Cashay Reporter Stephanie Asymkos joins The Final Round to break down how multi-level marketing businesses like Lularoe and Arbonne hurt women and how to learn more at cashay.com.
Cashay Reporter Stephanie Asymkos joins The Final Round to break down how multi-level marketing businesses like Lularoe and Arbonne hurt women and how to learn more at cashay.com.
At least 440 banks and financial services firms are partly relocating from London to European cities.
Cathie Wood's Ark funds bought $246 million worth of Coinbase shares on the cryptocurrency exchange's Nasdaq debut on Wednesday and sold some Tesla shares, according to their daily fund trading summary. A chunky $168 million of Coinbase shares were added to its flagship ARK Innovation fund, and the remainder went into its next generation and fintech innovation funds. Notably, one of Wood's funds sold a $4.4 million stake in New York Stock Exchange owner Intercontinental Exchange.
NINGBO, China/BEIJING (Reuters) -Chinese automaker Geely, owner of Volvo Cars, on Thursday launched a high-end electric vehicle (EV) brand named Zeekr, targeting China's growing appetite for premium EVs that has boosted sales for Tesla and Chinese peer Nio. Parent Zhejiang Geely Holding Group and Geely Automobile said last month they would jointly invest 2 billion yuan ($306 million) in the new venture, seeking to position Zeekr as a startup under Geely group, also known overseas for its 9.7% stake in Germany's Daimler AG. The price tags for Zeekr cars will be around 300,000 yuan, and Flynn Chen, Zeekr's vice president, said the brand will explore new sales and marketing methods, including allowing customers to subscribe to car-using rights and offering a stake in the company to car buyers.
(Bloomberg) -- Vale SA, one of iron ore’s biggest swing factors, may determine whether prices of the steelmaking ingredient break through to multiyear highs or retreat once again.The Rio de Janeiro-based mining company reports quarterly production after the close of trading Monday. Anything significantly below the 72 million-metric ton average analyst estimate is likely to be cheered by bulls.Since surging last year amid robust demand from Chinese steel mills and pandemic-related supply disruptions, iron ore futures have moved around in a trading range of about $145 to $175 a ton. With prices back toward the top of that range, traders will be paying close attention to Vale. A bumper quarter may send futures back down.While Vale’s output is expected to come in below the fourth quarter on seasonal factors, it’s estimated to be higher than the same period last year as the company continues its recovery from an early-2019 tailings dam disaster that prompted shutdowns. The ramp-up means Vale has an outsized impact on prices in a tight market, especially after Chinese steel output jumped in March. This year, Vale is expected to account for 83% of global supply growth, according to BloombergNEF.Read More: Vale’s Iron Mining Activity Slowed in 1Q, Satellites Show: BNEFThe combination of recovering production and high prices has sent earnings back to supercycle levels of a decade ago. With management focused on existing assets rather than splashing out on deals as it did in previous booms, Vale is rewarding investors with dividends and a buyback.Its Sao Paulo-listed shares have more than doubled in the past year, narrowing a valuation discount to peers Rio Tinto Group and BHP Group, whose Australian mines are closer to China. Vale fetches 4.6 times estimated profit versus BHP’s ratio of 12 and Rio Tinto Group’s 7.8.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Gold headed for its best week since December amid a retreat in bond yields and a report that top buyer China may import more of the metal.After weeks trading in a narrow range, gold has advanced as Treasuries yields and the dollar head for weekly losses. Lower yields boost the appeal of bullion, which doesn’t offer interest. Dollar declines helped spur a broad rally in raw materials, with the Bloomberg Commodity Index also on track for its best week of 2021.Bullion is showing tentative signs of breaking out of a slump following three straight monthly losses. Prices rose above the 50-day moving average on Thursday, a positive signal for traders who follow chart patterns. On Friday, bullion extended gains to the highest since February after Reuters reported that China has given banks permission to import a large amount of bullion to meet domestic demand.The overall robust performance in commodities this week was “being supported by a surprise drop in U.S. Treasury yields accompanied by a weaker dollar,” said Ole Hansen, head of commodities research at Saxo Bank. Gold, along with crude oil and copper, “broke higher, thereby potentially signaling renewed momentum attracting fresh buying from speculators.”Spot gold rose 0.8% to $1,778.17 an ounce by 1:43 p.m. in New York. Prices are up about 2% this week, on course for the biggest gain since Dec. 18. Futures for June delivery on the Comex rose 0.8% to settle at $1,780.20 an ounce.Federal Reserve Chairman Jerome Powell’s reiteration of his dovish stance on monetary policy also helped bullion this week. That helped offset the impact of improving U.S. and Chinese economic reports, which could otherwise diminish demand for the metal as a haven.“The economic data published in the U.S. yesterday afternoon turned out for the most part to be significantly better than the market had anticipated,” Commerzbank AG analyst Daniel Briesemann said. “It seems that market participants believed the U.S. Federal Reserve’s assertion this time that it would not react to good data and would tolerate economic overheating.”In other precious metals, silver and platinum advanced.Palladium rose 1.2% after reaching the highest in more than a year. The metal, which reached a record of $2,883.89 in February last year, has benefited from stricter emissions rules that boost usage in autocatalysts.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Grab Holdings, Southeast Asia's ride-hailing to delivery giant, is considering a secondary listing in its home market of Singapore after completing a Nasdaq listing via a $40 billion SPAC merger, three sources familiar with the matter said. Listing on Singapore Exchange would enable Grab to have an investor base close to where its regional business is based, the people said, potentially offering its customers, drivers and merchant partners easier access to trade its shares.
