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Traders took a pause after the S&P 500 and Dow logged fresh record highs last week.
It’s a busier day ahead on the economic calendar after some key stats from the Asian session. The EUR, the GBP and the Greenback will be in focus later today.
(Bloomberg) -- Nomura Holdings Inc. is beginning to tighten financing for some hedge fund clients following the Archegos Capital Management LP fiasco that may cost Japan’s biggest brokerage an estimated $2 billion, according to people familiar with the matter.The restrictions include curbing leverage for some clients previously granted exceptions to margin financing limits, one of the people said, declining to be identified as the details are private. A representative for the Tokyo-based firm declined to comment.Nomura is taking steps to reduce risk at its prime brokerage unit in the wake of the Archegos collapse that may result in combined losses of $10 billion for global banks, according to estimates from JPMorgan Chase & Co.The Japanese brokerage joins a swathe of high-profile lenders caught up in the failure including Credit Suisse Group AG, which disclosed a first-quarter charge of 4.4 billion Swiss francs ($4.76 billion) for its ties to the New York-based firm.Credit Suisse has also been tightening financing terms for hedge funds and family offices, in a potential revamp of new industry practices after the blowup, people with direct knowledge of the matter said last week. The Swiss bank is also planning a sweeping overhaul of the hedge fund business at the center of the incident.‘Too Early’Nomura is examining the cause of the possible losses and it’s too early to say how it might impact earnings, an executive at the firm said in March, asking not to be identified. They declined to say how much the company has unwound positions linked to Archegos, which made highly leveraged bets on stocks that imploded when the investments suddenly lost value last month.Under Kentaro Okuda, who became chief executive officer last April, Nomura’s net income reached a 19-year high for the nine months ended in December, driven by a boom in trading and investment banking at home and overseas. The brokerage said in late March that it had an estimated $2 billion claim against a U.S. client, which Bloomberg identified as Archegos. The announcement sent the stock plunging 16% on March 29.Although Nomura is yet to confirm exactly how much it will lose from Archegos, SMBC Nikko Securities Inc. analysts led by Masao Muraki have said that it may post a 95 billion yen loss in the fourth quarter as a result of the trades.The brokerage isn’t the only Japanese financial institution taking a hit from Archegos. Mitsubishi UFJ Financial Group Inc.’s securities unit is booking a $270 million loss from the debacle, while Mizuho Financial Group Inc. faces about 10 billion yen in potential losses, Bloomberg has reported.Prime-brokerage divisions cater specifically to hedge funds, lending them cash and securities and conducting their trades. The relationships can be very lucrative for investment banks as well as a significant source of revenue.(Updates with details in eighth and ninth paragraph.)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) -- Europe’s top financial watchdog has asked some of the bloc’s largest banks for additional information on their exposure to hedge funds after the recent collapse of Archegos Capital Management.The checks by the European Central Bank on lenders such as Deutsche Bank AG and BNP Paribas SA are standard practice after such a disruptive event for the industry, according to people familiar with the matter. All banks supervised by the ECB that have a significant hedge fund business are likely to face these questions, they said, asking not to be identified discussing the private information.Representatives for the ECB, Deutsche Bank and BNP declined to comment.The collapse of Archegos, a secretive family office that had made highly leveraged bets on stocks, could cause as much as $10 billion of losses for banks, analysts at JPMorgan Chase & Co. estimate. Swiss lender Credit Suisse Group AG alone has put the expected hit at 4.4 billion Swiss francs ($4.7 billion) in the first quarter.Euro-region banks, by contrast, have come away largely unscathed. Deutsche Bank had several billion dollars of exposure to Archegos when it started unraveling but the German lender quickly sold its holdings, Bloomberg News has reported. It said it won’t incur a loss as a result of the firm’s collapse.Archegos put on its trades with the help of so-called prime brokerage units at a number of investment banks, effectively borrowing large amounts to amplify returns. When the investments declined and lenders asked for more collateral, the firm collapsed and banks raced to unwind the positions with prices plummeting.Prime brokerage units make money by lending cash and securities to hedge funds and executing their trades. The business is risky but lucrative, earning European banks Barclays Plc, BNP Paribas, Credit Suisse, Societe Generale SA and UBS Group AG a combined $4 billion in 2019, according to a report from JPMorgan.