TIAA President & CEO Roger Ferguson joins 'Influencers with Andy Serwer' to discuss Congress' response to the COVID-19 pandemic.
TIAA President & CEO Roger Ferguson joins 'Influencers with Andy Serwer' to discuss Congress' response to the COVID-19 pandemic.
(Bloomberg) -- A New York Times story based on Donald Trump’s long-sought-after tax data shows he avoided paying income taxes for most of the past two decades and paid only $750 the year he was elected president.That doesn’t mean he isn’t a billionaire.By pairing moneymaking businesses with spectacular money-losers, the Trump Organization has been able to shield profits generated by office properties and “The Apprentice” from tax collectors. It’s a souped-up version of the formula deployed by America’s landlord class for decades. But tax losses are different from operating losses, and the new data don’t necessarily show his business empire is heading into crisis, even if it’s carrying sizable debts.“Your tax return at the end of the day shows income and whatever deductions are claimed against that income. That’s it,” said Thorne Perkin, president at Papamarkou Wellner Asset Management. “It doesn’t necessarily show net worth.”The newspaper’s report described the extent of Trump’s tax-cutting strategies, such as taking deductions for consulting fees to his daughter and for hairstyling, which resulted in paying far less than poorer Americans. Although the report raises questions about the legality of some of the maneuvers, the new details don’t affect the Bloomberg Billionaires Index estimate of his wealth. His net worth is based chiefly on the value of his office and commercial property holdings, minus debts that were already known. The index estimated his net worth at $2.7 billion as of August, down $300 million from mid-2019, hurt by declining prices for certain types of real estate holdings.Trump’s office properties include commercial spaces at Trump Tower, a leasehold on 40 Wall Street in downtown Manhattan and a 30% interest in two office towers co-owned with Vornado Realty Trust. Collectively, the assets are valued at about $1.9 billion, and Trump’s share of the debt that encumbers them is about $670 million -- meaning they constitute almost half of his net worth.Financial records for his golf courses in Europe have long shown that, after including items such as depreciation, they run in the red. The tax data obtained by the Times reveal Trump’s American golf courses operate similarly.Depreciation is crucial for real estate investors. Depending on the type of property at hand, they can write off a portion of its value over a useful lifetime pre-determined by the Internal Revenue Service. That allows investors to claim tax losses on the property even when they’re putting money in their pockets.“You want to show as much losses as you possibly can for your deductions,” said Papamarkou’s Perkin. “That’s a big part of the advantages of real estate investing.”The president’s son, Donald Trump Jr., disputed the Times’s reporting on Tuesday while acknowledging that Trump exploited depreciation, tax credits and other provisions of the tax code.“He’s paying tens of millions in taxes -- now, he’s not going to pay more” than he needs to, the president’s son said in an interview on Fox Business Network. “And by the way, he’s following the tax code that people like Joe Biden, who has been in DC for 47 years, have written. He’s playing by their rules. Joe Biden is taking advantage of the same loopholes.”The Times in a Monday story also revealed that when Trump did pay taxes it was because of cash from his role fronting “The Apprentice” and not as a real-estate developer. He earned $197 million from the show and $230 million from branding, speaking engagements and licensing deals off the back of the fame the series provided. As well as borrowing against Trump Tower and selling stocks and bonds, he plowed some of that money into the money-losing golf courses.Carrying LoansThe tax documents described by the Times aren’t enough to draw conclusions about the profitability of Trump’s empire. But even if his golf courses are bleeding money, they contribute comparatively little to the tally of his fortune -- about $430 million before debt. Prices for golf resorts are down after years of decreasing interest in the sport. Younger generations simply aren’t taking it up as quickly as their elders are leaving it behind.Trump has long been required to disclose a road map to his assets and liabilities. In 2015, then a contender for the Republican party’s nomination for president, he released a financial disclosure listing the lenders behind his loans, ranges for their outstanding balances, when they were issued and when they must be repaid.That several are due in the next few years isn’t unusual in commercial real estate, where most loans run five to 10 years and are refinanced regularly. Unless there is a serious deterioration in the performance of his properties, it’s likely his portfolio can be refinanced before loans mature.Though Trump has carried on this balancing act for years, his re-election could make obtaining new loans harder if potential lenders don’t want to face the prospect of foreclosing on a sitting U.S. president. Conversely, Trump is engaged in a variety of court fights that could accelerate once he leaves office and complicate refinancing. The Covid-19 pandemic also may take a lasting toll on the value of his holdings, making future loans more onerous.His biggest financial vulnerabilities remain his hotel in Washington, where the pandemic has slowed business, and Doral, a sprawling golf resort in Florida. He has taken out nearly $300 million of personally-guaranteed loans from Deutsche Bank AG against these properties. The debts mature in 2023 and 2024, according to his personal financial disclosure.Room to BorrowBut Trump, whose earlier career included a series of bankruptcies, also has a safety valve: the office properties.When he refinanced Trump Tower in 2012 with a $100 million loan, it was appraised at $480 million. A 2015 refinancing of 40 Wall Street fetched a $160 million loan on a $540 million appraisal.That left both properties relatively low-levered for Manhattan real estate, suggesting either a newly learned financial conservatism on Trump’s part or a squeamishness on the part of the lender, Ladder Capital. Ladder, which specializes in loans for commercial property, is Trump’s second-biggest lender after Deutsche Bank.An August appraisal of the buildings by the Bloomberg Billionaires Index, based on current net income and prevailing capitalization rates, was less sanguine, valuing them at $365 million and $375 million respectively. But so long as the pandemic doesn’t crater office values, the properties could carry far more debt, were Trump to need it.(Updates with comments from Trump’s son in 10th 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.
