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Occidental Soars After Filing Shows Buffett Seeking 50% Stake

Occidental Soars After Filing Shows Buffett Seeking 50% Stake A filing with the Federal Energy Regulatory Commission (FERC) shows that Warren Buffett's Berkshire Hathaway applied for authorization to grow its stake in Occidental Petroleum from around 20% (last filing) to 50%... On July 11, 2022, Berkshire Hathaway Inc. (Applicant) filed an application pursuant to section 203(a)(2) of the Federal Power Act (FPA)  requesting authorization for Applicant to acquire in secondary market transactions up to 50% of the common stock of Occidental Petroleum Corporation (Occidental) (Proposed Transaction). FERC's response allowed Buffett to proceed: After consideration, it is concluded that the Proposed Transaction is consistent with the public interest and is authorized... This sent the stock soaring, up almost 10% and up over 20% since we tweeted his interest in buying the dip... So it seems Buffett is betting against Biden with this massive energy stake? *  *  * Full filing below: Tyler Durden Fri, 08/19/2022 - 13:34.....»»

Category: smallbizSource: nytAug 19th, 2022

SpaceX is selling shares at $125 billion valuation as Elon Musk rejigs Twitter financing, reports say

Elon Musk is reportedly looking for ways to replace a $12.5 billion margin loan against his Tesla stake as part of his bid for Twitter. Elon Musk founded SpaceX as well as Tesla.Yasin Ozturk/Getty Images SpaceX is planning to sell shares to employees, The New York Post and Bloomberg report. SpaceX plans to sell at $70 a share, which would value the company at $125 billion. This comes as CEO Elon Musk is reportedly seeking new financing for his Twitter takeover. Elon Musk's SpaceX is planning to sell shares to employees, The New York Post and Bloomberg report.Sources told The Post and Bloomberg SpaceX is planning to sell employee stock at $70 a share. The Post reported the sale, which would value the company at $125 billion, would start on Tuesday.The move comes as Musk is reportedly trying to restructure the financing for his bid to buy Twitter.It is not clear whether Musk is selling stock as part of the employee offer, Bloomberg reported.As of August last year Musk owned almost 44% of SpaceX, according to a Federal Communications Commission filing reported by tech blog WCCF Tech.SpaceX was valued at $100 billion in October following a stock sale, CNBC reported.Bloomberg reported last week that Musk was seeking financing to replace a $12.5 billion loan against his Tesla stake.A banking source told The Post the Tesla founder is talking to private equity firms about raising between $2 billion and $4 billion. Tesla shares have fallen almost 40% since the start of the year, leaving the electric car maker worth $750 billion. Musk announced Friday the Twitter deal was "on hold" until the company verifies how it assesses the proportion of spam and fake accounts. Several analysts said this was a ploy to force Twitter back to the negotiation table to cut the price.On Monday Bloomberg reported that Musk told a Miami tech conference that negotiating a lower price for Twitter was not "out of the question."He doubled down on Tuesday, saying the Twitter deal won't proceed until Twitter CEO Parag Agrawal shows "proof" it had correctly calculated the proportion of spam accounts.SpaceX did not immediately respond to a request for comment.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 17th, 2022

What other CEOs can learn from Elon Musk"s aggressive, unorthodox Twitter takeover

"Whether you like him or you hate him, don't miss the opportunity to take a seat and watch him," said one expert who's studied Musk. Elon Musk, CEO of SpaceX and Tesla, is both a model of effective leadership and an example of what not to do.Patrick Pleul/Pool/AFP via Getty Images Twitter has accepted Elon Musk's unsolicited offer. The courtship reflects his brash leadership style. It's a playbook that other CEOs can hold up as a case study, to both aspire to and avoid.  CEOs should lean into their vision but avoid Musk's abrasive approach toward management. Elon Musk has succeeded in his unconventional bid to buy Twitter, the company said Monday afternoon, ending a roller-coaster of back-and-forth interactions between the tech CEO and the social media giant."This takeover is typical Elon," Anna Crowley Redding, author of "Elon Musk: A Mission to Save the World" said. "He likes skin in the game, whether it's financial, intellectual, time, he is all in." The CEO of Tesla and SpaceX tweeted mid-April an SEC filing containing an unsolicited offer to buy Twitter for $43 billion, hinted at a tender offer in a cryptic post, then revealed in another SEC filing that he had lined up $46.5 billion to finance the deal.   Twitter will be acquired by an entity wholly owned by Musk for $54.20 per share in cash, in a transaction valued at about $44 billion. The acceptance of the offer marks an about-face by Twitter from the initial lukewarm reception.Musk's Twitter courtship is his latest unorthodox move, and it's typical of how he operates. From reimagining the car industry and trying to colonize Mars to flouting government laws and tweeting whatever is on his mind despite market backlash, Musk shows complete disdain for convention in his personal and business interactions. According to Redding and other experts, Musk has been interested in improving the world of social media, so he decided to do it himself.  His defiance of the status quo, coupled with other key attributes, like his ability to sell his vision and solve problems in innovative ways, provides lessons for other CEOs, leadership experts said. At the same time, Musk's raw outspokenness and his abrasive way of treating people are cautionary tales of what not to do."It's both shocking and classic Elon," David Yoffie, a leadership professor at Harvard Business School who's published research on Musk, said. "It reflects his extreme self-confidence that he can make businesses work where others fail." Musk has an incredible ability to get people onboard with the way he sees the future.Jae C. Hong/APLean into your vision Musk, 50, has an uncanny ability to get consumers, investors, and employees behind his mission, three leadership sources said. His secret is that he taps into people's yearning for inspiration — something the general public is increasingly seeking in its business leaders. Exhibit A: He was able to continuously secure billions in funding even though Tesla didn't report its first full-year profit until 2021, after 18 years in business. Exhibit B: He continues to garner global support for SpaceX despite numerous explosions.   He doesn't just sell companies, he sells answers to big problems weighing on humanity's future, Crowley Redding said. Tesla was his answer to weaning the world off gas, and he coupled eco-friendly transportation with luxury. SpaceX aims to secure humanity's future through space colonization — taking something typically thought of as a far-off, government-only task and making it a private venture, speeding up the mission in the process. Now he's promising a new era for free speech and connectivity. "Twitter has extraordinary potential," Musk said in a letter to the company's leadership. "I will unlock it." "He's an expert in defining the mission, communicating the mission, and getting your employees to buy into that mission," said Crowley Redding, who has researched Musk for four years. "You're not going to work for an Elon Musk company and sit back, come in, and clock in, clock out. You are going to work harder than you've ever worked in your whole life because the stakes are so high."  The takeaway for CEOs and aspiring leaders is to tap into your vision, your purpose, and be clear to all stakeholders about it, said Vitaliy Katsenelson, the CEO of Denver-based investment firm IMA and author of the leadership book, "Soul in the Game." "Musk has soul in the game," Katsenelson, who also wrote "Tesla, Elon Musk and the EV Revolution," said. "You can see it and feel it. He puts his everything into what he's working on." Pouring your everything into your work is something leaders should copy from Musk, Katsenelson added. The tech visionary also convinces people to take the long-term bet on him, said Harvard's Yoffie, author of the leadership book, "Strategy Rules." "He is the most visionary CEO on the planet today," Yoffie said. "He's inspired enough confidence that he can ultimately do these incredible things. That's what gives capital markets the permission to go after these goals long term." Musk has attributed first-principles thinking to his success.Christophe Gateau/picture alliance via Getty ImageLook at things from a different perspectiveIn engineering and physics, there's a mode of thinking called "first-principles thinking," and Musk has attributed it to his success. First-principles thinking is essentially a consideration of how you would solve a given problem if you were an alien who's never seen or heard of the problem before. Pay no mind to how things have been done in the past, and reject every prior assumption so you can start fresh. Embracing this mindset has driven Musk's hiring decisions and what he demands of his workers. Imagine, for example, designing car-door handles one way your whole career and then being asked to come up with something completely different. Then, feeling satisfied with your new design, you're told to scrap it and create a completely new one for the next model. Such is life under the world's greatest visionary."He wanted people to say, 'Well, we've always done things this way because of X reason, but maybe we could do it another way if we disregard Y,'" Tim Higgins, author of "Power Play: Tesla, Elon Musk, and the Bet of the Century," said. "It was sort of a startup mentality." Musk smoked weed on a podcast.The Joe Rogan Experience/YouTubeBe authentic, but to a point Musk has done things most business leaders would get fired for, some more serious than others. He smoked weed while taping a podcast with Joe Rogan, and that same year called a rescue diver in the 2018 Thai cave-rescue mission a "pedo," a slur for a pedophile (he later apologized). He also kicked off a legal battle with the Securities Exchange Commission after tweeting he had "funding secured" to take Tesla private at $420 per share, which Musk at one point said was a joke about weed. In 2017, SpaceX put out a compilation video mocking its many rocket explosions and failures.  "There are clearly things that he's doing that most people are not going to be able to get away with in their normal, day-to-day careers," Higgins said.  What makes Musk so engaging — and bulletproof — is his authenticity, said Crowley Redding. Musk has built a reputation for being unapologetically himself, something few image-conscious CEOs can pull off. For instance, she noted how Musk's responses in interviews don't appear to be pre-written. She also said that CEOs shouldn't replicate some of the more wild things Musk has said and done, but it wouldn't hurt most executives to be a bit more off the cuff to seem relatable.  "CEOs often focus on projecting confidence and perfection and poise at the expense of identifying the problem they're trying to solve and working to solve the problem," Crowley Redding said. "Elon is unconcerned with people thinking he's perfect." Musk is reported to be an abrasive leader.HANNIBAL HANSCHKE /Getty ImagesKnow how and when to break the rules Musk is desperate to find answers to big problems, so he seeks the most innovative solutions. Many times, that means he breaks the rules or veers from convention — for better or worse — Crowley Redding said.While breaking the rules has been a driver of innovation at his companies, it's also led Musk to become ensnared in a number of messy, public legal battles. Musk currently faces SEC trouble over potential securities-law violations for filing notice of his ownership stake in Twitter later than required. In 2017, the National Labor Relations Board found him guilty of breaking labor laws for his tweets threatening employees over unionization efforts. "He has a tendency to be reckless," Harvard Business School's Yoffie said.  Musk also breaks some of the rules regarding how leaders should treat employees. "He has a very good eye for hiring talent, but the problem over time has been he doesn't always listen to that talent and he burns through them very quickly," Higgins said. "They leave either because they've given up on him, they've burned out on him, or he's burned out on them."  There have been multiple reports of stress- and exhaustion-driven injuries at Tesla and rampant burnout."The worst part is the toxicity that Elon creates — unrealistic stretch targets without a realistic plan in order to achieve them," one former manager who worked directly with Musk previously told Insider. "It's a culture in which, if you don't have a solution to a problem and you don't have that problem resolved within a few days or a week or two, you're gone." Yoffie likened Musk's leadership style to the late Apple founder and CEO Steve Jobs, who was said to have been unkind to employees on multiple occasions. "Without question, he could be more empathetic," Yoffie said of Musk. "Like Jobs, Musk has done things that are characteristic of bad leadership, specifically treating people very poorly."  Higgins, the author and Wall Street Journal reporter, agreed. "The question I think is, 'How long can Elon get away with some of this stuff?'"Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 25th, 2022

Elon Musk"s Twitter bid reflects his outrageous and brash leadership style. Here"s what leaders can take away from it.