“There is a need to scrutinize the reasons why the banks enabled the fund to leverage up to such an extent,” ECB executive board member Isabel Schnabel said in an interview with Der Spiegel last week. “It is a warning signal that there are considerable systemic risks that need to be better regulated.”(Adds previous comments from ECB executive in final paragraph)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) -- President Joe Biden told companies vying with each other for a sharply constrained global supply of semiconductors that he has bipartisan support for government funding to address a shortage that has idled automakers worldwide.During a White House meeting with more than a dozen chief executive officers on Monday, Biden read from a letter from 23 senators and 42 House members backing his proposal for $50 billion for semiconductor manufacturing and research.“Both sides of the aisle are strongly supportive of what we’re proposing and where I think we can really get things done for the American people,” Biden said. “Now let me quote from the letter. It says, ‘The Chinese Communist Party is aggressively -- plans to reorient and dominate the semiconductor supply chain,’ and it goes into how much money will be they’re pouring into being able to do that.”Chief executives including General Motors Co. CEO Mary Barra, Ford Motor Co. CEO James D. Farley, Jr., and Sundar Pichai, CEO of Alphabet and Google participated in the virtual summit.White House Press Secretary Jen Psaki said the meeting showed the administration is serious about addressing supply-chain constraints and softening the blow for affected companies and workers.National Economic Council director Brian Deese and National Security Adviser Jake Sullivan hosted the meeting, with Commerce Secretary Gina Raimondo also participating. Companies invited to join included Dell Technologies Inc., Intel Corp., Medtronic Plc, Northrop Grumman Corp., HP Inc., Cummins Inc., Micron Technology Inc., Taiwan Semiconductor Manufacturing Co., AT&T Inc. and Samsung Electronics Co., as well as GM, Ford and Alphabet Inc.Intel CEO Pat Gelsinger said in an interview after the meeting that the White House and Congress are working aggressively to support the semiconductor industry with more domestic manufacturing, research and development as well as efforts to build the workforce. Taiwan’s TSMC also voiced its support. The contract chipmaker, which plays a central role in manufacturing most of the world’s most advanced semiconductors, has secured government incentives to begin building a $12 billion Arizona plant this year.“TSMC is confident that our 5nm advanced fab plan in Phoenix Arizona -- one of the largest foreign direct investments in U.S. history -- will be successful in partnership with the U.S. government,” it said in a statement.The administration intended to highlight elements of the president’s proposed $2.25 trillion infrastructure-focused plan that they believe would improve supply-chain resilience, a White House official said. The agenda also included discussions about the auto industry’s transition to clean energy, job creation and ensuring U.S. economic competitiveness, the official added.Many of the lawmakers supporting additional funding for semiconductors want to see the measure in a standalone competitiveness bill aimed at China, not as part of Biden’s infrastructure package, as it is now. The China bill has some bipartisan support and could have a quicker path through Congress.Intel, Micron, GM, A&T on Roster for White House Chips MeetingBut exactly how to spend and allocate the semiconductor funding is a source of debate among automakers and other consumers of chips, as well as the semiconductor companies themselves.Carmakers are pushing for a portion of the money to be reserved for vehicle-grade chips, warning of a potential 1.3 million shortfall in car and light-duty truck production in the U.S. this year if their industry isn’t given priority.Yet makers of other electronic devices affected by the chip shortage, such as computers and mobile phones, have taken issue with the carmakers’ demands, worried their industries will suffer. The debate was also a factor in the White House meeting.