The IRS has admitted low-income taxpayers are audited more often than high-income taxpayers like President Trump. Here’s why.
An Amazon.com, Inc (NASDAQ: AMZN) senior manager and her two family members were charged with insider trading by the United States Securities and Exchange Commission on Monday.What Happened: Laksha Bohra is alleged to have tipped her husband Viky Bohra about highly confidential information about the e-commerce giant's financial performance between January 2016 and July 2018, the SEC said in a statement.According to SEC, the Amazon manager came into possession of the information as she prepared and reviewed earnings calculations used to finalize numbers for the retailer's quarterly and annual earnings filed with the regulator.The SEC's complaint, filed in a federal court in Seattle, states that Viky Bohra and his father Gotham Bohra used the information to trade using 11 separate accounts maintained by different members of the family.The family allegedly reaped benefits to the tune of $1.4 million from the unlawful trading.The Bohras have agreed to return nearly $1.5 million they gained in illegal profit and pay an additional penalty of $1,106,399, as per the SEC.The U.S. Attorney's Office for the Western District of Washington filed criminal charges against Viky Bohra on Monday.Why It Matters: The Jeff Bezos-led company reportedly terminated Bohra in 2018 for reasons not mentioned in the complaint, Fortune reported. In 2017, the SEC had charged another employee of the e-commerce giant for leaking sensitive information to a college friend for financial gain.Price Action: Amazon shares closed 2.55% higher at $3,174.05 on Monday and gained almost 0.5% in the after-hours session.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Walmart Looks To Invest Up To B In Tata's India Retail App, As Other US Giants Rush To Rival: Report * Amazon Launches A Month Try And Buy Personal Shopping Service For Men(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
According to the company's website, the vehicle is the first to offer "true four wheel drive" using four in-wheel hub motors to significantly improve the truck's control. The Endurance also has the fewest moving parts of any motor vehicle, resulting in fewer maintenance costs and a significantly lower total cost of ownership than traditional commercial vehicles.
Cloud-computing major VMware said it would buy SaltStack, a maker of infrastructure automation software.
When it comes to the market’s wild swings, is the glass half empty or half full? Oppenheimer’s chief investment strategist John Stoltzfus is taking the latter view.Despite the volatility that has ruled the market over the last few weeks, Stoltzfus actually likes what he’s witnessing in both the market and the economy. In particular, he points to U.S. companies that have been outperforming most other markets around the world as exciting plays, with the innovation in the U.S. reflecting a key component of his bullish thesis.“The U.S. is outperforming most of the markets around the world — whether it’s developed markets or emerging markets... We’ve taken out the froth that had come into the market in certain [mega cap] names. It may be a good opportunity to pick up some really good, high quality growth stories that are on sale right now,” Stoltzfus noted.Additionally, the strategist believes the S&P 500 could climb back to its September 2 high point, based on improving economic data. The approval of a COVID-19 vaccine as well as an election outcome that is “friendly to the domestic economy, business, job growth and the taxpayer” could also push the index higher.Turning Stoltzfus’ outlook into tangible recommendations, Oppenheimer analysts are pounding the table on two stocks, with these pros seeing over 100% upside potential in store. Running the tickers through TipRanks’ database, we wanted to find out exactly what makes them so compelling.Brickell Biotech (BBI)Focused on the development of innovative and differentiated therapeutics for the treatment of skin diseases, Brickell Biotech wants to improve the lives of patients everywhere. Given the potential of the company's lead candidate and its $0.82 share price, Oppenheimer thinks that now is the time to pull the trigger.Sofpironium bromide (SB), a prescription treatment for axillary hyperhidrosis (AH, or excessive underarm sweating), is entering U.S. Phase 3 trials. This program will consist of two identical six-week studies, and will evaluate its ability to improve the condition per the objective (gravimetric sweat production) and subjective (HDSM-Ax) co-primary endpoints. Each is expected to last 12 months, and the first will kick off next quarter.Roughly 10 million people in the U.S. suffer from AH, with this condition interfering with daily social and professional activities. Currently, only 2.3 million receive prescription treatment, and some resort to invasive or permanent interventions like Botox, MiraDry or surgery.Oppenheimer’s Leland Gershell argues that more conservative approaches could be used to meet these medical needs. He also believes the recent entry of Eli Lilly’s competing product, Qbrexza, represents a significant