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TSEC raises US$22 million via private placement

Solar cell and PV module maker TSEC has raised funds of NT$615.0 million (US$22.04 million) through issuing 25.895 million preferred shares at NT$23.75 per share for private placement, with the Taiwan government's National Development Fund subscribing for 31.71% of the preferred shares and a new shareholder of TSEC 68.29%, according to TSEC......»»

Category: topSource: digitimesDec 4th, 2021

FCA Announces Changes To UK Listing Rules To Boost Growth And Innovation

More details about FCA’s changes to UK listing rules can be found here. The FCA has confirmed the following changes: Q3 2021 hedge fund letters, conferences and more Allowing a targeted form of dual class share structures within the premium listing segment to encourage innovative, often founder-led companies onto public markets sooner and so broaden […] More details about FCA’s changes to UK listing rules can be found here. The FCA has confirmed the following changes: 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 Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss 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); Q3 2021 hedge fund letters, conferences and more Allowing a targeted form of dual class share structures within the premium listing segment to encourage innovative, often founder-led companies onto public markets sooner and so broaden the listed investment landscape for investors in the UK. Reducing the amount of shares an issuer is required to have in public hands (i.e. free float) from 25% to 10%, reducing potential barriers for issuers created by current requirements. Increasing the minimum market capitalisation (MMC) threshold for both the premium and standard listing segments for shares in ordinary commercial companies from £700,000 to £30 million. Raising the MMC will give investors greater trust and clarity about the types of company with shares admitted to different markets. Anne Fairweather, Head of Government Affairs & Public Policy at Hargreaves Lansdown: “Rule tweaks will encourage more companies to list in the UK providing welcome opportunities for investors. The Government must now look to address wrinkles in the way reams of information must be disclosed through the use of old fashioned prospectuses, which currently limit the attraction of offering new capital raisings to ordinary investors. Retail investors must have the opportunity to invest at IPOs and greater protections with secondary fund raises. A flurry of smaller companies joining the market will provide potential for some exciting growth in newly emerging technologies and industries, however this potential will go hand in hand with increased risk. As always, investors must weigh the opportunities on offer against the risks, we’d expect individual smaller companies to make up fairly small parts of a client’s overall portfolio.” About Hargreaves Lansdown Over 1.67 million clients trust us with £138.0 billion (as at 30 September 2021), making us the UK’s number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on Dec 2, 2021, 12:52 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkDec 2nd, 2021

CSI Compressco LP Announces A Series Of Transactions That Strengthen Its Balance Sheet And Releases Third Quarter 2021 Results

THE WOODLANDS, Texas, Nov. 10, 2021 /PRNewswire/ -- CSI Compressco LP (NASDAQ:CCLP) ("CSI" or "Partnership")—along with CSI Compressco GP LLC, its general partner (the "General Partner")—today announced the execution of agreements resulting in a series of transactions (collectively, the "Transactions") that enable CSI to redeem all its outstanding Senior Unsecured Notes due 2022 (the "2022 Notes"). CSI is also releasing its third quarter 2021 results.  CSI will host a conference call to discuss third quarter results tomorrow, November 11, 2021, at 10:30 a.m. Eastern Time. The phone number for the call is 1-866-374-8397. The conference call will also be available by live audio webcast and may be accessed through CSI's website at www.csicompressco.com. An audio replay of the conference call will be available at 1-877-344-7529, conference number 10162088, for one week following the conference call and the archived webcast will be available through CSI's website for thirty days following the conference call. In connection with this release, CSI has posted private placement materials provided to the equity investors on its website. Please visit the Investor Relations tab for further information. Transaction Summary CSI raises $57 million in private placements of common units CSI acquires the primary operating business of Spartan Energy Partners LP ("Spartan") in an all equity transaction, with an expected increase in EBITDA of approximately 20% Announces redemption of all of its outstanding 2022 Notes, resulting in no bond maturities until 2025 after such redemption Reduces net leverage ratio on a pro forma basis from 6.8x to 5.5x as of September 30, 2021 Improves liquidity from $35 million to $54 million on a pro forma basis as of September 30, 2021, a 54% increase CSI raises $57 million in private placements of common units Equity of $57 million raised through private placements of the Partnership's common units Investors include new 3rd party institutional investors, existing unitholders (including Spartan), and management 42.0 million units sold at $1.35 per unit and subject to a 90 day lock up CSI acquires primary operating business of Spartan in an all equity transaction, with an expected increase in EBITDA of approximately 20% Includes over 400 gas treating, cooling and processing assets and customer contracts CSI issued 48,400,000 common units and assumed approximately $32.5 million in debt as consideration The General Partner agrees to eliminate Incentive Distribution Rights, increasing sponsor alignment Announces redemption of all of its outstanding 2022 Notes, leaving no bond maturities until 2025 after such redemption Reduces bond interest expense by approximately 10% Issues $10 million of senior secured second lien notes at par Includes exchange of $2 million of 2022 Notes held by Spartan for common units Next bond maturity is the senior secured first lien notes due in April of 2025 Reduces net leverage and improves liquidity The Spartan operations and entities acquired in the Transactions are supported by an Asset Backed Loan (the "Spartan ABL") that, pro forma for the Transactions, has a $70 million borrowing base and approximately $57.1 million drawn on a pro forma basis as of September 30, 2021 The acquired Spartan entities will be designated unrestricted subsidiaries of the Partnership $24.4 million drawn from the Spartan ABL and combined with CSI sources will be used to redeem the 2022 Notes in full Leverage reduced by approximately 1.3x and liquidity increases by approximately $19 million on a pro forma basis as of September 30, 2021 Sources and Uses ($ millions) Sources Private Common Equity Sale $       56.7 Spartan ABL Draw 24.4 Exchange of 2022 Notes for Common Equity 2.4 2026 2nd Lien Secured Notes Issuance 10.0 Total Sources $       93.4 Uses Redemption of 2022 Notes and Accrued Interest $       82.6 Transaction Fees 4.5 Additional Cash on Balance Sheet 6.3 Total Uses $       93.4 The transaction was unanimously approved by the board of directors of the General Partner. The Conflicts Committee of the board of directors of the General Partner, consisting solely of independent directors, provided special approval for the terms of the contribution of the Spartan entities and operations to the Partnership. Management Commentary: John Jackson, CEO of CSI and Spartan, commented, "We are excited about how these transactions position CSI for the future.  When Spartan acquired the General Partner and 23% of the outstanding common units in January 2021, we said our immediate focus would be on delivering quality service to our customers, generating liquidity, and improving our capital structure.  Our operations team has worked hard to provide exceptional service to our customers in an improving market while contending with supply chain and labor issues.  These transformational transactions are a significant step toward increasing liquidity, improving our capital structure, and positioning CSI for growth.  It represents a serious commitment by Spartan's ownership to support CSI and position it to participate in the anticipated commodity price upcycle without further complicating the balance sheet.  With the maturity of the 2022 Notes behind the Partnership, management can now fully turn its attention to execution, sound capital allocation decisions, and additional steps that will further strengthen the balance sheet." "In addition to the financial benefits noted above, there are strategic benefits as well.  The acquisition of the Spartan entities is expected to increase CSI's EBITDA by approximately 20% on a pro forma basis resulting in a significant reduction of CSI's leverage ratio.  The Spartan ABL provides relatively inexpensive debt that will be used together with other sources of cash to fully redeem the 2022 Notes and help fund growth capital.  Strategically, Spartan's business is a good fit for CSI as we have a highly complementary customer and asset base.  We have already capitalized on some cross-selling opportunities benefitting both companies.  As we now are able to fully integrate CSI and Spartan into one platform, we expect this activity to accelerate." Advisors:  Jefferies served as exclusive financial advisor to the Partnership on the Transactions and sole placement agent for the private placement common unit sale.  Vinson & Elkins L.L.P. served as legal advisor to the Partnership.  The Conflicts Committee engaged Evercore as its financial advisor and Shearman & Sterling LLP as its legal advisor. Third Quarter 2021 Results: Total revenues for the third quarter 2021 were $71.3 million, compared to $69.8 million in the second quarter 2021. Compression and related services revenue increased sequentially to $56.4 million in the third quarter 2021 compared to $55.3 million in the second quarter 2021. Net loss was $14.4 million compared to a net loss of $12.1 million in the second quarter 2021. Adjusted EBITDA was $21.1 million compared to $23.1 million in the second quarter 2021. The third quarter of 2021 Adjusted EBITDA included a $1.0 million benefit from the sale of used equipment compared to a $0.1 million benefit in the second quarter 2021. Distributable cash flow was $5.7 million compared to $6.5 million in the second quarter 2021. Distribution coverage ratio was 11.8x in the third quarter 2021 compared to 13.3x in the second quarter 2021. Third quarter of 2021 distribution of $0.01 per common unit will be paid on November 12, 2021. Management Commentary: John Jackson, CEO of CSI and Spartan, commented, "The third quarter continued a trend of increasing utilization and improving revenue. The overall demand appears to be strong and the outlook for 2022 remains very upbeat for our industry.  We are redeploying a sizeable amount of horsepower in a short amount of time.  This activity level, combined with labor and supply chain issues, has increased our make ready and start-up expenses well above our normal levels.  We expect these costs to revert to normal during the 1st quarter of 2022 as we begin to level out our deployment of idle units.  In addition, we incurred some one-time costs in the 3rd quarter associated with transitioning our employee benefit plans from a shared service model provided by TETRA to stand alone at CSI.  These costs are behind us after the 3rd quarter.  On a combined basis, the make ready and transition costs accounted for approximately $2 million of costs that either have been eliminated or will begin to decline in Q1 2022.  As a result, we remain very upbeat about 2022 as an industry and our ability to grow and participate in this upward market." Net cash provided by operating activities was $22.9 million in the third quarter, compared to net cash used in operating activities of $9.7 million in the second quarter. Distributable cash flow in the third quarter was $5.7 million, resulting in a distribution coverage ratio of 11.8x. This press release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"): Adjusted EBITDA, distributable cash flow, distribution coverage ratio, free cash flow, and net leverage ratio. Please see Schedules B-E for reconciliations of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures. Unaudited results of operations for the quarter ended September 30, 2021 compared to the prior quarter and the corresponding prior year quarter are presented in the table below. Three Months Ended Sep 30, 2021 Jun 30, 2021 Sep 30,2020 Q3-2021 v Q2-2021 Q3-2021 v Q3-2020 (In Thousands, except percentage changes) Net loss $ (14,362) $ (12,085) $ (12,607) (19) % (14) % Adjusted EBITDA $ 21,056 $ 23,085 $ 27,769 (9) % (24) % Distributable cash flow $ 5,735 $ 6,486 $ 10,512 (12) % (45) % Net cash provided by (used in) operating activities $ 22,884 $ (9,686) $ (4,451) 336 % 614 % Free cash flow $ 15,918 $ (15,056) $ 14,099 206 % 13 % As of September 30, 2021, total compressor fleet horsepower was 1,175,989 and fleet horsepower in service was 928,303 for an overall fleet utilization rate of 78.9% (we define the overall service fleet utilization rate as the service compressor fleet horsepower in service divided by the total compressor fleet horsepower). Idle horsepower equipment under repair is not considered utilized, but we do count units on standby as utilized when the client is being billed a standby service rate. Balance Sheet Cash on hand at the end of the third quarter was $23.5 million. No amounts were drawn nor outstanding on the Partnership's asset-based loan at the end of the third quarter. Our debt consists of $80.7 million of unsecured bonds due in August 2022, $400.0 million of first lien secured bonds due in 2025 and $159.9 million of second lien secured bonds due in 2026. Net leverage ratio at the end of the quarter was 6.8X. Capital Expenditures - 2021 Expectations We expect capital expenditures for 2021 to be between $50.0 million and $60.0 million. The forecast includes between $28.0 million and $35.0 million for capital growth. Maintenance capital expenditures are expected to be between $18.0 million and $20.0 million. Investments in the Helix digitally enhanced compression system and other technologies are expected to be between $4.0 million and $5.0 million. Third Quarter 2021 Cash Distribution on Common Units On October 15, 2021, the board of directors of our General Partner declared a cash distribution attributable to the quarter ended September 30, 2021 of $0.01 per outstanding common unit. This distribution equates to a distribution of $0.04 per outstanding common unit on an annualized basis. This distribution will be paid on November 12, 2021 to each of the holders of common units of record as of the close of business on October 25, 2021. The distribution coverage ratio for the third quarter of 2021 was 11.8x. Conference Call CSI will host a conference call to discuss third quarter results tomorrow, November 11, 2021, at 10:30 a.m. Eastern Time. The phone number for the call is 1-866-374-8397. The conference call will also be available by live audio webcast and may be accessed through CSI's website at www.csicompressco.com. An audio replay of the conference call will be available at 1-877-344-7529, conference number 10162088, for one week following the conference call and the archived webcast will be available through CSI's website for thirty days following the conference call. CSI Overview CSI is a provider of compression services and equipment for natural gas and oil production, gathering, artificial lift, transmission, processing, and storage. CSI's compression and related services business includes a fleet of approximately 4,900 compressor packages providing approximately 1.2 million in aggregate horsepower, utilizing a full spectrum of low-, medium- and high-horsepower engines. CSI also provides well monitoring and automated sand separation services in conjunction with compression and related services in Mexico. CSI's aftermarket business provides compressor package reconfiguration and maintenance services. CSI's customers comprise a broad base of natural gas and oil exploration and production, midstream, transmission, and storage companies operating throughout many of the onshore producing regions of the United States, as well as in a number of foreign countries, including Mexico, Canada and Argentina. CSI's general partner is owned by Spartan Energy Partners. Forward-Looking Statements This news release contains "forward-looking statements" and information based on our beliefs and those of our general partner, CSI Compressco GP LLC. Forward-looking statements in this news release are identifiable by the use of the following words and other similar words: "anticipates," "assumes," "believes," "budgets," "could," "estimates," "expectations," "expects," "forecasts," "goal," "intends," "may," "might," "plans," "predicts," "projects," "schedules," "seeks," "should," "targets," "will," and "would." These forward-looking statements include statements, other than statements of historical fact, including the completion of the Transactions and their estimated impact on the results of operation of CSI, anticipated return of standby equipment to in service, the redeployment of idle fleet compressors, joint-bidding on potential projects with Spartan, commodity prices and demand for CSI's equipment and services and other statements regarding CSI's beliefs, expectations, plans, prospects and other future events, performance, and other statements that are not purely historical. Such forward-looking statements reflect our current views with respect to future events and financial performance, and are based on assumptions that we believe to be reasonable, but such forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: economic and operating condition that are outside of our control, including the trading price of our common units; the severity and duration of the COVID-19 pandemic and related economic repercussions and the resulting negative impact on the demand for oil and gas, operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, remote work arrangements, and supply chain disruptions, other global or national health concerns; the current significant surplus in the supply of oil and the ability of OPEC and other oil producing nations to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry; the levels of competition we encounter; our dependence upon a limited number of customers and the activity levels of our customers; our ability to replace our contracts with our customers, which are generally short-term contracts; the availability of adequate sources of capital to us; our existing debt levels and our ability to obtain additional financing or refinancing; our ability to continue to make cash distributions, or increase cash distributions from current levels, after the establishment of reserves, payment of debt service and other contractual obligations; the restrictions on our business that are imposed under our long-term debt agreements; our operational performance; the credit and risk profile of Spartan Energy Partners; ability of our general partner to retain key personnel; risks related to acquisitions and our growth strategy; the availability of raw materials and labor at reasonable prices; risks related to our foreign operations; the effect and results of litigation, regulatory matters, settlements, audits, assessments, and contingencies; or potential material weaknesses in the future; information technology risks, including the risk of cyberattack; and other risks and uncertainties contained in our Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission ("SEC"), which are available free of charge on the SEC website at www.sec.gov. The risks and uncertainties referred to above are generally beyond our ability to control and we cannot predict all the risks and uncertainties that could cause our actual results to differ from those indicated by the forward-looking statements. If any of these risks or uncertainties materialize, or if any of the underlying assumptions prove incorrect, actual results may vary from those indicated by the forward-looking statements, and such variances may be material. All subsequent written and verbal forward-looking statements made by or attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements we may make, except as may be required by law. Reconciliation of Non-GAAP Financial Measures The Partnership includes in this release the non-GAAP financial measures Adjusted EBITDA, distributable cash flow, distribution coverage ratio, free cash flow, and net leverage ratio. Adjusted EBITDA is used as a supplemental financial measure by the Partnership's management to: assess the Partnership's ability to generate available cash sufficient to make distributions to the Partnership's unitholders and general partner; evaluate the financial performance of its assets without regard to financing methods, capital structure or historical cost basis; measure operating performance and return on capital as compared to those of our competitors; and determine the Partnership's ability to incur and service debt and fund capital expenditures. The Partnership defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and before certain charges, including impairments, bad debt expense attributable to bankruptcy of customers, equity compensation, non-cash costs of compressors sold, gain on extinguishment of debt, write-off of unamortized financing costs, and excluding, severance and other non-recurring or unusual expenses or ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 10th, 2021