“There were many, many voices saying, ‘hey, we can’t just start carving things up for particular industries. We need a solution that works in the medium and long term and that are sensitive to some of the unique challenges of the immediate term,’” Gelsinger said in the interview. “I think we’re working pretty well through that process right now. Nobody will be entirely happy but we’re heading in a good direction.”The White House has not taken a public position on the issue but has indicated privately to semiconductor industry leaders that it would not support special treatment for one industry, according to people familiar with the matter.Matt Blunt, president of the American Automotive Policy Council, which lobbies for Ford, General Motors and Stellantis NV (formerly Fiat Chrysler Automobiles), expressed optimism that the Biden administration would at least consider his industry’s arguments.Congress Weighs Countering China on Chips, GOP Wary of Cost (1)He said the White House has not endorsed any specific plans for setting aside money for carmakers, but administration officials “understand why the proposal was made.”To avoid future chip shortages, Blunt’s group proposed that at least 25% of any federal support for the construction of semiconductor factories must go to U.S. facilities that commit to allocating at least 25% of their capacity to automotive-grade chips.John Neuffer, president and chief executive officer of the Semiconductor Industry Association, said the industry understands “the difficulty the auto sector is feeling right now, and chipmakers are working hard to ramp up production to meet demand in the short term.”For the long term, he said, the industry needs a boost in domestic production and innovation across the board “so all sectors of our economy have access to the chips they need, and that requires swiftly enacting federal investments in semiconductor manufacturing and research.”(Updates with TSMC’s comments from the seventh paragraph)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) -- The window for Europe to sell its longest dated debt may be closing faster than countries expect.Demand for Britain’s longest-dated gilt fell to the lowest level since July 2018 at auction on Tuesday, with bids for the bond maturing in 2071 coming in at more than two times the 1 billion pounds ($1.38 billion) on offer. Austria and Spain both saw orderbooks fall for sales of 50-year and 15-year debt respectively.It’s a sign that the region’s bond markets are being hit by a double whammy of heavy supply and fears of a reflationary resurgence, which threatens to erode returns for investors. Nordea Bank Abp warned that the window to sell long-dated tenors is now closing as the economy recovers against a backdrop of an accelerating vaccine rollout. That could put pressure on the European Central Bank to dial back its bond purchase programs.“The odds are stacked against longer-dated supply being taken down well,” said Peter Chatwell, head of multi-asset strategy at Mizuho International Plc. “There is no likely outcome where long end rates are able to sustain a bid.”Around 15% of debt sales in the region during the first quarter had maturities of 25 years or more -- an all-time high, according Nordea -- as countries took advantage of the ECB’s bond-buying program to borrow at near record-low rates. But now, government bond yields have rebounded from all-time lows as investors begin to price an end to the pandemic.“It may become trickier later this year, as the economic recovery materializes and an environment of higher yields may start to look less remote,” Nordea’s chief strategist Jan von Gerich said, adding that the worst of the selling pressure in bonds appears to be over for now.Spain saw orderbooks drop by around 20 billion euros for a six billion euro debt sale, while in Austria, demand for its 50-year sale fell by around one billion euros, even with only 2 billion euros on offer. Its four-year sale did better, garnering above 26.6 billion euros of bids, around six times more than the amount being sold.One overwhelming force keeping a lid on yields is the ECB’s repeated pledge to keep monetary policy accommodative as the region shakes off economic pain from the pandemic. Data scheduled for Friday is expected to show euro-area consumer price inflation jumped to 1.3% last month, the highest in more than a year. Yet that would still be below the central bank’s goal of a reading close to, but below 2%. “I don’t sense a shift in attitude towards duration based on the better economic outlook, not yet at least,” said Antoine Bouvet, senior rates strategist at ING Groep NV. “The lower-for-longer narrative is still widely shared in Europe.”Austrian securities that come due in 2062 yield around 0.66%, up from around 0.10% in December. Fifty-year gilts currently yield around 1.12%, having climbed from less than 0.3% last year. That’s well below a market gauge of expected price rises over the next decade, which hit 3.83% this month, the highest level in more than a decade.(Updates with prices throughout, adds Mizuho comment in fourth paragraph.)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.