"Whether you like him or you hate him, don't miss the opportunity to take a seat and watch him," said one expert who's studied Musk. Elon Musk, CEO of SpaceX and Tesla, is both a model of effective leadership and an example of what not to do.Patrick Pleul/Pool/AFP via Getty Images Elon Musk's hostile bid to buy Twitter reflects his brash leadership style, experts said. It's a style that other CEOs can hold up as a case study, to both aspire to and avoid.  CEOs should lean into their vision but avoid Musk's abrasive approach toward management. Elon Musk on Thursday offered to buy Twitter for $43 billion, capping an eventful two weeks of back and forth with leaders from the social-media giant. The move was unexpected, unconventional, and typical of Musk's leadership style."It's both shocking and classic Elon," David Yoffie, a leadership professor at Harvard Business School who's published research on Musk, said. "It reflects his extreme self-confidence that he can make businesses work where others fail." The Tesla and SpaceX CEO's Twitter bid is his latest unorthodox move. From reimagining the car industry and trying to colonize Mars to flouting government laws and tweeting whatever is on his mind despite market backlash, Musk shows complete disdain for convention in his personal and business interactions. His defiance of the status quo, coupled with other key attributes, like his ability to sell his vision and solve problems in innovative ways, provides lessons for other CEOs, leadership experts said. At the same time, Musk's raw outspokenness and his abrasive way of treating people are cautionary tales of what not to do."Whether you like him or you hate him, don't miss the opportunity to take a seat and watch him," Anna Crowley Redding, author of "Elon Musk: A Mission to Save the World," said. "What he's doing and how he's doing it is fascinating."Musk has an incredible ability to get people onboard with the way he sees the future.Jae C. Hong/APLean into your vision Musk, 50, has an uncanny ability to get consumers, investors, and employees behind his mission, three leadership sources said. His secret is that he taps into people's yearning for inspiration — something the general public is increasingly seeking in its business leaders. Exhibit A: He was able to continuously secure billions in funding even though Tesla didn't report its first full-year profit until 2021, after 18 years in business. Exhibit B: He continues to garner global support for SpaceX despite numerous explosions.   He doesn't just sell companies, he sells answers to big problems weighing on humanity's future, Crowley Redding said. Tesla was his answer to weaning the world off gas, and he coupled eco-friendly transportation with luxury. SpaceX aims to secure humanity's future through space colonization — taking something typically thought of as a far-off, government-only task and making it a private venture, speeding up the mission in the process. Now he's promising a new era for free speech and connectivity. "Twitter has extraordinary potential," Musk said in a letter to the company's leadership. "I will unlock it." "He's an expert in defining the mission, communicating the mission, and getting your employees to buy into that mission," said Crowley Redding, who has researched Musk for four years. "You're not going to work for an Elon Musk company and sit back, come in, and clock in, clock out. You are going to work harder than you've ever worked in your whole life because the stakes are so high."  The takeaway for CEOs and aspiring leaders is to tap into your vision, your purpose, and be clear to all stakeholders about it, said Vitaliy Katsenelson, the CEO of Denver-based investment firm IMA and author of the leadership book, "Soul in the Game." "Musk has soul in the game," Katsenelson, who also wrote "Tesla, Elon Musk and the EV Revolution," said. "You can see it and feel it. He puts his everything into what he's working on." Pouring your everything into your work is something leaders should copy from Musk, Katsenelson added. The tech visionary also convinces people to take the long-term bet on him, said Harvard's Yoffie, author of the leadership book, "Strategy Rules." "He is the most visionary CEO on the planet today," Yoffie said. "He's inspired enough confidence that he can ultimately do these incredible things. That's what gives capital markets the permission to go after these goals long term." Musk has attributed first-principles thinking to his success.Christophe Gateau/picture alliance via Getty ImageLook at things from a different perspectiveIn engineering and physics, there's a mode of thinking called "first-principles thinking," and Musk has attributed it to his success. First-principles thinking is essentially a consideration of how you would solve a given problem if you were an alien who's never seen or heard of the problem before. Pay no mind to how things have been done in the past, and reject every prior assumption so you can start fresh. Embracing this mindset has driven Musk's hiring decisions and what he demands of his workers. Imagine, for example, designing car-door handles one way your whole career and then being asked to come up with something completely different. Then, feeling satisfied with your new design, you're told to scrap it and create a completely new one for the next model. Such is life under the world's greatest visionary."He wanted people to say, 'Well, we've always done things this way because of X reason, but maybe we could do it another way if we disregard Y,'" Tim Higgins, author of "Power Play: Tesla, Elon Musk, and the Bet of the Century," said. "It was sort of a startup mentality." Musk smoked weed on a podcast.The Joe Rogan Experience/YouTubeBe authentic, but to a point Musk has done things most business leaders would get fired for, some more serious than others. He smoked weed while taping a podcast with Joe Rogan, and that same year called a rescue diver in the 2018 Thai cave-rescue mission a "pedo," a slur for a pedophile (he later apologized). He also kicked off a legal battle with the Securities Exchange Commission after tweeting he had "funding secured" to take Tesla private at $420 per share, which Musk at one point said was a joke about weed. In 2017, SpaceX put out a compilation video mocking its many rocket explosions and failures.  "There are clearly things that he's doing that most people are not going to be able to get away with in their normal, day-to-day careers," Higgins said.  What makes Musk so engaging — and bulletproof — is his authenticity, said Crowley Redding. Musk has built a reputation for being unapologetically himself, something few image-conscious CEOs can pull off. For instance, she noted how Musk's responses in interviews don't appear to be pre-written. She also said that CEOs shouldn't replicate some of the more wild things Musk has said and done, but it wouldn't hurt most executives to be a bit more off the cuff to seem relatable.  "CEOs often focus on projecting confidence and perfection and poise at the expense of identifying the problem they're trying to solve and working to solve the problem," Crowley Redding said. "Elon is unconcerned with people thinking he's perfect." Musk is reported to be an abrasive leader.HANNIBAL HANSCHKE /Getty ImagesKnow how and when to break the rules Musk is desperate to find answers to big problems, so he seeks the most innovative solutions. Many times, that means he breaks the rules or veers from convention — for better or worse — Crowley Redding said.While breaking the rules has been a driver of innovation at his companies, it's also led Musk to become ensnared in a number of messy, public legal battles. Musk currently faces SEC trouble over potential securities-law violations for filing notice of his ownership stake in Twitter later than required. In 2017, the National Labor Relations Board found him guilty of breaking labor laws for his tweets threatening employees over unionization efforts. "He has a tendency to be reckless," Harvard Business School's Yoffie said.  Musk also breaks some of the rules regarding how leaders should treat employees. "He has a very good eye for hiring talent, but the problem over time has been he doesn't always listen to that talent and he burns through them very quickly," Higgins said. "They leave either because they've given up on him, they've burned out on him, or he's burned out on them."  There have been multiple reports of stress- and exhaustion-driven injuries at Tesla and rampant burnout."The worst part is the toxicity that Elon creates — unrealistic stretch targets without a realistic plan in order to achieve them," one former manager who worked directly with Musk previously told Insider. "It's a culture in which, if you don't have a solution to a problem and you don't have that problem resolved within a few days or a week or two, you're gone." Yoffie likened Musk's leadership style to the late Apple founder and CEO Steve Jobs, who was said to have been unkind to employees on multiple occasions. "Without question, he could be more empathetic," Yoffie said of Musk. "Like Jobs, Musk has done things that are characteristic of bad leadership, specifically treating people very poorly."  Higgins, the author and Wall Street Journal reporter, agreed. "The question I think is, 'How long can Elon get away with some of this stuff?'"Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 15th, 2022