Futures Hit Fresh All-Time Highs, Treasuries Rise On Post-Fed Euphoria

Futures Hit Fresh All-Time Highs, Treasuries Rise On Post-Fed Euphoria US equity futures plowed on to record-er highs overnight, propped up by a slew of stellar earnings reports and as investors shrugged off the Federal Reserve's first steps to begin paring its pandemic-era support as Powell reiterated that the central bank can be patient on raising interest rates (even if rate hikes odds pricing in lliftoff in July were virtually unchanged after Powell's announcement). The Fed Chair announced Wednesday that the central bank will start reducing bond purchases, adding that officials won’t flinch from action if warranted by inflation. The U.S. dollar and Treasuries advanced. “There was no dramatic Hulk-like metamorphosis from the Fed last night as they kept close to expectation," DB's Jim Reid said in a note. At 730 a.m. ET, Dow e-minis were down 7 points, or 0.02%, S&P 500 e-minis were up 6.75 points, or 0.15%, having earlier tagged a record high 4,662.5, and Nasdaq 100 e-minis were up 61.25 points, or 0.39%. The U.S. dollar and Treasuries advanced. The S&P 500 and Nasdaq notched record all-time closes for their fifth straight sessions on Wednesday, while the Dow Jones Industrial Average posted a record close for the fourth session in a row. A cheery third quarter earnings season coupled with upbeat commentary about future growth from corporate America has helped Wall Street largely dismiss concerns around rising prices, supply chain snags and a mixed macro-economic picture. A widely expected move by the Fed on announcing its plan to start tapering its monthly bond purchases beginning this month, while sticking to the belief about the "transitory" nature of inflation and waiting for more job growth - before raising interest rates, also helped sentiment. Fed policy makers announced a stimulus-tapering plan as expected, but expressed no hurry to raise benchmark rates even though inflation may run hot for months. While that supported risk-taking in stock markets, a second-day reality check appeared to have emerged in the bond and currency markets. A tug-of-war looked set to continue between dovish central banks and markets pricing in quicker-than-expected rate hikes. Data due at 08:30 a.m. ET is expected to show the number of Americans filing new claims for unemployment benefits fell to a fresh 19-month low last week; It will be followed by a more comprehensive nonfarm payrolls report on Friday: "The risks are now skewed towards the (payrolls data) finally aligning with signals elsewhere in the U.S. economy, after a few months of disappointments," said Jeffrey Halley, senior market analyst, at OANDA. "A number north of 500K could cause equity markets to reconsider ignoring the implications of the Fed taper. Similarly, a low print will keep the lower-for-longer monetary party in equities going well into the night." Elsewhere, U.S. Representative Rick Larsen said on Wednesday his fellow House Democrats could complete votes on President Joe Biden's social spending and infrastructure bills as early as midday on Friday In premarket trading, shares of Qualcomm jumped 8.1% after the chipmaker forecast better-than-expected profit and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices. Tesla added 1.9% and was set for a record open, while mega-cap tech titans GAMMA (f/k/a FAAMG) edged higher. Oil firms including Exxon and Chevron rose 0.9% and 0.5%, respectively, tracking crude prices. Biotech darling Moderna imploded as much as 11% after it missed expectations and guided sharply lower. Here are some of the biggest U.S. movers today: Qualcomm (QCOM US) gains 8% premarket as results at the chip giant showed a robust performance against a backdrop of supply constraints, while strength in Android handsets is underpinning growth. Booking (BKNG US) gained 3.7% in post-market trading Wednesday after the company reported gross bookings that beat analysts’ forecasts, as an increase in Covid-19 vaccination rates helped spur a rebound. Roku (ROKU US) falls 7% in premarket after third-quarter results that missed expectations on key metrics for the maker of streaming equipment. Upland Software (UPLD US) slumps 22% in premarket after results, with Jefferies downgrading the stock as it’s the third quarter in a row the firm has not delivered a beat on the top line. Skilz (SKLZ US) drops as much as 13% in premarket after the mobile games platform operator reported a net loss for the third quarter. TDH (DOGZ US) surges as much as 173% in U.S. premarket trading after the pet food firm and meme-trader favorite announced a placement. Magnite (MGNI US) falls 10% in premarket after the advertising solutions firm reported adjusted revenue for the third quarter that lagged behind the average analyst estimate. Qorvo (QRVO US) falls 7% in premarket trading after a sales forecast for the communications systems-maker that fell short of the average analyst estimate. Fastly (FSLY US) jumped 11% in premarket after the infrastructure software maker reported quarterly revenue that surpassed the average analyst estimate after misses in the past two quarters. QuinStreet (QNST US) climbs 21% premarket as the online marketing company raises its full year outlook. European stocks popped higher on the open, then drifted off best levels. The Euro Stoxx 50 rose as much as 0.7% with real estate, oil & gas and healthcare the strongest sectors. Alstria Office REIT AG soared as much as 20% after Brookfield Asset Management Inc. made a bid to take it private. Earlier in the session, Asian stocks rose, headed for their first gain in three days, after the Federal Reserve moved to taper stimulus while saying it will be patient on raising interest rates.  The MSCI Asia Pacific Index climbed as much as 0.7%, driven by gains in technology shares including Tencent, Alibaba and Keyence. Japan and China led gains around the region, with stocks also climbing in Indonesia, Thailand and Hong Kong. The Fed indicated it was alert to inflation risks but still sees them as transitory due to pandemic-related supply and demand imbalances. The S&P 500 climbed to a fresh record high after the Fed comments, pushing its gain for 2021 to 24%, while the Asian benchmark is little changed on the year. “The Fed seems to create market expectations that the decoupling of asset purchases reduction and rate hikes remains intact,” said Banny Lam, head of research at CEB International Investment Corp. “Widening negative real interest rates also provide continued support to Asian equities.” Markets in Singapore, India and Malaysia are closed for holidays In Australia, the S&P/ASX 200 index rose 0.5% to close at 7,428.00, boosted by banks, real estate and technology shares. Eight of the 11 industry groups closed higher. Nib rose after the insurance provider reported premium revenue A$669.5 million, up 8.5% year on year. Domino’s Pizza plunged after the pizza chain operator outlined some inflationary risks for 2022 and flagged weaker sales in Japan. Australia’s bright trade picture was underpinned by strong commodities exports. September trade data revealed the surplus narrowing to A$12.2 billion, after an estimated A$12.4 billion. In New Zealand, the S&P/NZX 50 index fell 0.4% to 12,943.94 In FX, the Bloomberg Dollar Spot Index recovered Wednesday’s drop and advanced 0.3% versus all of its Group-of-10 peers apart from the yen amid speculation that a buoyant U.S. economy will support the currency. The Bloomberg Dollar index erased its losses this week, staying within a bullish technical range it has traded in since June. The Treasury curve bull-flattened with U.S. 10-year Treasury yields falling 3bps to 1.57%. “Dollar-yen looks to be finding some support” as it seems reasonable to expect Treasury yields to trend higher, said Sean Callow, senior currency strategist at Westpac. The Fed “may not be moving any more swiftly than expected to the exit from emergency levels of policy accommodation, but it is still exiting,” Ryan Wang, a U.S. economist at HSBC Holdings Plc, wrote in a note. “This should be enough to support the dollar against a number of currencies where central-bank guidance is more overtly dovish. The continued moderation in global activity is also likely to support the USD.” The euro fell to its weakest level this week and was the worst performer among G-10 currencies; European bond yields fell, led by the short end. The pound fell against a stronger dollar and gained against the euro as investors weighed up the Bank of England’s upcoming monetary policy announcement. The pound’s volatility skew versus the dollar has shifted modestly higher this week ahead of the Bank of England policy decision, yet remains deeply in favor of downside exposure. Norway’s krone extended losses against both the dollar and the euro, even as Norges Bank left its key rate unchanged at 0.25% as expected while reitirating that the policy rate will most likely be raised in December. In rates, curves flattened as 5-, 10- and 30-year bond yields fell at least two basis points each on Thursday, while the two-year rate was little changed. Treasuries were higher with the curve flatter, erasing a portion of Wednesday’s post-FOMC bear-steepening losses. The 10-year yield was richer by ~3bp at 1.57%, outperforming bunds by ~2bp, gilts by ~1bp; Bank of England rate decision priced into overnight swaps is a hike, while analysts favor no change. Treasuries outperformed European bond markets, with stock futures holding Wednesday’s record highs. Bank of England rate decision at 8am ET may deliver first increase since the pandemic. U.S. curves were flatter, unwinding some of Wednesday’s steepening, with 2s10s tighter by ~2bp. In commodities, crude futures rally, recouping over half of Wednesday’s losses. WTI rises 0.9% to regain a $81-handle, Brent adds over 1% before stalling near $83 ahead of OPEC+ gathering. Spot gold holds Asia’s narrow range near $1,775/oz. Base metals are mixed: LME copper and nickel are the best performers; tin and zinc are in the red. Looking at the day ahead now, and the highlight will be the aforementioned BoE meeting, while there’ll also be remarks from ECB President Lagarde, the ECB’s de Cos, Elderson and Schnabel, and BoE Deputy Governor Cunliffe. On the data side, releases include German factory orders for September, the Euro Area October services and composite PMIs and September PPI reading, whilst from the US there’s the September trade balance and the weekly initial jobless claims. Lastly, the OPEC+ group will be meeting to discuss output, and earnings releases today include Moderna, Square, Airbnb, Uber, Duke Energy and Regeneron. Market Snapshot S&P 500 futures up 0.1% to 4,659.50 STOXX Europe 600 up 0.5% to 483.53 MXAP up 0.6% to 199.02 MXAPJ up 0.4% to 647.67 Nikkei up 0.9% to 29,794.37 Topix up 1.2% to 2,055.56 Hang Seng Index up 0.8% to 25,225.19 Shanghai Composite up 0.8% to 3,526.87 Sensex down 0.4% to 59,771.92 Australia S&P/ASX 200 up 0.5% to 7,427.99 Kospi up 0.3% to 2,983.22 German 10Y yield little changed at -0.18% Euro down 0.5% to $1.1551 Brent Futures up 0.8% to $82.57/bbl Gold spot up 0.3% to $1,776.28 U.S. Dollar Index up 0.37% to 94.21 Top Overnight News from Bloomberg The Bank of England will decide Thursday whether to deliver its first interest-rate hike since the pandemic as a divided Monetary Policy Committee grapples with spiking inflation and slowing growth The U.S. is asking OPEC+ to increase output by as much as 800,000 barrels a day, said delegates and diplomats, but the organization is expected to stick to its planned gradual increase, according to a Bloomberg survey Investors are hoping the Federal Reserve can manage the path toward rate hikes as smoothly as its taper announcement, according to strategists, who are cautiously optimistic the coming months will see moderate advances for yields, the dollar and equities. Friday’s labor report is seen as the next flash point for markets, given rates traders remain relatively aggressive about the need for Chair Jerome Powell to avoid being overly patient about hiking borrowing costs Bank of Japan Governor Haruhiko Kuroda and Prime Minister Fumio Kishida helped further shore up the nation’s commitment to its 2% inflation goal and tamp down any lingering speculation of a rethink of the target or tapering plans Having abandoned its experimental bond-yield target two days ago, the Reserve Bank of Australia is now left with the trusty old tools of policy making -- facing traders who still reckon it’s behind the curve Here is a more detailed breakdown of global markets courtesy of Newsquawk Asia-Pac stocks traded higher amid tailwinds from the fresh record highs stateside in the aftermath of the FOMC where the Fed announced it is to begin tapering asset purchases but suggested it was in no rush to hike rates. ASX 200 (+0.5%) was kept afloat by advances in tech and financials but with gains in the index capped after weak Retail Sales data and rising COVID-19 cases for Australia’s most populous states, while the energy sector underperformed after oil prices tumbled 4.5% yesterday due to bearish inventory data and the announcement that Iran nuclear talks will resume on November 29th in Vienna. Nikkei 225 (+0.9%) was buoyed on return from holiday as it coat-tailed on the recent advances in USD/JPY and with Japan mulling easing border controls as soon as next Monday, with Toyota also holding on to gains after a jump in H1 profits and JPY 150bln buyback announcement, although the Nikkei finished well off intraday highs after stalling on approach to the 30k level. Hang Seng (+0.8%) and Shanghai Comp. (+0.8%) conformed to the broad upbeat mood but was slow to start after another substantial liquidity drain by the PBoC despite the suggestion by Chinese press that recent reverse repo action showed stabilisation efforts. In addition, COVID-19 concerns continued to linger with Beijing having suspended inbound trains from 23 regions to curb the spread of the virus, while there was also attention on the geopolitical front after the US Department of Defense warned that China’s nuclear stockpile is outpacing forecasts and with China conducting week-long live-fire drills in the East China Sea. Finally, 10yr JGBs were steady with only a slight pullback seen from yesterday’s advances and with prices largely ignoring the subdued picture in T-notes which were pressured heading into the Fed taper announcement, while JGBs were also kept afloat after the 10yr inflation-indexed auction from Japan which showed an increase in both the b/c and lowest accepted prices. Top Asian News From Pianos to Paint, the Chip Crunch Is Hurting Japan Earnings Toyota’s Swelling Profits Belie Global Auto Parts Shortages EU Lawmakers’ Call for High Level Taiwan Ties Defies China Shimao Halts Retail Investors’ Bids for Local Bonds After Plunge Stocks in Europe hold onto the positive bias (Euro Stoxx 50 +0.4%; Stoxx 600 +0.5%) - which originally emanated from the post-FOMC Wall Street session and later reverberated across APAC. US equity futures have been consolidating following yesterdays post-Powell ramp, with the NQ (+0.4%) outperforming the RTY (+0.2%), ES (+0.1%) and YM (Unch). Back to Europe, bourses are posting broad-based gains in what was a morning doused in European corporate updates, whilst the UK’s FTSE 100 (+0.4%) is on standby for the BoE policy decision (full preview available in the Newsquawk Research Suite). Sectors in Europe are mostly firmer with no real overarching bias. Oil & Gas lead the gains following yesterday’s underperformance and in the run-up to the JMMC/OPEC+ meetings later today. Healthcare meanwhile is boosted