Dogecoin was worth as much as $55 billion on Friday, nearly tripling on the day. At current levels, it’s worth about as much as Ford and Marriott.
Citibank has hinted there won't be any possible layoff and closure of physical branches in the countries it is exiting.
The IRS chief tells Congress the child tax credit payments will arrive on time after all.
The IRS sent out COVID-19 relief checks to nearly 2M more Americans, including over 700,000 'plus-up' payments for people eligible for more money.
Coinbase is known for its expensive trading fees yet it's still not listing doge, one of the most traded tokens.
Dogecoin, dogecoin, dogecoin! That must be what bitcoin holders are saying lately. Owners of the world's No. 1 crypto, like Jan from the 1970s-era sitcom, The Brady Bunch, must feel as if they have been living in the shadow of a more intriguing sister crypto.
China has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said, potentially helping to support global gold prices after months of declines. China is the world's biggest gold consumer, gobbling up hundreds of tonnes of the precious metal worth tens of billions of dollars each year, but its imports plunged as the coronavirus spread and local demand dried up. With China's economy rebounding strongly since the second half of last year, demand for gold jewellery, bars and coins has recovered, driving domestic prices above global benchmark rates and making it profitable to import bullion.
Chamath Palihapitiya By Jarrett Banks and John Jannarone Short interest in Chamath Palihapitiya-backed Clover Health Investments Corp. (Nasdaq: CLOV) is at 150%, data compiled by financial analytics firm S3 Partners shows. The level is reminiscent of the huge short interest in GameStop Corp. that was followed by a retail trading frenzy in January when the […]
Warren Buffett's famous economic measurement shows Orman might be onto something.
The S&P 500 rose to another record high on Friday, and at least one strategist believes we’re at the start of a new bull market. Writing from LPL Financial, chief market strategist Ryan Detrick noted several market-historical points that indicate sustained gains are in the offing. Key among his points are the first quarter returns and the breadth of the current stock rally. On returns, Detrick highlights that the S&P 500 gained nearly 6% in Q1 – and that the 6% level has been an accurate indicator for near-term trends. “Since 1950, when the S&P 500 was up between 5% and 10% in the first quarter, the rest of the year gained another 12.4% on average and was higher 86.7% of the time," the strategist noted. The breadth of the gains may be a more important point, however. Detrick tells us that the current rally is attracting participation from a range of different market sectors – stocks are up nearly across the board, with 95% of the S&P 500 components pushing above their 200 day moving average in recent weeks. Detrick shows that this pattern was prevalent in December 2003 and September 2009 – and that those two months marked the start of years-long bull runs. So the key now, to thriving in the coming environment, is to find stocks that are primed for gains. Using the TipRanks database, we’ve found two stocks that fit a profile: they boast a Strong Buy analyst consensus rating, trading prices around $10 per share, and best of all, they could bring massive growth prospects to the table. We’re talking about triple-digit upside potential here. F-star Therapeutics (FSTX) First up is F-star Therapeutics, a clinical stage biopharma company with a focus on immune-oncology. The company’s pipeline features tetravalent mAb2 bispecific antibodies, a proprietary technology which F-star believes will meet the challenges of immune-oncology therapies. According to the company, the antibodies are ‘designed to address multiple immune evasion pathways,’ thereby enhancing their effect over currently available therapies. F-star has a development pipeline featuring both proprietary and partnership programs. FS118, the most advanced drug candidate, has completed a Phase 1 clinical trial, which showed positive results, with signs of clinical activity related to its novel mechanism of action. A proof-of-concept trial is now underway, with patients suffering from PD-1 resistant head and neck cancers. In addition, the European Patent Office in January of this year granted a patent on the FS118 molecule, with an expiry date in 2037. The next most advanced program, FS222, is described as a ‘potentially best-in-class bispecific antibody targeting CD137 and PD-L1.’ The drug candidate is starting a Phase 1 trial, with the first patient dosed this past January. The trial will evaluate safety, tolerability, and early signs of efficacy. The patient base will be adults, with a diagnosis of advanced malignancies. This past November, F-star went public on the NASDAQ through a SPAC merger. The merger was completed, and the FSTX ticker started trading, on November 23; since then, the stock has gained an impressive 151%. Describing the company as "a potential north star of bispecific antibody engineering," Oppenheimer’s 5-star analyst Hartaj Singh believes that there is plenty of upside left for FSTX. “We believe FSTX screens well among various bispecific antibody (BsAbs) platforms evolving rapidly in the past two years (our white paper), given the company platform's ability to leverage the three key features of BsAbs: conditionality/ crosslinking/clustering through its molecules' Fc-gamma receptor (FcγR) independent tetravalent binding and generate uncorrelated high-value oncology assets," Singh opined. The analyst, added, "In our