Month: June 2020

(Bloomberg) — Simon Property Group Inc. is terminating its $3.6 billion bid to buy Taubman Centers Inc., arguing that its rival mall owner has breached the merger agreement by not taking steps to mitigate the fallout from the coronavirus pandemic.Simon said in a statement on Wednesday it has “exercised its contractual rights” to terminate the deal, which was announced in February before the pandemic battered malls. The company said it was asking a court to declare that Taubman has suffered a “material adverse event” and “breached the covenants in the merger agreement.”Taubman didn’t immediately respond to a request for comment.Taubman’s …read more […]

Diamond Hill Capital recently released its Q1 2020 Investor Letter, a copy of which you can download below. The Diamond Hill Small Cap Fund posted a return of -36.17% for the quarter, underperforming its benchmark, the Russell 2000 Index which returned -30.61% in the same quarter. You should check out Diamond Hill Capital’s top 5 […] …read more […]

(Bloomberg) — Tesla Inc. shares eclipsed $1,000 for the first time ever on Wednesday as ramping demand for the company’s Model 3 in China led Wedbush analysts to tout the “massive”’ market opportunity and its ongoing battery efforts.Analyst Daniel Ives called the demand out of China “a ray of shining light for Tesla in a dark global macro” setting, with the company appearing to be on track to reach 100,000 deliveries from its local plant in the first year. Ives maintained his neutral rating but boosted his price target to $1,000 from $800 and said his new bull case implies …read more […]

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(Bloomberg) — Daniel Kretinsky’s bet on Macy’s Inc. turned out to be short but profitable, and the Czech billionaire might jump back into the stock again if the price is right.His Vesa Equity Investment said Tuesday it owned 0.7% of the U.S. department-store chain, down from the 5% stake unveiled less than a month ago. The investment, billed as a strategic move at the time, coincided with a 65% surge in the stock. Kretinsky made roughly $36 million if he bought Macy’s shares the day before disclosing his 5% stake and sold them on Tuesday.“The reason for our exit certainly …read more […]

The company’s shares fell over 2% in premarket trading. Starbucks projected an adjusted loss of about 55 cents to 70 cents per share for its third quarter ending in June, and said it expects U.S. same-store sales to drop by up to 45%. Sales trends are expected to improve in the fourth quarter, but Starbucks still estimates U.S. same-store sales to be down 10% to 20% for the full year. …read more […]

The Federal Reserve is set to announce its latest policy decision on Wednesday afternoon. …read more […]

Of all the controversial plays on Wall Street, penny stocks take the cake. The risk-tolerant flock to these names as the potential for share prices to grow from pocket change to more than a few dollars is too tempting to ignore.That said, these tickers aren’t without their pitfalls. Some investors avoid them entirely, arguing that the bargain price tags are too good to be true. Rather, the fact that shares are trading at such low levels could reflect problems lying beneath the surface, whether it be poor fundamentals or overpowering headwinds. So, how are investors supposed to distinguish between the …read more […]