanical thrombectomy and large vessel occlusion and mRS/NIHSS Excellent Outcome endpoints is a big win (basically means replicate the Phase 2 study in the intent to treat population).”While the meeting will take place later than Nowak thought (he originally expected an August meeting), the delay is due to hiring an external consulting group to help with FDA communication, a “valid and sensible reason for the pushback,” in his opinion.On top of this, DM199 is being evaluated in chronic kidney disease (CKD). The Phase 2 trial enrollment was temporarily paused in Q2, but enrollment has been trending better. It should be noted that the delays have mostly been related to patients that were nervous about coming into the clinic for the initial setup during the COVID crisis. Bearing this in mind, the analyst expects the data readout to come in Q1 2021. Summing it all up, Nowak stated, “We still view the Phase 2 CKD trial as the more significant, immediate value-creating opportunity, given the large market and recent industry successes (RETA). But we are more bullish than most investors on stroke too, as the only drug used is more than two decades old, no serious competitors are in the pipeline and approval (which could be done in only a few hundred patients) could lead to a very rapid uptake within 1-2 years.”Everything that DMAC has going for it convinced Nowak to reiterate his Buy rating. Along with the call, he attached a $15 price target, suggesting 265% upside potential. (To watch Nowak’s track record, click here)Overall, DMAC shares get a unanimous thumbs up from the analyst consensus, with 3 recent Buy reviews adding up to a Strong Buy rating. At $14.33, the average price target implies 248% upside potential from current levels. (See DMAC stock analysis on TipRanks)OPKO Health (OPK)Through its unique products, comprehensive diagnostics laboratories and robust research and development pipeline, OPKO Health wants to improve the lives of patients. OPKO shares have surged 162% this year, but at $3.86 apiece, several analysts believe this stock is still undervalued.Following the announcement that OPK had kicked off the Phase 2 REsCue study of Rayaldee for the treatment of mild-to-moderate COVID-19, 5-star analyst Edward Tenthoff, of Piper Sandler, points out that he has high hopes for the company. Rayaldee is currently approved for secondary hyperparathyroidism (SHPT) in stage 3-4 Chronic Kidney Disease (CKD), and is progressing through a Phase 2 study in dialysis patients.According to Tenthoff, many of the patients in the COVID study will have stage 3-4 CKD, “where Rayaldee has demonstrated clinical benefit.” On top of this, the analyst thinks boosting serum 25D may augment macrophage immunity by secreting potent antiviral proteins targeting.Reflecting another positive, service revenue of $251 million in Q2 2020 beat expectations as a result of the 2.2 million SARS-CoV-2 PCR and antibody tests performed at BioReference Labs in the quarter. Adding to the good news, OPK guided for 45,000-55,000 tests per day in Q3 2020 and service revenue of $325-350 million in the quarter. It should be noted that this includes the base diagnostic business, which is starting to bounce back. To this end, Tenthoff estimates service revenue could climb 53% higher to reach $1.1 billion this year.Tenthoff is also looking forward to the somatrogon, the company’s treatment for pediatric growth hormone deficiency (GHD), regulatory filings. Its partner, Pfizer, plans to submit the BLA this fall, with U.S. approval and market launch potentially coming in 2H21. An open-label European study is expected to wrap up this quarter, and will enable an EMA filing in 2021. In addition, pivotal Phase 3 Japanese data in pediatric GHD patients could support a regulatory filing in the country in 1H21.Based on the therapy’s Phase 3 trial, in which it met the primary endpoint with height velocity, Tenthoff sees approval as being likely.In line with his optimistic approach, Tenthoff stays with the bulls. To this end, he keeps an Overweight (i.e Buy) rating and $10 price target on the stock. Investors could be pocketing a gain of 159%, should this target be met in the twelve months ahead. (To watch Tenthoff’s track record, click here)All in all, other analysts echo Tenthoff’s sentiment. 4 Buys and no Holds or Sells add up to a Strong Buy consensus rating. With an average price target of $8, the upside potential comes in at 107%. (See OPKO stock analysis on TipRanks)To find good ideas for healthcare 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.
