Sep.30 -- Blair Effron, Centerview Partners co-founder, talks about the need for a stimulus package from Congress. He's on "Balance of Power."
Sep.30 -- Blair Effron, Centerview Partners co-founder, talks about the need for a stimulus package from Congress. He's on "Balance of Power."
Stanley Druckenmiller reportedly said that a Democratic sweep in the upcoming election could prove to be a headwind for the stock market for years to come.
On Wednesday morning, Jim Cramer shared his first take on the markets which included opinions on potential lockdowns, more layoffs, and if there is a buying opportunity in stocks.Cramer on Lockdowns: While appearing on "Squawk on the Street," Cramer discussed the potential for lockdowns similar to what Europe has done."There's going to be a call for lockdowns."Cramer doesn't believe we will get a lockdown as our country believes in freedom and won't completely close down.Instead, Cramer thinks we'll have a "stay in place voluntarily."Related Link: European Markets Today: Stocks Hit Lows On Rising Coronavirus FearsBuying Opportunity? Markets are expected to open down significantly on Wednesday. The S&P 500 has an implied open down 65 points."If we had a stimulus, we would be focusing on earnings."Instead, Cramer said we're focusing on the rising virus figures and more layoffs: "Very hard to buy a lot of stocks when you see these numbers."Cramer said everyone is fearful.Some states have adopted their own rules on how to stop the spread of the virus said Cramer, which could impact how we control the rising number of cases. He thinks it's realistic that we get something done in terms of stimulus after the election."Buy those stocks tomorrow, not today."Price Action: The SPDR S&P 500 Trust ETF (NYSE: SPY) is down 2% in pre-market trading.See more from Benzinga * Click here for options trades from Benzinga * October 28 Is Best Trading Day Of Year Statistically, Kicks Off Best 6 Months For S&P 500 * What Happens To The MAGA ETF If Trump Loses The Presidential Election?(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The largest Japanese automaker said Wednesday it was adding another 1.52 million U.S. vehicles to the recall that was first announced in January and covers numerous models built between July 2017 through September. Toyota said the vehicles that have a fuel pump that may stop operating and could result in a vehicle stall, and the vehicle may be unable to be restarted. Dealers will replace the fuel pump with an improved version.
My question is: Can I retire before that and be able to live off of my rental income? If you manage your real estate as “passive” income, then you aren’t contributing to Social Security, which will affect you down the road when it’s time to claim benefits.
Individual investors have never been more worried about a U.S. stock market crash. This counterintuitive reaction is because investor sentiment is a contrarian indicator. Historical data on investor beliefs about crash probabilities comes from Yale University finance professor (and Nobel laureate) Robert Shiller.
The defense giant's disclosure of a criminal probe came a day after Raytheon beat Q3 EPS views but aviation sales tumbled earnings. Shares fell.
Required minimum distributions from tax-deferred retirement accounts would rise to age 75 under a new bipartisan proposal aimed at expanding worker access to savings plans and bolster savings.
While you might not need to make changes if President Trump wins a second term, financial advisors suggest planning now for potential changes under a Biden administration so you’re so you’re not scrambling at the last minute.
Go out and buy a bunch of bitcoin (or other digital currencies), get a receipt, and then immediately sell them. The IRS considers these digital currencies as property or investments, and taxes them as such.
The Dow Jones Industrial Average plunged 600 points early Wednesday, as Boeing and Microsoft reported earnings. First Solar surged on earnings.
Many people are making these money moves right now. Should you?
Mexican President Andrés Manuel López Obrador proposed Tuesday a blanket ban on sub-contracting or outsourcing of jobs by private companies, saying the practice has been abused to avoid paying employees’ the benefits they are due by law. The president said he would send the proposal to congress at a later date, but the plan already drew criticism from business groups that claim the change would further harm Mexico’s economy precisely when it is still reeling from the effects of the coronavirus pandemic. Companies in Mexico often contract out jobs like maintenance, cleaning and warehouse duties to temporary agencies or outside firms, to avoid the expense of having to advertise for and hire employees, or to increase their workforce for short periods of time.
The famed former hedge-fund manager, who with George Soros famously broke the Bank of England by shorting the pound in 1992, told CNBC in an interview on Wednesday that the Federal Reserve has inspired a “big party” in financial markets that has powered the stratospheric climb for stocks which he says eventually leads to a “hangover.”