step forward. That said, there’s “room for improvement” with this anti-cholinergic approach.Looking at a U.S. Phase 2b trial, the highest dose of BBI's SB gel (15%) demonstrated 46% greater sweat reduction per gravimetric analysis compared to the placebo, with significant reductions in a validated patient-reported outcome instrument seen at all doses. Based on the trial data, efficacy is over 50% better than Qbrexza per label, despite higher baseline severity. In addition, their safety profiles were relatively similar.It should be noted that BBI will market the drug to U.S. dermatologists through a specialty salesforce of 120 representatives. According to Gershell’s estimates, uptake by 110,000 patients per year (just 5% of the currently treated AH population) translates to $200 million in gross sales. The analyst adds that patent issuance could extend market exclusivity to 2040.Adding to the good news, on September 25, BBI announced that Kaken Pharmaceutical, its development partner, got the green light to manufacture SB in Japan for the treatment of AH. Japan is the first country to approve the candidate, with the launch expected later this year.To sum it all up, Gershell stated, “By virtue of its efficacy, tolerability, and antiperspirant-like application, we believe SB offers an attractive profile in a market that offers much room for improved solutions. We encourage risk-tolerant investors to build a position ahead of upcoming newsflow.”To this end, Gershell rates BBI an Outperform (i.e. Buy) along with a $5 price target. This target conveys the analyst’s confidence in BBI's ability to surge 502% from current levels. (To watch Gershell’s track record, click here)Looking at the consensus breakdown, 2 Buys and no Holds or Sells have been published in the last three months. As a result, BBI gets a Moderate Buy consensus rating. The $5 average price target is identical to Gershell’s. (See BBI stock analysis on TipRanks)Aldeyra Therapeutics (ALDX)As for Oppenheimer’s other pick, Aldeyra Therapeutics works to bring new treatment options for immune-related diseases to market. Based on the solid progress of its pipeline, the firm has high hopes for this healthcare name.Representing Oppenheimer, analyst Justin Kim points out that he came away from a recent conversation with the CEO even more confident in ALDX’s long-term growth prospects. Pivotal studies on reactive aldehyde species (RASP) are slated for Q4 2020, evaluating the action of reproxalap, Aldeyra's lead therapy designed to clamp down on overactive inflammation, on tear levels of RASP over a period ranging from 1-2 days to 28 days. “Based on Phase 2a results, we are confident in the ability to replicate results in Q4 2020,” Kim stated.Given the potential of dry eye disease (DED) in the near-term, the analyst expects significant investor focus to land on clinical trial execution (Phase 3 RASP studies and safety study), which would support a potential NDA filing by the end of 2021, in Kim’s opinion. “Despite some volatility in the shares, we see a solid setup emerging as the company initiates its Phase 3 RASP studies in dry eye disease (DED),” he said.Speaking to the potential of RASP as an accepted dry eye endpoint, ALDX has experienced “a watershed moment,” with it facilitating an expedited path to registration (from traditional sign endpoints) and greater likelihood of clinical trial success, based on reproxalap's mechanism of action (MoA) as a RASP-trap, according to Kim.He added, “Moreover, agreement on RASP could have broader implications for a commercial launch in dry eye, a market that we believe will see segmentation as more therapies with targeted MoAs become incorporated into the armamentarium.”“We continue to be impressed by the progress in achieving a potential concurrent filing for dry eye and allergic conjunctivitis (AC), appreciating the importance of a differentiated dry eye agent with action also in AC. As the dry eye therapeutic landscape increases its options, we expect greater segmentation of the heterogeneous patient population potentially beginning with reproxalap's positioning in ‘allergic dry eye’,” the analyst concluded. For the rest of 2020, focus is likely to stay on Phase 3 study designs (assay work/development), execution and the potential readout in DED, which could set the stage for a commercial launch in DED and AC in 2022.If that wasn’t enough, based on the broader pipeline of candidates targeting PVR, inflammatory conditions and COVID-19, Kim sees “a rich environment of catalysts for the shares over the coming 12-18 months.”It should come as no surprise, then, that Kim stayed with the bulls. To this end, he kept an Outperform rating and $15 price target on the stock. Investors could be pocketing a gain of 110%, should this target be met in the twelve months ahead. (To watch Kim’s track record, click here)What does the rest of the Street have to say? Only Buy ratings, 2 to be exact, have been issued in the last three months. So, the consensus rating is a Moderate Buy. In addition, the $23.50 average price target suggests 227% upside potential from current levels. (See ALDX 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.
Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech Stocks Hitting 52-week Highs Sept. 28) * 10X Genomics Inc (NASDAQ: TXG) * Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) * Beigene Ltd (NASDAQ: BGNE) * Cardiff Oncology Inc (NASDAQ: CRDF) * Celldex Therapeutics, Inc. (NASDAQ: CLDX) * Evogene Ltd (NASDAQ: EVGN) * Fate Therapeutics Inc (NASDAQ: FATE) * Guardant Health Inc (NASDAQ: GH) * InVitae Corp (NYSE: NVTA) * Kaleido Biosciences Inc (NASDAQ: KLDO) * Kura Oncology Inc (NASDAQ: KURA) * Lantern Pharma Inc. (NASDAQ: LTRN) * Momenta Pharmaceuticals, Inc. (NASDAQ: MNTA) * Pacific Biosciences of California Inc (NASDAQ: PACB) * Prelude Therapeutics Incorporated (NASDAQ: PRLD) (listed Thursday) * Seattle Genetics, Inc. (NASDAQ: SGEN) * Shockwave Medical Inc (NASDAQ: SWAV * Turning Point Therapeutics Inc (NASDAQ: T)PTX) * Twist Bioscience Corp (NASDAQ: TWST)Down In The Dumps (Biotech Stocks Hitting 52-week Lows Sept. 28) * Abeona Therapeutics Inc (NASDAQ: ABEO) (announced departure of CEO and board members stepping down) * AnPac Bio-Medical Science Co Ltd - ADR (NASDAQ: ANPC) * Fusion Pharmaceuticals Inc (NASDAQ: FUSN) * Gritstone Oncology Inc (NASDAQ: GRTS) * Happiness Biotech Group Ltd (NASDAQ: HAPP) * Hoth Therapeutics Inc (NASDAQ: HOTH) * Neos Therapeutics Inc (NASDAQ: NEOS) * Odonate Therapeutics Inc (NASDAQ: ODT) * Oncternal Therapeutics Inc (NASDAQ: ONCT) * Orchard Therapeutics PLC - ADR (NASDAQ: ORTX) (announced EMA's Priority Medicines designation for gene therapy candidate OTL-203 in the treatment of mucopolysaccharidosis type I) * PainReform Ltd (NASDAQ: PRFX) * Radius Health Inc (NASDAQ: RDUS) * Silence Therapeutics ADR Representing 3 Ord Shs (NASDAQ: SLN) * Teligent Inc (NEW JERSEY) (NASDAQ: TLGT) * Tricida Inc (NASDAQ: TCDA)Stocks In Focus Pfizer's Rheumatoid Arthritis Drug Gets Label Expansion Pfizer Inc. (NYSE: PFE) said the FDA approved two formulations -- a tablet and oral solution -- of Xeljanz for the treatment of children and adolescents 2 and older with active polyarticular course juvenile idiopathic arthritis.The company said Xeljanz 5mg tablets are immediately available, while the oral solution is expected to be available by the end of the first quarter of 2021.The stock was trading 0.3% higher to $36.50 premarket Tuesday.Sorrento Reports Positive Preclinical COVID-19 Antibody Data Sorrento Therapeutics Inc (NASDAQ: SRNE) announced preclinical data on COVI-GUARD, codenamed STI-1499, and COVI-AMG, codenamed STI-2020, neutralizing antibodies against SARS-CoV-2 as well as a D614G virus variant infection, showing that both demonstrated potent neutralizing activities against SARS-CoV-2 virus infection in preclinical models.STI-1499 nAb has been cleared by the FDA for a Phase 1 clinical trial in hospitalized COVID-19 patients. STI-2020 is an affinity-matured version of the COVI-GUARD nAb and has demonstrated a greater than 50-fold increase in potency in in vitro experiments, the company said. "In preclinical cell-based assay, both STI-1499 and STI-2020 have shown 100% in vitro neutralization of SARS-CoV-2 at concentrations of 6 µg/ml and 78 ng/ml," respectively, according to Sorrento. The company said it intends to submit an IND for STI-2020 as soon as possible.In premarket trading Tuesday, Sorrento shares were rallying 5.02% to $10.60. Ascendis Reports Positive Results In Phase 2 Hormone Study Ascendis Pharma A/S (NASDAQ: ASND) announced preliminary six-month results from the open-label extension portion of a Phase 2 trial evaluating TransCon PTH in adult subjects with hypoparathyroidism, showing subjects in the trial consistently improved their quality of life, while at the same time demonstrating improvement in 24-hour urine calcium excretion and serum phosphate."We have now filed an IND amendment to initiate the U.S. sites of the phase 3 PaTHway Trial evaluating TransCon PTH in adult patients with hypoparathyroidism, which will enable us to eventually provide this therapy to patients as soon as possible," the company said in a press release.See also: The Week Ahead In Biotech: FDA Decisions For Mesoblast And Eton, Coronavirus Vaccine Updates Summit Trades Higher On Disclosure of Institutional Stake Summit