Rocket Companies Inc (NYSE: RKT) shares traded higher by 7.6% on Thursday after the company inked a new deal with popular real estate listings platform Realtor.com.What Happened? Homebuyers shopping on Realtor.com will now see advertising from Rocket Mortgage for pre-approved mortgages. The ads will allow Realtor.com users to connect directly to a Rocker mortgage application, according to Inman.Why It's Important: Rocket shares have been on a bumpy ride since its August IPO, but investors were certainly bullish on the Realtor.com deal.Rocket subsidiary Quicken Loans is leaning into an extremely strong 2020 housing market. In early September, the company reported a $3.5 billion second-quarter profit on revenue of more than $5 billion. Loan origination volume was a record $72.3 billion for the quarter, up 126% from a year ago.The housing market has been booming since the Federal Reserve cut interest rates to near 0% back in March to stimulate the economy. On Wednesday, the National Association of Realtors reported a record 8.8% monthly increase in pending home sales in the month of August.Related Link: 'Tech Driven Growth Story': Analysts Initiate Coverage Of Rocket Companies Following Quiet Period What's Next? Investors will be watching to see if the housing market says hot in the fourth quarter and if the Realtor.com deal has any significant impact on Rocket's numbers."We're in a state of affairs in lots of areas of the nation the place stock is low, houses are promoting in days, so for a shopper to have the ability to discover a dwelling, get a verified approval, get that data day or night time to their agent and make a seamless supply is totally vital," Jay Farner, CEO of Rocket Companies, told Inman.Rocket's stock traded around $21.32 per share at publication time.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Pending Home Sales Up 5.9% In July, Ahead Of Expectations * Rocket Companies Jumps After Pre-Announcing 437% Revenue Growth(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Barstool Sports founder Dave Portnoy took to Twitter to slam Deutsche Bank analyst Carlo Santarelli on his cautious view of Penn National Gaming Inc., a 36% equity-stake holder of Barstool.Portnoy tweeted a question to CNBC host Jim Cramer: “Do analysts ever get fired for being catastrophically wrong?” Santarelli has the lone sell rating on Penn National and his 12-month share price estimate is about 57% below where it currently trades. Penn National’s stock which closed at $72.70 on Wednesday, climbed as much as 3.1% today.Santarelli earlier reiterated his bearish view on Penn National, writing that there are “a lot of unfounded expectations” baked into the “lofty” share price. Still, the analyst revised his estimates higher to account for the casino owner’s third-quarter update issued Sept. 29, noting margin strength during the period.Santarelli declined to comment on Portnoy’s tweet.The Deutsche Bank analyst maintains that Wall Street is affording Penn “far too much credit” around sports betting and iCasino, noting that “there has been little to no incremental legislation that advanced the iCasino or sports betting agendas in the U.S.,” and even less data that would justify the expectations of some peers for a doubling of the total addressable market (TAM) for sports.Retail investors have essentially turned Penn National into an “internet meme of sorts,” which has attracted institutional investors from segments beyond the “traditional gaming arena,” Santarelli told clients. The craze has been further juiced by this “big picture” TAM story and Twitter and Instagram posts. Combined, this has created a “narrative that largely abandons fundamental rationale.”His price target moved to $31 per share from $22, but remains the lowest projection according to views compiled by Bloomberg.Meanwhile, Union Gaming analyst John DeCree drew praise from Portnoy after he predicted that Penn would be a triple-digit stock over the next 12 months as he raised his target to a Street-high $100 from $62 in a note dated Oct. 1. Portnoy referred to DeCree as “people with brains” in a separate tweet.Shares of Penn have climbed more than 180% since announcing that it would acquire a stake in Barstool for $163 million in cash and convertible preferred stock on Jan. 29. Today’s market capitalization sits at $11.5 billion versus $3.04 billion earlier this year, according to data compiled by Bloomberg.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Microsoft, FedEx, Amgen, and AbbVie—among others—came up in our screen for stocks that are inexpensive relative to their industry and are expected to see earnings growth.