Oil & Gas Stock Roundup Headlined by TC Energy & Petrobras

Apart from TC Energy (TRP) and Petrobras (PBR), there was news regarding ConocoPhillips (COP), Eni (E) and Royal Dutch Shell (RDS.A) during the week. It was a week wherein oil prices fell below $70 for the first time since September but natural gas futures closed in on the $5.50 threshold.On the headline front, Canadian midstream company TC Energy TRP is seeking a $15 billion compensation from the United States over the cancellation of the Keystone XL pipeline, while Brazil's state-run energy giant Petrobras PBR presented its business and management plan for the upcoming five-year period. News related to ConocoPhillips COP, Eni SpA E and Royal Dutch Shell (RDS.A) also made it to the top stories.Overall, it was a mixed seven-day period for the sector. West Texas Intermediate (WTI) crude futures lost 10.4% to close at $68.15 per barrel, while natural gas prices rose 7.5% to end at $5.447 per million British thermal units (MMBtu). In particular, the oil market extended its decline from the previous four weeks.Coming back to the holiday-shortened week ended Nov 26, Black Friday’s 13.1% plunge — one of the largest ever intra-day drops — pushed oil firmly in the red. The jitters associated with the proliferation of the Omicron variant, which spurred a flurry of renewed curbs by governments to check its spread (posing a risk to consumption), primarily contributed to this bearish price action.  Meanwhile, natural gas finished up despite a lower-than-expected decrease in supplies, higher production and a warmer-than-normal weather outlook. The uptick in price is the result of the ongoing strength in U.S. LNG exports.Recap of the Week’s Most-Important Stories1.  TC Energy — sponsor of the canceled Keystone XL pipeline — has sought a compensation of $15 billion under the North American Free Trade Agreement (“NAFTA”) provision from the United States for nixing a permit for the border-crossing oil conduit.TC Energy lodged an arbitration request last week as per a NAFTA rule — the investor-state dispute settlement provision under Chapter 11 — that allows companies to recoup money for lost investment. The official submission of paperwork follows the Canadian firm’s filing of a notice of intent in July to start a legacy NAFTA claim accusing the United States of breaching free trade obligations.TC Energy believes that Biden’s move to rescind the Keystone XL permit even after the project was well underway for months on the U.S. as well as the Canada side was “unfair and inequitable.” The developer of the pipeline stressed that it had all the requisite permissions and pursued the project under three U.S. presidents for a very long period of time. The Biden administration’s decision to end the pipeline has also been blamed for causing mass layoffs of thousands of union workers, apart from putting an unfair loan burden of $1.3 billion on Alberta taxpayers and billions in debt guarantee. (TC Energy Files $15B Suit Against U.S. Over Keystone XL)2.   Petrobras plans to invest $68 billion from 2022-2026 to increase oil production in the subsea pre-salt area. The latest investment is a substantive increase from the previously announced $55 billion for 2021-2025.In the five-year period, Petrobras will spend $57 billion on exploration and production, about $10 billion more than its previous plan. Of the total, $38.2 billion will be spent on pre-salt development, up from its previously mentioned $32.5 billion. PBR intends to add 15 production platforms, which will enter into production in the next five years.The largest integrated energy firm in Brazil expects to produce 2.7 million and 3.2 million barrels of oil equivalent per day in 2022 and 2026, respectively. Oil production is expected to reach 2.1 million barrels per day (b/d) in 2022, revised downward from its previously mentioned 2.3 million b/d. The target was revised due to the pandemic-led impacts and divestments this year. For 2026, PBR expects to produce 2.6 million b/d of oil. (Petrobras Revises Production Guidance for 2022-2026)3   ConocoPhillips received approval from the Libya government to acquire an additional stake in Waha Oil Company. ConocoPhillips owns a 16.33% stake in the Waha concessions, located in the prolific Sirte Basin. Per the deal, Zacks Rank #1 (Strong Buy) COP will add a 4.08% stake to its existing assets in the Waha concessions.You can see the complete list of today’s Zacks #1 Rank stocks here.In the past few years, the upstream biggie’s production activities in Libya and related oil exports have been frequently disrupted due to forced shutdowns of the Es Sider terminal. Libya's oil sector is willing to generate more interest from energy companies as its recent production recovery was hampered by insufficient funds.Waha Oil usually produces 280,000-300,000 barrels per day (b/d), which feeds into the state's Es Sider grade. National Oil Corporation is the operator of the Waha concessions. With Libya crude production hovering around 1.2 million b/d in 2021, ConocoPhillips is set to expand operations in the state and increase production. (ConocoPhillips to Acquire Additional Waha Assets in Libya)4.   Eni SpA announced that its retail and renewable power business will be named Eni-Plenitude (Plenitude) at a capital markets event in Milan. Eni aims for the business unit's initial public offering (“IPO”) next year, subject to market conditions.As presented by Italy’s energy behemoth, the financial framework revealed that as of Jan 1, 2022, the net debt of Plenitude will be around zero. Eni added that through from 2022 to 2025, Plenitude will have an average yearly investment program of €1.8 billion. The investment will mostly be allocated toward renewable activities, accounting for more than 80% of total capital spending. E also said that Plenitude will finance its yearly investment program with its cash flow and borrowing.The planned IPO reflects Eni’s strong belief that Plenitude — planning to supply all of its decarbonized energy products to its customers by 2040 — will get more capital and be able to grow at a faster pace on its own. In Plenitude, Eni will continue to have a majority interest following the IPO. (Eni Introduces Plenitude, To Lead Energy Transition)5.  Royal Dutch Shell announced an agreement with Dogger Bank offshore wind farm. The deal is related to a power purchase agreement for electricity for 15 years.The 15-year accord comprises the purchase of 240 megawatts (MW) from Dogger Bank C. Notably, Dogger Bank Wind Farm is located off the northeast coast of England and Dogger Bank C is the third and final phase of the 3.6-gigawatt farm. According to Dogger Bank Wind Farm, with the completion of three phases — Dogger Bank A, B and C — likely by March 2026, it will be the world’s largest offshore wind farm.With the inclusion of the previous 480 MW of power purchase deal with Dogger Bank A and B, Europe’s largest energy company will be purchasing a combined of 720 MW of power. The latest deal of Royal Dutch Shell justifies the integrated energy major’s inclination toward clean energy. Royal Dutch Shell is leading the energy transition with a bold target of becoming a net-zero-emission player by 2050 or earlier. (Royal Dutch Shell Inks 15-Year Power Purchase Accord)Price PerformanceThe following table shows the price movement of some major oil and gas players over the past week and during the last six months.Company    Last Week    Last 6 MonthsXOM                   +1%                 +4.9%CVX                    +2.3%             +10.3%COP                   +2.7%              +28.2%OXY                    +2%                  +14.4%SLB                    -1.2%                -5.2%RIG                     +1.3%              -14.8%VLO                    -1.5%                -15.4%MPC                   +1.8%               -0.7%The Energy Select Sector SPDR — a popular way to track energy companies — was up 1.7% last week. But over the past six months, the sector tracker has increased 6.5%.What’s Next in the Energy World?As the global oil consumption outlook strengthens amid tightening fundamentals, market participants will closely track the regular releases to watch for signs that could further validate the upward momentum. In this context, the U.S. government’s statistics on oil and natural gas — one of the few solid indicators that come out regularly — will be on energy traders' radar. Data on rig count from the oilfield service firm Baker Hughes, which is a pointer to trends in U.S. crude production, is closely followed too. News related to coronavirus vaccine approval/rollout/distribution will be of utmost importance. Last but not the least, investors will keep an eye on the potential demand hit from the Omicron variant and the OPEC+ summit outcome for the next course of their oil production policy. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP): Free Stock Analysis Report Royal Dutch Shell PLC (RDS.A): Free Stock Analysis Report Petroleo Brasileiro S.A. Petrobras (PBR): Free Stock Analysis Report Eni SpA (E): Free Stock Analysis Report TC Energy Corporation (TRP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 30th, 2021

Activist Kimmeridge Discloses 14.7% Silverbow Stake With Options To Unlock Value

Discusses the 13D filing, activist commentary and other company analysis Houston based oil & gas company SilverBow Resources Inc (NYSE:SBOW) received a 13D filing from activist investor Kimmeridge Energy Management Company LLC on Friday afternoon disclosing a 14.7% stake in the company, which rose from 12.1% previously. Kimmeridge Energy Management is an alternative asset manager […] Discusses the 13D filing, activist commentary and other company analysis Houston based oil & gas company SilverBow Resources Inc (NYSE:SBOW) received a 13D filing from activist investor Kimmeridge Energy Management Company LLC on Friday afternoon disclosing a 14.7% stake in the company, which rose from 12.1% previously. Kimmeridge Energy Management is an alternative asset manager that focuses exclusively on the energy sector with the intention of accelerating carbon neutrality by developing environmentally responsible, low-cost energy assets. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Kimmeridge Believes Silverbow's Shares Are Undervalued The asset manager in the filing initially stated that they made the 13D filing because they believe shares are undervalued and represent an attractive investment opportunity and comes after the stock lost more than -45% of its value over the last month. Kimmeridge stated that they intend to continue to seek engagement with SBOW’s Board for a range of operational and strategic matters including the company’s: Operations Management Organizational documents Board composition Ownership Capital or corporate structure Dividend policy Strategy plans Kimmeridge also noted that they wish to communicate with other shareholders or third parties that include potential acquirers, service providers and financing sources for the company. The bottom line is that the fund manager believes there are strategic opportunities that can be pursued to maximise shareholder value through the use of asset or corporate consolidation. Kimmerdige has been amassing the current stake in the company for quite some time with the most recent sizable accumulation occurring between the 8th to the 11th of July where the fund accumulated ~578,000 shares between $27.40 and $30.05 per share. Following the accumulation of shares by Kimmeridge, on the 20th of September, SilverBow management adopted a limited-duration stockholder rights plan effective immediately which would act as a “poison pill”.  The plan intends to protect SilverBow from any single stockholder from gaining control of the company without paying a premium. The rights will be exercisable at $160. Fintel’s insider accumulation score of 76.16 is bullish on the company based on the company ranking in the top 5% of 14,554 screened stocks. This number is calculated by including the net number of insiders buying and the total shares bought as a percentage of the float over the last 90 days. SBOW has actually had 2 net insiders who have sold stock over the previous 90 days consisting of one fund purchasing stock, one fund selling stock and two company directors selling stock. Directors Gabriel Ellisor and Charles Wampler took the opportunity to trim their position of shares in the trading window post results that occurred over August. Strategic Value Partners LLC was the selling fund in the past 90 days who reduced their total share count to 4.1 million or around 18.5% total ownership of the float. The company last released a financial update to shareholders in early August when providing their second quarter update. The company grew oil & gas revenues by 160% over the year to $182.6 million. The groups adjusted EBITDA rose from $42.8 million to $85.4 million, boosted by higher oil prices over 2022.  However SBOW’s free cash flow was negative at -$2.7 million, falling from $7.4 million in the prior year. The free cash flow was constrained by significant increases in Capex over the year from $26.2 million to $74.5 million. The group's leverage ratio ended the quarter at 1.42x with management targeting a leverage ratio of about 1.0x by the end of 2022. SilverBow expects to grow production by 30% over 202 and 2023 which they believe will result in the free cash flow yield exceeding 25% in 2023. The chart to the right from Fintel’s financial metrics page for SBOW shows revenue and profitability by the energy producer over the last 5 years with the share price. Following the result, Neal Dingmann from Truist Securities highlighted to investors that he believes the company could focus exclusively on gas if materially higher prices hold out. Dignmann noted that shares continue to trade at a deep discount to peers which he believes may prompt action from one of the largest holders. The firm remained ‘buy’ rated on the stock with a $62 price target. Dingmann’s prediction came true with Kimmeridge pushing for action in the latest notice. Also in September, firm KeyBanc Capital Markets initiated coverage on the stock with an ‘overweight’ recommendation and $58 target price.  On average, SBOW has a consensus ‘buy’ rating and $75 average price target across the street. Article by Ben Ward, Fintel.....»»

