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Showing posts from February, 2020

Billionaire Tom Steyer ends 2020 presidential bid

Billionaire Tom Steyer ended his campaign for the Democratic presidential nomination after a disappointing finish in South Carolina, where he had hoped to make a stand. Steyer didn’t garner enough of the vote to get any delegates. He had been betting on a strong performance in that state after doing poorly in the first three early contests, failing to crack the top four slots in Iowa, New Hampshire and Nevada. “I can’t see a path where I can win the presidency,” Steyer said in Columbia, South Carolina. “I have no regrets.” In South Carolina, he spent millions on television ads before the other candidates invested in the state. Steyer entered the race in July on a platform of reforming the role of money in politics and combating climate change. He also brought a willingness to spend freely from his personal fortune to deliver his message. His departure leaves Michael Bloomberg as the only candidate left in the race who is self-funding his campaign. (Bloomberg is the founder and ma
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It’s All But Over for Chesapeake Energy Stock

Equity markets right now are pricing Chesapeake Energy (NYSE:CHK) for an eventual bankruptcy. In pre-market trading, CHK stock is changing hands for less than 24 cents per share.Source: Casimiro PT / Shutterstock.com That kind of price, and that kind of trading, might attract some investors looking for a lottery ticket stock. It shouldn't. Barring an absolute miracle, Chesapeake's stock is headed to zero.The plunge of the shares has led bulls to look for someone, or something, to blame. But the selloff isn't a matter of investors panicking amid fears of the coronavirus. It's not being driven by short sellers. It's not even, really, due to the proposed reverse split of the shares.InvestorPlace - Stock Market News, Stock Advice & Trading TipsNor is it even necessarily the fault of Chesapeake's current management. To be sure, the company's CEO, Doug Lawler, and his team haven't done a great job. Last year's acquisition of Wildhorse Resource Developm
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Donald Trump imposes international travel restrictions after first coronavirus death in US

US President Donald Trump on Saturday announced restrictions on travel from Iran and advised fellow citizens not to travel to certain areas of South Korea and Italy. The announcement came as the first death from coronavirus was reported in the US from the Washington state. from Economic Times https://ift.tt/2Vuwebb
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Nokia Stock Is Not Cheap Enough

Nokia (NYSE:NOK) stock got off to an encouraging start this year, with the price going from $3.80 to $4.47. But the gains have since faded. Note that the year-to-date return for NOK stock is about 6%. And yes, when you look back at the past 12 months, it is -33%.Source: RistoH / Shutterstock.com For NOK stock, the fortunes are tied to the 5G opportunity. The technology offers much greater speed and performance, which should lead to more innovative applications. No doubt, companies like Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) are investing heavily in 5G to boost their competitiveness.Now for NOK stock, there have been some positive developments. For example, the regulatory approval for the merger of T-Mobile's (NASDAQ:TMUS) and Sprint (NYSE:S) should be a boost. Keep in mind that - in the summer of 2018 - NOK and TMUS entered a strategic partnership for 5G. So, with Sprint, there will be access to critical wireless radio licenses. This should help expand the 5G
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Biden wins South Carolina, hopes for Super Tuesday momentum

Joe Biden scored a convincing victory in South Carolina’s Democratic primary on Saturday, riding a wave of African American support and ending progressive rival Bernie Sanders’ winning streak. The victory came at a crucial moment in Biden’s 2020 bid as the moderate Democrat bounced back from underwhelming performances in the first three contests. The race now quickly shifts toward next week’s “Super Tuesday,” when voters in 14 states award one third of the total number of presidential delegates. Biden hopes the South Carolina victory will be enough to establish him as the clear alternative to Sanders as the race moves into a new phase. Standing in Biden’s way is former New York City Mayor Mike Bloomberg, one of the world’s richest men, who has spent more than half a billion dollars courting voters in dozens of states yet to vote. The South Carolina primary was the first major test of the candidates’ appeal among black voters. And while it gave the 77-year-old Biden a win when he mos
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The Next Six Months Look Promising for an XOM Stock Rebound

