Year: 2020

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(Bloomberg) — Gold headed for a third monthly drop — the longest run since 2019 — as investors favored the dollar as a haven in the final days before next week’s pivotal U.S. presidential election, a contest that coincides with a wave of coronavirus cases that’s ripping through the top economy and Europe.Uncertainty remains high before the Nov. 3 vote, lifting the dollar’s appeal as a safe asset over bullion. The spread of Covid-19 is intensifying in the U.S., where new cases topped 86,000 to set a fresh daily record, as well as right across Europe’s leading nations.Since hitting a …read more […]

(Bloomberg) — Oil is poised for the biggest monthly slide since March on concern a resurgent pandemic in the U.S. and Europe will keep people hunkered down, crimping demand for auto and aviation fuel.Futures have tumbled almost 11% this month in New York and they’re near the lowest since late May in London. Infections surged to a record in the U.S. Midwest, while parts of Europe tightened restrictions to stem second waves. Meanwhile, the return of Libyan supplies added to concerns of a crude glut.Road fuel sales in the U.K. slid for a fifth week to the lowest since July. …read more […]

(Bloomberg) — Solid quarterly earnings from America’s biggest tech firms weren’t enough to keep investors from selling late Thursday, the latest sign sentiment is turning against ultra-expensive digital megacaps.Futures on the S&P 500 tumbled 2% and Nasdaq 100 contracts were down 2.3% as of 6:45 a.m. in London. Stocks had rebounded from the worst selloff in four months during the cash session ahead of the slate of megacap results.The slide follows a red-hot run this year that saw the tech giants help haul U.S. equities to new highs amid a rampant pandemic and severe economic downturn.“As we’ve seen in reactions …read more […]

“The dollar rebound appears to have run its course,” said Edward Moya, senior market analyst at OANDA. Europe has moved back to the centre of the global pandemic, with Germany and France ordering a second lockdown to curb the spread of infections. “Leading into the U.S. elections I see it (gold) staying weak,” said Michael Langford, executive director at corporate advisory and consultancy firm AirGuide. …read more […]

BYD Company Limited (OTC: BYDDF) enjoyed robust earnings in the third quarter due to a bounce-back in demand for electric vehicles in China and increased sales of face masks.What Happened: The Chinese automaker backed by Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett released its third-quarter results on Thursday.Sales rose 41% to $6.67 billion in the three months through September, while the automaker’s net profit increased 1,362% to $262.1 million (RMB 1.75 billion). Earnings per share rose 3,000% from the similar quarter a year ago at $0.093 (RMB 0.62).The company said its new flagship model “Han” and …read more […]

One of 2020’s most prominent trends has been the rise of digital payments. Driven by the continued success of it Cash App, Square (SQ) has made the most of this opportunity. The fintech player has experienced strong growth and as a result the stock has accumulated year-to-date gains of a massive 171%.Heading into next week’s Q3 earnings (Nov 5 AMC), Deutsche Bank analyst Bryan Keane anticipates another strong showing from the payments industry disruptor.”We expect SQ to continue executing with improving Seller trends and Cash App strength from stimulus and increased demand for the company’s digital solutions driving stronger long …read more […]

(Bloomberg) — Fresh concerns about the outlook for technology giants dragged U.S. equity futures lower, while Asian stocks also slipped on Friday. The dollar gave back some of its advance from the prior session.Japanese shares fell over 1%, with declines more modest in Hong Kong and Australia. Contracts on the Nasdaq 100 and S&P 500 sank following a string of reports from the likes of Amazon.com Inc. and Apple Inc., with the iPhone maker down more than 4% in after-hours trading.The S&P 500 had earlier bounced back a day after its biggest rout in four months, with investors encouraged by …read more […]

(Bloomberg) — Shi Xu moved to Singapore in the early 1990s, hoping for financial stability and job security. Now the former academic and his wife are multimillionaires after their nanotechnology company debuted in the city-state.Nanofilm Technologies International Ltd., which provides solutions for smartphones and other electronics, opened at S$2.77 ($2.03) from its initial public offering price of S$2.59 a share and rose as much as 14% by 10:49 a.m. local time. Shi’s fortune, mainly made up of the 53% Nanofilm stake he holds with his wife, has surged to almost $930 million, according to the Bloomberg Billionaires Index. The company …read more […]

With Microsoft (MSFT) stock up over 30% year-to-date, expectations were high coming into the tech giant’s fiscal first-quarter earnings. While the tech giant beat on the top and bottom lines, the second-quarter guidance was soft. As a result, MSFT shares fell 5% on the headline, but therein lies the opportunity.Microsoft made the most from the secular shift to cloud-based services and the change to work-from home environments, blowing the estimates out of the water in its FY1Q21 results.Total FQ1 revenue grew by 12.4% to $37.2 billion beating the Street’s call by $1.42 billion. EPS of $1.82 (a 32% year-over-year increase) …read more […]

There’s a new FDA-approved dry eye treatment on the scene. On Tuesday, the U.S. regulators green-lighted Kala Pharmaceuticals’ (KALA) EYSUVIS 0.25% for the treatment of signs and symptoms of dry eye disease (DED).The go ahead from the FDA makes EYSUVIS the first and only approved corticosteroid for this indication and comes several days ahead of the scheduled October 30 PDUFA. Wedbush analyst Liana Moussatos believes this reflects “both the strength of the regulatory data package” and the “unmet need in this patient population that suffers from a lack of rapid and adequate relief from dry eye flares.”With a plan to …read more […]

(Bloomberg) — Chen Wu frantically clicked the order button on his online brokerage account as the clock struck noon.Like thousands of individual investors in Hong Kong and across China, the 35-year-old software developer was desperate for a piece of Ant Group Co.’s initial public offering. His brokerage was allowing a small number of clients to supercharge their bets on Ant using 33 times leverage, and the offer was only available on a first-come, first-served basis. Wu had to act fast.“When it was released at noon, I refreshed my page again and again, clicked and clicked,” he said on Tuesday after …read more […]

In the winter of 1928, Joe Kennedy (John F. Kennedy’s father) decided to have his shoes shined before starting work.
Little did he know it would be the best nickel he ever spent…
Without that shoeshine, there is a good chance we would have never heard of JFK.
As the shoeshine boy was finishing, he looked up at Joe Kennedy and offered him a stock tip: “Buy shares of Hindenburg.”
Joe Kennedy walked promptly back to his office and started to sell his stocks.
As Joe Kennedy later put it, “When the shoeshine boy starts handing out stock tips, you know it is time to …read more […]

The pandemic has been better to Amazon than anyone realized, thanks to online shopping surges. …read more […]

Stock futures traded lower Thursday evening to give back some gains after the three major indices rallied during the regular session. …read more […]