Category: blogSource: valuewalk9 hr. 50 min. ago

Strength Seen in Wix.com (WIX): Can Its 15.7% Jump Turn into More Strength?

Wix.com (WIX) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road. Wix.com WIX shares ended the last trading session 15.7% higher at $85.26. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.1% gain over the past four weeks.The increase in share price can be attributed to stake acquisition in the company by activist investor fund Starboard.In the filing, Starboard noted that shares when “purchased, were undervalued and represented an attractive investment opportunity.” The activist investor fund has bought almost 9% stake in the company.This cloud-based web development company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +66.7%. Revenues are expected to be $343.3 million, up 7% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Wix.com, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on WIX going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Wix.com is part of the Zacks Computers - IT Services industry. Momentive MNTV, another stock in the same industry, closed the last trading session 1.4% lower at $6.90. MNTV has returned -5.3% in the past month.For Momentive, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.04. This represents a change of +33.3% from what the company reported a year ago. Momentive currently has a Zacks Rank of #3 (Hold). Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wix.com Ltd. (WIX): Free Stock Analysis Report Momentive Global Inc. (MNTV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 20th, 2022

Top 10 Stock Picks of Roberto Mignone’s Bridger Management

In this article, we discuss the top 10 stock picks of Roberto Mignone’s Bridger Management. If you want to skip our detailed analysis of Mignone’s history, investment philosophy, and hedge fund performance, go directly to Top 5 Stock Picks of Roberto Mignone’s Bridger Management. Roberto Mignone established Bridger Management in the year 2000. He pursued […] In this article, we discuss the top 10 stock picks of Roberto Mignone’s Bridger Management. If you want to skip our detailed analysis of Mignone’s history, investment philosophy, and hedge fund performance, go directly to Top 5 Stock Picks of Roberto Mignone’s Bridger Management. Roberto Mignone established Bridger Management in the year 2000. He pursued his MBA at the Harvard University Graduate School of Business Administration after receiving a Bachelor of Arts in Classics from Harvard College. Before starting his own investment company, Mignone was one of the founding partners of Blue Ridge Capital in 1996, together with John Griffin. Blake Goodner, a junior analyst in healthcare, chose to help Mignone after he left Blue Ridge Capital to launch his hedge fund. This could be a contributing element as to why the fund decided to invest approximately 35% of the money in its portfolio in the healthcare industry, second only to the financial sector, which accounted for 49% of the portfolio’s value. Even further back, Mignone had worked for Julian Robertson’s Tiger Management, earning the prestigious title of “tiger cub”. Currently, he is the managing partner at Bridger Management. Bridger Management, a multi-billion dollar investment management firm with offices in New York, focuses on long-term equity strategies. The company’s main investment objective is to produce long-term, risk-adjusted capital growth, frequently through making investments in equities, securities, and other products with a stock market connection. Bridger Management has focused on the healthcare sector since its establishment and amassed a large amount of research information to back its investments. The hedge fund also invests in communications, consumer goods, and financial services firms. As of Q2 2022, Bridger Management holds a 13F portfolio valued at $443.62 million, down from $609.73 million in the previous quarter. Some of the hedge fund’s notable holdings in the second quarter included Charter Communications, Inc. (NASDAQ:CHTR), Morgan Stanley (NYSE:MS), and Centene Corporation (NYSE:CNC). Our Methodology Let’s start our list of the top 10 stocks selected by Roberto Mignone’s Bridger Management with this economic outlook in mind. These equities were selected from Mignone’s Q2 portfolio. Using a comprehensive database of 895 elite hedge funds monitored by Insider Monkey in the second quarter of 2022, the popularity of each firm among hedge funds was calculated. Top Stock Picks of Roberto Mignone’s Bridger Management 10. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Bridger Management’s Stake Value: $17,220,000   Percentage of Bridger Management’s 13F Portfolio: 3.88%   Number of Hedge Fund Holders: 59 BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), which is situated in San Rafael, California, creates medications to treat rare genetic diseases and conditions, including Duchenne muscular dystrophy and haemophilia. Bridger Management acquired a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the second quarter of 2022, owning 207,800 shares worth $17.22 million. Among the hedge funds being tracked by Insider Monkey, Julian Baker and Felix Baker’s Baker Bros. Advisors is the most significant shareholder of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), with a $631.51 million stake in the company. On August 9, Christopher Raymond, an analyst at Piper Sandler, boosted his price objective on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) from $125 to $128 while maintaining an ‘Overweight’ rating. Fund managers added to their BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) holdings in the second quarter. Insider Monkey’s data shows that 59 elite hedge funds held stakes in the company at the end of the second quarter, up from 56 funds a quarter earlier. Along with Charter Communications, Inc. (NASDAQ:CHTR), Morgan Stanley (NYSE:MS), and Centene Corporation (NYSE:CNC), BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is one of the stocks that Bridger Management is monitoring. 9. Uber Technologies, Inc. (NYSE:UBER) Bridger Management’s Stake Value: $20,323,000   Percentage of Bridger Management’s 13F Portfolio: 4.58%   Number of Hedge Fund Holders: 129 Uber Technologies, Inc. (NYSE:UBER) is a company that creates and runs proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. Uber Technologies, Inc. (NYSE:UBER) stated on September 1 that it will collaborate with financial technology firm Moove to raise the number of electric vehicles in London by 10,000 over the ensuing few years. On August 3, MKM Partners analyst Rohit Kulkarni reaffirmed a ‘Buy’ recommendation on Uber Technologies, Inc. (NYSE:UBER) while increasing his price objective to $40 from $32. The company’s Q2 witnessed another clean beat, and the Q3 bookings prediction was once more above consensus expectations, according to the analyst’s research note to investors. Uber Technologies, Inc. (NYSE:UBER) was in 129 hedge fund portfolios at the end of the second quarter of 2022. There were 144 hedge funds in our database with UBER at the end of the previous quarter. In the second quarter, Bridger Management reduced its stake in Uber Technologies, Inc. (NYSE:UBER) by 3%, and its position is now worth about $20.32 million. Ken Fisher’s Fisher Asset Management is the most significant stakeholder of Uber Technologies, Inc. (NYSE:UBER), with 24.48 million shares worth $500.83 million. ClearBridge Investments mentioned Uber Technologies, Inc. (NYSE:UBER) in its Q3 2021 investor letter. Here’s what the fund said: “We have also been looking for multiyear secular trends outside of the IT and Internet sectors to help us maintain a portfolio that can perform well in markets with varied sector or factor leadership. In particular, electrification of the global economy and the transition to electric vehicles (EVs) are areas where we continue to add exposure. We are investing in the brains behind EVs through NXP in the control center and Aptiv for safety features. Global rideshare leader Uber will also be a key player in the transition from internal combustion engines to EVs.” 8. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Bridger Management’s Stake Value: $20,591,000   Percentage of Bridger Management’s 13F Portfolio: 4.64%   Number of Hedge Fund Holders: 45 Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is a biotechnology company that conducts research and markets cystic fibrosis medications. The business boosted its 2022 revenue projection in its Q2 2022 report, which Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) published on August 4. The biotech now expects full-year sales of $8.6 billion-$8.8 billion, up from $8.4 billion-$8.6 billion. After Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)’s Q2 results beat and revised expectations, Piper Sandler analyst Do Kim increased his price objective on the company to $288 from $256 on August 16 while retaining a ‘Neutral’ rating on the shares. Overall, 45 hedge funds were bullish on Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) at the end of June 2022, holding collective stakes amounting to approximately $2.27 billion. In the second quarter of 2022, Bridger Management held 73,072 shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) worth over $20.59 million, representing 4.64% of the firm’s total portfolio. As of June 30, Renaissance Technologies owned 1.76 million shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) and is the company’s largest shareholder. On September 2, the FDA approved the use of Orkambi, a medication created by Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), to treat children between the ages of 12 and 24 months who have cystic fibrosis (CF). The FDA had previously advised using Orkambi for CF patients with two copies of the F508del mutation who were two years of age or older. Baron Funds, an asset management firm, mentioned Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in its second quarter 2022 investor letter. Here is what the fund said: “Vertex Pharmaceuticals Incorporated is a leader in the treatment of cystic fibrosis, a fatal lifelong disease that Vertex has made major steps towards curing. Shares increased mostly due to underlying business fundamentals that include strong free cash flow generation and a pipeline that is finally starting to add value. We expect Vertex’s kidney disease program and updates to treat Type 1 diabetes to drive future upside.” 7. Alcon Inc. (NYSE:ALC) Bridger Management’s Stake Value: $21,884,000   Percentage of Bridger Management’s 13F Portfolio: 4.93%   Number of Hedge Fund Holders: 26 Alcon Inc. (NYSE:ALC) develops, manufactures, and markets products for treating eye disorders and diseases, such as surgical instruments, eye drops, and consumer vision care products. Alcon Inc. (NYSE:ALC) and Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) announced they had signed a legally binding merger agreement on August 23. As a result, Alcon would acquire Aerie for around $770 million. Yigal Nochomovitz, a Citi analyst, downgraded Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) on August 29 from ‘Buy’ to ‘Neutral’ with a price objective of $15.25, up from $14, highlighting the company’s upcoming acquisition by Alcon Inc. (NYSE:ALC). 26 hedge funds were long Alcon Inc. (NYSE:ALC) at the end of the second quarter, up from 24 in the preceding quarter. The total value of Q2 hedge fund holdings stood at $982.28 million. Nicolai Tangen’s Ako Capital, with 4.69 million shares worth $327.65 million, is the most significant stakeholder of Alcon Inc. (NYSE:ALC). Bridger Management first invested in Alcon Inc. (NYSE:ALC) in the second quarter of 2019. The hedge fund cut its stake in Alcon Inc. (NYSE:ALC) by 40,100 shares in the second quarter, reducing its total stake size by 12%. However, Roberto Mignone’s Bridger Management still holds 313,115 shares of Alcon Inc. (NYSE:ALC), worth more than $21.88 million. 6. Clarivate Plc (NYSE:CLVT) Bridger Management’s Stake Value: $22,749,000   Percentage of Bridger Management’s 13F Portfolio: 5.12%   Number of Hedge Fund Holders: 31 Clarivate Plc (NYSE:CLVT) provides trustworthy analytics and insights to quicken the pace of innovation. The company’s products include Life Science, Web of Science, Cortellis, Derwent, CompuMark, MarkMonitor, and Techstreet. With about 116.67 million shares valued at $1.62 billion, Leonard Green & Partners is the biggest shareholder of Clarivate Plc (NYSE:CLVT). According to its 13F filing for the second quarter of 2022, Bridger Management held over 1.64 million shares of Clarivate Plc (NYSE:CLVT), amounting to $22.75 million and representing 5.12% of the fund’s 13F portfolio. However, the hedge fund cut its stake in the firm by 11% during Q2. On July 12, Wells Fargo analyst Seth Weber initiated coverage of Clarivate Plc (NYSE:CLVT), assigning the stock an ‘Overweight’ rating and a $20 price target. In addition, 31 hedge funds reported having bullish bets on Clarivate Plc (NYSE:CLVT) as of the end of the second quarter, with combined stakes valued at $3.38 billion. Clarivate Plc (NYSE:CLVT) is a significant stock in Bridger Management’s portfolio, along with Charter Communications, Inc. (NASDAQ:CHTR), Morgan Stanley (NYSE:MS), and Centene Corporation (NYSE:CNC). Baron Funds, mentioned Clarivate (NYSE:CLVT) in its Q1 2022 investor letter. Here’s is what the fund said: “We reduced our stake in Clarivate Plc (NYSE:CLVT), an information services company focused on the scientific and academic markets, after the company reported particularly disappointing fourth quarter earnings results.”       Click to continue reading and see Top 5 Stock Picks of Roberto Mignone’s Bridger Management.   Suggested articles: Top 10 Stock Picks of Barry Ritholtz and Josh Brown Top 10 Stock Picks of Teresa Barger’s Cartica Management   Disclosure: None. Top 10 Stock Picks of Roberto Mignone’s Bridger Management is originally published on Insider Monkey......»»