by pharma-behemoths Roche (+2.5%) and Novartis (+1.6%) after the firms agreed on a bilateral transaction for the sale of 53.3mln (approximately 33%) Roche bearer shares held by Novartis for a total consideration of USD 20.7bln. This in turn has pushed the SMI (+0.8%) to modestly outperform the region. The Telecoms sector is also buoyed by BT (+5.7%) amid constructive earnings, but gains for the sector are capped Telefonica (-1.6%), who hold a larger sector weighting, following their metrics. The morning has been busy in terms of bank earnings, although the sector is constrained by yield dynamics. Nonetheless, SocGen (+3.3%), ING (+1.1%), Commerzbank (+5.2%) and Credit Suisse (+0.7%) all reported today – with the latter also announcing the exit of its prime brokerage activities and will be shifting its focus on to its wealth management business in a bid to better manage risks. Over to the consumer sector, Sainsbury’s (-4.3%) trundles lower after flagging complications from supply chain issues. Finally, in terms of M&A, Alstria Office (+17.5%) soars after Brookfield offered to buy the Co. for EUR 19.50/shr in cash, a premium to yesterday’s EUR 16.62/shr closing price. Top European News Brookfield Enters German Real Estate Fray With Bid for Alstria Credit Suisse Flags Loss Next Quarter to Cap Year to Forget Novartis Unwinds Roche Ties With $20.7 Billion Stake Sale Aston Martin Counts on $3 Million Valkyrie as SUV Drives Rebound In FX, the Dollar has erased all and more of its initial or knee-jerk declines in wake of the FOMC policy meeting that confirmed the start of QE tapering in a few days' time at the pre-announced pace, but kept clear distance between the unwinding of asset purchase and rate lift-off. However, there was a subtle tweak to the language regarding inflation to indicate less of a transitory assessment and Fed chair Powell refrained from using the ‘t’ word in his press conference before responding to a question by saying that it is also used to convey the view that prices rises caused by bottlenecks and supply-demand imbalances will not leave a legacy of persistently higher inflation. In index terms, a marginally higher peak at 94.280 vs 94.217 at best on Wednesday follows a fractionally higher low of 93.818 vs 93.809 and brings Monday’s w-t-d apex (94.313) back into contention ahead of Challenger Lay-offs, jobless claims, trade data and Q3 labour costs that were highlighted by Powell as a key gauge of tightness in the labour market, which he expected to reach max employment levels by mid-2022. EUR - Mixed Eurozone services and composite PMIs have not afforded the Euro any protection from the aforementioned Greenback revival, while the yield backdrop is also weighing as EGB/UST spreads widen, but Eur/Usd might glean some support from option expiries as 1.1 bn resides at 1.1550 and 1.1525. Moreover, the headline pair has found underlying bids around the half round number and a recent trough comes in at 1.1535 (October 29) ahead of the double 2021 low of 1.1525. GBP - Sterling is also succumbing to the broad Buck bounce, but also treading cautiously into the BoE amidst a marked unwind of rate hike pricing via Short Sterling contracts alongside a recovery in UK debt. Cable is hovering around 1.3620 having pulled up just shy of 1.3700 and options are anticipating an 80 pip break-even for the live MPC event that is far from certain even though ‘markets’ are anticipating a 15 bp hike. Note also, implied volatility on the Eur/Gbp straddle suggests a 43 pip move either way, though the cross may also be prone to movement from the current 0.8491-65 range pending developments in France where Brexit Minister Frost is aiming to untangle crossed lines over fishing licences. NZD/AUD/CAD - The Kiwi, Aussie and Loonie are all weaker vs their US counterpart, with Nzd/Usd and Aud/Usd hovering in the low 0.7100s and 0.7400s respectively, and the latter not far off post-RBA reversal lows after downbeat Q3 retail sales and exports within the overall trade balance overnight. Meanwhile, only a tame rebound in crude prices appears to be capping Usd/Cad around a 1.2400 axis in advance of Canadian trade and the jobs face-off with the US on Friday. CHF/JPY - Relative outperformers, or at least holding up better than other majors in the face of the Dollar rebound, as the Franc meanders between 0.9144-11 irrespective of a deterioration in Swiss consumer sentiment and the Yen contains losses below 114.00 on the return of Japanese markets from Culture Day to a benign bond backdrop overall. Note, hefty option expiry interest may keep Usd/Jpy restrained as 2.1 bn sits at the round number and a further 1.8 bn at 114.30. In commodities, WTI and Brent front-month futures have firmer on the day as the benchmarks clamber off yesterday’s worst levels despite the rampant Dollar and in the run-up to the JMMC and OPEC+ meetings slated for 13:00GMT and 14:00GMT respectively (full preview available in the Newsquawk Research Suite). Markets expect a continuation of the current plan to ease output curbs by 400k BPD/m. Outside calls have been getting louder for the producers to open the taps more than planned amid inflationary feed-through to consumers and company margins, although ministers, including de-facto heads Saudi and Russia, have been putting weight behind current plans, with no pushback seen from members within OPEC+ thus far. Furthermore, the COVID situation in China is deteriorating, hence ministers will likely express a cautious approach. However, the US is asking OPEC+ to increase supply by 600-800k BPD, according to delegates. Note some journalists noted that there are three options the US has offered OPEC+, 1) a 600k BPD hike, 2) an 800k BPD hike and 3) 100% compliance on a 400k BPD hike. Nonetheless, sources suggested OPEC+ is likely to stick to plans to raise output by 400k BPD despite calls from the US for extra supply; adding that the US has plenty of capacity to raise output itself. The US-OPEC+ dynamics will be worth keeping on the radar following this meeting. As a reminder, the US threatened the release of its SPR whilst also refusing to rule out oil export bans – suggesting that all tools are being looked at in a bid to lower prices. It’s also worth being cognizant of the knock-on effect the OPEC+ decision will have on Iranian nuclear talks – scheduled to resume on November 29th – with higher oil prices and a lack of OPEC+ coordination, possibly providing more incentives for the US to offer more concessions. WTI Dec takes aim at USD 82/bbl (vs 79.74/bbl low) at the time of writing whilst Brent Jan extends above USD 83/bbl (vs 81.07/bbl low). Metals markets are less interesting this morning, spot gold and silver are consolidating and trade relatively flat, with the former around USD 1,775/oz and the latter just north of USD 23.50/oz. Meanwhile, LME copper is modestly firmer but trades on either side of USD 9,500/t. US Event Calendar 8:30am: Oct. Initial Jobless Claims, est. 275,000, prior 281,000; Continuing Claims, est. 2.15m, prior 2.24m 8:30am: 3Q Unit Labor Costs, est. 7.0%, prior 1.3%; Nonfarm Productivity, est. -3.1%, prior 2.1% 8:30am: Sept. Trade Balance, est. -$80.2b, prior -$73.3b DB's Jim Reid concludes the overnight wrap This morning I’m actually going to put a suit on for the first time in nearly 20 months. In a way I’ll be upset if it fits me as I’ve been doing my Bryson DeChambeau weights routine for much of this time between pockets of injuries and surgery. However, I suspect 30-40mins 3 or 4 times a week won’t leave my suit too vulnerable to an “Incredible Hulk” moment when I put it on. There was no dramatic Hulk-like metamorphosis from the Fed last night as they kept close to expectations and delivered the $15/bn a month taper that our US econ team and consensus expected (Their full review is here). They pre-announced the purchase pace for November and December, whilst remarking that a similar pace would likely prevail so long as the economy evolves as expected. The Fed maintained the pace of taper would change in step with any changes to the outlook. The statement slightly tweaked the characterisation of inflation, noting that it was expected to be transitory. Chair Powell explained this in the press conference, maintaining the institutional view that elevated inflation was not expected to remain persistent and would return to the Fed’s long-term goal as supply bottlenecks abated and Covid-19 moved to the rear-view mirror. He also admitted the change reflected the reality that inflation has been much higher than they had expected, and recognised the burdens that it created for everyday consumers. The press conference spent a lot of time focusing on the dichotomy between high near-term inflation and the Committee’s assessment of full employment, as the market moves to pricing when lift-off will take place. The Chair noted the Committee will need to be flexible when judging what constitutes full employment, as it is a moving target and has moved since before the pandemic. A key point he returned to multiple times is the Committee would need to judge how the labour market evolves once the Delta variant is well and truly behind us. While stressing patience in evaluating these incoming data, he maintained optionality by also noting the Fed would stand ready to raise rates if inflation were threating to move persistently above the Fed’s goal. This risk management consideration is why they’re maintaining flexibility over the pace of taper. STIR markets were still pricing lift-off to take place sometime in 3Q 2022, and for there to be 2 hikes next year, unchanged from before the meeting. Equities were mostly flat on the day before the announcement but progressively climbed higher during and after the presser, with the S&P 500, Nasdaq, and DJIA finishing the day +0.65%, +1.04%, and +0.29% higher, respectively. 2yr yields increased +1.8bps on the day but closed roughly where they were pre-announcement. 10yr yields were +5.3bps higher on the day though with around +4bps added post FOMC and around +9bps from the early lows when fixed income was rallying across the globe. Elsewhere, 10yr breakevens were wider, increasing +3.6bps to 2.56%. Meanwhile, ECB President Lagarde sounded in no hurry to follow the BoE (preview immediate below for today) and the Fed on rate hikes. In a speech yesterday, she said that their three conditions for raising rates “are very unlikely to be satisfied next year”, as “the outlook for inflation over the medium term remains subdued” in spite of the recent surge in inflation. She re-emphasised the point in an interview almost verbatim later in the day while the Fed presser was ongoing, stating a 2022 hike was very unlikely, offering more forceful pushback of market pricing than she opted for during last week’s Governing Council meeting. Central banks will remain in the spotlight again today thanks to the BoE’s policy decision, which is out at 12:00 London time. Our UK economists are expecting that they’ll deliver their first post-pandemic rate hike of 15bps, taking the Bank Rate up to 0.25%, as well as end their current QE program. Similarly to the US, this comes amidst inflation readings that have persistently surprised to the upside over recent months, with CPI at +3.1% in September, and our economists write that they see the BoE’s forecasts being upgraded to show peak CPI nearer to 5%, remaining above target for nearly all of next year, which is broadly in line with recent comments from Chief Economist Pill in a recent FT interview. For more details see their preview (link here). Against this backdrop of central bank action, we had some solid economic data out of the US yesterday that further supported risk appetite. First, there was the ISM services index for October, which rose to a record high of 66.7 (vs. 62.0 expected), so a very promising sign at the start of Q4, even if the prices paid measure rose to 82.9, which was the highest since 2005. Before that we also had the ADP’s report of private payrolls for October, which showed an increase of +571k (vs. +400k expected), which is the strongest growth since June. That comes ahead of tomorrow’s US jobs report, where our economists are looking for growth of +400k in the headline nonfarm payrolls number, with the unemployment rate ticking down to 4.7%. I’ve been trying to get my mantra of the US more likely travelling down a “growthflation” path (over “stagflation”) into the vernacular. However, I think I’ll need a better term if I want it to rival say “BRICs”! That backdrop of positive data supported European markets ahead of the Fed, where the STOXX 600 advanced +0.35% to hit another all-time high. Sovereign bonds advanced too, with yields on 10yr bunds (-0.3bps), OATs (-0.8bps) and BTPs (-2.4bps) all moving lower, though gilts (+3.6bps) were the exception ahead of the BoE later. The strong data also lifted us off the yield lows of the day as we started with a big bond rally. We also saw some significant movements in energy prices, with European natural gas futures surging back +13.23% yesterday amidst a recent decline in fuel shipments from Russia, whilst both Brent crude (-3.22%) and WTI (-3.63%) oil prices saw a major pullback ahead of today’s OPEC+ meeting. In Asia, most major indices are trading higher this morning, including the Nikkei 225 (+0.74%), the KOSPI (+0.30%), the Hang Seng (+0.27%) and the Shanghai Composite (+0.64%), amid gains in US equities yesterday. S&P 500 futures (+0.01%) are almost unchanged, while the 10y US Treasury is at 1.60% (-0.5bps). Meanwhile on the political scene, the US Democrats were reacting to a bad set of results in Tuesday’s election, after the Republicans won the Virginia governor’s race. However, the New Jersey governor’s race was won by Democrat Gov. Phil Murphy 50.2% vs 49%, but came in much closer than the polls had suggested before the election. Gov. Murphy is the first Democrat to win re-election as governor in the state since 1977. Overall though, since President Biden won those two states in 2020 by 10pts and 16pts, respectively, the results have obviously come as a shock to many Democrats. The situation has strong echoes of 2009, a year after President Obama’s election when the Democrats also had control of the presidency and both houses of Congress, when they were trying to push through Obamacare. That round of elections saw the Republicans win the gubernatorial elections in both Virginia and New Jersey (following Democratic victories on the previous occasion), before the Republicans went onto make sizeable gains in the 2010 midterm elections the following year. There’s still just over a year until President Biden’s first set of midterm elections, but the Democrats will be hoping this doesn’t presage a repeat of those 2010 losses. Lastly on the data front, US factory orders grew by +0.2% in September (vs. +0.1% expected). Separately, the UK’s composite PMI was revised up a point from the flash reading to 57.8, and the US composite PMI was also revised up three-tenths to 57.6. To the day ahead now, and the highlight will be the aforementioned BoE meeting, while there’ll also be remarks from ECB President Lagarde, the ECB’s de Cos, Elderson and Schnabel, and BoE Deputy Governor Cunliffe. On the data side, releases include German factory orders for September, the Euro Area October services and composite PMIs and September PPI reading, whilst from the US there’s the September trade balance and the weekly initial jobless claims. Lastly, the OPEC+ group will be meeting to discuss output, and earnings releases today include Moderna, Square, Airbnb, Uber, Duke Energy and Regeneron. Tyler Durden Thu, 11/04/2021 - 07:53.....»»

