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Stocks Climb Despite POTUS COVID Bill Criticism

Stocks climbed on Wednesday even after President Donald Trump criticized the new Covid-19 relief package

Latest Stories

  • Goldman Sachs warns of a dangerous bubble in these 39 stocks

    Goldman Sachs sounds the alarm on some very hot tech stocks.

  • How To Generate $100,000 Of Retirement Income, Without Selling Your Principal

    Your retirement savings are $1 million. You want $100,000 of yearly retirement income, including Social Security. Is that doable without tons of risk?

  • Jim Cramer on GameStop: ‘The mechanics of the market are breaking down. … I’ve never seen the guns like this. They can break shorts.’

    KEY WORDS Jim Cramer appears to be flabbergasted by GameStop’s epic run. Trading by individual investors has led to massive rises in the Texas-based videogame retailer’s stock, which has quadrupled in 2021.

  • Your next stimulus check: Congress to speed along $1,400 payments this week

    Speaker Pelosi and other leaders want quick approval. How soon could you get more money?

  • Chamath Palihapitiya Invests in Two Deals in One Day During SPAC Boom

    (Bloomberg) -- Serial blank-check dealmaker Chamath Palihapitiya has doubled down on SPACs and has now participated in at least half a dozen deals that his own blank-check vehicles aren’t even involved in.On Monday, Palihapitiya, the former Facebook Inc. executive and venture capitalist, invested in two companies going public via a special purpose acquisition company -- smart lockmaker Latch Inc. and solar lender Sunlight Financial LLC -- through the equity raised to support the deals. That’s on top of the six blank-check vehicles he’s helped raise.Latch and Sunlight were just two of the five companies that announced they were going public via a SPAC on Monday, in deals worth a combined $15.4 billion including debt. The flurry of mergers come after a record year for blank-check companies that shows no sign of stopping. with more than $15 billion raised in fresh capital already this month. SPACs raised more than $79 billion in the U.S. in 2020 -- more than the combined total in all previous years, according to data compiled by Bloomberg.While the amount Palihapitiya invested in two of the Monday deals couldn’t immediately be learned, he tweeted Jan. 21 that he was leading a private investment in public equity -- or PIPE -- for an undisclosed deal that turned out to be Latch. The SPAC, backed by New York-based real estate firm Tishman Speyer, raised an additional $190 million from investors including Palihapitiya, BlackRock Inc. and D1 Capital Partners.Sunlight agreed to go public through a merger with a vehicle backed by Apollo Global Management Inc. The SPAC raised $250 million from Palihapitiya, Coatue and BlackRock, among others. SPACs announce PIPE investments when they do a deal to help finance it and support its closing.Shares in most of the blank-check companies that announced a deal Monday climbed. TS Innovation Acquisitions Corp. jumped as much as 90% after the Latch transaction was revealed, and traded up 43% at 2:01 p.m. in New York. Spartan Acquisition Corp. II, which is merging with Sunlight, jumped as much as 45%, while ION Acquisition Corp. 1 Ltd. climbed 36% on its deal with advertising-tech firm Taboola Inc. Foley Trasimene Acquisition Corp. climbed as much as 13% after announcing a $7.3 billion deal with Alight Solutions.Landcadia Holdings III Inc., which announced a deal with Hillman Group Inc., slipped slightly in afternoon trading, though it still trades above the $10-per-share price at which SPACs go public. Investors had already had a chance to trade the Hillman and Alight deals after earlier reports on the transactions.Palihapitiya isn’t the only investor showing up on multiple deals but he is one of the few individuals showing up so often in the public announcements. These transactions often attract big names, usually institutional investors such as BlackRock and Fidelity Management & Research Co. It’s possible other private investors are investing in SPAC mergers without disclosing their involvement.Palihapitiya is dabbling in many sectors through these investments. Other SPAC deals he’s contributed to in the past few months include 3D printing company Desktop Metal Inc., rare earth company MP Materials Corp., electric bus manufacturer Proterra Inc. and car insurance company Metromile Inc., statements showed.(Updates with money raised by SPACs in 2020 in the third paragraph. An earlier version of this story corrected the definition of PIPE.)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.