Category: topSource: insidermonkeySep 15th, 2022

Some documents retrieved from Mar-a-Lago were so sensitive that FBI agents needed a special clearance to look at them, DOJ says

The DOJ said in a new court filing that highly-classified information was haphazardly stored with Trump's personal belongings. Then-President Donald Trump holds up papers during a White House press conference.Alex Brandon/AP Some records recovered from Mar-a-Lago were so sensitive that FBI agents needed special clearance to see them, the DOJ said. DOJ also revealed it has evidence showing efforts were "likely" taken to obstruct its investigation into Trump. Trump claims the documents were wrongly seized and wants them back, but DOJ said they don't "belong to him."  Some of the documents that FBI agents retrieved after searching Mar-a-Lago were so classified that investigators needed special permission to view them, according to Justice Department court documents filed Tuesday.The 36-page filing came as a response to former President Donald Trump's lawsuit last week requesting that a court-appointed "special master" be tasked with reviewing the materials the FBI seized after executing a search warrant at his Florida home on August 8.In addition to detailing the highly classified nature of some records that were recovered, the DOJ also revealed that it suspects there were efforts to obstruct its investigation into the former president's handling of national security information, and the haphazard way that documents were stored at Mar-a-Lago."In some instances, even the FBI counterintelligence personnel and DOJ attorneys conducting the review required additional clearances before they were permitted to review certain documents," the filing said. The department also attached exhibits to its filing, one of which was a photo showing some documents marked "contains sensitive compartmented information up to HCS-P/SI/TK." "HCS" refers to intelligence from clandestine human sources and is highly classified to protect their safety.The Director of National Intelligence, Avril Haines, recently told lawmakers that her office is leading an investigation into the possible national security risks that would arise if the records had been disclosed or fell into the wrong hands. This image contained in a court filing by the DOJ on August 30, 2022, and redacted by in part by the FBI, shows a photo of documents seized during the August 8 search of Mar-a-Lago.Department of Justice via APTrump, for his part, has railed against the FBI in the weeks since the raid and also claimed that he had broadly declassified all the documents.However, the Justice Department noted in its filing that Trump never asserted executive privilege or said anything was declassified in conversations preceding the search of his Florida estate. CNN also recently interviewed 18 former Trump administration aides and officials, none of whom said they were aware of any standing declassification order.More importantly, even if Trump had declassified the materials in his possession, it likely wouldn't matter.Section E of the Espionage Act, one of the three laws Trump is suspected of having violated, makes it a crime to retain any government records pertaining to the US's national defense, regardless of classification level.The other two federal statutes Trump's suspected of having broken — 18 USC Section 2071 and 18 USC Section 1519 — criminalize the concealment, removal, and destruction of government records, also regardless of classification level.Investigators took the extraordinary step of seeking a search warrant against the former president after obtaining evidence that there may have been efforts to hamper its investigation into Trump's handling of government records.In Tuesday's filing, the Justice Department detailed months of back and forth between US officials and Trump's team in which Trump and his representatives continuously resisted handing over the records that were improperly moved to Mar-a-Lago once he left office.The government also "developed evidence" that official documents were "likely concealed and removed" from a storage room at Mar-a-Lago "and that efforts were likely taken to obstruct the government's investigation," the filing said.Trump has sought to portray the search as politically motivated, and has applied to have the special master review the documents because he claims that many were covered by executive privilege and ought to be returned to him.The Justice Department refuted that claim in its Tuesday filing as well, saying that Trump isn't entitled to a special master because the records in question "don't belong to him" and are the property of the US government.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 31st, 2022

US stocks see 3-day decline as strong job openings report backs views for a hawkish Fed

Job openings unexpectedly increased to 11.2 million in July, indicating the labor market remains tight. Federal Reserve Chair Jerome PowellWin McNamee/Getty ImagesUS stocks fell on Tuesday, marking a three-day decline, as fresh employment data backed views for a hawkish Fed.Job openings unexpectedly increased to 11.2 million in July, indicating the labor market remains tight.The decline comes just days ahead of the Fed's planned acceleration of its balance sheet reduction program.US stocks closed lower on Tuesday, marking a three-day decline, as fresh employment data backed views for a hawkish Federal Reserve.Indexes gave up early gains and reversed lower after job openings unexpectedly increased to 11.2 million in July, indicating the labor market remains tight. The report came as investors continue to reel from Fed Chairman Jerome Powell's speech at Jackson Hole on Friday, when he reiterated the Fed's resolve to tame inflation by raising interest rates and reducing its $9 trillion balance sheet.The Fed's balance sheet reduction program is set to accelerate to $95 billion per month in September, and that could remove liquidity from the market as it rolls off its Treasury and mortgage-backed security holdings.Here's where US indexes stood at the 4:00 p.m. ET close on Tuesday:S&P 500: 3,986.17, down 1.10%Dow Jones Industrial Average: 31,790.87, down 0.96% (308.12 points)Nasdaq Composite: 11,883.14, down 1.12%One area where the Fed's tightening has had an almost immediate impact is the housing market, which continues to see a marked slowdown as mortgage rates rise. Lumber prices fell to a new 2022 low on Tuesday as higher borrowing costs continue to weigh on housing.Stock market investors are entering a choppy period following the Fed's Jackson Hole symposium and after a "premature recovery" from lows this summer, Goldman Sachs' chief global equity strategist Peter Oppenheimer said Tuesday on CNBC. Twitter shares slipped Tuesday after Elon Musk cited a whistleblower who spoke out against the social media company as another reason to exit his pending multibillion-dollar takeover.   Europe is close to hitting its targets for stockpiling natural gas ahead of winter, with countries two months ahead of schedule on storage as they scramble to replace Russian supplies. Inventory data shows the European Union had filled up its winter reserves to 79.94% as of Sunday, according to Gas Infrastructure Europe. That's just shy of its goal of 80% by November 1.Warren Buffett's Berkshire Hathaway has trimmed its BYD stake for the first time in 14 years, a Hong Stock Exchange filing revealed Tuesday. The famed investor's conglomerate sold about 1.3 million shares of the Chinese electric-vehicle maker for around $47 million last week. The disposals reduced its position from 220 million shares to 218.7 million shares, the filing shows.Oil prices slipped Tuesday, as markets are anticipating additional, aggressive rate hikes from central banks, which could spark a slowdown in demand. West Texas Intermediate crude oil sank 5.5% to $91.64 per barrel. Brent crude, oil's international benchmark, plunged 5.4%% to $99.44 a barrel.Bitcoin ticked down 0.7% to $19,978. Ether prices rose 0.9% to $1,545.Gold dipped 0.8% to $1,736 per ounce. The yield on the 10-year Treasury note was flat at 3.11%.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 30th, 2022

Warren Buffett"s Berkshire Hathaway sells shares in Chinese EV maker BYD for the first time in 14 years - and rakes in a 3,400% profit

Buffett's company disposed of 1.3 million shares of the Chinese electric-vehicle maker for $47 million, after teasing a sale in July. Warren Buffett and BYD CEO Wang Chuanfu.AP Warren Buffett's Berkshire Hathaway sold 1.3 million shares of Chinese EV maker BYD for $47 million. Buffett's company teased the disposal by listing its BYD stake on a clearing-house system in July. Berkshire invested in 2008, and its unrealized gain on the Chinese company is over $7 billion. Warren Buffett's Berkshire Hathaway has trimmed its BYD stake for the first time in 14 years, a Hong Stock Exchange filing revealed Tuesday.The famed investor's conglomerate sold about 1.3 million shares of the Chinese electric-vehicle maker for around $47 million last week. The disposals reduced its position from 220 million shares to 218.7 million shares, the filing shows.Berkshire originally spent $232 million for 225 million BYD shares in 2008, and reported that position was intact at the end of December. It's unclear why it was listed as 220 million shares prior to this month's sale.Buffett's company paid about $1 per share when it first invested in BYD. It just sold less than 1% of its stake at an average price of $35, representing a roughly 3,400% profit on those shares. Its remaining shares were valued at around $7.3 billion as of Tuesday's close, meaning the company has notched an unrealized gain of over $7 billion on its investment.Berkshire foreshadowed its sale by listing its entire stake in the Hong Kong Stock Exchange's clearing-house system, CCASS, on July 12. The move sparked speculation that Buffett and his team were preparing to pocket some of their BYD profits, which has now proven to be correct.Buffett, who has largely stuck to investing in American businesses such as Apple and Coca-Cola throughout his career, was initially hesitant to invest in a Chinese company. He took the plunge after his business partner, Charlie Munger, hailed BYD CEO Wang Chuanfu as Thomas Edison, Henry Ford, and Bill Gates in a single person.Munger, Berkshire's vice-chairman, has trumpeted the automaker many times over the years."I have never in my life felt more privileged to be associated with something than I feel about BYD," he said during Berkshire's annual shareholder meeting in 2009.Read more: Veteran investor Steven Check has $655 million riding on Warren Buffett's Berkshire Hathaway. He explains why he's still bullish on the stock, and analyzes Buffett's $50 billion stock-buying spree this year.Read the original article on Business Insider.....»»