Therapeutics Inc (NASDAQ: SMMT) moved higher after a SEC filing revealed that Mahkam Zanganeth, Mahkam Zanganeh Revocable Trust and Shaun Zanganeh Irrevocable Trust beneficially own about 5.33 million shares, or a 7.8% stake, in the company.The stock rose 6.63% to $3.70 premarket. Celyad Strikes Colorectal Cancer Study Partnership With Merck Celyad ADR Representing Ord Shs (NASDAQ: CYAD) said it has entered into a clinical trial collaboration with Merck & Co., Inc. (NYSE: MRK) to conduct the Phase 1b KEYNOTE-B79 clinical trial, which will evaluate Celyad's investigational non-gene edited allogeneic CAR T candidate, CYAD-101 with Keytruda in refractory metastatic colorectal cancer patients with microsatellite stable/mismatch-repair proficient disease.Adcom Meeting For TransMedics Postponed TransMedics Group Inc (NASDAQ: TMDX) said the FDA has temporarily postponed the Adcom meeting to review the company's premarket approval application for its OCS Heart to allow time to review additional, already collected, short- and longer-term data from the OCS Heart EXPAND trial and EXPAND Continued Access Protocol.The regulatory agency has communicated that it will review the additional data expeditiously to allow rescheduling of the FDA meeting to occur in the near future, the company said. The meeting was originally scheduled for Oct. 7.The stock edged down 0.21% to $14.50 in after-hours trading.Orgenesis to Acquire Koligo Therapeutics Cell and gene therapy company Orgenesis Inc (NASDAQ: ORGS) announced an agreement to buy Koligo Therapeutics, Inc., a regenerative medicine company, for $15 million in Orgenesis shares and the assumption of $1.3 million in Koligo debt. The deal is expected to be completed by the end of 2020. Axsome Snags $225M Loan Axsome Therapeutics Inc (NASDAQ: AXSM) said it has secured a $225-million term loan facility with Hercules Capital, Inc. (NYSE: HTGC).The committed capital strengthens its balance sheet through the anticipated commercial launches of its two lead product candidates, AXS-05 for major depressive disorder and AXS-07 for migraine, and extends its cash runway into at least 2024 based on current operating plans, the company said. In premarket trading Tuesday, the stock was down 3.22% at $74.Offerings Beam Therapeutics Inc (NASDAQ: BEAM) announced the commencement of a proposed public offering of 4.5 million shares of its common stock. All of the shares are being offered by the company.The stock was down 6.62% at $25.10 premarket Tuesday.PDUFA Date The FDA is scheduled to give its verdict on Eton Pharmaceuticals Inc's (NASDAQ: ETON) NDA for Alkindi Sprinkle, which is being evaluated as a replacement therapy for pediatric adrenal insufficiency, including congenital adrenal hyperplasia in patients from birth to less than 17 years of age.Earnings AngioDynamics, Inc. (NASDAQ: ANGO) (before the market open)IPOs Orphazyme A/S, a late-stage biopharma pioneering the heat-shock protein response for the treatment of neurodegenerative orphan diseases, priced its initial public offering of 3.97 billion ADSs at $11 per ADS. Each ADS represent one ordinary share of the company.Orphazyme also priced a concurrent private placement of 3.65 million ordinary shares in Europe at a price of 70.1844 Danish Krone ($11.04). The gross proceeds from the global offering are expected to be around $83.78 million.The ADSs will begin trading on the Nasdaq under the ticker symbol "ORPHA."Related Link: Attention Biotech Investors: Mark Your Calendar For September PDUFA Dates See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Moderna Will Start To Outrun Coronavirus Competition In 2021, Analyst Says * The Daily Biotech Pulse: Gilead's .25B Debt Offering, Lexicon Deleverages, Taysha Gene Therapies Prices IPO(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
President Donald Trump paid no federal income tax in 10 of the past 15 years due to massive business losses, and just $750 in federal taxes in 2016 and 2017, the New York Times reported on Sunday. The paper said it had acquired more than two decades’ worth of tax-return data from Trump and his business organization, though it does not include his personal tax returns for 2018 and 2019.