Category: blogSource: zerohedgeNov 4th, 2021

Camber Energy: What If They Made a Whole Company Out of Red Flags? – Kerrisdale

Kerrisdale Capital is short shares of Camber Energy Inc (NYSEAMERICAN:CEI). Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September. Its only real asset is a 73% stake […] Kerrisdale Capital is short shares of Camber Energy Inc (NYSEAMERICAN:CEI). Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September. Its only real asset is a 73% stake in Viking Energy Group Inc (OTCMKTS:VKIN), an OTC-traded company with negative book value and a going-concern warning that recently violated the maximum-leverage covenant on one of its loans. (For a time, it also had a fake CFO – long story.) Nonetheless, Camber’s stock price has increased by 6x over the past month; last week, astonishingly, an average of $1.9 billion worth of Camber shares changed hands every day. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2021 hedge fund letters, conferences and more Is there any logic to this bizarre frenzy? Camber pumpers have seized upon the notion that the company is now a play on carbon capture and clean energy, citing a license agreement recently entered into by Viking. But the “ESG Clean Energy” technology license is a joke. Not only is it tiny relative to Camber’s market cap (costing only $5 million and granting exclusivity only in Canada), but it has embroiled Camber in the long-running escapades of a western Massachusetts family that once claimed to have created a revolutionary new combustion engine, only to wind up being penalized by the SEC for raising $80 million in unregistered securities offerings, often to unaccredited investors, and spending much of it on themselves. But the most fascinating part of the CEI boondoggle actually has to do with something far more basic: how many shares are there, and why has dilution been spiraling out of control? We believe the market is badly mistaken about Camber’s share count and ignorant of its terrifying capital structure. In fact, we estimate its fully diluted share count is roughly triple the widely reported number, bringing its true, fully diluted market cap, absurdly, to nearly $900 million. Since Camber is delinquent on its financials, investors have failed to fully appreciate the impact of its ongoing issuance of an unusual, highly dilutive class of convertible preferred stock. As a result of this “death spiral” preferred, Camber has already seen its share count increase 50- million-fold from early 2016 to July 2021 – and we believe it isn’t over yet, as preferred holders can and will continue to convert their securities and sell the resulting common shares. Even at the much lower valuation that investors incorrectly think Camber trades for, it’s still overvalued. The core Viking assets are low-quality and dangerously levered, while any near- term benefits from higher commodity prices will be muted by hedges established in 2020. The recent clean-energy license is nearly worthless. It’s ridiculous to have to say this, but Camber isn’t worth $900 million. If it looks like a penny stock, and it acts like a penny stock, it is a penny stock. Camber has been a penny stock before – no more than a month ago, in fact – and we expect that it will be once again. Company Background Founded in 2004, Camber was originally called Lucas Energy Resources. It went public via a reverse merger in 2006 with the plan of “capitaliz[ing] on the increasing availability of opportunistic acquisitions in the energy sector.”1 But after years of bad investments and a nearly 100% decline in its stock price, the company, which renamed itself Camber in 2017, found itself with little economic value left; faced with the prospect of losing its NYSE American listing, it cast about for new acquisitions beginning in early 2019. That’s when Viking entered the picture. Jim Miller, a member of Camber’s board, had served on the board of a micro-cap company called Guardian 8 that was working on “a proprietary new class of enhanced non-lethal weapons”; Guardian 8’s CEO, Steve Cochennet, happened to also be part owner of a Kansas-based company that operated some of Viking’s oil and gas assets and knew that Viking, whose shares traded over the counter, was interested in moving up to a national exchange.2 (In case you’re wondering, under Miller and Cochennet’s watch, Guardian 8’s stock saw its price drop to ~$0; it was delisted in 2019.3) Viking itself also had a checkered past. Previously a shell company, it was repurposed by a corporate lawyer and investment banker named Tom Simeo to create SinoCubate, “an incubator of and investor in privately held companies mainly in P.R. China.” But this business model went nowhere. In 2012, SinoCubate changed its name to Viking Investments but continued to achieve little. In 2014, Simeo brought in James A. Doris, a Canadian lawyer, as a member of the board of directors and then as president and CEO, tasked with executing on Viking’s new strategy of “acquir[ing] income-producing assets throughout North America in various sectors, including energy and real estate.” In a series of transactions, Doris gradually built up a portfolio of oil wells and other energy assets in the United States, relying on large amounts of high-cost debt to get deals done. But Viking has never achieved consistent GAAP profitability; indeed, under Doris’s leadership, from 2015 to the first half of 2021, Viking’s cumulative net income has totaled negative $105 million, and its financial statements warn of “substantial doubt regarding the Company’s ability to continue as a going concern.”4 At first, despite the Guardian 8 crew’s match-making, Camber showed little interest in Viking and pursued another acquisition instead. But, when that deal fell apart, Camber re-engaged with Viking and, in February 2020, announced an all-stock acquisition – effectively a reverse merger in which Viking would end up as the surviving company but transfer some value to incumbent Camber shareholders in exchange for the national listing. For reasons that remain somewhat unclear, this original deal structure was beset with delays, and in December 2020 (after months of insisting that deal closing was just around the corner) Camber announced that it would instead directly purchase a 51% stake in Viking; at the same time, Doris, Viking’s CEO, officially took over Camber as well. Subsequent transactions through July 2021 have brough Camber’s Viking stake up to 69.9 million shares (73% of Viking’s total common shares), in exchange for consideration in the form of a mixture of cash, debt forgiveness,5 and debt assumption, valued in the aggregate by Viking at only $50.7 million: Camber and Viking announced a new merger agreement in February 2021, aiming to take out the remaining Viking shares not owned by Camber and thus fully combine the two companies, but that plan is on hold because Camber has failed to file its last 10-K (as well as two subsequent 10-Qs) and is thus in danger of being delisted unless it catches up by November. Today, then, Camber’s absurd equity valuation rests entirely on its majority stake in a small, unprofitable oil-and-gas roll-up cobbled together by a Canadian lawyer. An Opaque Capital Structure Has Concealed the True Insanity of Camber’s Valuation What actually is Camber’s equity valuation? It sounds like a simple question, and sources like Bloomberg and Yahoo Finance supply what looks like a simple answer: 104.2 million shares outstanding times a $3.09 closing price (as of October 4, 2021) equals a market cap of $322 million – absurd enough, given what Camber owns. But these figures only tell part of the story. We estimate that the correct fully diluted market cap is actually a staggering $882 million, including the impact of both Camber’s unusual, highly dilutive Series C convertible preferred stock and its convertible debt. Because Camber is delinquent on its SEC filings, it’s difficult to assemble an up-to-date picture of its balance sheet and capital structure. The widely used 104.2-million-share figure comes from an 8-K filed in July that states, in part: As of July 9, 2021, the Company had 104,195,295 shares of common stock issued and outstanding. The increase in our outstanding shares of common stock from the date of the Company’s February 23, 2021 increase in authorized shares of common stock (from 25 million shares to 250 million shares), is primarily due to conversions of shares of Series C Preferred Stock of the Company into common stock, and conversion premiums due thereon, which are payable in shares of common stock. This bland language belies the stunning magnitude of the dilution that has already taken place. Indeed, we estimate that, of the 104.2 million common shares outstanding on July 9th, 99.7% were created via the conversion of Series C preferred in the past few years – and there’s more where that came from. The terms of Camber’s preferreds are complex but boil down to the following: they accrue non- cash dividends at the sky-high rate of 24.95% per year for a notional seven years but can be converted into common shares at any time. The face value of the preferred shares converts into common shares at a fixed conversion price of $162.50 per share, far higher than the current trading price – so far, so good (from a Camber-shareholder perspective). The problem is the additional “conversion premium,” which is equal to the full seven years’ worth of dividends, or 7 x 24.95% ≈ 175% of face value, all at once, and is converted at a far lower conversion price that “will never be above approximately $0.3985 per share…regardless of the actual trading price of Camber’s common stock” (but could in principle go lower if the price crashes to new lows).6 The upshot of all this is that one share of Series C preferred is now convertible into ~43,885 shares of common stock.7 Historically, all of Camber’s Series C preferred was held by one investor: Discover Growth Fund. The terms of the preferred agreement cap Discover’s ownership of Camber’s common shares at 9.99% of the total, but nothing stops Discover from converting preferred into common up to that cap, selling off the resulting shares, converting additional preferred shares into common up to the cap, selling those common shares, etc., as Camber has stated explicitly (and as Discover has in fact done over the years) (emphasis added): Although Discover may not receive shares of common stock exceeding 9.99% of its outstanding shares of common stock immediately after affecting such conversion, this restriction does not prevent Discover from receiving shares up to the 9.99% limit, selling those shares, and then receiving the rest of the shares it is due, in one or more tranches, while still staying below the 9.99% limit. If Discover chooses to do this, it will cause substantial dilution to the then holders of its common stock. Additionally, the continued sale of shares issuable upon successive conversions will likely create significant downward pressure on the price of its common stock as Discover sells material amounts of Camber’s common stock over time and/or in a short period of time. This could place further downward pressure on the price of its common stock and in turn result in Discover receiving an ever increasing number of additional shares of common stock upon conversion of its securities, and adjustments thereof, which in turn will likely lead to further dilution, reductions in the exercise/conversion price of Discover’s securities and even more downward pressure on its common stock, which could lead to its common stock becoming devalued or worthless.8 In 2017, soon after Discover began to convert some of its first preferred shares, Camber’s then- management claimed to be shocked by the results and sued Discover for fraud, arguing that “[t]he catastrophic effect of the Discover Documents [i.e. the terms of the preferred] is so devastating that the Discover Documents are prima facie unconscionable” because “they will permit Discover to strip Camber of its value and business well beyond the simple repayment of its debt.” Camber called the documents “extremely difficult to understand” and insisted that they “were drafted in such a way as to obscure the true terms of such documents and the total number of shares of common stock that could be issuable by Camber thereunder. … Only after signing the documents did Camber and [its then CEO]…learn that Discover’s reading of the Discover Documents was that the terms that applied were the strictest and most Camber unfriendly interpretation possible.”9 But the judge wasn’t impressed, suggesting that it was Camber’s own fault for failing to read the fine print, and the case was dismissed. With no better options, Camber then repeatedly came crawling back to Discover for additional tranches of funding via preferred sales. While the recent spike in common share count to 104.2 million as of early July includes some of the impact of ongoing preferred conversion, we believe it fails to include all of it. In addition to Discover’s 2,093 shares of Series C preferred held as of February 2021, Camber issued additional shares to EMC Capital Partners, a creditor of Viking’s, as part of a January agreement to reduce Viking’s debt.10 Then, in July, Camber issued another block of preferred shares – also to Discover, we believe – to help fund Viking’s recent deals.11 We speculate that many of these preferred shares have already been converted into common shares that have subsequently been sold into a frenzied retail bid. Beyond the Series C preferred, there is one additional source of potential dilution: debt issued to Discover in three transactions from December 2020 to April 2021, totaling $20.5 million in face value, and amended in July to be convertible at a fixed price of $1.25 per share.12 We summarize our estimates of all of these sources of potential common share issuance below: Might we be wrong about this math? Absolutely – the mechanics of the Series C preferreds are so convoluted that prior Camber management sued Discover complaining that the legal documents governing them “were drafted in such a way as to obscure the true terms of such documents and the total number of shares of common stock that could be issuable by Camber thereunder.” Camber management could easily set the record straight by revealing the most up- to-date share count via an SEC filing, along with any additional clarifications about the expected future share count upon conversion of all outstanding convertible securities. But we're confident that the current share count reported in financial databases like Bloomberg and Yahoo Finance significantly understates the true, fully diluted figure. An additional indication that Camber expects massive future dilution relates to the total authorized shares of common stock under its official articles of incorporation. It was only a few months ago, in February, that Camber had to hold a special shareholder meeting to increase its maximum authorized share count from 25 million to 250 million in order to accommodate all the shares to be issued because of preferred conversions. But under Camber’s July agreement to sell additional preferred shares to Discover, the company (emphasis added) agreed to include proposals relating to the approval of the July 2021 Purchase Agreement and the issuance of the shares of common stock upon conversion of the Series C Preferred Stock sold pursuant to the July 2021 Purchase Agreement, as well as an increase in authorized common stock to fulfill our obligations to issue such shares, at the Company’s next Annual Meeting, the meeting held to approve the Merger or a separate meeting in the event the Merger is terminated prior to shareholder approval, and to use commercially reasonable best efforts to obtain such approvals as soon as possible and in any event prior to January 1, 2022.13 In other words, Camber can already see that 250 million shares will soon not be enough, consistent with our estimate of ~285 million fully diluted shares above. In sum, Camber’s true overvaluation is dramatically worse than it initially appears because of the massive number of common shares that its preferred and other securities can convert into, leading to a fully diluted share count that is nearly triple the figure found in standard information sources used by investors. This enormous latent dilution, impossible to discern without combing through numerous scattered filings made by a company with no up-to-date financial statements in the public domain, means that the market is – perhaps out of ignorance – attributing close to one billion dollars of value to a very weak business. Camber’s Stake in Viking Has Little Real Value In light of Camber’s gargantuan valuation, it’s worth dwelling on some basic facts about its sole meaningful asset, a 73% stake in Viking Energy. As of 6/30/21: Viking had negative $15 million in shareholder equity/book Its financial statements noted “substantial doubt regarding the Company’s ability to continue as a going ” Of its $101.3 million in outstanding debt (at face value), nearly half (48%) was scheduled to mature and come due over the following 12 months. Viking noted that it “does not currently maintain controls and procedures that are designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act are recorded, processed, summarized, and reported within the time periods specified by the Commission’s rules and forms.” Viking’s CEO “has concluded that these [disclosure] controls