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Nikola Slumps After No-Details Denial of Short-Seller Report

(Bloomberg) — Nikola Corp. shares dropped as much as 18% after the company issued a blanket denial of allegations made in a short-seller report without offering any specifics to refute allegations it lied about its technology and staged events.The electric-truck startup said allegations made by Hindenburg Research are false but did not provide evidence to refute specific claims in the report. Chairman and founder Trevor Milton had vowed earlier Friday to issue a detailed rebuttal after “working through the night.”Nikola instead hired law firm Kirkland & Ellis to consider its legal options and said it plans to bring unspecified documentation …read more […]

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Occidental Petroleum Corporation (OXY) Fell Out Of Favor With Hedge Funds

At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). We reversed our stance on March 25th after seeing unprecedented fiscal and monetary stimulus unleashed by the Fed and the Congress. […] …read more […]

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Venezuela Is Plucking Pieces Off Oil Pipelines to Sell as Scrap

(Bloomberg) — Venezuela’s capacity to produce some much-needed gasoline and diesel of its own hinges on a single oil play. To tap it, the Nicolas Maduro regime is willing to cannibalize the country’s crumbling energy infrastructure to pay contractors with scrap metal.Unlike the tar-like crude from Venezuela’s Orinoco region, the light oil from Monagas state is the only kind that’s easy to process into fuel at the country’s aging refineries. It’s also the only area where production doesn’t require the help of sanction-wary partners.So, with the U.S. considering further steps to curb the country’s fuel imports, cash-strapped state producer Petroleos …read more […]

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3 Big Dividend Stocks Yielding Over 13%; RBC Says ‘Buy’

After a four-month run of steady gains, September brought sudden, sharp, losses across the board. The NASDAQ, which peaked over 12,000 on September, has slipped just below 11,000, a loss of 9.4%, while the S&P 500 is down 6.7% in the same period. These are the deepest market losses since the crash of February/March earlier this year.The losses raise questions for would-be investors, most importantly, is this the start of another bear market, or just a correction before another run of gains? Whether this is an opportunity or the start of a bear, investors would be wise to take it …read more […]