Tesla, Inc. (TSLA) CEO Elon Musk has been busy as a bee since last week's highly touted "Battery Day" fell flat, dropping the stock more than 10%.The electric vehicle (EV) manufacturer signed a sales agreement with Piedmont Lithium on Wednesday, just one day after a report that plans to mine the substance in Nevada faced "stark obstacles." Musk then teased Twitter with talk about a Starlink IPO in "several years" just before Walmart Inc. (WMT) tripled its Canadian Tesla Semi order and Tesla announced an 8% drop in China Model 3 prices. Musk saved the best for last, with "familiar sources" telling EV industry portal Electrek last week that Tesla had achieved record delivery volume.
Online sports betting and gambling is taking off in the U.S., and DraftKings is poised to be a leader, an analyst said.
As the fourth quarter began, it’s a sensible time to start lining up stocks for the coming year. The investing environment is unsettled, at the least, with the coronavirus still behaving unpredictably, the election around the corner, and a strong, but somewhat unsteady, economic recovery in progress after the summer’s sharp recessionary pressures. It’s no wonder, then, that investors welcome the professional insight of Wall Street’s stock analysts.Those analysts have been working overtime through this eventful year, and with 2021 around the corner, they are starting to point out their best ideas for the new year. We used the TipRanks database to pull up the details on three stocks which the analysts describe as their 'top picks.' Let's take a closer look.SLM Corporation (SLM)The first Top Pick we’re looking at today, SLM Corporation, is better known as Sallie Mae. It’s a major loan company in the secondary education sector, providing financing, debt management, and servicing for student loans, both private and US government-guaranteed. The company has been a great beneficiary of the expansion of student loan programs – and the increase in college tuitions – over the past few decades.The headwinds facing the company are real. The virus pandemic forced university closures in the spring, and pushed classes to online venues in the summer and going forward to the fall. This has resulted in lower tuition charges, just as the economic disturbances have made it more difficult for loan recipients to make payments. Student loans are famously non-dischargeable through bankruptcy, but payments can be deferred – and that has been happening.With all of that, Sallie Mae started 2020 on a true high note. Revenues, and earnings, both spiked sharply upward in the first quarter, with the top line reaching $692 million and EPS coming in at 79 cents. There was an ominous sign, however, as earnings missed the forecast by 10%. That warning was borne out in Q2, when the coronavirus hit. Both revenues and earnings fell sharply. Revenues dropped by well over $300 million, and EPS turned deeply into negative territory. The EPS loss for Q2, at 22 cents, was far below the 6-cent profit expected. Wells Fargo analyst Moshe Orenbuch, rated 5-stars at TipRanks, believes that SLM has better prospects going forward should President Trump win reelection, but would still fare well under a Biden Administration. He writes, “[We] believe that SLM will rerate upward in a Trump repeat and eventually as investors realize that in a Biden presidency free public school tuition for all is a low priority with a high price tag…” Orenbuch goes on to add that SLM has a solid base in a social reality: “We think that the value proposition of graduating from college, especially for upper-middle class borrowers, entails a shoot at premium jobs/careers. As long as the vast majority of companies require college degrees, we expect little change to demand for higher education…”With solid demand as a base, and adequate prospects going forward no matter who wins in November, SLM earns Orenbuch’s Top Pick status and a Buy rating. Orenbuch gives SLM a $12 price target which suggests a 48% upside for the coming 12 months. (To watch Orenbuch’s track record, click here)Overall, SLM has a Strong Buy rating from the analyst consensus, based on 4 reviews breaking down to 3 Buys and 1 Hold. The shares are selling for $7.97, and their average price target of $9.33 indicates room for a 17% one-year upside. (See SLM stock analysis on TipRanks)Booking Holdings (BKNG)The next