and procedures are not effective in providing reasonable assurance of compliance.” Viking disclosed that a key subsidiary, Elysium Energy, was “in default of the maximum leverage ratio covenant under the term loan agreement at June 30, 2021”; this covenant caps the entity’s total secured debt to EBITDA at 75 to 1.14 This is hardly a healthy operation. Indeed, even according to Viking’s own black-box estimates, the present value of its total proved reserves of oil and gas, using a 10% discount rate (likely generous given the company’s high debt costs), was $120 million as of 12/31/20,15 while its outstanding debt, as stated above, is $101 million – perhaps implying a sliver of residual economic value to equity holders, but not much. And while some market observers have recently gotten excited about how increases in commodity prices could benefit Camber/Viking, any near-term impact will be blunted by hedges put on by Viking in early 2020, which cover, with respect to its Elysium properties, “60% of the estimated production for 2021 and 50% of the estimated production for the period between January, 2022 to July, 2022. Theses hedges have a floor of $45 and a ceiling ranging from $52.70 to $56.00 for oil, and a floor of $2.00 and a ceiling of $2.425 for natural gas” – cutting into the benefit of any price spikes above those ceiling levels.16 Sharing our dreary view of Viking’s prospects is one of Viking’s own financial advisors, a firm called Scalar, LLC, that Viking hired to prepare a fairness opinion under the original all-stock merger agreement with Camber. Combining Viking’s own internal projections with data on comparable-company valuation multiples, Scalar concluded in October 2020 that Viking’s equity was worth somewhere between $0 and $20 million, depending on the methodology used, with the “purest” methodology – a true, full-blown DCF – yielding the lowest estimate of $0-1 million: Camber’s advisor, Mercer Capital, came to a similar conclusion: its “analysis indicated an implied equity value of Viking of $0 to $34.3 million.”17 It’s inconceivable that a majority stake in this company, deemed potentially worthless by multiple experts and clearly experiencing financial strains, could somehow justify a near-billion-dollar valuation. Instead of dwelling on the unpleasant realities of Viking’s oil and gas business, Camber has drawn investor attention to two recent transactions conducted by Viking with Camber funding: a license agreement with “ESG Clean Energy,” discussed in further detail below, and the acquisition of a 60.3% stake in Simson-Maxwell, described as “a leading manufacturer and supplier of industrial engines, power generation products, services and custom energy solutions.” But Viking paid just $8 million for its Simson-Maxwell shares,18 and the company has just 125 employees; it defies belief to think that this purchase was such a bargain as to make a material dent in Camber’s overvaluation. And what does Simson-Maxwell actually do? One of its key officers, Daryl Kruper (identified as its chairman in Camber’s press release), describes the company a bit less grandly and more concretely on his LinkedIn page: Simson Maxwell is a power systems specialist. The company assembles and sells generator sets, industrial engines, power control systems and switchgear. Simson Maxwell has service and parts facilities in Edmonton, Calgary, Prince George, Vancouver, Nanaimo and Terrace. The company has provided its western Canadian customers with exceptional service for over 70 years. In other words, Simson-Maxwell acts as a sort of distributor/consultant, packaging industrial- strength generators and engines manufactured by companies like GE and Mitsubishi into systems that can provide electrical power, often in remote areas in western Canada; Simson- Maxwell employees then drive around in vans maintaining and repairing these systems. There’s nothing obviously wrong with this business, but it’s small, regional (not just Canada – western Canada specifically), likely driven by an unpredictable flow of new large projects, and unlikely to garner a high standalone valuation. Indeed, buried in one of Viking’s agreements with Simson- Maxwell’s selling shareholders (see p. 23) are clauses giving Viking the right to purchase the rest of the company between July 2024 and July 2026 at a price of at least 8x trailing EBITDA and giving the selling shareholders the right to sell the rest of their shares during the same time frame at a price of at least 7x trailing EBITDA – the kind of multiples associated with sleepy industrial distributors, not fast-growing retail darlings. Since Simon-Maxwell has nothing to do with Viking’s pre-existing assets or (alleged) expertise in oil and gas, and Viking and Camber are hardly flush with cash, why did they make the purchase? We speculate that management is concerned about the combined company’s ability to maintain its listing on the NYSE American. For example, when describing its restruck merger agreement with Viking, Camber noted: Additional closing conditions to the Merger include that in the event the NYSE American determines that the Merger constitutes, or will constitute, a “back-door listing”/“reverse merger”, Camber (and its common stock) is required to qualify for initial listing on the NYSE American, pursuant to the applicable guidance and requirements of the NYSE as of the Effective Time. What does it take to qualify for initial listing on the NYSE American? There are several ways, but three require at least $4 million of positive stockholders’ equity, which Viking, the intended surviving company, doesn’t have today; another requires a market cap of greater than $75 million, which management might (quite reasonably) be concerned about achieving sustainably. That leaves a standard that requires a listed company to have $75 million in assets and revenue. With Viking running at only ~$40 million of annualized revenue, we believe management is attempting to buy up more via acquisition. In fact, if the goal is simply to “buy” GAAP revenue, the most efficient way to do it is by acquiring a stake in a low-margin, slow- growing business – little earnings power, hence a low purchase price, but plenty of revenue. And by buying a majority stake instead of the whole thing, the acquirer can further reduce the capital outlay while still being able to consolidate all of the operation’s revenue under GAAP accounting. Buying 60.3% of Simson-Maxwell seems to fit the bill, but it’s a placeholder, not a real value-creator. Camber’s Partners in the Laughable “ESG Clean Energy” Deal Have a Long History of Broken Promises and Alleged Securities Fraud The “catalyst” most commonly cited by Camber Energy bulls for the recent massive increase in the company’s stock price is an August 24th press release, “Camber Energy Secures Exclusive IP License for Patented Carbon-Capture System,” announcing that the company, via Viking, “entered into an Exclusive Intellectual Property License Agreement with ESG Clean Energy, LLC (‘ESG’) regarding ESG’s patent rights and know-how related to stationary electric power generation, including methods to utilize heat and capture carbon dioxide.” Our research suggests that the “intellectual property” in question amounts to very little: in essence, the concept of collecting the exhaust gases emitted by a natural-gas–fueled electric generator, cooling it down to distill out the water vapor, and isolating the remaining carbon dioxide. But what happens to the carbon dioxide then? The clearest answer ESG Clean Energy has given is that it “can be sold to…cannabis producers”19 to help their plants grow faster, though the vast majority of the carbon dioxide would still end up escaping into the atmosphere over time, and additional greenhouse gases would be generated in compressing and shipping this carbon dioxide to the cannabis producers, likely leading to a net worsening of carbon emissions.20 And what is Viking – which primarily extracts oil and gas from the ground, as opposed to running generators and selling electrical power – supposed to do with this technology anyway? The idea seems to be that the newly acquired Simson-Maxwell business will attempt to sell the “technology” as a value-add to customers who are buying generators in western Canada. Indeed, while Camber’s press-release headline emphasized the “exclusive” nature of the license, the license is only exclusive in Canada plus “up to twenty-five locations in the United States” – making the much vaunted deal even more trivial than it might first appear. Viking paid an upfront royalty of $1.5 million in cash in August, with additional installments of $1.5 and $2 million due by January and April 2022, respectively, for a total of $5 million. In addition, Viking “shall pay to ESG continuing royalties of not more than 15% of the net revenues of Viking generated using the Intellectual Property, with the continuing royalty percentage to be jointly determined by the parties collaboratively based on the parties’ development of realistic cashflow models resulting from initial projects utilizing the Intellectual Property, and with the parties utilizing mediation if they cannot jointly agree to the continuing royalty percentage”21 – a strangely open-ended, perhaps rushed, way of setting a royalty rate. Overall, then, Viking is paying $5 million for roughly 85% of the economics of a technology that might conceivably help “capture” CO2 emitted by electric generators in Canada (and up to 25 locations in the United States!) but then probably just re-emit it again. This is the great advance that has driven Camber to a nearly billion-dollar market cap. It’s with good reason that on ESG Clean Energy’s web site (as of early October), the list of “press releases that show that ESG Clean Energy is making waves in the distributive power industry” is blank: If the ESG Clean Energy license deal were just another trivial bit of vaporware hyped up by a promotional company and its over-eager shareholders, it would be problematic but unremarkable; things like that happen all the time. But it’s the nature and history of Camber/Viking’s counterparty in the ESG deal that truly makes the situation sublime. ESG Clean Energy is in fact an offshoot of the Scuderi Group, a family business in western Massachusetts created to develop the now deceased Carmelo Scuderi’s idea for a revolutionary new type of engine. (In a 2005 AP article entitled “Engine design draws skepticism,” an MIT professor “said the creation is almost certain to fail.”) Two of Carmelo’s children, Nick and Sal, appeared in a recent ESG Clean Energy video with Camber’s CEO, who called Sal “more of the brains behind the operation” but didn’t state his official role – interesting since documents associated with ESG Clean Energy’s recent small-scale capital raises don’t mention Sal at all. Buried in Viking’s contract with ESG Clean Energy is the following section, indicating that the patents and technology underlying the deal actually belong in the first instance to the Scuderi Group, Inc.: 2.6 Demonstration of ESG’s Exclusive License with Scuderi Group and Right to Grant Licenses in this Agreement. ESG shall provide necessary documentation to Viking which demonstrates ESG’s right to grant the licenses in this Section 2 of this Agreement. For the avoidance of doubt, ESG shall provide necessary documentation that verifies the terms and conditions of ESG’s exclusive license with the Scuderi Group, Inc., a Delaware USA corporation, having an address of 1111 Elm Street, Suite 33, West Springfield, MA 01089 USA (“Scuderi Group”), and that nothing within ESG’s exclusive license with the Scuderi Group is inconsistent with the terms of this Agreement. In fact, the ESG Clean Energy entity itself was originally called Scuderi Clean Energy but changed its name in 2019; its subsidiary ESG-H1, LLC, which presides over a long-delayed power-generation project in the small city of Holyoke, Massachusetts (discussed further below), used to be called Scuderi Holyoke Power LLC but also changed its name in 2019.22 The SEC provided a good summary of the Scuderi Group’s history in a 2013 cease-and-desist order that imposed a $100,000 civil money penalty on Sal Scuderi (emphasis added): Founded in 2002, Scuderi Group has been in the business of developing a new internal combustion engine design. Scuderi Group’s business plan is to develop, patent, and license its engine technology to automobile companies and other large engine manufacturers. Scuderi Group, which considers itself a development stage company, has not generated any revenue… …These proceedings arise out of unregistered, non-exempt stock offerings and misleading disclosures regarding the use of offering proceeds by Scuderi Group and Mr. Scuderi, the company’s president. Between 2004 and 2011, Scuderi Group sold more than $80 million worth of securities through offerings that were not registered with the Commission and did not qualify for any of the exemptions from the Securities Act’s registration requirement. The company’s private placement memoranda informed investors that Scuderi Group intended to use the proceeds from its offerings for “general corporate purposes, including working capital.” In fact, the company was making significant payments to Scuderi family members for non-corporate purposes, including, large, ad hoc bonus payments to Scuderi family employees to cover personal expenses; payments to family members who provided no services to Scuderi; loans to Scuderi family members that were undocumented, with no written interest and repayment terms; large loans to fund $20 million personal insurance policies for six of the Scuderi siblings for which the company has not been, and will not be, repaid; and personal estate planning services for the Scuderi family. Between 2008 and 2011, a period when Scuderi Group sold more than $75 million in securities despite not obtaining any revenue, Mr. Scuderi authorized more than $3.2 million in Scuderi Group spending on such purposes. …In connection with these offerings [of stock], Scuderi Group disseminated more than 3,000 PPMs [private placement memoranda] to potential investors, directly and through third parties. Scuderi Group found these potential investors by, among other things, conducting hundreds of roadshows across the U.S.; hiring a registered broker-dealer to find investors; and paying numerous intermediaries to encourage people to attend meetings that Scuderi Group arranged for potential investors. …Scuderi Group’s own documents reflect that, in total, over 90 of the company’s investors were non-accredited investors… The Scuderi Group and Sal Scuderi neither admitted nor denied the SEC’s findings but agreed to stop violating securities law. Contemporary local news coverage of the regulatory action added color to the SEC’s description of the Scuderis’ fund-raising tactics (emphasis added): Here on Long Island, folks like HVAC specialist Bill Constantine were early investors, hoping to earn a windfall from Scuderi licensing the idea to every engine manufacturer in the world. Constantine said he was familiar with the Scuderis because he worked at an Islandia company that distributed an oil-less compressor for a refrigerant recovery system designed by the family patriarch. Constantine told [Long Island Business News] he began investing in the engine in 2007, getting many of his friends and family to put their money in, too. The company held an invitation-only sales pitch at the Marriott in Islandia in February 2011. Commercial real estate broker George Tsunis said he was asked to recruit investors for the Scuderi Group, but declined after hearing the pitch. “They were talking about doing business with Volkswagen and Mercedes, but everything was on the come,” Tsunis said. “They were having a party and nobody came.” Hot on the heels of the SEC action, an individual investor who had purchased $197,000 of Scuderi Group preferred units sued the Scuderi Group as well as Sal, Nick, Deborah, Stephen, and Ruth Scuderi individually, alleging, among other things, securities fraud (e.g. “untrue statements of material fact” in offering memoranda). This case was settled out of court in 2016 after the judge reportedly “said from the bench that he was likely to grant summary judgement for [the] plaintiff. … That ruling would have clear the way for other investors in Scuderi to claim at least part of a monetary settlement.” (Two other investors filed a similar lawsuit in 2017 but had it dismissed in 2018 because they ran afoul of the statute of limitations.23) The Scuderi Group put on a brave face, saying publicly, “The company is very pleased to put the SEC matter behind it and return focus to its technology.” In fact, in December 2013, just months after the SEC news broke, the company entered into a “Cooperative Consortium Agreement” with Hino Motors, a Japanese manufacturer, creating an “engineering research group” to further develop the Scuderi engine concept. “Hino paid Scuderi an initial fee of $150,000 to join the Consortium Group, which was to be refunded if Scuderi was unable to raise the funding necessary to start the Project by the Commencement Date,” in the words of Hino’s later lawsuit.24 Sure enough, the Scuderi Group ended up canceling the project in early October 2014 “due to funding and participant issues” – but it didn’t pay back the $150,000. Hino’s lawsuit documents Stephen Scuderi’s long series of emailed excuses: 10/31/14: “I must apologize, but we are going to be a little late in our refund of the Consortium Fee of $150,000. I am sure you have been able to deduce that we have a fair amount of challenging financial problems that we are working through. I am counting on financing for our current backlog of Power Purchase Agreement (PPA) projects to provide the capital to refund the Consortium Fee. Though we are very optimistic that the financial package for our PPA projects will be completed successfully, the process is taking a little longer than I originally expected to complete (approximately 3 months longer).” 