After a pretty-respectable 2019 for Exxon Mobil (NYSE:XOM), things look pretty bleak for oil stocks in general and XOM stock in particular at this point.Source: Jonathan Weiss / Shutterstock.com The coronavirus is dampening travel by airplane and automobile, lowering demand for jet fuel and gasoline. Electric cars are making meaningful inroads in some markets. In the U.S., as InvestorPlace columnist Bret Kenwell pointed out recently, shale drillers are responding to any price increases by letting more of their oil onto the markets. Still, I think this could be a proverbial case of "darkest before dawn" for Exxon and its peers.Among the reasons for my contrarian view are China's commitment to purchase a great deal of oil and natural gas from the U.S.InvestorPlace - Stock Market News, Stock Advice & Trading TipsFurther, OPEC looks poised to lower oil supplies, and, as I've pointed out in the past, the relatively high oil prices at the beginning of the year may have
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Despite Job Cuts, GE Stock Has Long, Hard Climb Back To $20

Right there on page 3 of General Electric's (NYSE:GE) 2019 10-K, the company informed investors that it had 205.000 global employees at the end of December, with 70,000 of those employees working in the U.S. Over the past year, GE cut 78,000 jobs from its workforce to right the business and balance sheet, and GE stock moved higher in 2019 as a result. Source: testing / Shutterstock.com However, over the past eight days of trading, GE has lost ground every day, dropping from $13.16 on February 12 to $11.32 on February 25. That's a 14% decline, or 1.75% a day. GE hit a 52-week high on February 12, the stock's highest point since October 2018. It hasn't traded above $20 since November 2017. Whether you believe the job cuts are enough, GE stock is going to have a tough time getting back to $20. InvestorPlace - Stock Market News, Stock Advice & Trading Tips GE Skeptics Come Out Sure, a chunk of the declines is due to the markets imploding over the ongoing surge in corona
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Don’t Buy the Rumors, but Nokia Stock Could Still be Worth the Purchase

In an ill-looking market and tech companies taking the unwanted lead, there's also Nokia (NYSE:NOK). And right now, both off and on the NOK stock price chart, investors have the opportunity to "strategically explore" a profitable purchase for a better tomorrow. Let me explain.Source: RistoH / Shutterstock.com For most of Wall Street, it's all about Microsoft's (NASDAQ:MSFT) coronavirus-driven sales warning and a growing Covid-19 health threat following the discovery of the first U.S. case of "unknown origin" in California.The combined reports in a market already showing sure signs of panic and fearful behavior has led to the S&P 500 index spiraling lower by another 4.42% on Thursday.InvestorPlace - Stock Market News, Stock Advice & Trading TipsFor Microsoft's part and following Apple's (NASDAQ:AAPL) sales warning earlier this week, shares of the world's second-largest publicly traded company are off by about 4.75%. That brings the tec
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Dunkin' Brands Group, Inc. Just Reported Full-Year Earnings: Have Analysts Changed Their Mind On The Stock?

It's been a mediocre week for Dunkin' Brands Group, Inc. (NASDAQ:DNKN) shareholders, with the stock dropping 13% to... from Yahoo Finance https://ift.tt/32EcXWf
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Trump says U.S. considering restrictions at Mexican border over coronavirus

WASHINGTON -- The United States is considering shutting the country's southern border with Mexico to control the spread of the new coronavirus, President Donald Trump said on Saturday, as his administration announced new limits on travelers who have visited Iran and recommended against travel to hard-hit areas of Italy and South Korea. Read More from Financial Post https://ift.tt/2TbuOAB
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Court orders BMO subsidiaries to pay back $102.9 million in undisclosed fees

A judge in Ontario’s Superior Court of Justice has ordered a trio of Bank of Montreal subsidiaries to disgorge profits generated on $102.9 million in undisclosed fees charged to about 200,000 holders of registered accounts such as RRSPs, RESPs and tax-free savings accounts over a 10-year period. Read More from Financial Post https://ift.tt/2uIYwnk
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New coronavirus case of unknown origin in California; U.S. to push production of protective gear