stock on our Top Picks list is a holding company. Booking Holdings is a leader in the online travel sector, with subsidiaries providing ticketing, bookings, and other travel services worldwide. Booking Holdings operates in 220 countries and 40 languages, and last year customers used the service to book 7 million airline tickets, 845 million hotel room nights, and 77 million car rental days. The company’s best-known brands are Booking.com and Priceline.As can be imagined, the travel restrictions put in place to combat the corona pandemic put a damper on BKNG’s business. This was reflected in the financial results; revenues and earnings plummeted in the first half of the year, with the Q2 results getting as low as $630 million at the top line. Earnings for the second quarter were even worse, at a net loss of $10.81. While the stock has partially recovered from the mid-winter market slide, it is still down 15% so far this year.Covering this stock for Cowen, analyst Kevin Kopelman sees Booking Holdings in a good place compared to its competition. He writes, “BKNG gained share vs the overall Hotel industry this summer (est Aug rev -45%, vs -55% for global industry), driven by large selection of Alternative Accommodations and strong position in Europe Leisure Travel. While Europe has become a short-term negative in Sep (est BKNG falling to -50%, global Hotel flattening at -55%), BKNG has nevertheless shown it is relatively well-positioned.”Looking at the travel and leisure sector as a whole, and reflecting on BKNG’s current status, Kopelman adds, “While bad news may not be over, we think this [price] represents a buying opportunity.”To this end, Kopelman selected BKNG as his top pick. The analyst rates the stock an Outperform (i.e. Buy) along with a $2000 price target. This figure suggests a 15% one-year upside potential. (To watch Kopelman’s track record, click here)Overall, with 11 Buys and 10 Holds set in recent weeks, Booking Holdings gets a Moderate Buy rating from the analyst consensus. Shares are selling for $1,700, and the average price target of $1,915 implies a 12% upside from current levels. (See BKNG stock analysis on TipRanks)Dynatrace, Inc. (DT)Last but not least is Dynatrace, an AI software company in the cloud sector. The company’s platform is designed to monitor and manage system architecture and cloud software as an all-in-one tool, giving network managers everything needed to minimize system strain and tag problems in one place.In these days of the ongoing corona crisis and a mass shift to remote working and virtual office spaces, Dynatrace’s product line has become more valuable than ever. This is clear from the company’s share performance – DT has only been trading publicly since August of last year, but in that time the stock has gained 71%.The quarterly results show this, too. The company’s first profitable quarter was Q4 of last year, and revenues continued to grow sequentially in Q1 and Q2 this year. In Q2, the top line was reported at $155 million, with EPS of 9 cents. The earnings beat the forecast by 80%. Not many companies have shown sequential revenue and earnings growth throughout the pandemic period – it’s a clear sign of strength for Dynatrace.Kash Rangan, 5-star analyst from Merrill Lynch, has chosen DT as his top pick, and explains why in a detailed note: "We walked away incrementally positive post the company’s first analyst day that was hosted virtually. It re-affirmed our view that Dynatrace has a highly differentiated technology, addressing a large and growing market ($30bn+), with a durable and balanced business model. Now that the move to the new platform and recurring revenues has been completed, in our view, DT can accelerate execution on becoming even more strategic with Global 15,000 customers (each with $1bn+ in revenues), which face increasingly complex multi-cloud environments."Accordingly, Rangan gives DT shares a Buy rating, with a $50 price target that implies a 20% upside for the year ahead. (To watch Rangan’s track record, click here)All in all, Dynatrace has a Strong Buy analyst consensus rating, based on 10 Buys and 2 Holds from recent reviews. The stock’s $48.91 average price target suggests room for 17% upside growth from the current share price of $41.81. (See Dynatrace’s stock analysis at TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.