Category: worldSource: nytAug 30th, 2022

US stocks attempt to rebound as bond yields slip and investors move past hawkish Powell comments

The subdued move in bond yields suggests investors aren't fully buying the extra-hawkish attitude that was on display by Powell last week. Getty Images / Bryan R. SmithUS stocks jumped on Tuesday as investors look to shake off Fed Chair Jerome Powell's hawkish speech from last week.At Jackson Hole, he reiterated the Fed's resolve to tame inflation by continuing to raise interest rates.Bond yields slowed their ascent on Tuesday after a two-day surge following Powell's speech.US stocks traded higher on Tuesday in its first rebound attempt following Fed Chair Jerome Powell's hawkish speech at Jackson Hole on Friday.Tuesday's move higher in the stock market came as bond yields looked to have hit a wall, slowing their ascent and briefly falling early Tuesday morning.The subdued move in bond yields suggests investors aren't fully buying the extra-hawkish attitude that was on display by Powell last week, as he reiterated the Fed's resolve to tame inflation by raising interest rates and reducing its balance sheet.Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:S&P 500: 4,041.12, up 0.26%Dow Jones Industrial Average: 32,159.26, up 0.19% (60.27 points)Nasdaq Composite: 12,080.10, up 0.52%Twitter shares slipped Tuesday after Elon Musk cited a whistleblower who spoke out against the social media company as another reason to exit his pending multibillion-dollar takeover.  Oil prices slipped Tuesday, dropping back from their recent climb as traders look ahead to looming rate hikes from central banks, as well as the OPEC+ meeting next week. As inflation remains high in the US and Europe, markets are anticipating additional, aggressive rate hikes from central banks which could spark a slowdown. Europe is close to hitting its targets for stockpiling natural gas ahead of winter, with countries two months ahead of schedule on storage as they scramble to replace Russian supplies. Inventory data shows the European Union had filled up its winter reserves to 79.94% as of Sunday, according to Gas Infrastructure Europe. That's just shy of its goal of 80% by November 1.Warren Buffett's Berkshire Hathaway has trimmed its BYD stake for the first time in 14 years, a Hong Stock Exchange filing revealed Tuesday. The famed investor's conglomerate sold about 1.3 million shares of the Chinese electric-vehicle maker for around $47 million last week. The disposals reduced its position from 220 million shares to 218.7 million shares, the filing shows.West Texas Intermediate crude oil fell 3.19% to $93.92 per barrel. Brent crude, oil's international benchmark, fell 3.37% to $101.55.Bitcoin ticked up 0.45% to $20,363. Ether prices rose 1.89% to $1,573.Gold fell 0.31% to $1,744.20 per ounce. The yield on the 10-year Treasury was flat at 3.10%.Read the original article on Business Insider.....»»

Category: worldSource: nytAug 30th, 2022

A company that built a pop-up McDowell"s, the McDonald"s-like restaurant in Eddie Murphy"s "Coming to America", is being sued by Paramount

JMC Pop Ups is facing legal action by Paramount after opening a restaurant with the same name as the fake McDonald's in its 1988 comedy. Eddie Murphy appeared in hit movies in the 1980s including Coming to America and Beverly Hills Cop.Getty Images Paramount sued the makers of a pop-up restaurant that imitates one from "Coming to America".  JMC Pop Ups build a McDowell's replica in what its owner called a "fan-made parody."  In a running gag in the film, McDowell's is almost identical to McDonald's. Paramount has taken legal action against a company that set up a pop-up restaurant inspired by an eatery in the 1988 Eddie Murphy film "Coming to America", a filing shows.In the lawsuit, filed in the recently established Copyright Claims Board, Paramount accused JMC Pop Ups LLC of publicly performing, creating, reproducing, and displaying the work of "Coming to America."In the film, Eddie Murphy's character crown prince Ak eem Joffer travels with his friend Semmi, played by Arsenio Hall, to the US to avoid an arranged marriage. He takes a job at McDowell's restaurant, where he falls in love with the owner's daughter.The lawsuit mirrors a running gag in the film, where McDowell's owner Cleo McDowell complains and worries about potential legal action from McDonald's over his restaurant's striking similarity to the Golden Arches.Saying he and "the McDonald's people got this little misunderstanding", McDowell (John Amos) frequently argued that there were no similarities to McDonald's. He pointed to his use of golden arcs, rather than arches, and their Big Mick, which is served in a seedless bun, as opposed to the Big Mac.JMC would tour the restaurant around several US cities, with Paramount first citing an offending imitator in New Jersey in February this year. The film company also said there were McDowell's pop-ups in Springfield, Virginia, near Washington, D.C., and Cherry Hill, New Jersey, near Philadelphia,  in May and June, The Wall Street Journal reported.Paramount argued that despite repeated negotiations and requests to terminate the restaurant, JMC went ahead, causing "irreparable" harm. The lawsuit stated: "JMC misused Paramount Pictures' intellectual property to deceive parents and children into believing that the infringing restaurant is affiliated with, or authorized by, Paramount Pictures. To make matters worse, the quality of the food is in serious question, as consumers have reported feeling discomfort after eating [there]."Asked by the Washingtonian in March if there was a potential trademark issue, restaurant owner Joe McCullough said: "I'm not a lawyer, but I have lawyers. I guess I don't want to get into legal and end up in trouble in your article."Citing the idea of a "fan-made parody" through his conversation with the Washingtonian, he added: "We don't touch Coming to America. We more focus on the McDowell's aspect. You know, the parody of McDonald's."Paramount is seeking $30,000 in damages, the maximum allowed by the court, and for JMC to cover the production company's legal fees.John Powell, a lawyer representing JMC, told The Wall Street Journal: "The McDowell's pop-up was a creative celebration of a fake restaurant. JMC is disappointed by Paramount's heavy-handed response to fans of its films."In 2018, a similar McDowell's pop-up was launched by Fat Sal's Hollywood, following a successful run in 2017.Fat Sal's 2018 pop-up paid similar homage to McDowell's.AaronP/Bauer-Griffin/Getty ImagesJMC didn't immediately respond to Insider's request for comment made outside normal working hours.Read the original article on Business Insider.....»»

Category: worldSource: nytAug 29th, 2022

Meme Stocks Luring Again: Don"t Make Hasty Decisions

The first half of this year didn't see much hype around meme stocks but last month saw a resurgence. Keep an eye on RKT, BBBY, SNAP and ROKU. Markets are trying to recover from the bloodbath suffered during the first half of the year. July was one of the better months, with markets recovering from their earlier lows after data remained unchanged for the month. However, inflation is still high and all three major indexes are still down for the year.To put it in simple words, the crisis is far from over and the Fed is gearing up for yet another rate hike in September, after increasing interest rates by 225 basis points this year. Despite the bearish sentiment, a few stocks have been swimming against the tide. These stocks, dubbed meme stocks, have seen an astounding surge lately.Meme Stocks Making Another ComebackMeme stocks were stock market darlings last year, with some stocks surging as much as 200%. And this happened at a time when the global economy was still reopening after almost closing down due to the pandemic.The first half of this year didn’t see much hype around meme stocks but last month saw a resurgence mainly because of easing inflation, plunging commodity prices and a decline in Treasury yields.Meme stocks are those that attract a great deal of investor attention because of a buzz on social media and online discussion boards like Reddit, WallStreetBets and Robinhood. They don’t follow the conventional route where an investor judges a stock by the company’s fundamentals, leading to an increase in volumes and share price. Instead, the surge is triggered by hedge fund giants that create a short squeeze on the stock via social media forums.Retail investors have a negative outlook on meme stocks because of their extensive shorting. When retail investors buy lumpsum amounts of these cheap stocks, their share prices surge overnight. Institutional investors, particularly hedge funds, start short-covering when these companies’ prices begin to rise to keep the balance of their portfolios. As a result, the value of these stocks soars.Risky BetInvesting in meme stocks involves high risk as a decision taken impulsively on the basis of social media popularity can backfire. Moreover, most meme stocks have negative earnings growth estimates or very poor revenue growth. The revenue growth rate can also be negative. These are a few explanations as to why institutional investors have shorted these equities so extensively.In fact, meme stocks have taken a beating over the past week after making a resurgence last month. On Aug 22, shares of AMC Entertainment Holdings, Inc. AMC plummeted 31% after investor skepticism about its recent rally caused a dramatic decline. The decline came after UK-owned rival Cineworld, which operates Regal Cinemas in the United States, warned that it could go for a bankruptcy filing. AMC has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Shares of AMC had surged more than 150% since the end of 2019 and even managed to raise $1.8 billion in loans but plummeted on a social media frenzy. Other meme stocks, too, have been taking a beating lately, which is yet another alarm bell for those who often get tempted by their sudden surge.4 Meme Stocks Creating NoiseRocket Companies, Inc. RKT, the holding company consisting of personal finance and consumer service brands, including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central and Amrock, posted disappointing second-quarter 2022 results. RKT’s expected earnings growth rate for the current year is -93.4%.According to our most recent prediction, the company will incur huge losses in 2022. The stock currently has a Zacks Rank #4 (Sell). However, RKT’s stock price has increased by 14.7% over the past 30 days.Bed Bath & Beyond Inc. BBBY, the specialty retail store operator and one of the most talked-about meme stocks on Reddit’s WallStreetBets chat room, surged 102.7% over the past 30 days despite plummeting more than 50% last week after billionaire investor Ryan Cohen sold off his entire stake in the company.Interestingly, BBBY once again surged 15% on Aug 23 after the company reportedly secured a new loan. However, Bed Bath & Beyond came up with disappointing first-quarter fiscal 2022 results, with both top and bottom lines not only missing their respective Zacks Consensus Estimate but also declining year over year. The current Zacks Consensus Estimate for 2022 earnings per share growth is more than -100%.Our current projection indicates that the company will incur losses in 2022. Bed Bath and Beyond carries a Zacks Rank #4.Snap Inc. SNAP posted disappointing second-quarter 2022 results, wherein the company reported a loss of 2 cents per share. Snap’s expected earnings growth rate for the current year is more than -100%.According to our most recent prediction, SNAP will incur huge losses in 2022. SNAP currently has a Zacks Rank #4. However, SNAP’s stock price has climbed 9.1% over the past 30 days.Roku, Inc. ROKU, the leading TV streaming platform provider in the United States based on hours streamed, posted disappointing second-quarter 2022 results. ROKU reported a loss of 82 cents per share, wider than the Zacks Consensus Estimate of a loss of 78 cents. The current Zacks Consensus Estimate for 2022 earnings per share growth is negative.Our current projection indicates that the company will continue to incur losses in 2022. ROKU has a Zacks Rank #4. Yet, ROKU’s shares have soared 22.3% in the past month. This Little-Known Semiconductor Stock Could Lead to Big Gains for Your Portfolio The significance of semiconductors can't be overstated. Your smartphone couldn't function without it. Your personal computer would crash in minutes. Digital cameras, washing machines, refrigerators, ovens. You wouldn't be able to use any of them without semiconductors. Disruptions in the supply chain have given semiconductors tremendous pricing power. That's why they present such a tremendous opportunity for investors. And today, in a new free report, Zacks' leading stock strategist is revealing the one semiconductor stock that stands to gain the most. It's yours free and with no obligation. >>Give me access to my free special report.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bed Bath & Beyond Inc. (BBBY): Free Stock Analysis Report Rocket Companies, Inc. (RKT): Free Stock Analysis Report AMC Entertainment Holdings, Inc. (AMC): Free Stock Analysis Report Snap Inc. (SNAP): Free Stock Analysis Report Roku, Inc. (ROKU): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 25th, 2022