WASHINGTON -- The United States will invoke a federal defense law to boost production of masks, gloves, gowns and other items to protect against the new coronavirus, the Trump administration said, as a new case of unknown origin was confirmed in California on Friday. Read More from Financial Post https://ift.tt/382IOkw
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New coronavirus case in California is of unknown origin – county health officials

LOS ANGELES -- The latest confirmed U.S. case of coronavirus is of "unknown origin" and was diagnosed in a woman who had not traveled overseas or had contact with any known travelers, Santa Clara County Health officials said on Friday. The patient was identified as an adult woman with chronic health conditions who was referred for testing after she developed difficulty breathing, Dr. Sara Cody, Health Officer for Santa Clara County and Director of the County of Santa Clara Public Health Department, told an afternoon news conference. (Reporting by Dan Whitcomb; Editing by Sandra Maler) Read More from Financial Post https://ift.tt/2T9B4sT
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Producer Dick Wolf signs new 9-figure deal with Universal

Veteran producer Dick Wolf signed a new five-year agreement to keep making TV shows for Comcast’s Universal Television, extending a string of deals that total in the hundreds of millions of dollars. As part of the pact, Comcast’s NBC will continue airing Wolf Entertainment’s “Chicago” shows— Chicago Fire , Chicago P.D. , and Chicago Med —for at least three more seasons. Law & Order: Special Victims Unit , already in its record-breaking 21st season, also will be picked up for three more years. 3 MORE SEASONS OF… SVU& Med& Fire& P.D.& pic.twitter.com/W7wxRxBcL4 — NBC Entertainment (@nbc) February 27, 2020 Wolf, 73, will get at least $150 million upfront in the deal, according to a person familiar with the matter, who asked not to be identified because the terms weren’t released publicly. He stands to make more from his share of his shows’ potential profits when Universal licenses them to streaming services and other TV networks. “The significance of hav
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Stock market live updates: Stock futures climb after historic rout; coronavirus fears persist

Headlines moving the stock market in real time. from Yahoo Finance https://ift.tt/398QB1k
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Kansas struggles with details of legalizing sports betting

Kansas lawmakers who want to legalize betting on sports events and allow online sales of lottery tickets are struggling to agree on the details and facing criticism that they’re being too generous toward companies already managing casinos for the state. The state Senate voted 23-15 on Wednesday to approve a sports betting bill less than month after the Kansas City Chiefs’ victory in professional football’s Super Bowl highlighted how many Kansas fans likely placed wagers on the team out of state or illegally. Approval came after a four-hour debate and sent the bill to the House, but a committee there is working on its own legislation that is likely to differ significantly. The Senate’s bill would allow people to place bets on sports events through four state-owned casinos managed by private companies through contracts with the Kansas Lottery, and the casino companies could take wagers through computer or cellphone apps. The measure also would allow limited state lottery ticket sales o
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Amidst coronavirus panic, the stock of this hazmat suit-maker is up 88%

You could call it the ultimate safety stock. As U.S. markets swooned, shares of Lakeland Industries, a protective clothing maker whose products include hazmat suits, jumped 22% by the market’s close Thursday, representing a rise of 88% year-to-date. Dizzy from coronavirus’ rapid global spread in countries including South Korea and Italy, some investors appeared to be hunting for defensive stocks that tend to do better in downturns. As of Thursday, 82,550 people have been infected with 2,810 deaths worldwide. Forty-seven countries have reported cases, with 60 in the U.S. The surge in Lakeland’s stock doesn’t appear to be predicated on any particular news, but on speculation that the spreading virus will boost demand for masks and hazmat suits among healthcare professionals, and that some demand will flow to Lakeland Industries. Some of the rise may also be based on speculation that other traders will come to that conclusion. The trade is not a new idea. After the U.S. confirmed it
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Trump campaign says it is suing New York Times over Russia opinion piece