Beijing has massive ambitions for electric vehicles (EV), and it seeks 25% of all car sales in the country to be EVs by 2025, Financial Times reports.In 2019, China sold 1.2 million EVs, accounting for more than half of global sales. The China Association of Automobile Manufacturers expects new EV sales to reach 1.1 million by the year-end despite the pandemic, Reuters reports.According to FT, China can leverage its vast scale advantages to make the first EV that can compete with traditional cars on price and tap the international market, which is ready due to growing worries about climate change.The EV industry in China is at a critical juncture. The price of EV batteries is set to drop below $100 per kWh by 2023, down from the current $160.Ev batteries account for a significant portion of the overall car's cost, and the price point below $100 is a cost parity with internal combustion engine cars.Market Leader: Tesla Inc's (NASDAQ: TSLA) Model 3 is the leader in China with sales of 70,951 units in 2020 through August, accounting for 13% of the overall EV sales. However, the Wuling HongGuang Mini EV clocked sale of 9,150 units in August, its second full month of sales.The boxy EV sees huge sales numbers because it comes at $4,200, a fraction of Tesla's $42,691 price tag for Model 3, FT reports.The HonGuang Mini EV is a joint-venture product between General Motors Company (NYSE: GM), SAIC Motor, and Liuzhou Wuling Motors Co Ltd.Nio Inc's (NYSE: NIO) ES6 EV sold 2,840 units in August and 17,161 units in the year through August.Valuation: Observers call the valuation of Chinese EV companies overcooked. The three US-listed Chinese EV start-ups Nio, Li Auto Inc (NASDAQ: LI), and Xpeng Inc (NYSE: XPEV) are valued at $35.4 billion, $15.9 billion, and $14.4 billion respectively, despite all of them making sizeable losses, FT reports.EV makers and component suppliers that are profitable are trading at lofty valuations. The Hong Kong-listed EV and traditional carmaker BYD is trading at a trailing 12-month price-to-earnings (PE) ratio of 245, while the EV battery maker CATL is has a trailing 12-month PE of 117.5.PE valuations are high but still lower than Tesla's PE of 1,045.8, according to Hong Kong-based East Capital fund partner Karine Hirn.When mass-market is reached, China will benefit due to supply chain and scaling advantages, said Hirn.See more from Benzinga * Click here for options trades from Benzinga * Tesla's Regisrations In California Drop 13% In Q3(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- The world’s biggest exchange-traded fund is losing cash at a faster pace than any of its peers as investors seek lower fees amid a wave of cost cutting.Traders have yanked $33 billion from SPDR S&P 500 ETF Trust (SPY) so far this year, the most in the industry, according to data compiled by Bloomberg. While the exodus was concentrated in February and March, when the coronavirus pandemic roiled global markets, it put the $294 billion fund tracking the U.S. stock benchmark at odds with the broader equity ETF universe -- which has lured $119 billion in 2020.As issuers race to slash costs, SPY’s relatively hefty expense-ratio could be one of the reasons limiting its rebound. The ETF carries a fee of 0.095% that’s roughly triple the cost of investing in three of its largest competitors. That means investors who are re-entering the market may be gravitating toward cheaper options, according to analysts.“As the market recovered, investors put that money back to work in lower-cost products,” said Nate Geraci, president of investment-advisory firm the ETF Store in Overland Park, Kansas. “My expectation is SPY will continue ‘bleeding’ assets, regardless of the market environment, as investors continue flocking to lower-fee competitors.”While SPY is leading outflows, the $162.8 billion Vanguard S&P 500 ETF (VOO) -- with its 0.03% expense ratio -- has taken in $23.3 billion in 2020, the most among its peers. Meanwhile, the lower-cost SPDR Portfolio S&P 500 ETF (SPLG), which has the same holdings as SPY but charges 0.03%, has lured $2.9 billion of new cash.Vanguard Group, the second-largest issuer in the $4.8 trillion ETF market, has vaulted ahead of its competitors, with $148 billion worth of inflows in 2020. BlackRock Inc. and State Street Corp. have attracted $79 billion and $19 billion, respectively. While Vanguard’s flows have been boosted by the conversion of some its mutual-fund clients to lower-cost ETF shares, that process has only been responsible for $22.8 billion worth of its inflows, according to Vanguard spokesman Freddy Martino.“Former SPY money may not have gone back to SPY, but to lower-cost equivalents or to active, thematic or ESG funds,” said Linda Zhang, chief executive officer of New York-based Purview Investments, which specializes in active-ETF research and managed solutions. “It’s probably a combination of both.”To Matt Bartolini of State Street Global Advisors, the money that left SPY during the height of the virus turmoil has rotated into sector-specific funds, such as State Street’s Energy Select Sector SPDR Fund (XLE). But with just one week until the U.S. presidential election, the flow picture could soon be upended once more, he said.“A lot of those investors have migrated to other sectors of single-stock names,” said Bartolini, SSGA’s head of SPDR Americas Research. “Who knows what’s going to happen this election, but there’s definitely going to be money in motion.”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.
Ford earnings are due for a third quarter marked by a pandemic rebound for auto sales in key global markets.