On CNBC's "Fast Money," Tim Seymour said that AT&T Inc. (NYSE: T) has been a real underperformer in the post-COVID-19 rally. He has a long position in the name and he would stay long because of its high dividend yield.Mike Khouw would be a buyer of AT&T because the dividend has proven to be covered. He owns the stock and he thinks that it is currently at a price level where the risk-reward is a lot more favorable.Guy Adami thinks that Coca-Cola Co (NYSE: KO) could rally to $49. He would stay with the stock.Khouw said that Coca-Cola is not a growth stock, but it is probably a safe one. He thinks that the stock has been reasonably constructive and its dividend is supportive.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * 'Fast Money' Traders Weigh In On Verizon And NetApp * 'Fast Money' Traders Give Their Opinion On AT&T(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
For some, Tesla Inc's (NASDAQ: TSLA) battery day was a letdown: the technology sounded great, but it's still several years away, and Tesla did not have an onstage demo. Now CEO Musk has said in a tweet that the new 4680 cells have been used in prototype vehicles for months.While the vehicle models are unknown, a safe guess would be the Plaid Model S demonstrated on-screen at the event. > Suppliers. We're only doing high energy nickel ourselves, at least for now. Also, maybe the presentation wasn't clear that we've actually had our cells in packs driving cars for several months. Prototypes are trivial, volume production is hard.> > -- Elon Musk (@elonmusk) September 26, 2020Benzinga's Take: This is great news. The fact that Tesla has been using the batteries for months mean they work well enough for Tesla to feel confident in sharing that they are coming.The last concern would be longevity, but there are laboratory testing methods to speed up battery degradation to find an estimated battery lifespan. Photo from Tesla Battery Day presentation.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Tesla Looking To Acquire Stake In LG Battery Business: Report * How Catherine Wood's Diverse Ark Investment Team Is Paying Huge Dividends(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Margarita Louis-Dreyfus took another hefty dividend from the eponymous agricultural-commodity trading house she controls, as the billionaire continues to squeeze the business for cash.During the first six months of the year, Louis Dreyfus Co. paid a dividend of $302 million. The payout related to last year’s profit, the sale of several assets in Canada and its former metals-trading business, according to the company’s interim financial statement. The dividend reduced the company’s equity to $4.48 billion at the end of June, down from $4.79 billion six months earlier.Louis-Dreyfus, who controls more than 96% of the holding company that owns LDC, has been taking big dividends over the past few years to help repay about $1 billion she borrowed to buy out other family members. The payouts, often surpassing the trading house’s profit, have steadily reduced the company’s value.The billionaire owner has been in talks to sell a minority stake in the company, recently holding negotiations with Abu Dhabi sovereign wealth fund ADQ. A successful deal would give the trading house an injection of much-needed cash.On top of its owner’s troubles, the company has struggled over recent years, amid frequent management changes and declining earnings. Veteran Michael Gelchie will become chief executive officer later this week -- the seventh CEO appointed by Dreyfus in eight years -- replacing Ian McIntosh.Despite its recent travails, the first half of 2020 showed some improvement for LDC. Net income climbed 77% to $126 million from a year earlier, despite significant losses from the collapse of Luckin Coffee Inc. Net sales decreased to $16.3 billion, as both prices and volumes shipped fell year-on-year.“The results reported today put LDC in a strong position from which to advance its ambitious growth plans,” said Gelchie.Net debt fell to $6.7 billion at the end of June, from $6.9 billion at the end of 2019, reducing its adjusted leverage ratio to 2.8 times.Dreyfus is the D in the vaunted “ABCD” group that dominates the world of agricultural commodities trading. The others are Archer-Daniels-Midland Co., Bunge Ltd. and Cargill Inc.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.
Nio Inc - ADR (NYSE: NIO) shares were advancing Monday, buoyed by the electric automaker's announcements at a Chinese auto show over the weekend.Nio Parades Products, Services: At the Beijing International Auto Exhibition 2020, Nio displayed its EV models, including the EP9, an electric super car launched in 2016; the ES8, its six-seater flagship premium EV model; and the recently launched EC6 SUV.The company also showcased a Power Swap Station, three types of chargers, NIO Innovations and patents and NIO Life.As expected, the company announced an upgrade to its smart operating system to Nio OS 2.7.0.Nio Unveils New Driver Assistance Functionality: Nio also released its Navigate on Pilot feature, which automatically guides the car on ring roads and highways."This is the first NIO.com commercial application of high-definition map in China on the ADAS functionality of mass-produced vehicles, which further enhances NIO Pilot's capability," Nio said in a press release.The company plans to release the feature to users in batches through firmware over the air in October, along with the newest upgrade to its operating system. Nio announced 20 new features and function optimizations, including camera-based driver drowsiness detection, remote seat ventilation and 5.1 immersive surround sound mode.Nio's Faster Charging Options: Nio has added 20 kilowatt-hour DC chargers to the list of destination charging stations to accelerate charging speed in certain scenarios and expand destination charging service coverage. This rapid charging facility will be offered under the company's battery-as-a-service offering.It also announced new Power Up Plan that provides a commitment of 100 million yuan ($14.6 million) subsidy for the deployment of a total of 30,000 destination DC chargers, forming a convenient and flexible charging network covering the country.NIO Price Action: Nio shares were advancing 1.58% to $18.61 at the time of publication Monday. Related Links:Why Nio Has A Shot At Becoming The 'Tesla Of China'Nio Shares Volatile After EV Maker Announces Redemption Of 8.6% Nio China Stake Photo courtesy of Nio. See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Nio Shares Volatile After EV Maker Announces Redemption Of 8.6% Nio China Stake(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
On CNBC's "Mad Money Lightning Round," Jim Cramer said to a viewer he is right to buy Boeing Co (NYSE: BA). He likes it because American Airlines Group Inc (NASDAQ: AAL) got some money from the government, airlines are able to test people before they get on a plane and masks work in planes.It's not General Electric Company's (NYSE: GE) year, said Cramer. It has a very good turnaround plan, but it's not ready yet, he added. This time next year, it's going to be a much better stock, but a lot of people aren't that patient.Cramer feels like he had his call with Rocket Companies Inc (NYSE: RKT) and he is now ready to move on. He explained that there are a lot of people with short positions because they don't like the ownership structure.RedHill Biopharma Ltd (NASDAQ: RDHL) is a smart Israeli company, but Cramer would rather own Royalty Pharma plc (NASDAQ: RPRX).Cramer is worried about Walgreens Boots Alliance Inc (NASDAQ: WBA) because its prescription drug side and the front of the store are under attack. He doesn't know what could make it trade higher.Instead of Illumina, Inc. (NASDAQ: ILMN), Cramer would rather buy Thermo Fisher Scientific Inc. (NYSE: TMO) and Danaher Corporation (NYSE: DHR).Cramer likes Ping Identity Holding Corp (NYSE: PING).See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Mike Khouw Updates His Nike Options Trade * 'Fast Money' Picks For September 28(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
President Trump reportedly paid no taxes some years. See how to cut your own tax bill.