Our call of the day from Bank of America narrows down where investors see the most risk these days. Fingers are pointing at the world's most popular cryptocurrency.
Bitcoin has picked up a tail wind in the lead up to Coinbase's stock listing on Nasdaq
Bitcoin surged to a record high on Tuesday, a day ahead of Coinbase Global’s public stock listing — the latest coming-out party for cryptocurrencies. The price of Bitcoin rose as high as $63,209 before giving back some of those gains, according to Coindesk. This pattern of Bitcoin hitting new highs ahead of a major event is not new.
‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage. The costs of homeownership are rising quickly across the country, so you’re not alone in feeling burdened.
The full-size luxury EQS sedan will launch on Thursday and could completely change the public perception of Mercedes, Deutsche Bank analysts said.
(Bloomberg) -- Abu Dhabi sovereign wealth fund Mubadala Investment Co. said it’s “close” to an initial public offering of Emirates Global Aluminium PJSC as it studies other major deals including a role in a consortium investing in Saudi Aramco’s oil pipelines.“We’ve been thinking about this for a couple of years and waiting for the right time for that business to be IPO’d,” Chief Executive Officer Khaldoon Al Mubarak said on Monday when asked about EGA, the Middle East’s biggest producer of aluminum. “We’re very close now.”Coming off its busiest year ever, the $232 billion fund has shown little sign of slowing down in 2021, striking deals ranging from purchasing a Brazilian refinery to investing in convertible bonds of messaging app Telegram.EGA, which is equally owned by Mubadala and Investment Corp. of Dubai, has smelters in Abu Dhabi and Dubai and a bauxite mine in Guinea. Its revenue in 2020 was $5.1 billion and it made earnings before interest, tax, depreciation and amortization of $1.1 billion.The company had planned an IPO in 2018 or 2019 but it was pulled after then-U.S. President Donald Trump imposed tariffs on aluminum imports from the United Arab Emirates. His successor Joe Biden said in February that he would keep the U.S. restrictions in place, reversing Trump’s last-minute move to grant the UAE relief from the duties.“We will decide, obviously, when the appropriate market conditions are there, but the company is certainly in a very strong position and I think is well placed for an IPO,” Al Mubarak said during a virtual conference.EIG TalksMubadala is meanwhile considering other deals. It hasn’t yet decided whether to join a group led by EIG Global Energy Partners LLC that agreed on a $12.4 billion deal with Aramco.The wealth fund has teams studying the opportunity and looking at possible returns on investing in neighboring Saudi Arabia, according to Al Mubarak. It’s previously said that it was in talks with EIG.According to an announcement last Friday, the investors will buy 49% of Aramco Oil Pipelines Co., a recently-formed entity with rights to 25 years of tariff payments for crude shipped through the Saudi Arabian firm’s network. Aramco will own the rest of the shares and retain full ownership of the pipelines themselves.Read more: Mubadala Discusses GlobalFoundries IPO at $20 Billion Value Mubadala has also made no decision about a share sale of its wholly-owned chipmaker GlobalFoundries, according to Al Mubarak. Earlier this month, Bloomberg reported that the wealth fund had started preparations for a U.S. IPO that could value the business at about $20 billion.“GlobalFoundries is a strong, well-run business,” Al Mubarak said. “We have not taken a view or a decision yet.”India PushAfter an initial pause after the pandemic first hit, the wealth fund doubled down and invested more in 2020 than in any previous year, the CEO said.India emerged as one key destination for Mubadala’s money, with its investments there in 2020 eclipsing the combined total of the preceding 19 years, Al Mubarak said.The wealth fund invested $1.2 billion in Reliance Industries Ltd.’s digital upstart Jio Platforms Ltd. in 2020, a deal that gave Mubadala a 1.85% stake in the venture.“Clearly, we were underweight in terms of India” and “over the last many years we didn’t invest as much as we should,” the CEO said. “That’s changing, and as far as we’re concerned in Mubadala, we’re certainly giving it a very particular focus.”(Updates with details on EGA in fourth paragraph.)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.