11/25/14: “I am confident that we can pay Hino back its refund by the end of January. … The reason I have been slow to respond is because I was waiting for feedback from a few large cornerstone investors that we have been negotiating with. The negotiations have been progressing very well and we are close to a comprehensive financing deal, but (as often happens) the back and forth of the negotiating process takes ” 1/12/15: “We have given a proposal to the potential high-end investors that is most interested in investing a large sum of money into Scuderi Group. That investor has done his due-diligence on our company and has communicated to us that he likes our proposal but wants to give us a counter ” 1/31/15: “The individual I spoke of last month is one of several high net worth individuals that are currently evaluating investing a significant amount of equity capital into our That particular individual has not yet responded with a counter proposal, because he wishes to complete a study on the power generation market as part of his due diligence effort first. Though we learned of the study only recently, we believe that his enthusiasm for investing in Scuderi Group remains as strong as ever and steady progress is being made with the other high net worth individuals as well. … I ask only that you be patient for a short while longer as we make every effort possible to raise the monies need[ed] to refund Hino its consortium fee.” Fed up, Hino sued instead of waiting for the next excuse – but ended up discovering that the Scuderi bank account to which it had wired the $150,000 now contained only about $64,000. Hino and the Scuderi Group then entered into a settlement in which that account balance was supposed to be immediately handed over to Hino, with the remainder plus interest to be paid back later – but Scuderi didn’t even comply with its own settlement, forcing Hino to re-initiate its lawsuit and obtain an official court judgment against Scuderi. Pursuant to that judgment, Hino formally requested an array of documents like tax returns and bank statements, but Scuderi simply ignored these requests, using the following brazen logic:25 Though as of this date, the execution has not been satisfied, Scuderi continues to operate in the ordinary course of business and reasonably expects to have money available to satisfy the execution in full in the near future. … Responding to the post- judgment discovery requests, as a practical matter, will not enable Scuderi to pay Hino any faster than can be achieved by Scuderi using all of its resources and efforts to conduct its day-to-day business operations and will only serve to impose additional and unnecessary costs on both parties. Scuderi has offered and is willing to make payments every 30 days to Hino in amounts not less than $10,000 until the execution is satisfied in full. Shortly thereafter, in March 2016, Hino dropped its case, perhaps having chosen to take the $10,000 per month rather than continue to tangle in court with the Scuderis (though we don’t know for sure). With its name tarnished by disgruntled investors and the SEC, and at least one of its bank accounts wiped out by Hino Motors, the Scuderi Group didn’t appear to have a bright future. But then, like a phoenix rising from the ashes, a new business was born: Scuderi Clean Energy, “a wholly owned subsidiary of Scuderi Group, Inc. … formed in October 2015 to market Scuderi Engine Technology to the power generation industry.” (Over time, references to the troubled “Scuderi Engine Technology” have faded away; today ESG Clean Energy is purportedly planning to use standard, off-the-shelf Caterpillar engines. And while an early press release described Scuderi Clean Energy as “a wholly owned subsidiary of Scuderi Group,” the current Scuderi/ESG Clean Energy, LLC, appears to have been created later as its own (nominally) independent entity, led by Nick Scuderi.) As the emailed excuses in the Hino dispute suggested, this pivot to “clean energy” and electric power generation had been in the works for some time, enabling Scuderi Clean Energy to hit the ground running by signing a deal with Holyoke Gas and Electric, a small utility company owned by the city of Holyoke, Massachusetts (population 38,238) in December 2015. The basic idea was that Scuderi Clean Energy would install a large natural-gas generator and associated equipment on a vacant lot and use it to supply Holyoke Gas and Electric with supplemental electric power, especially during “peak demand periods in the summer.”26 But it appears that, from day one, Holyoke had its doubts. In its 2015 annual report (p. 80), the company wrote (emphasis added): In December 2015, the Department contracted with Scuderi Clean Energy, LLC under a twenty (20) year [power purchase agreement] for a 4.375 MW [megawatt] natural gas generator. Uncertain if this project will move forward; however Department mitigated market and development risk by ensuring interconnection costs are born by other party and that rates under PPA are discounted to full wholesale energy and resulting load reduction cost savings (where and if applicable). Holyoke was right to be uncertain. Though its 2017 annual report optimistically said, “Expected Commercial Operation date is April 1, 2018” (p. 90), the 2018 annual report changed to “Expected Commercial Operation is unknown at this time” – language that had to be repeated verbatim in the 2019 and 2020 annual reports. Six years after the contract was signed, the Scuderi Clean Energy, now ESG Clean Energy, project still hasn’t produced one iota of power, let alone one dollar of revenue. What it has produced, however, is funding from retail investors, though perhaps not as much as the Scuderis could have hoped. Beginning in 2017, Scuderi Clean Energy managed to sell roughly $1.3 million27 in 5-year “TIGRcub” bonds (Top-Line Income Generation Rights Certificates) on the small online Entrex platform by advertising a 12% “minimum yield” and 16.72% “projected IRR” (based on 18.84% “revenue participation”) over a 5-year term. While we don’t know the exact terms of these bonds, we believe that, at least early on, interest payments were covered by some sort of prepaid insurance policy, while later payments depend on (so far nonexistent) revenue from the Holyoke project. But Scuderi Clean Energy had been aiming to raise $6 million to complete the project, not $1 million; indeed, this was only supposed to be the first component of a whole empire of “Scuderi power plants”28 that would require over $100 million to build but were supposedly already under contract.29 So far, however, nothing has come of these other projects, and, seemingly suffering from insufficient funding, the Holyoke effort languished. (Of course, it might have been more investor-friendly if Scuderi Clean Energy had only accepted funding on the condition that there was enough to actually complete construction.) Under the new ESG Clean Energy name, the Scuderis tried in 2019 to raise capital again, this time in the form of $5 million of preferred units marketed as a “5 year tax free Investment with 18% cash-on-cash return,” but, based on an SEC filing, it appears that the offering didn’t go well, raising just $150,000. With funding still limited and the Holyoke project far from finished, the clock is ticking: the $1.3 million of bonds will begin to mature in early 2022. It was thus fortunate that Viking came along when it did to pay ESG Clean Energy a $1.5 million upfront royalty for its incredible technology. Interestingly, ESG Clean Energy began in late 2020 to provide extremely detailed updates on its Holyoke construction progress, including items as prosaic as “Throughout the week, ESG had met with and continued to exchange numerous e-mails with our mechanical engineering firm.” With frequent references to the “very fluid environment,” the tone is unmistakably defensive. Consider the September update (emphasis not added): Reading between the lines, we believe the intended message is this: “We didn’t just take your money and run – honest! We’re working hard!” Nonetheless, someone appears to be unhappy, as indicated by the FINRA BrokerCheck report for one Eric Willer, a former employee of Fusion Analytics, which was listed as a recipient of sales compensation in connection with the Scuderi Clean Energy bond offerings. Willer may now be in hot water: a disclosure notice dated 3/31/2021 reads: “Wells Notice received as a preliminary determination to recommend disciplinary action of fraud, negligent misrepresentation, and recommendation without due diligence in the sale of bonds issued by Scuderi Holyoke,” with a further investigation still pending. We wait eagerly for additional updates. Why does the saga of the Scuderis matter? Many Camber investors seem to have convinced themselves that the ESG Clean Energy “carbon capture” IP licensed by Viking has enormous value and can plausibly justify hundreds of millions of dollars of incremental market cap. As we explained above, we find this thoroughly implausible even without getting into Scuderi family history: in the end, the “technology” will at best add a smidgen of value to some generators in Canada. But track records matter too, and the Scuderi track record of failed R&D, delays, excuses, and alleged misuse of funds is worth considering. These people have spent six years trying and failing to sell power to a single municipally owned utility company in a single small city in western Massachusetts. Are they really about to end climate change? The Case of the Fictitious CFO Since Camber is effectively a bet on Viking, and Viking, in its current form, has been assembled by James Doris, it’s important to assess Doris’s probity and good judgment. In that connection, it’s noteworthy that, from December 2014 to July 2016, at the very start of Doris’s reign as Viking’s CEO and president, the company’s CFO, Guangfang “Cecile” Yang, was apparently fictitious. (Covering the case in 2019, Dealbreaker used the headline “Possibly Imaginary CFO Grounds For Very Real Fraud Lawsuit.”) This strange situation was brought to light by an SEC lawsuit against Viking’s founder, Tom Simeo; just last month, a US district court granted summary judgment in favor of the SEC against Simeo, but Simeo’s penalties have yet to be determined.30 The court’s opinion provided a good overview of the facts (references omitted, emphasis added): In 2013, Simeo hired Yang, who lives in Shanghai, China, to be Viking’s CFO. Yang served in that position until she purportedly resigned in July 2016. When Yang joined the company, Simeo fabricated a standing resignation letter, in which Yang purported to “irrevocably” resign her position with Viking “at any time desired by the Company” and “[u]pon notification that the Company accepted [her] resignation”…Simeo forged Yang’s signature on this document. This letter allowed Simeo to remove Yang from the position of CFO whenever he pleased. Simeo also fabricated a power of attorney purportedly signed by Yang that allowed Simeo to “affix Yang’s signature to any and all documents,” including documents that Viking had to file with the SEC. Viking represented to the public that Yang was the company’s CFO and a member of its Board of Directors. But “Yang never actually functioned as Viking’s CFO.” She “was not involved in the financial and strategic decisions” of Viking during the Relevant Period. Nor did she play any role in “preparing Viking’s financial statements or public filings.” Indeed, at least as of April 3, 2015, Yang did not do “any work” on Viking’s financial statements and did not speak with anyone who was preparing them. She also did not “review or evaluate Viking’s internal controls over financial reporting.” Further, during most or all of the Relevant Period, Viking did not compensate Yang despite the fact that she was the company’s highest ranking financial employee. Nevertheless, Simeo says that he personally paid her in cash. Yang’s “sole point of contact” at Viking was Simeo. Indeed Simeo was “the only person at Viking who communicated with Yang.” Thus many people at Viking never interacted with Yang. Despite the fact that Doris has served as Viking’s CEO since December 2014, he “has never met or spoken to Yang either in person or through any other means, and he has never communicated with Yang in writing.” … To think Yang served as CFO during this time, but the CEO and other individuals involved with Viking’s SEC filings never once spoke with her, strains all logical credulity. It remains unclear whether Yang is even a real person. When the SEC asked Simeo directly (“Is it the case that you made up the existence of Ms. Yang?”) he responded by “invoking the Fifth Amendment.”31 While the SEC’s efforts thus far have focused on Simeo, the case clearly raises the question of what Doris knew and when he knew it. Indeed, though many of the required Sarbanes-Oxley certifications of Viking’s financial statements during the Yang period were signed by Simeo in his role as chairman, Doris did personally sign off on an amended 2015 10-K that refers to Yang as CFO through July 2016 and includes her complete, apparently fictitious, biography. Viking has also disclosed the following, which we believe pertains to the Yang affair (emphasis added): In April of 2019, the staff (the “Staff”) of the SEC’s Division of Enforcement notified the Company that the Staff had made a preliminary determination to recommend that the SEC file an enforcement action against the Company, as well as against its CEO and its CFO, for alleged violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder [laws that pertain to securities fraud] during the period from early 2014 through late 2016. The Staff’s notice is not a formal allegation or a finding of wrongdoing by the Company, and the Company has communicated with the Staff regarding its preliminary determination. The Company believes it has adequate defenses and intends to vigorously defend any enforcement action that may be initiated by the SEC.32 Perhaps the SEC has moved on from this matter and will let Doris and Viking off the hook, but the fact pattern is eyebrow-raising nonetheless. A similarly troubling incident came soon after the time of Yang’s “resignation,” when Viking’s auditing firm resigned, withdrew its recent audit report, and wrote a letter “advising the Company that it believed an illegal act may have occurred” – because of concerns that had nothing to do with Yang. First, Viking accounted for the timing of a grant of shares to a consultant in apparent contradiction of the terms of the written agreement with the consultant – a seemingly minor issue. But, under scrutiny from the auditor, Viking “produced a letter… (the version which was provided to us was unsigned), from the consultant stating that the Agreement was invalidated verbally.” Reading between the lines, the “uncomfortable” auditor suspected that this letter was a fake, created just to get him off Viking’s back. In another incident, the auditor “became aware that seven of the company’s loans…were due to be repaid” in August 2016 but hadn’t been, creating a default that would in turn “trigger[] a cross-default clause contained in 17 additional loans” – but Viking claimed it “had secured an oral extension to the loans from the broker-dealer representing the lenders by September 6, 2016” – after the loans’ maturity dates – “so the Company did not need to disclose ‘the defaults under these loans’ after such time since the loans were not in default.” It’s easy to see why an auditor would object to this attitude toward financial disclosure – no need to mention a default in August as long as you can secure a verbal agreement resolving it by September! Against this backdrop of disturbing behavior, the fact that Camber just dismissed its auditing firm three weeks ago on September 16th, even with delisting looming if the company can’t become current again with its SEC filings by November, seems even more unsettling. Have Camber and Viking management earned investors’ trust? Conclusion It’s not clear why, back in 2017, Lucas Energy changed its name to “Camber” specifically, but we’d like to think the inspiration was England’s Camber Castle. According to Atlas Obscura, the castle was supposed to help defend the English coast, but it took so long to build that its “advanced design was obsolete by the time of its completion,” and changes in the local environment meant that “the sea had receded so far that cannons fired from the fort would no longer be able to reach any invading ships.” Still, the useless castle was “manned and serviced” for nearly a century before being officially decommissioned. Today, Camber “lies derelict and almost unheard of.” But what’s in a name? Article by Kerrisdale Capital Management Updated on Oct 5, 2021, 12:06 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 5th, 2021