Bull or bear market, no investment is a sure thing. Especially in the current financial environment, which remains riddled with uncertainty, finding compelling plays can be challenging for even the most seasoned market watchers. However, this is not to say that investment opportunities with stand-out growth prospects can’t be found.Roth Capital research analyst Zegbeh Jallah pointed to the healthcare sector, in particular, as an area of the market worthy of investor attention.“Biotech had had a strong performance during the midst of the pandemic, and we expect it to remain so, largely driven by solid fundamental catalysts. This is supported by the resumption of preclinical and clinical efforts at many companies, albeit with some new procedures in place,” Jallah noted.Bearing this in mind, our focus turned to two penny stocks from the healthcare space backed by Roth Capital. Along with the stamp of approval, the firm believes that both of these tickers trading for less than $5 per share are primed for a massive rally.Digging a bit deeper, we used TipRanks’ database to find out what makes both so compelling despite the risk involved.Seelos Therapeutics (SEEL)Primarily focused on neurological and psychiatric disorders, Seelos Therapeutics works to bring cutting-edge therapies to market. Currently going for $0.67 apiece, Roth Capital believes that its share price presents investors with an opportunity to get in on the action.Calling SEEL “substantially undervalued,” firm analyst Jonathan Aschoff points to two of the company's pivotal programs, SLS-002 (intranasal racemic ketamine), its treatment for acute suicidal ideation and behavior (ASIB) in patients with major depressive disorder (MDD), and SLS-005 (trehalose), its ALS treatment, as major upside drivers.SLS-002 is set to enter a proof-of-concept (POC) trial, with the FDA “eager for a useful anti-suicide drug.” Aschoff noted, “We firmly believe that, although it is formally called a POC trial, achievement of two endpoints, the primary endpoint of Montgomery-Åsberg depression rating scale (MADRS) and the key secondary endpoint of Sheehan-suicidality tracking scale clinically meaningful change measure (S-STS CMCM), will be enough to allow SEEL to file for approval of a ketamine importantly differentiated by its ability to reduce suicidal ideation.”Aschoff believes it’s likely that SEEL will have already kicked off the 120-patient randomized trial portion when it publishes data from 16 patients dosed with SLS-002. The analyst added, “We also believe that SEEL was given extremely helpful trial design guidance from the FDA due to the clearly evident observation that current national and global affairs are contributing to suicide more strongly now than perhaps ever.”As for SLS-005, the company recently got permission from the FDA to proceed with its registrational Phase 2b/3 ALS trial. Based on data from multiple preclinical studies, treatment with the therapy resulted in the preservation of motor neurons, motor function and prolonged survival.What’s more, SLS-005 has been granted Orphan Drug Designation (ODD) in the U.S. and E.U. for other indications such as Sanfilippo syndrome, spinocerebellar ataxia type 3 (SCA3) and oculopharyngeal muscular dystrophy (OPMD), as well as Fast Track designation for OPMD."We believe that a trial in SCA3 is more likely to come first [...] We anticipate SEEL's SCA3 trial to enroll about 150 patients and evaluate patients by SARA at six months, in which showing stability would be meaningful and showing improvement would be a home run," Aschoff wrote. To this end, Aschoff rates SEEL a Buy along with a $12 price target. This puts the upside potential at a massive 1,715%. (To watch Aschoff’s track record, click here)Turning now to the rest of the Street, 2 Buys and no Holds or Sells have been published in the last three months. Therefore, SEEL has a Moderate Buy consensus rating. With the average price target clocking in at $8, the upside potential lands at 1,111%. (See SEEL stock analysis on TipRanks)Acer Therapeutics (ACER)Developing therapies for rare and life-threatening diseases, Acer Therapeutics wants to address the unmet medical needs of patients. With several catalysts slated for the near-term, Roth Capital thinks its $2.50 share price reflects an attractive entry point.Analyst Jonathan Aschoff, who also covers SEEL for the firm, points out that during a recent meeting with management, the “overwhelmingly focus was on emetine, ACER-001 and Edsivo, and each of these programs are capable of providing at least one meaningful near-term investment catalyst.”Emetine, a potential COVID-19 treatment, is being developed as part of a collaboration with the National Center for Advancing Translational Sciences (NCATS), one of the National Institutes of Health (NIH). Speaking to the therapy’s potential, Aschoff notes that the candidate reactivates the cellular stress response, making it a strong antiviral with nanomolar potency about 50 times greater than remdesivir, Gilead’s COVID-19 treatment. The