Occidental Soars After Filing Shows Buffett Seeking 50% Stake

Occidental Soars After Filing Shows Buffett Seeking 50% Stake A filing with the Federal Energy Regulatory Commission (FERC) shows that Warren Buffett's Berkshire Hathaway applied for authorization to grow its stake in Occidental Petroleum from around 20% (last filing) to 50%... On July 11, 2022, Berkshire Hathaway Inc. (Applicant) filed an application pursuant to section 203(a)(2) of the Federal Power Act (FPA)  requesting authorization for Applicant to acquire in secondary market transactions up to 50% of the common stock of Occidental Petroleum Corporation (Occidental) (Proposed Transaction). FERC's response allowed Buffett to proceed: After consideration, it is concluded that the Proposed Transaction is consistent with the public interest and is authorized... This sent the stock soaring, up almost 10% and up over 20% since we tweeted his interest in buying the dip... So it seems Buffett is betting against Biden with this massive energy stake? *  *  * Full filing below: Tyler Durden Fri, 08/19/2022 - 13:34.....»»

Category: smallbizSource: nytAug 19th, 2022

US stocks rise as investors digest economic data and comments from Fed"s Bullard

"I don't really see why you want to drag out interest rate increases into next year," Fed President James Bullard said. James Bullard, CEO and president of the Federal Reserve Bank of St. Louis, in an interview on February 25, 2016.David Orrell/CNBC/NBCU Photo Bank/NBCUniversal via Getty ImagesUS stocks closed higher on Thursday as investors digested new economic data and comments from the Fed's James Bullard.Jobless claims fell by 2,000 to 250,000 last week, while existing home sales fell for the sixth straight month.Meanwhile, Fed President James Bullard favors a 75 basis point rate hike in September to combat inflation.US stocks traded mixed for most of Thursday's session before closing higher as investors digested several economic data points and new comments from Fed President James Bullard.Existing home sales fell for the sixth straight month in July, hitting a two-year low as the housing market continues to cool down due to soaring mortgage rates. Existing home sales fell to an annual rate of 4.81 million in July, the National Association of Realtors said.Weekly jobless claims fell by 2,000 to 250,000 last week, well below estimates for 260,000. The data highlight that rising layoffs and hiring freezes from select technology companies have yet to put a dent in the overall labor market.The data bolsters the Federal Reserve's view that it still has some work to do to cool down the strong job market, increasing the likelihood of an outsized interest rate hike in late September. At least, that's what Bullard thinks, as he told The Wall Street Journal that a 75 basis point rate hike in September would be appropriate.Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:S&P 500: 4,283.74, up 0.23%Dow Jones Industrial Average: 33,999.04, up 0.06% (18.72 points)Nasdaq Composite: 12,965.34, up 0.21%"We should continue to move expeditiously to a level of the policy rate that will put significant downward pressure on inflation... I don't really see why you want to drag out interest rate increases into next year," Bullard said.European natural gas prices continue to rise and are now 10 times the usual amount for this time of year, Bloomberg data shows. Dutch TTF natural gas futures, the benchmark European price, hovered near 234 euros per megawatt hour Thursday, up about 3.5% intraday.Europe is stepping up its imports of diesel from sources around the world as an energy crisis grips the continent, forcing industries to burn the oil product instead of increasingly expensive natural gas.Bed Bath & Beyond plummeted up to 18.2% in Thursday's premarket after a major shareholder moved to sell his stake in the meme stock. Ryan Cohen's RC Ventures intends to dump the 9.45 million shares it holds, according to an SEC filing.A college student reportedly managed to bank a $110 million profit on his $25 million stake in Bed Bath & Beyond after its surge higher in recent weeks. The 20-year old Jake Freeman cashed out his stake prior to today's big fall. It was also revealed that the college student and his uncle had amassed a stake in pharmaceutical company Mind Medicine, sending shares surging during the session Thursday.West Texas Intermediate crude oil rose 2.38% to $90.21 per barrel. Brent crude, oil's international benchmark, rose 3.15% to $96.60.Bitcoin fell 0.27% to $23,380. Ether prices rose 1.50% to $1,875.Gold fell 0.20% to $1,773.10 per ounce. The yield on the 10-year Treasury fell 3 basis points to 2.87%.Read the original article on Business Insider.....»»

Category: worldSource: nytAug 18th, 2022

US stocks edge lower after weekly jobless claims unexpectedly fall

The solid jobless claim data show that rising layoffs and hiring freezes from technology companies has yet to put a dent in the strong labor market. A "now hiring" sign is displayed in a window in Manhattan on July 28, 2022 in New York City.Spencer Platt/Getty ImagesUS stocks edged lower on Thursday after weekly jobless claims fell below analyst estimates.Jobless claims fell by 2,000 to 250,000 last week, well below the estimate of 260,000.The better-than-expected weekly data shows that the labor market is still strong.US stocks dipped on Thursday after weekly jobless claims bested expectations and showed the underlying strength of the current labor market.Claims fell by 2,000 to 250,000 last week, well below estimates for 260,000. The data highlight that rising layoffs and hiring freezes from select technology companies have yet to put a dent in the overall labor market.The data also bolsters the Federal Reserve's view that it still has some work to do to cool down the strong job market, increasing the likelihood of an outsized interest rate hike in late September.Here's where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:S&P 500: 4,269.78, down 0.10%Dow Jones Industrial Average: 33,963.56, down 0.05% (16.76 points)Nasdaq Composite: 12,896.91, down 0.32%European natural gas prices continue to rise and are now 10 times the usual amount for this time of year, Bloomberg data shows. Dutch TTF natural gas futures, the benchmark European price, hovered near 234 euros per megawatt hour Thursday, up about 3.5% intraday.Europe is stepping up its imports of diesel from sources around the world as an energy crisis grips the continent, forcing industries to burn the oil product instead of increasingly expensive natural gas.Bed Bath & Beyond plummeted up to 18.2% in Thursday's premarket after a major shareholder moved to sell his stake in the meme stock. Ryan Cohen's RC Ventures intends to dump the 9.45 million shares it holds, according to an SEC filing.West Texas Intermediate crude oil rose 1.25% to $89.21 per barrel. Brent crude, oil's international benchmark, rose 1.89% to $95.42.Bitcoin jumped 0.33% to $23,521. Ether prices rose 1.16% to $1,869.Gold rose 0.12% to $1,778.80 per ounce. The yield on the 10-year Treasury fell 3 basis points to 2.87%.Read the original article on Business Insider.....»»