These Are The Top Ten Food Production Companies

Food Production is a massive industry that makes and processes a variety of foods, including milled grains and oilseeds, dairy products, seafood, baked goods, meat, fruits and vegetables and candy. The global industry revenue is on the rise, but a slowdown in key emerging markets has slowed the growth of the food production industry lately. […] Food Production is a massive industry that makes and processes a variety of foods, including milled grains and oilseeds, dairy products, seafood, baked goods, meat, fruits and vegetables and candy. The global industry revenue is on the rise, but a slowdown in key emerging markets has slowed the growth of the food production industry lately. Let’s take a look at the top ten food production companies. 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 2021 hedge fund letters, conferences and more Top Ten Food Production Companies We have used the latest available revenue numbers to come up with the top ten food production companies. These are the top ten food production companies: Darling Ingredients ($3,363 million) Founded in 1882, this company develops and produces ingredients from edible and inedible bio-nutrients. Darling Ingredients Inc (NYSE:DAR) has the following business segments: Feed Ingredients, Food Ingredients, and Fuel Ingredients. The shares of the company are up more than 29% YTD and almost 1% in one month. Darling Ingredients is headquartered in Irving, Texas and has over 10,000 employees. Sanderson Farms ($3,440 million) Founded in 1947, it is a poultry processing company that raises, processes, markets and distributes fresh, frozen, further processed, and partially cooked chicken products. Sanderson Farms, Inc. (NASDAQ:SAFM) has the following business segments: Production, Processing, and Foods. The shares of the company are up more than 41% YTD but are down over 4% in one month. Sanderson Farms is headquartered in Laurel, Miss. and has over 17,000 employees. Ingredion ($6,209 million) Founded in 1906, this company makes and sells nutrition ingredients, biomaterial solutions, sweetener, and starches. Ingredion Inc (NYSE:INGR) also works on turning potatoes, corn, tapioca and other vegetables and fruits into value added ingredients and biomaterials for other industries. It has the following business segments: Europe, Middle East, and Africa (EMEA); South America; North America; and Asia-Pacific. The shares of the company are up more than 14% YTD and over 2% in one month. Ingredion is headquartered in Westchester, Ill. and has over 10,000 employees. Seaboard ($6,840 million) Founded in 1918, this company deals in agribusiness and transportation businesses. Seaboard Corp (NYSEAMERICAN:SEB) has the following business segments: Sugar & Alcohol, Commodity Trading and Milling, Pork, Power, Marine and Turkey. The shares of the company are up more than 34% YTD but are down over 3% in one month. Seaboard is headquartered in Merriam, Kan. and has over 13,000 employees. Andersons ($8,170 million) Founded in 1947, it is an agricultural rooted diversified company that deals in turf products production, railcar leasing and repair and consumer retailing. Andersons Inc (NASDAQ:ANDE) has the following business segments: Trade, Ethanol, Plant Nutrient, and Rail. The shares of the company are up more than 27% YTD and over 2% in one month. Andersons is headquartered in Maumee, Ohio and has over 2,000 employees. Corteva ($13,846 million) Founded in 1802, it is a holding company that deals in agricultural products. Corteva Inc (NYSE:CTVA) has the following business segments: Seed and Crop Protection. It also offers services, including pasture and land management, and pest management. The shares of the company are up more than 12% YTD but are down over 1% in one month. Corteva is headquartered in Wilmington, Del. and has over 20,000 employees. General Mills ($16,865 million) Founded in 1928, this company makes and markets consumer foods, which sells through retail stores. General Mills, Inc. (NYSE:GIS) has the following business segments: Pet and Asia & Latin America; Europe & Australia; Convenience Stores & Foodservice; and North America Retail. The shares of the company are down almost 1% YTD but are up over 3% in one month. General Mills is headquartered in Minneapolis, Minn. and has over 35,000 employees. CHS ($31,900 million) Founded in 1931, it is an agribusiness that is owned by cooperatives, farmers, and ranchers across the U.S. This company offers grain marketing services, food and food ingredients, energy, crop nutrients, and livestock feed. CHS Inc (NASDAQ:CHSCP) also offers business solutions, including insurance, financial and risk management services. It is a private company that is headquartered in Inver Grove Heights, Minn. and has over 10,000 employees. Tyson Foods ($42,405 million) Founded in 1935, this company deals in the production of processed food. Tyson Foods, Inc. (NYSE:TSN) has the following business segments: Pork, Prepared Foods, Chicken, and Beef. The shares of the company are up more than 19% YTD but are down over 2% in one month. Tyson Foods is headquartered in Springdale, Ark. and has over 140,000 employees. Archer Daniels Midland ($64,656 million) Founded in 1902, this company processes wheat, oilseeds, cocoa, corn and other agricultural commodities. Archer-Daniels-Midland Co (NYSE:ADM) has the following business segments: Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition. The shares of the company are up more than 20% YTD and over 1% in one month. Archer Daniels Midland is headquartered in Chicago, Ill. and has over 38,000 employees. Updated on Sep 28, 2021, 10:24 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkSep 28th, 2021

Arcadia raises less-than-expected $6.9 million with private offering

Arcadia Biosciences Inc. raised $6.9 million in a private placement of stock, after fees and expenses, to invest in hemp research and commercialize its low-gluten and high-fiber GoodWheat product. The Davis-based agricultural technology company's sa.....»»

Category: topSource: bizjournalsJun 18th, 2019

JD Sports Scores A Christmas Cracker On A Shopping Pitch Full Of Obstacles

“JD Sports Fashion PLC (LON:JD) has scored a Christmas cracker on a shopping pitch full of obstacles. Despite the supply chain crunch hitting some brands, a growing income squeeze and fears about the spread of omicron, it’s still notched up a stellar run. Like-for-like revenues grew 10% in the 22 weeks to January 1st, compared […] “JD Sports Fashion PLC (LON:JD) has scored a Christmas cracker on a shopping pitch full of obstacles. Despite the supply chain crunch hitting some brands, a growing income squeeze and fears about the spread of omicron, it’s still notched up a stellar run. Like-for-like revenues grew 10% in the 22 weeks to January 1st, compared to the same period in 2020, with Black Friday and Christmas sales on a winning streak and margins holding up well. Its performance is  testament to the pull of the brands it sells and its well-oiled online operations but the group has also benefited from a Biden bounce. A chunk of the stimulus cheques sent out in the US provided a £100 million kick to sales with many recipients splashing the cash on coveted products worn by their sports icons. 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); Q4 2021 hedge fund letters, conferences and more JD Sports' Goal Of Growth The group’s headline profit before tax for the full year will now be significantly ahead of market expectations of £810 million, reaching £875 million. But ahead, it won’t be so easy to score an easy goal of growth of this level given that the effects of that stimulus boost are fading away and higher national insurance contributions in the UK will have to be absorbed. Adding into the challenging mix are ongoing supply chains issues constraining the availability of some products but the group has already shown its nimble performance in navigating that particular headwind. With sports and fashion fans showing a willingness to queue around the block to get their hands on the latest styles, sales should remain buoyant even as belts are tightened elsewhere." Article by Susannah Streeter, senior investment and markets analyst Hargreaves Lansdown About Hargreaves Lansdown Over 1.67 million clients trust us with £138.0 billion (as at 30 September 2021), making us the UK’s number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on Jan 14, 2022, 9:32 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 14th, 2022

Meta Sued For $3.2 Billion In The U.K. Over Personal Data Exploitation

Meta Platforms Inc (NASDAQ:FB) could end up paying a whopping $3.1 billion, following a class action in the U.K. over allegations of the internet giant exploiting the personal data of 44 million users in the country. Q4 2021 hedge fund letters, conferences and more Class Action According to Fox Business, Meta could pay $3.1 billion […] Meta Platforms Inc (NASDAQ:FB) could end up paying a whopping $3.1 billion, following a class action in the U.K. over allegations of the internet giant exploiting the personal data of 44 million users in the country. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more Class Action According to Fox Business, Meta could pay $3.1 billion in damages to its U.K. users for taking all their personal and private data in exchange for the ability to use the Facebook platform. With this, Meta abused its dominance in the social media spectrum between 2015 and 2019 —Law expert Dr. Liza Lovdahl  Gormsen is leading the action against the company. As reported by Reuters, Lovdahl is a senior advisor to the Financial Conduct Authority (FCA) in Britain, while “Quinn Emanuel Urquhart & Sullivan, the law firm representing Lovdahl Gormsen, has notified Facebook of the claim.” The lawsuit alleges that Meta profited from the imposition of unfair terms and conditions that obliged users to submit valuable personal information —it is financially backed by Innsworth, one of the world’s leading litigation funders. Case Grounds The company hit back by saying that people “have meaningful control of what information they share on Meta's platforms and who with.” Lovdahl said, “In the 17 years since it was created, Facebook became the sole social network in the U.K. where you could be sure to connect with friends and family in one place.” “Yet, there was a dark side to Facebook; it abused its market dominance to impose unfair terms and conditions on ordinary Britons, giving it the power to exploit their personal data,” she added. The lawsuit arrives days after Meta failed to have Judge James Boasberg dismiss an antitrust case led by the Federal Trade Commission (FTC), which has become one of the toughest tasks undertaken by the U.S. government against a tech company in years. Meta is part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founders' families. Updated on Jan 14, 2022, 9:50 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 14th, 2022

Kroger workers experienced hunger, homelessness, and couldn"t pay their rent in 2021. Its CEO made $22 million the previous year.