  • GameStop stock mania will end very badly: expert

    Value investor Bill Smead pulls no punches in his view on the speculative mania unfolding in GameStop shares

  • Here's how celebrities use mortgages to build wealth (and you can, too)

    A home loan is a powerful financial tool, even if you have the cash to pay outright.

  • Millennials Love 5 Overlooked Stocks That Are Beating Tesla

    Millennials still love Tesla — it's their favorite S&P 500 stock — but they're actually making much more money on their five other top picks.

  • I Do Not Need My IRA RMD. Can I Put It in a Roth IRA?

    You can use your traditional IRA's required minimum distributions (RMDs) to contribute to a Roth IRA if you also have enough earned income.

  • Is Bionano Stock Still Worth Buying After Its 2,300%-Plus Rally? Analyst Weighs In

    To say it is all coming together nicely for Bionano Genomics (BNGO) would be a bit of an understatement. The life sciences company’s rise has been particularly eye-catching; Over the past 2 months, BNGO has surged by a breathtaking 2,344%. Investors have evidently gotten wise to the opportunity Bionano represents in the world of cytogenetics and genomics, due to the potential of its genome imaging system, Saphyr. Maxim analyst Jason McCarthy was an early supporter of the company while hardly anyone else was looking, and the recent surge in interest (and share price) has only confirmed his bullish call. “Awareness, adoption and messaging in 2019 and 2020 culminated with a cytogenetics symposium that has opened the eyes of the genomics world to Saphyr, in our view,” the 5-star analyst said. “It's never been about competing with sequencing (Saphyr is not a sequencer!), it's about completing the genomic interrogation puzzle that sequencing cannot, and that's the value in BNGO.” The recently completed 5-day symposium had 33 presentations from “leading hospitals and medical research institutions” who have used Saphyr, and amounted to the largest showcase of the technology, so far. McCarthy notes the symposium highlighted “both the importance of Saphyr in genomics, and the platform adoption Bionano has driven over the past few years.” Adoption – or reaching “critical mass” as McCarthy defines it – is a self-feeding loop. The increasing awareness of Saphyr will drive further adoption, which, in turn, will “drive revenue growth.” However, while adoption has increased, the analyst warns of getting too far ahead, too soon, and losing sight of “the forest for the trees.” The analyst believes Bionano is not “quite ready to be benchmarked quarter-to-quarter.” To attain “critical mass," the focus this year should be on “working with end-users to develop additional tests for hematological malignancies, genetic disorders, and pre-natal testing, as well as other tests.” Furthermore, to speed up the switch to using Saphyr, a big priority should be reserved to working with end-users and payers to establish reimbursement for lab tests. These goals should be easier to achieve, following two recent strategic equity financings which boosted Bionano’s balance sheet by $300 million. So, all good news for Bionano, but what does it mean for investors? All in all, McCarthy reiterated a Buy rating and boosted his price target by a massive 600% from $2 to $14. Upside from current levels is 11%. (To watch McCarthy’s track record, click here) 2 other analysts have recently reviewed Bionano’s prospects, 1 concluding the stock is a Buy and the other saying Hold, all together coalescing to a Moderate Buy consensus rating. The incredible surge has left the analysts playing catch up; At $5.42, the average price target suggests shares will decline ~57% over the next 12 months. (See BNGO 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 analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • Analyst on GameStop volatility: 'If you want to gamble, go to the casino'

    'If you want to gamble, go to the casinos. This is not what the markets are for,' Loop Capital Markets analyst Anthony Chukumba warned retail investors playing GameStop (GME).

  • Warren Buffett says this is how to protect your finances from the pandemic

    Listening to Buffett, you can pick up these tips for surviving the pandemic financially.