broad antiviral activity could also allow the drug to be used against future novel viruses, in the analyst’s opinion. ACER is pursuing BARDA and Gates Foundation funding for the program. While Aschoff acknowledges that the company could fund part of the clinical development itself, he argues the program is more likely to progress with external funding. The capital would allow ACER to submit an IND in 1H21 and initiate a Phase 2/3 trial later that year. As a response from BARDA is set to come in Q3 2020, the analyst sees a major possible catalyst.As for ACER-001, its fully taste-masked, immediate-release formulation of sodium phenylbutyrate (NaPB) developed using a microencapsulation process, Aschoff believes ACER is speaking to several larger pharmaceutical companies about partnership opportunities, with plenty of upside in store should an agreement be reached.“We highly favor ACER-001's edge over the competition, given Buphenyl's awful taste and smell and Ravicti's egregious pricing of about $900,000 per year. With ACER-001's taste masking and parity pricing to Buphenyl (about $350,000 per year), ACER-001 is a no brainer, in our view...We believe that FDA buy in on the food effect without requiring addition clinical work would be a meaningful stock catalyst,” the analyst commented.Additionally, Edsivo, ACER’s new chemical entity (NCE) designed for the treatment of vEDS, reflects a key point of strength, in Aschoff’s opinion. Ehlers-Danlos Syndrome (EDS) is a group of hereditary disorders of connective tissue. “We essentially view Edsivo as a call option, with significant share price upside if the FDA allows ACER to amend and refile its NDA after only having to include existing natural history data... Edsivo could generate meaningful U.S. revenue for ACER, about $350 million annually, if approved for vascular Ehlers-Danlos syndrome,” he explained.It should come as no surprise, then, that Aschoff stayed with the bulls. To this end, he left a Buy rating and $10 price target on the stock. Investors could be pocketing a gain of 300%, should this target be met in the twelve months ahead.Looking at the consensus breakdown, opinions are more varied. As 2 Buys and 3 Holds have been issued in the last three months, the word on the Street is that ACER is a Moderate Buy. At $10, the average price target matches Aschoff’s. (See ACER stock analysis on TipRanks)To find good ideas for penny 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.
Space Exploration Technologies Corp CEO Elon Musk revealed Monday that the company has plans to take its satellite broadband unit Starlink public, but not until the revenue growth is "smooth" and "predictable."What Happened: Such an initial public offering would come "several years in the future" as the public market doesn't "like erratic cash flow," the billionaire suggested, adding a laugh.Musk added that whenever such an IPO happens, Starlink can be trusted to prioritize retail investors. "I'm a huge fan of small retail investors. Will make sure they get top priority. You can hold me to it," the SpaceX CEO claimed.> We will probably IPO Starlink, but only several years in the future when revenue growth is smooth & predictable. Public market does *not* like erratic cash flow haha. I'm a huge fan of small retail investors. Will make sure they get top priority. You can hold me to it.> > -- Elon Musk (@elonmusk) September 28, 2020SpaceX is considered to be one of the most valuable venture-backed businesses in the United States, with an estimated valuation above $46 billion as of August.Why It Matters: In March, Musk, who also leads Tesla Inc (NASDAQ: TSLA), said publicly that he was not considering an IPO for Starlink, saying, "We're thinking about that zero."The broadband project involves launching 12,000 satellites in low Earth orbit in order to provide global internet coverage. Analysts contend that SpaceX's value is mostly within its broadband arm, Starlink, and if the project is a success, it could achieve a $120 billion valuation, or else it could drop to $5 billion.Photo courtesy: SpaceX via FlickrSee more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Tesla Chinese Rivals Not Losing Sleep Over Planned K Electric Vehicle * Cleveland-Cliffs To Buy ArcelorMittal's US Unit For .4B(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Bank of America sees Virgin Galactic stock doubling with commercial passenger flights expected next year.
Retirement planning is a multistep process that evolves over time. To have a comfortable, secure—and fun—retirement, you need to build the financial cushion that will fund it all. Planning for retirement starts with thinking about your retirement goals and how long you have to meet them.
Is Boeing stock a good buy now as coronavirus ravages aviation? Look at the aerospace giant's fundamentals and stock chart.
Tesla is likely to report third-quarter vehicle deliveries in the first several days of October, with Elon Musk gunning for a new record that will likely have a big impact on Tesla stock.