The investing game is rarely plain sailing. While no doubt investors would like the choices that make up their portfolio to always go up, the reality is more complicated. There are periods when even shares of the world’s most successful companies have been on a downward trajectory for one reason or another. While it’s no fun watching a stock you own drift to the bottom, any savvy investor knows that if the company’s fundamentals are sound to begin with, the pullback is often a gift in disguise. This is where the chance for strong returns really comes into play. “Buy the Dip” is not a cliché without reason. With this in mind, we scoured the TipRanks database and picked out 3 names which have been heading south recently, specifically ones pinpointed by those in the know as representing a buying opportunity. What’s more, all 3 are rated Strong Buys by the analyst consensus and projected to rake in at least 70% of gains over the next 12 months. Here are the details. Flexion Therapeutics (FLXN) Let’s first take a look at Flexion, a pharma company specializing in the development and commercialization of therapies for the treatment of musculoskeletal pain. The company has two drugs currently in early-stage clinical trials but one which has already been approved by the FDA; Zilretta is an extended-release corticosteroid for the management of osteoarthritis knee pain. The drug was granted regulatory approval in 2017, and Flexion owns the exclusive worldwide rights. FLXN stock has found 2021 hard going and is down by 30% year-to-date. However, the “recent weakness,” says Northland analyst Carl Byrnes has created a “unique buying opportunity.” Like many biopharmas, Flexion’s marketing efforts took a hit during the height of the pandemic last year, as shutdowns and restrictions impacted its operations. However, Byrnes anticipates Zilretta to exhibit “stellar growth in 2021 and beyond.” “We remain highly confident that the demand for ZILRETTA will continue to strengthen, bolstered by product awareness and positive clinical experiences of both patients and HCP, augmented by improvements in HCP interactions and deferral of total knee arthroplasty (TKA) surgical procedures,” the analyst said. Byrnes expects Zilretta’s 2021 sales to surge by 45% year-over-year to $125 million, and then increase by a further 50% to $187.5 million the following year. That revenue growth will go hand in hand with massive share appreciation; Byrne’s price target is $35, suggesting upside of ~339% over the next 12 months. Needless to say Byrne’s rating is an Outperform (i.e. Buy). (To watch Byrnes’ track record, click here) Barring one lone Hold, all of Byrne’s colleagues agree. With 9 Buys, FLXN stock boasts a Strong Buy consensus rating. While not as optimistic as Byrne’s objective, the $20.22 average price target is still set to yield returns of an impressive 153% within the 12-month time frame. (See FLXN stock analysis on TipRanks) Protara Therapeutics (TARA) Staying in the pharma industry, next up we have Protara. Unlike Flexion, the cancer and rare disease-focused biotech has no therapies approved yet. However, the picture should soon become clear regarding the timing of a BLA (biologics license application) for TARA-002, the company’s investigational cell therapy for a rare pediatric indication - lymphatic malformations (LM). TARA-002 is based on the immunopotentiator OK-432, currently approved as Picibanil in Japan and Taiwan for the treatment of multiple cancer indications as well as LM. Currently, Protara is seeking to get the FDA’s acceptance that TARA-002 is comparable to OK-432. If everything goes according to plan, the company anticipates potential BLA filing in H2:2021 and potential approval in H1:2022. Protara shares have tumbled 40% year-to-date. That said, Guggenheim analyst Etzer Darout believes the stock is significantly undervalued. “We estimate risk-adjusted peak sales of ~$170M (75% PoS) in the US alone (biologics exclusivity to 2034-2035),” the 5-star analyst said. “The company has outlined a ‘no additional study scenario’ that estimates a US launch in 2022 and an ‘additional registration study’ scenario that estimates a 2023 launch and we see current levels as a buying opportunity ahead of regulatory clarity on LM.” Furthermore, Tara is expected to submit an IND (investigational new drug) for a