  • BlackBerry says unaware of reason for stock price surge

    U.S.-listed shares of the security software supplier were up 17.7% at $16.53, set for a seventh consecutive session of gains. Responding to a request from securities regulator the Investment Industry Regulatory Organization of Canada, BlackBerry said it was not aware of any material, undisclosed corporate developments that could have driven the surge in its stock and trading volume. Security filings on Thursday showed that some senior executives sold shares in BlackBerry last week, with Chief Marketing Officer Mark Wilson selling 78,500 shares and Chief Financial Officer Steve Rai offloading 32,954 shares.

  • Are You Ready For The 'FANGMAN'? — What To Know About The New Acronym On The Block

    After the FANGs, FAANGs and MAGAs, another acronym taking the investment world by storm is FANGMAN. This acronym is used by traders to refer to stocks of seven of the biggest tech companies in the world.The combined market capitalization of these stocks is about $7.9 trillion, which is roughly 25% of the total market capitalization of S&P 500 companies. To put things in perspective, the combined market cap of these seven stocks is more than the GDP of Japan, Germany or India, which are the third, fourth and fifth largest economies of the world, respectively.The ConstituentsThe stocks in the FANGMAN group are: * Facebook, Inc. Common Stock (NASDAQ: FB) * Amazon.com, Inc. (NASDAQ: AMZN) * Netflix Inc (NASDAQ: NFLX) * Alphabet Inc Class A (NASDAQ: GOOGL) * Microsoft Corporation (NASDAQ: MSFT) * Apple Inc (NASDAQ: AAPL) and * NVIDIA Corporation (NASDAQ: NVDA)Buoying S&P 500 Performance: 2020 was a year marred by the COVID-19 pandemic that led to economic contraction worldwide due to disruptions to businesses and other activities. The stock market, given its forward-looking approach, weathered the setback and ended the year with gains.For instance, the S&P 500 Index ended 2020 at a record high and in the process generated a return of 16.2% for the year. The FANGMAN stocks played a big role int that as they outperformed the broader gauge: * Facebook: 33% * Amazon: 76.3% * Netflix: 67.1% * Alphabet: 30.9% * Microsoft: 42.5% * Apple: 82.3% * Nvidia: 129.3%Related Link: 10 Things Apple Investors May Wish For In 2021 FANGMAN, A Predictor of Stock Market Moves? Given the outsized weighting in different indices, it is logical to view FANGMAN stocks as a good predictor of which way the broader market is headed.FANGMAN Invariably Outperforms Market: For those investors who are looking for above-market returns, or "high-alpha" stocks, FANGMAN could be the better bet. These stocks outperform the broader market, thanks to their transformational business models, high growth and financial might, among other things.FANGMAN In Bubble Territory? From the perspective of topline growth, earnings potential and prospects, it is evident that the lofty valuations are justified. Higher P/E multiples of some of these stocks imply investors are willing to pay a premium to partake in their growth.Investors see them as compelling, as they are most levered to the digital transformation that is picking up pace.But the stretched valuations of these stocks could conjure up fears of a deep correction.One of the biggest risks faced by these companies is regulatory scrutiny. Analysts see the changing of the guard at the White House as a slight negative for these high-flying names."To be blunt, it's a clear negative for Big Tech as ultimately with a Senate now likely controlled by Democrats we would expect much more scrutiny and sharper teeth around FAANG names, with potential (although still a low risk) legislative changes to current antitrust laws now on the table," Wedbush analyst Daniel Ives said in a Jan. 6 note.That said, the analyst remains bullish on tech stocks for 2021, but sees the tech rally will be more tame until the Street gets a better sense of the legislative agenda under President Joe Biden.Related Link: Why This Wedbush Analyst Expects A Year-End Tech Rally Photo by Daisy Anderson from PexelsSee more from Benzinga * Click here for options trades from Benzinga * The Week Ahead In Biotech (Jan 24-30): J&J, Lilly to Kickstart Big Pharma Earnings, Amgen FDA Decision and More * 8 Intel Analysts On Q4 Report: Why Some See Difficult Years Ahead For Chipmaker(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Jim Cramer Explains GameStop Short Squeeze, What It Says About Stock Market Monday

    In Monday's stock market breakdown, Jim Cramer explains the action in GameStop stock and what it could be signaling to the market at large.