Moderna Inc (NASDAQ: MRNA), which is among the frontrunners in the race to develop a coronavirus vaccine, is set to release its third-quarter results Thursday before the market open.Q3 Expectations For Moderna: Analysts, on average, expect the company to report a loss per share of 43 cents on revenue of $77.51 million.One year ago, the company reported a loss of 37 cents per share and revenue of $18.36 million.Since Moderna does not yet have a commercial product on the market, revenue came from collaborations and grants.The company exited the second quarter ended June 30 with cash, cash equivalents and investments of $3.07 billion thanks to a $1.3-billion equity offering and grants from various federal agencies.More than the headline metrics, the Street is likely to focus on any updates on the coronavirus vaccine program.Related Link: Moderna, Pfizer Have 2-Month Lead Over Coronavirus Vaccine Competitors: Analyst Moderna In Final Lap Of Vaccine Process: Cambridge, Massachusetts-based Moderna's coronavirus vaccine candidate mRNA-1273 is being evaluated in a late-stage study.The company has already released positive preclinical data and interim Phase 1 data for the vaccine candidate.Recently, Moderna announced completion of enrollment into the 30,000-strong, multicenter trial.Tthe first interim analysis should come after 53 events, according to Moderna's Phase 3 clinical trial design. View more earnings on MRNAThe sell-side is modeling for emergency use authorization before the year end following an interim readout in November.Needham analyst Alan Carr estimates mRNA-1273 sales of $400 million in the fourth quarter, $2 billion in 2021 and $1 billion in 2022.On the regulatory front, the Medicines and Healthcare products Regulatory Agency of the U.K. has started to review the company's rolling BLA submission for mRNA-1273.The company has also stitched up supply agreements, with a recent one being a deal with the Qatar government.Given the CDC's Advisory Committee on Immunization Practices meeting is scheduled for Friday, this week is an eventful one for the company and the stock.Unlike some big pharma vaccine developers, Moderna's vaccine program has progressed smoothly date, without any safety scares. The company's pipeline includes several other promising candidates.MRNA Price Action Stock: Since the start of the year, Moderna's shares have gained a whopping 360%.Analysts, on average, rate the stock a Buy and the average price target is $92.54, with the highest estimate being $136.At last check Wednesday, Moderna shares were trading down 5.67% to $66.66. Related Link: Moderna Analysts Say COVID-19 Vaccine Contract Reflects Pricing Risk, Shows Ability To Scale Latest Ratings for MRNA DateFirmActionFromTo Oct 2020Chardan CapitalMaintainsBuy Sep 2020SVB LeerinkDowngradesMarket PerformUnderperform Aug 2020SVB LeerinkMaintainsMarket Perform View More Analyst Ratings for MRNA View the Latest Analyst RatingsSee more from Benzinga * Click here for options trades from Benzinga * The Week Ahead In Biotech: Kala FDA Decision, Merck & Pfizer Earnings, Vaccine Updates And IPOs * Moderna Hits Enrollment Target In Late-Stage Coronavirus Vaccine Study(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Real estate investment trusts (REITs) are publicly traded companies that allow individual investors to buy shares in real estate portfolios that receive income from a variety of properties. They allow investors to easily invest in the real estate sector, which includes companies that own, develop, and manage residential, commercial, and industrial properties.
The Dow Jones Industrial Average plunged lower again amid a broad sell-off amid a worldwide spike in coronavirus cases.
(Bloomberg) -- Wells Fargo & Co. shares fell to their lowest level in more than a decade Tuesday as investors awaiting Chief Executive Officer Charlie Scharf’s strategy absorbed the prospect of job cuts and likely business sales.Shares declined 3.9% to their lowest since June 2009, dipping further than the 24-firm KBW Bank Index. Scharf, who took over last October, has been reviewing each of the firm’s businesses and is preparing to lay out his turnaround plan for the embattled lender. He’s said he would provide more information to investors in January.Scharf has promised a simpler structure, and is examining sales of units including the corporate-trust business, the student-lending portfolio and the asset manager. The bank has also embarked on a job-cutting initiative that could ultimately result in workforce reductions numbering in the tens of thousands.Read More on Wells Fargo:Wells Fargo Is Said to Mull $1 Billion-Plus Corporate-Trust SaleWells Fargo Cuts Dozens of Fixed-Income Research AnalystsWells Fargo Weighs Asset-Manager Sale as Sector ConsolidatesBuffett Inches Toward Wells Fargo Exit as Scharf Sets CourseWells Fargo Asset Cap Is Now One of the Costliest Bank PenaltiesWells Fargo, still under a Federal Reserve-imposed asset cap, has been the worst-performing company in the KBW Bank Index this year, with shares down more than 59%. The Fed limit has kept the bank from offsetting low rates with balance-sheet growth the way many rivals have. A Joe Biden win in the U.S. presidential election next week could prolong that timeline, according to Cowen analyst Jaret Seiberg.“We expect Wells Fargo to push the Federal Reserve to release it from the asset cap before Biden can replace top Fed officials in late 2021 and early 2022,” Seiberg wrote in a note. “We see that as an uphill fight, which is why the asset cap could stay in place into 2023.”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.