Category: worldSource: nytAug 18th, 2022

Fulton County DA"s fiery email reveals how she tore into Gov. Brian Kemp"s lawyer for accusing her election probe of being politically motivated: "You are both wrong and confused"

"You have taken my kindness as weakness and you have continually treated this investigation with disdain," Willis wrote in her stern email. Fulton County District Fani Willis wrote a scathing letter to Governor Brian Kemp's lawyer for accusing her investigation of being "politically motivated."Ben Gray/AP Photo A newly-revealed email shows how Fulton County DA Fani Willis blasted Governor Brian Kemp's lawyer. The lawyer had repeatedly called Willis' election probe "politically motivated" in emails to her staff. Willis slammed the lawyer's comments as "offensive and beneath an officer of the court." A newly-revealed email shows how Fulton County District Attorney Fani Willis excoriated the lawyer of Georgia Gov. Brian Kemp for accusing her office of undermining Kemp's re-election chances by calling up the governor for testimony.The email was part of a conversation attached to a court filing on Wednesday in which Kemp's lawyer, Brian McEvoy, sought to dismiss a subpoena of Kemp for the investigation into former President Donald Trump's attempt to overturn the 2020 election in Georgia. It reveals the frustration of Willis' office in trying to secure testimony from Kemp, and how the governor has responded to the probe's requests.In the attached conversation, McEvoy and counsels from Willis' office discussed Kemp's possible testimony, up until McEvoy called Willis' probe "politically motivated" on July 20 and repeatedly cited concerns of "leaks" that could lead the public to learn that the governor had been called to testify.Kemp is currently seeking reelection after soundly beating his GOP rival David Perdue in the Georgia gubernatorial primary in May.That was when the district attorney stepped in, personally reprimanding McEvoy and challenging his claims."The email you sent is offensive and beneath an officer of the court. You are both wrong and confused," Willis' email read."Let's discuss the ways you are wrong: This is NOT a politically motivated investigation. It is a criminal investigation and often at the end of criminal investigations people are cleared and often they go to prison," she continued.Willis wrote that McEvoy's repeated references to the so-called "politically motivated investigation" did not make it the truth. "In fact, you repeating it so many times only proves you have become very comfortable being dishonest," she added.In the email, Willis also wrote that McEvoy's reasoning that her office's probe was driven by a separate agenda because it took place during an election cycle was "without merit as you have purposely delayed to get us to our current date."Gov. Brian Kemp is seeking a second term in office this year.Joe Raedle/Getty ImagesWillis' investigation focuses on whether Trump and his allies violated Georgia's election fraud and racketeering laws while he tried to pressure state officials to overturn the state's 2020 election results. The 18-month probe has deployed a special grand jury with the power to subpoena potential witnesses and has ordered some of Trump's closest advisers, including his personal lawyer Rudy Giuliani and Sen. Lindsey Graham of South Carolina, to appear for testimony.Kemp has been called as a witness because he was one of the officials Trump phoned in December for help with overturning the results. The governor had tweeted at the time that he was advocating for a signature audit of the votes.As part of the investigation, Willis' office had arranged for Kemp to submit a recorded video testimony by July 25 about Trump's request when McEvoy made his claims about the probe being a risk to Kemp's re-election.In her response, Willis said her office had never leaked anything about the investigation and that it was the attorneys of witnesses, such as Kemp and Giuliani, who often reveal to the public that their clients are the targets of a probe.The district attorney said she had already told her staff to "bend over backwards" to accommodate Kemp out of respect for his position."We have been working with you in good faith for months. You have been rude and even disparaging to my staff. You have been less than honest about conversations that have taken place," she wrote."You have taken my kindness as weakness and you have continually treated this investigation with disdain," Willis added. She also demanded that her staff be treated with the same respect that they had shown to McEvoy."Your client is a mere witness that needs to come and tell the truth. That is all we have ever asked of the Governor," Willis wrote. So far, Kemp has not submitted the requested video testimony and was on August 4 issued with another subpoena on Thursday.In Kemp's challenge to the subpoena submitted on Wednesday, McEvoy repeated the same claims he made about Willis' probe, saying the district attorney had "engineered the Governor's interaction with the investigation to reach a crescendo in the middle of an election cycle."Kemp is set to face off against Democrat Stacey Abrams in a rematch of 2018's midterm elections, in which he beat her by a slim margin.Trump has repeatedly attacked Kemp for refusing to back his baseless election fraud claims and for resisting pressure not to certify President Joe Biden's win in the state. However, earlier this month, Insider reported that Trump has not ruled out endorsing Kemp in the state's upcoming gubernatorial race.Read the original article on Business Insider.....»»

Category: dealsSource: nytAug 18th, 2022

US stocks close higher as tech and consumer shares help market push past China growth worries

Disney was among Monday's winners on the Dow after hedge fund manager Dan Loeb bought a new stake in the entertainment heavyweight. Spencer Platt/Getty Images US stocks staged a turnaround Monday to finish higher after opening in the red.  Disney advanced as hedge fund Third Point took a new stake in the company.  Dour China data dragged US oil prices below $90 a barrel and drove down energy shares.  US stocks advanced on Monday, with strength from tech and consumer-related shares fueling the market's turnaround from earlier losses sparked by China's slumping prospects for robust economic growth this year. Monday's win put the Nasdaq Composite and the S&P 500 on a path to stretch their win streaks to five weeks. The consumer staples and the consumer discretionary sectors of the S&P 500 were the best performing groups of the session, and entertainment giant Walt Disney contributed to gains in the Dow Jones Industrial Average. Disney climbed following a CNBC report that hedge fund Third Point run by Dan Loeb has taken a new stake in the company and wants it to spin off ESPN. But the S&P 500's energy sector put in the worst performance of the day, tracking losses in oil prices. Oil prices were slammed down on consumption concerns after China posted monthly factory output and retail sales figures that missed expectations. Dow component Chevron fell, as did Exxon Mobil and Halliburton. China's central bank cut two interest rates in a bid to boost short-term liquidity.Here's where US indexes stood at 4:00 p.m. on Monday:  S&P 500: 4,297.14, up 0.4%Dow Jones Industrial Average: 33,912.63, up 0.45% (151.58 points)Nasdaq Composite: 13,128.05, up 0.62%Around the markets, former New York Fed President William Dudley said the central bank will likely push interest rates up past 4%.  Meanwhile, BlackRock says the current stock market rally isn't sustainable as earnings deteriorate and Fed's rate hikes stall growth. Homebuilder stocks fell as home builders now see a recession in the US housing market, according to the monthly NAHB/Wells Fargo survey. Hedge fund Renaissance Technologies halved its Tesla stake, dumped GameStop and AMC Entertainment, and bet big on Warren Buffett's Berkshire Hathaway in the second quarter, a regulatory filing shows. Oil prices sank. West Texas Intermediate crude fell 3% to $89.35 per barrel. Brent crude, the international benchmark, lost 3.2% at $94.98. Gold was off 1.2% at $1,794.70 per ounce. The 10-year Treasury yield fell 5 basis points to 2.83%. Bitcoin lost 1.2% to trade at $24,043.11.Read the original article on Business Insider.....»»

Category: dealsSource: nytAug 15th, 2022

"Big Short" investor Michael Burry sold all but one of his stocks last quarter — after warning an epic market crash is coming

The Scion Asset Management boss slashed his stock portfolio from 11 holdings to just one, cutting its value from $165 million to $3.3 million. Michael Burry.Kevin Mazur/WireImage Michael Burry of "The Big Short" sold virtually all of his US stocks last quarter. Burry's Scion Asset Management held only a $3.3 million stake in Geo Group, a new filing shows. Scion owned $165 million of stocks at the end of March, excluding its Apple put options. Michael Burry, the investor of "The Big Short" fame, slashed his US stock portfolio to a single holding in the second quarter, a Securities and Exchange Commission filing showed on Monday.Burry's Scion Asset Management disclosed just over 500,000 shares of Geo Group, worth $3.3 million. Geo invests in private prisons and mental-health facilities and commands a market capitalization of less than $900 million.Close followers of Burry are likely to interpret his decision to effectively liquidate his portfolio as a bad omen. The hedge-fund manager diagnosed the "greatest speculative bubble of all time in all things" last summer and said owners of meme stocks and cryptocurrencies were careening toward the "mother of all crashes."More recently, he has told investors not to get too excited about the recent rally in stocks, as previous downturns have seen many temporary rebounds before finding a bottom. He also said the "silliness" in markets during the height of the pandemic had returned and tweeted over the weekend that he "can't shake that silly pre-Enron, pre-9/11, pre-WorldCom feeling," referring to the euphoria that preceded the dot-com crash.Scion's portfolio comprised 11 stocks worth $165 million at the end of March, excluding bearish put options it held against 206,000 Apple shares.The Scion chief has taken a knife to his portfolio in the past. He pared it from 20 holdings to six in the third quarter of last year, reducing its value from $140 million to $42 million in the space of three months.Burry rose to fame after his billion-dollar wager against the mid-2000s housing bubble was chronicled in the book and movie "The Big Short." He's also known for betting against Elon Musk's Tesla and Cathie Wood's Ark Innovation fund last year and for investing in GameStop before it became a meme stock.Read more: A Michael Burry expert breaks down what makes the 'Big Short' investor special. He also revisits Burry's iconic bet against the housing bubble, and his GameStop, Tesla, and Ark wagers.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 15th, 2022

"Big Short" investor Michael Burry sold all but one of his stocks last quarter - after warning an epic market crash is coming

The Scion Asset Management boss slashed his stock portfolio from 11 holdings to just one, cutting its value from $165 million to $3.3 million. Michael Burry.Kevin Mazur/WireImage Michael Burry of "The Big Short" sold virtually all of his US stocks last quarter. Burry's Scion Asset Management only held a $3.3 million stake in Geo Group, a new filing shows. Scion owned $165 million of stocks at the end of March, excluding its Apple put options. Michael Burry, the investor of "The Big Short" fame, slashed his US stock portfolio to a single holding in the second quarter, a SEC filing revealed on Monday.Burry's Scion Asset Management disclosed just over 500,000 shares of Geo Group worth $3.3 million. Geo invests in private prisons and mental health facilities, and commands a market capitalization of less than $900 million.Close followers of Burry are likely to interpret his decision to effectively liquidate his portfolio as a bad omen. The hedge fund manager diagnosed the "greatest speculative bubble of all time in all things" last summer, and warned owners of meme stocks and cryptocurrencies that they were careening towards the "mother of all crashes."More recently, he has cautioned investors not to get too excited about the recent rally in stocks, as previous downturns have seen lots of temporary rebounds before finding a bottom. He also warned the "silliness" in markets during the height of the pandemic has returned, and tweeted over the weekend that he "can't shake that silly pre-Enron, pre-9/11, pre-WorldCom feeling - referring to the euphoria that preceded the dot-com crash.Scion's portfolio comprised 11 stocks worth $165 million at the end of March, excluding bearish put options it held against 206,000 Apple shares.The Scion chief has taken a knife to his portfolio in the past. He pared it from 20 holdings to six in the third quarter of last year, reducing its value from $140 million to $42 million in the space of three months.Burry shot to fame after his billion-dollar wager against the mid-2000s housing bubble was chronicled in the book and the movie "The Big Short." He's also known for betting against Elon Musk's Tesla and Cathie Wood's Ark Innovation fund last year, and for investing in GameStop before it became a meme stock.Read more: A Michael Burry expert breaks down what makes the 'Big Short' investor special. He also revisits Burry's iconic bet against the housing bubble, and his GameStop, Tesla, and Ark wagers.Read the original article on Business Insider.....»»

Category: worldSource: nytAug 15th, 2022