Phase 1 trial for TARA-002 in 2H21 for the treatment of non-muscle invasive bladder cancer (NMIBC). Darout notes 80% (~65K) of all newly diagnosed bladder cancer patients suffer from this specific condition including ~45% “that are high grade with high unmet need.” The company also owns IV Choline, a Phase 3-ready asset, for which the FDA has already granted both Orphan Drug Designation and Fast Track Designation for IFALD (intestinal failure-associated liver disease). Based on all of the above, Darout rates TARA a Buy and has a $48 price target for the shares. The implication for investors? Upside of a strong 225%. (To watch Darout’s track record, click here) Overall, with 3 recent Buy ratings under its belt, TARA gets a Strong Buy from the analyst consensus view. The stock is backed by an optimistic average price target, too; at $43.67, the shares are anticipated to appreciate by ~198% in the year ahead. (See TARA stock analysis on TipRanks) Green Thumb Industries (GTBIF) Last but not least is Green Thumb, a leading US cannabis MSO (multi state operator). This Chicago-based company is one of the stalwarts of the rising cannabis sector, boasting the second highest market-cap in the industry and exhibiting impressive growth over the last year. In 2020, revenue increased by 157% from 2019, to reach $556.6 million. That said, despite delivering another excellent quarterly statement in March, and being well-positioned to capitalize on additional states legalizing cannabis, the stock has pulled back recently after the company was hit by a damning Chicago Tribune article. According to Chicago Tribune, the company is being investigated by the fed over "pay to play" payments regarding the procurement of cannabis licenses in Illinois. Countering the claims, GTBIF management said the allegations are unfounded and that there is no factual evidence to support them. Furthermore, the company pointed out it has not even been contacted by the authorities regarding the matter. Who to believe, then? It’s an easy choice, according to Roth Capital’s Scott Fortune. “We believe these tenuous claims create an opportunity to own the best-in-class operator currently off 25% from recent highs,” the 5-atar analyst opined. “In our view, the GTI business and track record of execution is not at risk in terms of the seemingly baseless accusations. We will continue to monitor any new additional incremental evidence potentially surfacing but believe the allegations are unfounded. We believe the upside opportunity remains compelling at these levels.” Going by Fortune’s $45 price target, shares will be changing hands for a 70% premium a year from now. Fortune’s rating remains a Buy. (To watch Fortune’s track record, click here) The negative news has done little to dampen enthusiasm around this stock on Wall Street. The analyst consensus rates GTBIF a Strong Buy, based on a unanimous 12 Buys. The average price target, at $47.71, suggests an upside of 79% over the next 12 months. (See GTBIF 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 Xiaomi held on to its pole position in the world's second-largest smartphone market throughout 2020.
The previously unpublished ED analysis, obtained by Yahoo Finance, reveals how many student loan borrowers would benefit from various levels of forgiveness, specifically borrowers in default.
The crypto markets are very young, and we expect many more companies to compete for the profits Coinbase (COIN) enjoys today. As the cryptocurrency market matures, we expect Coinbase’s transaction margins to drop precipitously. The race-to-zero phenomenon that took place in late 2019 with stock trading fees will likely make its way to the crypto trading space.
French agri-food group Avril has decided to sell its animal processing units to focus acquisitions and investment in its core plant-based business and take advantage of a surge in demand for alternatives to meat. Created by French oilseed and protein crop growers, Avril is the European Union's largest biodiesel maker and a leader in animal nutrition, cooking oil and plant-based chemical products. The group is looking at acquisitions in the sectors it has identified as high-potential: specialty ingredients, consumer brands, renewable energy and services for farmers, including animal nutrition, Avril Chief Executive Jean-Philippe Puig said.
