Year: 2020

(Bloomberg) — Just three days after the Nasdaq 100’s biggest rally since April, those gains are history, and warnings are getting louder that tech stocks are in a bubble.Fifty-year Wall Street veteran Ned Davis added his venerable voice to the chorus of worriers, citing the speed of the index’s advance — before today — and surging share volume. The Nasdaq 100 was down 2.8% Thursday, wiping out its gain for the week.Of particular concern to bulls were plunges in Microsoft Corp. and Tesla Inc., right after reporting earnings that exceeded analyst forecasts. The very biggest internet and software companies, collected …read more […]

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The dollar slipped to an almost two-year low and gold rose further on Thursday as a gauge of global equities retreated on concerns about a potential probe of Apple Inc took the wind out of the high-flying tech sector. Multiple U.S. states are investigating Apple for potentially deceiving consumers, according to a March document obtained by a tech watchdog group. Apple shares fell 4.3% and pulled the Dow, Nasdaq and S&P 500 lower. …read more […]

(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. bought roughly $813 million worth of Bank of America Corp. stock, piling more funds into the lender amid its 31% slump this year.Berkshire purchased roughly 33.9 million of the company’s shares this week, boosting its stake by more than 3% to about 981.7 million shares, according to a regulatory filing Wednesday. Buffett’s conglomerate added the shares at an average price of $23.99.Berkshire is ramping up its bet on Bank of America after receiving the green light from the Federal Reserve when its holdings surpassed a 10% ownership level, a key threshold requiring regulatory …read more […]

(Bloomberg) — After doubling the value of Tesla Inc. shares over the past three months, investors took a breather on Thursday following the electric-vehicle maker’s fourth consecutive quarterly profit, which was widely anticipated by the market.Tesla’s market valuation of $280 billion now dwarfs even the largest traditional carmakers, and its stock has soared 262% this year, even after a steep decline in February and March on coronavirus-related concerns. The shares dropped as much as 7% to $1,480.77 on Thursday after initially rising on the news of second-quarter profit and the enhanced possibility it will enter the S&P 500 Index.With the …read more […]

Documents released during a High Court action reveal more offensive comments about financier Amanda Staveley. …read more […]

(Bloomberg) — Zhong Shanshan, whose schooling was interrupted during China’s cultural revolution, worked in construction, as a reporter and in the bottled-water business. Today, he’s worth $17 billion after his drug company went public in April and the shares surged 26-fold.Known as Lone Wolf by the Chinese media, Zhong, 65, has a made-for-movie story, but it’s far from unique in China. At least 24 people have become billionaires this year through June from the country’s raging market for initial public offerings, including former teachers, accountants and software developers, according to data compiled by the Bloomberg Billionaires Index.Selling shares to the …read more […]

The Texas attorney general may sue Apple for violating the state’s deceptive trade practices law in connection with the multi-state investigation, according to the document, which was obtained by the Tech Transparency Project. The document did not provide additional details. The office of the Texas attorney general declined to comment. …read more […]

(Bloomberg) — Ballard Power Systems Inc., the second-best performing stock in Canada this year, is a new short at Lakewood Capital, the firm said in its quarterly letter, calling it a “consistently loss-making and cash-burning Canadian company.”Shares of the Vancouver-based hydrogen fuel cell maker have risen 139% this year amid burgeoning speculation that wide-scale adoption of hydrogen fuel cells may at long last be around the corner.New York-based Lakewood is skeptical on the fuel cell industry and views fuel cell stacks as a “low value-add product that is relatively commoditized.” The firm added that Ballard generates just over $100 million …read more […]

The number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly four months, suggesting the labor market was stalling amid a resurgence in new COVID-19 cases and depressed demand. The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy’s health, also showed nearly 32 million people were collecting unemployment checks in early July. Relentless labor market weakness puts pressure on the U.S. Congress to extend a $600 weekly jobless benefit supplement, which expires on July 31. …read more […]

When you buy shares in a company, there is always a risk that the price drops to zero. But if you pick the right… …read more […]

(Bloomberg) — Two years ago, Los Angeles Dodgers Chief Financial Officer Tucker Kain talked up a plan to whisk baseball fans to the team’s stadium in minutes using an electric-car filled tunnel, built by Elon Musk’s Boring Co. It would be ready, he said, in time for the 2020 baseball season.But on Thursday, when the Dodgers play their opening game against the San Francisco Giants, there will be no fans, thanks to the novel coronavirus. And even if there were, they’d have to sit in traffic as usual to get to the stadium the old-fashioned way.The project hasn’t advanced much …read more […]

Buy low, sell high. That’s the goal for most investors. But that adage ignores an important strategy. For example, Warren Buffett’s goal is to buy and hold forever. And he grows his wealth by holding passive income stocks.

So what are passive income stocks? They’re publicly traded shares of companies that pay dividends to shareholders. And the dividends are a prime source of passive income. After buying shares, it takes no work to earn those payments.
Unlike traders that buy and sell shares to turn a profit, investors in dividend-paying stocks will continue to see steady returns (as long as the company …read more […]

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Notorious boxer Mike Tyson, at 54 years of age, is stepping back into the ring after more than 15 years, with an exhibition bout set for September. The eight-round match, pitting Tyson against 51-year-old boxing champ Roy Jones Jr., will take place on Sept. 12, 2020, starting at 9 p.m. ET. The fight will be […] …read more […]