opinion, FSTX's story has checked the boxes for: (1) a biomarker-driven targeted oncology approach identifying a patient population subset that allows accelerated approval; (2) enhanced risk/benefit profile with low immunogenicity/high-affinity target engagement/no hook effect/etc.; (3) unveiling novel target synergy unattainable by mAbs combination; and (4) experienced/execution-focused management." In line with his bullish view, Sing rates FSTX an Outperform (i.e. Buy), and sets a $30 price target. His target implies a 200% one-year upside potential. (To watch Singh’s track record, click here) Singh is no outlier on this one. The four most recent reviews on F-star are to "buy," making the analyst consensus rating a Strong Buy. The shares are trading for $9.98, and their $33.5 average price target suggests a 235% upside for the year ahead. (See FSTX stock analysis on TipRanks) Veru (VERU) Veru, the next company we’re looking at, is another biopharma company with an oncology focus. The company is working on new medical treatments for prostate and breast cancer, two malignancies that have a high profile. Veru’s lead pipeline candidate, VERU-111, is under investigation as a treatment for both prostate cancer and breast cancer, and is even undergoing testing as a potential treatment for COVID-19. The drug candidate has started a Phase 2 clinical trial in the treatment of metastatic castration and androgen receptor targeting agent resistant prostate cancer. The trial is fully enrolled and ongoing, and no severe adverse effects have been reported. Efficacy results include PSA declines along with objective, lasting tumor responses. The second application of VERU-111 is in the treatment of metastatic triple negative breast cancer (TNBC), and aggressive form of the disease that makes up some 15% of all breast cancer cases. TNBC patients could be candidates for treatment with VERU-111, and preclinical studies have shown that the drug candidate can significantly inhibit the proliferation, migration, metastases, and invasion of TNBC tumor cells that have developed resistance to taxane treatment. Veru will be meeting with the FDA during 1H21 to discuss trial designs for a Phase 2b clinical study of this medical avenue, to be commenced in 2H21. VERU-111 has also completed an expedited Phase 2 clinical study of its efficacy for treating patients hospitalized with COVID-19 and at high risk for Acute Respiratory Distress Syndrome (ARDS). The FDA has agreed to advance the study to a Phase 3 trial, to confirm the risk/benefit analysis. Clinical results are expected to start coming in during 4Q21. Another drug the company had been developing for the treatment of breast cancer is enobosarm, a selective androgen receptor agonist, which could potentially treat AR+/HR+ breast cancers resistant to current endocrine therapy. The company plans to start a Phase 3 study for enobosarm in coming months, with data expected in 2H23. In addition, the company has submitted its NDA for tadalafil, a new drug for the treatment of lower urinary tract symptoms due to benign prostatic hyperplasia. The PDUFA date is expected in December 2021, and if approved, Veru will market the drug through third-party telemedicine partners. The company also has an FDA-approved product, FC2, a female, internal condom for the prevention of unintended pregnancies as well as disease prevention. During the fourth quarter, the company saw a 50% growth in prescription sales of FC2, with revenues climbing to $9.1 million from $6.1 million in 4Q20. The multi-applications have attracted attention from Jeffries analyst Chris Howerton, who rates VERU shares a Buy along with a $19 price target. This figure suggests 104% upside potential from the current share price of $9.32. (To watch Howerton’s track record, click here) “We like lead oncology programs, '111 for prostate cancer and enobasarm for breast cancer, which will enter Ph3 imminently, positive results from which could unlock cumulative, peak, unadjusted sales of >$3B. After recent strategy shift, non-core/legacy assets are expected to be divested, which could provide NT, non-dilutive capital," Howerton noted. The analyst continued, "We view other, non-core pipeline programs and business units, such as their female condom (FC2), as call options to our fundamental valuation. Historically, Veru was built as a prostate-focused company, w/ a supportive sexual health business to 'pay the bills.' As a result, there are idiosyncratic features of their pipeline that could provide incremental, near-to-medium term upside, but we do not see as material to long-term valuation." The rest of Wall Street echoes Howerton’s bullish play, as TipRanks analytics exhibit VERU as a Strong Buy. Out of 5 analysts tracked in the last 3 months, all 5 are bullish on the stock. With a return potential of ~154%, the stock’s consensus price target stands at $23.60. (See VERU 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.
China's GDP expanded by a dizzying 18.3% in the first three months of 2021 from a year earlier, sealing its status as COVID-19's "first in, first out" economy. It was the only major economy that showed an increase in gross domestic product (GDP) last year after successfully controlling the spread of the coronavirus pandemic at home. HOW BIG IS CHINA'S FIRST-QUARTER GDP GROWTH EXACTLY?
Lawmakers and advocacy groups are pushing the president to take immediate action.
The investment comes a little over a week after Grayscale confirmed that it would convert GBTC into an ETF.
Bitcoin fell early on Friday, after Turkey’s central bank decided to ban cryptocurrency payments from the end of the month.