Topps on Monday unveiled its first non-fungible token plans for Major League Baseball. The move comes after a week after announcing a SPAC merger with Mudrick Capital Acquisition Corporation II (NASDAQ: MUDS) to bring the iconic trading card company. What Happened: Topps will debut its first Major League Baseball card NFT collection on April 20. The company will release a series of NFT cars featuring the 2021 Topps Series 1 cards featuring iconic throwback card templates and anniversary sets. This will mark the first time a Topps set will live on the blockchain. Collectors can purchase standard packs that contain six digital cards for $5. The standard packs will be limited to 50,000 copies. There will be 24,090 premium packs released. Each premium pack will contain 45 digital cards and be priced at $100. The digital MLB NFTs will have different rarity levels including a Legendary Limited Edition 1 of 1 Platinum Anniversary parallel that will be randomly inserted into premium packs. "Our MLB blockchain NFT series debut marks a historic moment in the modern evolution of collecting for both traditional and new collectors," said Topps VP & General Manager Tobin Lent. Related Link: WWE Launches Undertaker NFTs With Extra Perks: What Investors And Wrestling Fans Should Know Why It’s Important: Topps is launching the NFTs with a partnership with Major League Baseball and Major League Baseball Players Inc. The pack releases will be similar to NBA Top Shot, which has been one of the most successful NFT series in 2021. Topps has trading card partnerships with MLB, NHL, several soccer leagues and the Walt Disney Co (NYSE: DIS). Topps previously released NFTs of Garbage Pail Kids and Godzilla. In its investor presentation, Topps said it has a robust pipeline of NFTs coming in 2021. Price Action: Shares of Mudrick Capital Acquisition Corporation II are up 2% to $11.10 in premarket trading Monday. See more from BenzingaClick here for options trades from BenzingaSPACs Attack Weekly Recap: 6 Deals, Rumors And Headline NewsExclusive: Gary Vee On Sports Cards Investment Options, What's Ahead For NFTs© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Actividades de Construccion y Servicios SA is weighing a spinoff of its construction business as it focuses on becoming a major European toll-roads operator, according to people familiar with the matter.The Spanish construction company is conducting internal analysis of the move to help simplify its corporate structure, the people said, asking not to be identified discussing confidential information.Deliberations are in the early stages and ACS is considering alternatives to a spinoff for the unit as well, according to the people. A representative for Madrid-based ACS declined to comment.Shares in ACS were trading down 0.1% at 5:24 p.m. in Madrid on Tuesday, giving the company a market value of about 8.6 billion euros ($10.2 billion).Together with its concessions business, construction forms part of ACS’s infrastructure division. Construction delivered reported net profit of 100 million euros in 2020. ACS has been looking to streamline operations and make room to grow into a leading operator of toll-road concessions under its billionaire founder Florentino Perez, who is also chairman of Real Madrid C.F. soccer club.Earlier this month, ACS completed a 4.9 billion-euro sale of its industrial services unit to Vinci SA and a few days later made a bid to acquire the domestic highway unit of Italy’s Atlantia SpA. Perez said he would seek to merge Atlantia’s Autostrade per l’Italia SpA with Abertis Infraestructuras SA, a toll-road operator jointly owned by ACS and Italy’s Benetton family, who also control Atlantia.While ACS is still considering how it will structure the Autostrade deal, one option would be to pay using a mix of equity and cash, people familiar with the matter said. ACS is keen to have other financial investors join its bid, one of the people said.Any spinoff of its construction business would be complicated by the fact that ACS has two listed subsidiaries, Hochtief AG in Germany and Cimic Group Ltd. in Australia. Hochtief owns the bulk of ACS’s Abertis stake. Perez has said he does not want to buy out minority investors in either Hochtief or Cimic.Reported net profit at ACS’s infrastructure division plummeted from 193 million euros to 99 million euros in 2020. This was mainly on the back of a loss at the concessions business, which was hit by pandemic mobility restrictions in key markets like Spain and France. Prior to the Covid-19 crisis, concessions accounted for 42% of ACS’s ordinary infrastructure profit.(Adds share move in fourth paragraph)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.
Nasir Jones’ QueensBridge Venture Partners invested in 2013. A source familiar with the matter confirmed QueensBridge is still on the Coinbase cap table.