  • GameStop shares soar to record highs as massive short squeeze forges ahead

    GameStop (GME) shares soared than 130% before coming back down to sit above 100$/each by mid-session on Monday.

  • Tesla Cybertruck Loses Out To Ford F-150 In Cox Survey Of US Pickup Buyers

    Ford Motor Company's (NYSE: F) all-electric F-150 is the more popular choice among buyers in the United States than Tesla Inc's (NASDAQ: TSLA) Cybertruck, according to research by Cox Automotive.What Happened: The study based on 155 in-market consumers was published last week and concluded that three in five consumers found the F-150 pickup truck appealing -- which Cox attributed to familiarity.The respondents were shown images of each vehicle, without brand and model indicators and minus product details.Ford was popular among those surveyed in terms of appeal, winning over 59% of the respondents. General Motors Company (NYSE: GM) Hummer Electric Vehicle took second place at 41%.Amazon.com, Inc (NASDAQ: AMZN) and Ford-backed Rivian came ahead of Tesla at 39%. The Elon Musk-led automaker's Cybertruck came in at the last spot at 19%. In terms of consideration, Ford led the pack at 45%, with three-quarters of respondents likely to consider the vehicle. Tesla came in second at 32%, Hummer at 28%, and Rivian at 25%."Tesla and Rivian R1T scored well with younger buyers, and Rivian performed well among female buyers as well," said Vanessa Ton, senior manager, Cox Automotive.Why It Matters: The non-traditional look of the Tesla Cybertruck didn't impress potential buyers, according to the study.Price, performance, design, and size matter the most to potential EV truck customers, while the brand name and work use were the least important."Ford leads in every attribute except tech advanced, where Hummer and Rivian are nearly tied for the lead," according to Cox Automotive.See Also: Ford's Electric F-150 Coming In 2022, Over-The-Air Updates PlannedTesla was ranked the lowest among important attributes that matter the most to pickup truck shoppers, as per the study.See Also: Jay Leno Takes Elon Musk For A Drive In A Tesla CybertruckPrice Action: Ford shares closed mostly unchanged on Friday at $11.52 and gained 0.43% in the after-hours session. On the same day, Tesla shares closed 0.2% higher at $846.44 and gained 0.1% in the after-hours session. Click here to check out Benzinga's EV Hub for the latest electric vehicles news.See more from Benzinga * Click here for options trades from Benzinga * Tesla 'Not A Competitor At All' In Self-Driving Space, Says Waymo CEO * Tesla Secures Top Spot In JD Power's Survey Of Premium EV Owners(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Wingcopter raises $22 million to expand to the U.S. and launch a next-generation drone

    German drone technology startup Wingcopter has raised a $22 million Series A – its first significant venture capital raise after mostly bootstrapping. The company, which focuses on drone delivery, has come a long way since its founding in 2017, having developed, built and flown its Wingcopter 178 heavy-lift cargo delivery drone using its proprietary and patented tilt-rotor propellant mechanism, which combines all the benefits of vertical take-off and landing with the advantages of fixed-wing aircraft for longer distance horizontal flight. Wingcopter CEO and founder Tom Plümmer explained to the in an interview that the addition of an SV-based investor is particularly important to the startup, since it's in the process of preparing its entry into the U.S., with plans for an American facility, both for flight testing to satisfy FAA requirements for operational certification, as well as eventually for U.S.-based drone production.

  • 'I love you guys': Redditor betting on GameStop claimed to use profits to pay off student loans

    Student loan borrowers are riding the Reddit-fuelled GameStop (GME) wave, betting that they’ll be able to use the profits to pay off their debt.

  • General Electric Earnings Preview: Here's What the Charts Say

    General Electric has been a big winner over the last few months. Will management give investors a reason to bid GE higher on earnings? Let's look at the chart.