WASHINGTON -- President Donald Trump's re-election campaign said on Wednesday it was filing a libel suit accusing the New York Times of intentionally publishing a false opinion article that suggested Russia and the campaign had an overarching deal in the 2016 U.S. election. Read More from Financial Post https://ift.tt/3abLoGu
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Senator Rubio seeks U.S. review of sale of AT&T unit to Czech-owned conglomerate

WASHINGTON -- U.S. Senator Marco Rubio on Wednesday asked the Trump administration to review the national security implications of AT&T's Inc's planned sale of its majority stake in Central European Media Group Enterprises (CME) to the Czech-owned conglomerate PPF Group. Read More from Financial Post https://ift.tt/2HXJRaL
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3 Stocks Warren Buffett and Leon Cooperman Agree On

The billionaire investors remain net buyers of stocks as market selloff continues Continue reading... from Yahoo Finance https://ift.tt/3a0xHtM
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Chesapeake Tumbles Toward Oblivion With Investors Losing Faith

(Bloomberg) -- Chesapeake Energy Corp.’s options for dealing with its towering debt load are shriveling as the natural gas driller seeks to auction off shale fields it needs to stay afloat.Chesapeake’s bonds and shares plunged on Wednesday after Chief Executive Officer Doug Lawler mapped out a survival strategy predicated on a sweeping divestiture program that must be consummated within months in a market already glutted with North American gas holdings.The risky plan to raise as much as $500 million, coupled with an impending reverse-stock split aimed at avoiding delisting, spooked investors. The Oklahoma shale explorer’s bonds were among the worst junk-market performers for the day amid swelling doubt among holders that recent refinancing moves will be enough to manage its leveraged balance sheet.Once a vanguard of the U.S. shale revolution, Chesapeake has fallen headlong toward collapse as it and rival drillers flooded the U.S. with excess gas, crushing prices and destroying billion
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IMF, World Bank consider ‘virtual’ Spring Meetings as virus spreads

WASHINGTON -- Growing concerns inside the International Monetary Fund and the World Bank about the spread of the new coronavirus have prompted the institutions to consider scaling back their Spring Meetings in April or hold them by teleconference, people familiar with the discussions said on Wednesday. Read More from Financial Post https://ift.tt/2T1RNOr
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Canada mulling made-in-Ottawa supplement to Boeing’s 737 MAX flight manual

MONTREAL -- Transport Canada is mulling a Canadian supplement to the Boeing 737 MAX's U.S.-developed flight manual, as the regulator weighs going beyond steps taken by the Federal Aviation Administration (FAA) to end a global grounding of the model after two fatal crashes. Read More from Financial Post https://ift.tt/2PtxRC3
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Leading Australia and New Zealand Retailer, Kathmandu, deploys ShopperTrak Analytics from Sensormatic Solutions

NEUHAUSEN, Switzerland -- Johnson Controls today announced that Sensormatic Solutions , its leading global retail solutions portfolio, is deploying the ShopperTrak retail traffic solution with advanced analytics to help Kathmandu make data-driven decisions in everything from marketing campaigns to managing staff schedules to operational effectiveness. Read More from Financial Post https://ift.tt/2Tl6drY
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Trump puts Pence in charge of coronavirus efforts, calls risk to Americans ‘very low’

President Donald Trump declared Wednesday that the U.S. is “very, very ready” for whatever the coronavirus threat brings, and he put his vice president in charge of overseeing the nation’s response. Trump sought to minimize fears of the virus spreading widely across the U.S. But he said he was ready to spend “whatever’s appropriate,” even if that meant the extra billions of dollars that Democrats have said is necessary to beef up the U.S. response. Trump had told Congress earlier this week that the government needed to spend $2.5 billion to fight the virus. “We’re very, very ready for this, for anything,” even if it’s “a breakout of larger proportions,” Trump told a news conference. Vice President Mike Pence will be working with the government’s top health authorities, and Trump’s earlier-appointed coronavirus task force, to oversee the response. More must-read stories from Fortune : —Are we undergoing an industrial revolution or a phase change? —Understanding the 2020 election
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