The median worker pay at Kroger was $24,617 in 2021, researchers found, meaning the CEO made 909 times the pay of the average worker. 1 in 7 Kroger workers faced homelessness in the past year, and more than a third of them said they were worried about eviction.Courtesy of Veeve 14% of Kroger workers faced homelessness in the past year, according to a survey of 10,000 unionized workers. More than three-quarters of the company's workers are also food insecure.  Real wages for Kroger workers have decreased in the past few years, while executive profits have increased.  Kroger CEO Rodney McMullen got a lot richer later year, while most of his company's workers faced homelessness, eviction, or hunger.A survey by nonprofit Economic Roundtable found more than one-third (36%) of 10,000 employees at Kroger-owned stores in Southern California, Colorado, and Washington said they were worried about eviction. More than three-quarters (78%) are food-insecure. And 1 in 7 Kroger workers faced homelessness in the past year. "There are workers sleeping in RVs or couch surfing or living in parks somewhere," Peter Dreier, a researcher on the project, told Insider. "Americans go to their local supermarket every week and smile at the person cashing them out, not aware that the person they're talking to is going to sleep in a car after they clock out." Over 8,000 unionized Kroger's King Soopers employees went on strike this week in Colorado, demanding better wages and working conditions from the country's largest grocery store chain and fourth-largest private employer. Its profits soared during the pandemic, greatly increasing the wealth of McMullen and its shareholders. Kroger employees, however, have endured reduced wages and fewer full-time opportunities from the company. Kroger's profits swelled, but wages didn'tNearly 1 in 5 (18%) Kroger employees said they hadn't paid the previous month's mortgage on time. Roughly 65,000 of 465,000 national workers in 2020 experienced homelessness. All of the workers surveyed hail from unionized Kroger shops, suggesting that non-union workers fare much worse. The report noted that the decline in "real wages" — wages adjusted for inflation — over the past three decades are largely to blame.The most experienced Kroger food clerks, the highest paid in the company, saw wages decline 11 to 22 percent across since 1990, according to the study. The average worker in some states saw real pay declines of about 3% in the past few decades, Dreier, who is also an urban policy professor at Occidental College, told Insider. Meanwhile, the pandemic has been extremely profitable for Kroger, which operates about 2,800 stores under different brands, like Ralph's, King Soopers, and Gerbes. The company earned $4.1 billion in profits in 2020, and by the end of the third quarter of 2021, had $2.28 billion in cash on hand. That's up from the $399 million they had on hand in the first quarter of 2020.Company executives received raises and bonuses as a result. McMullen made over $22 million, nearly doubling the $12 million he made in 2018. Kroger also gave their stockholders $1.3 billion in stock buybacks in the first three quarters of 2021, the researchers estimate. The median worker pay at Kroger was $24,617 in 2021, they also found, meaning the CEO made 909 times the pay of the average worker. As the authors note, the Kroger worker rate of food insecurity is seven times higher than the national average, with 78% of them saying they had either very low food security (42%)  or low food security (36%). "The biggest irony and tragedy is that here are people who spend all day around food, and when they go home they can't afford to feed their families adequately," Dreier said. "There would be days where I would starve myself so that my kids can eat but even that's not enough," a cheese shop clerk at a Kroger store in Colorado wrote in a survey response. "There's been times where I couldn't pay my rent and ended up on the street."Low pay and unpredictable schedules leave parents and young people with few optionsThe company paid workers hazard pay in the first two months of the pandemic. The researchers say that this, high turnover, low wages, sporadic scheduling, and limited opportunities for full-time employment, is what keeps workers in poverty. A quarter of respondents said that they were given a day or less notice about schedule changes. Dreier said this makes it harder for workers to schedule hours for second jobs — 86% of people said that Kroger was the only source of their income. Younger workers are specifically at risk of homelessness, or are stuck living with their parents. "Younger workers often can't afford to live alone or outside their family's home," Patrick Burns, a senior researcher at the Economic Roundtable told Insider. When they do fly the coop, they face high rents, housing instability, and new costs of living."You see the same for parents who work for Kroger's and can't afford to be on their own, they have to stay with their adult kids." Daniel Flaming, president of the Economic Roundtable, told Insider. "These wages have led to involuntary multigenerational household situations and crowded households." Dreier, Burns, and Flaming made multiple policy suggestions for Kroger to combat homelessness and food insecurity for its staff, including giving them higher food discounts, increasing wages, and increasing full time opportunities. "Kroger's has the flexibility to do better by their employees and it has chosen not to," Dreier said. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 14th, 2022

Persimmon – Full Year Trading Update

Persimmon plc (LON:PSN), one of the UK’s leading housebuilding operators has released a trading update, for the year to Dec 31. Q4 2021 hedge fund letters, conferences and more The company say that margins have been maintained, land purchases stepped up in the face of strong consumer demand and that selling prices edged up by […] Persimmon plc (LON:PSN), one of the UK’s leading housebuilding operators has released a trading update, for the year to Dec 31. 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); Q4 2021 hedge fund letters, conferences and more The company say that margins have been maintained, land purchases stepped up in the face of strong consumer demand and that selling prices edged up by a low single-digit pace over the year. The company has maintained pre-pandemic build rates in recent quarters, despite Omicron challenges to labour availability. The shares dipped by 2% in early trading. Persimmon's Moving Parts Steve Clayton, fund manager at HL Select: “With approaching 300 sites in operation, Persimmon have a lot of moving parts. Some analysts expected turnover to be a shade higher, but then again, the big jump in forward bookings, up from £1.32bn to £1.62bn suggests that demand is fine and most likely, some completions slipped over the year end as Omicron raced through workforces up and down the country. Having stepped up land purchases, Persimmon should be able to capitalise on demand, so long as they can get the planning system to work for them. With sales rates up 20% in the second half the company is well positioned for the new year. Persimmon had already taken steps to rectify cladding issues for the small number of tall buildings they constructed, and were expecting to pay the previously announced industry levy. Unsurprisingly they remain tight-lipped about the recent proposals for further measures by Government, whilst these remain under negotiation. With significant manufacturing capacity of their own, Persimmon are better insulated from cost price inflation than peers and this shows in their confidence about maintaining margins at high levels. Cash generation is solid and the group looks well placed to continue to pay attractive levels of dividends to shareholders. Last year the group paid out 225p per share. We’ll get more visibility on what the group might be able to return to investors in early March when the group offer an assessment of the market outlook to accompany their full year results.” About Hargreaves Lansdown Over 1.67 million clients trust us with £138.0 billion (as at 30 September 2021), making us the UK’s number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on Jan 13, 2022, 4:18 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 13th, 2022

J Sainsbury’s – Cracker Christmas But The New Year Has A Lot To Prove

J Sainsbury plc (LON:SBRY)’s grocery trading was better than expected in the third quarter and important Christmas period. That reflects increased market share as the group invested heavily in reducing prices and expanding its food ranges. Q4 2021 hedge fund letters, conferences and more General Merchandise and Clothing sales fell year-on-year because of weak demand, […] J Sainsbury plc (LON:SBRY)’s grocery trading was better than expected in the third quarter and important Christmas period. That reflects increased market share as the group invested heavily in reducing prices and expanding its food ranges. 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); Q4 2021 hedge fund letters, conferences and more General Merchandise and Clothing sales fell year-on-year because of weak demand, comparisons with last year’s exceptional trading, supply chain issues and the decision to reduce promotional activity. Total retail sales are up 1.4% on a two-year basis. The better-than-expected grocery results and cost savings means full year underlying operating profit guidance has been upped by £60m, to £720m. The shares rose 2.3% following the announcement. Sophie Lund-Yates, equity analyst at Hargreaves Lansdown: “Sainsbury’s is the latest supermarket directly trying to take on the discounters, with massive investment in reducing prices helping the supermarket up its market share. The group also benefitted from another year of customers wanting to treat themselves over the festive season, as rules were relaxed and people went all-out, piling trollies and virtual baskets high. Record champagne sales will have helped the overall picture, but are also a marker of a wider benefit for bigger superstores. Sainsbury’s can offer customers everything they need under one roof, including famous drink labels – that’s not something the German discounters can say. Striking the right balance between offering good value and having the correct food proposition has meant good news for Sainsbury’s this time around. As we embark on the new year there are some lingering challenges. General Merchandise sales remain subdued, and while current events including supply chain disruption are partly to blame, there are structural declines in some markets. Sainsbury’s is especially exposed to this market thanks to the acquisition of Argos. Compared to pre-pandemic times, overall sales growth is sluggish. That’s largely because the supermarket sector is incredibly competitive, holding onto market share is a bit like trying to grab a wriggling fish. To reverse this, Sainsbury’s is sliding down the value chain to appeal to cost-conscious shoppers. It’s a relief to see the group target a more specific market, and this approach could certainly help in an inflationary environment as incomes don’t stretch as far. Progress can’t really be knocked. However, keeping margins inflated will rely on volumes keeping pace, doing that over the long-term will involve nailing the proposition time and time again.” About Hargreaves Lansdown Over 1.67 million clients trust us with £138.0 billion (as at 30 September 2021), making us the UK’s number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on Jan 13, 2022, 3:12 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 13th, 2022

Court Blocks Biden’s War On Covid – Now He Can’t Keep Doing Nothing

Court Blocks Biden‘s War on Covid – Now He Can’t Keep Doing Nothing; A Vaccination-To-Fly Rule Avoids Legal Problems – And Enjoys 95% Support Q4 2021 hedge fund letters, conferences and more Court Blocks Biden’s War On Covid WASHINGTON, D.C. (January 13, 2022) – The U.S. Supreme Court has just blocked, indefinitely if not permanently, […] Court Blocks Biden‘s War on Covid – Now He Can’t Keep Doing Nothing; A Vaccination-To-Fly Rule Avoids Legal Problems – And Enjoys 95% Support 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 Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more Court Blocks Biden's War On Covid WASHINGTON, D.C. (January 13, 2022) - The U.S. Supreme Court has just blocked, indefinitely if not permanently, President Joe Biden's most powerful weapon for protecting Americans from Covid; an OSHA rule which mandates that large companies require their over 84 million employees to be vaccinated or undergo frequent and expensive tests. In light of this devastating and most recent court defeat, widespread and growing public dissatisfaction with Biden's handling of the pandemic generally and with his CDC more specifically, and this ever growing and most recent surge in new Covid cases, hospitalizations, and employee absences, Biden can't continue to do nothing - nothing but begging people to be vaccinated which obviously isn't working, or pledging to provide more tests which likewise would not slow the disease, says public interest law professor John Banzhaf. With the failure of this key program to get more Americans vaccinated, which is the only way to actually effectively fight the pandemic, Biden should look to other countries which require vaccinations to do many things and go many places. He should especially consider issuing a new rule in an area where he has the clear legal authority to act, and where there is clear precedent in similar rules adopted successfully by both Canada and France; rule requiring airline passengers to be vaccinated, argues Banzhaf, whose prior suggestions for fighting the pandemic are now in effect. Biden should - as the only effective and logical backup plan, and to fulfill his promise to use all the executive powers he has to protect the public - consider a rule which largely avoids the many legal issues which his other rules have raised; a requirement which has worked well without problems in at least two countries, and is much less intrusive than vaccine requirements now in effect in many U.S. cities and many dozens of foreign countries, the professor argues. Banzhaf suggests a rule, supported by Dr. Anthony Fauci and by many other experts, as well as overwhelmingly by the public, requiring adult airline passengers to be vaccinated, or to provide proof of a recent negative COVID test. Such a rule would provide very substantial additional protection for all airline passengers, especially from the added threat of the highly transmissible Omicron variant, while also creating a very strong and much needed incentive for millions more Americans to become vaccinated. Vaccine Mandate Challengers to the large-business vaccine-or-test mandate argued persuasively that it went far beyond OSHA's authority over sudden emergency grave dangers in the workplace, and was primarily adopted only to pressure about two-thirds of the private sector to get vaccinated so as to reduce risks largely occurring beyond workplaces. But a federal agency which has required passengers to wear cloth masks while flying - which even the CDC now agrees are largely ineffective, especially against the Omicron variant - in order to protect other passengers from becoming infected with Covid can certainly adopt a vaccination requirement which many experts say would provide much greater real-world protection for the same at-risk population from exactly the same danger, suggests Banzhaf. Indeed, an agency which has adopted without significant challenge now-well-accepted rules requiring airline passengers to wear masks, and to refrain from smoking for lengthy periods or from consuming their own alcoholic beverages, and also requiring them to provide government issued photo identification, not carry many arguably dangerous items with them, subject themselves to intrusive inspections, and to obey all crew instructions or face prison, can certainly also require vaccinations, the law professor argues. Unlike the OSHA “ultimate work-around” - White House chief of staff’s Ronald Klain’s characterization of the OSHA rule which Chief Justice John Roberts seized upon during oral arguments - the federal government has been regulating the conduct of airline passengers to protect other flyers from airborne medical risks since the early 1970s, notes Banzhaf, who was primarily responsible for the rules restricting and then banning smoking aboard passenger aircraft. Other regulations - e.g., requiring masks to be worn, banning many arguably dangerous objects because they might be used as weapons, prohibiting consumption of personal alcohol beverages, limiting "lascivious" behavior aboard aircraft, and mandating compliance with all crew instructions upon pain of imprisonment - make it even clearer that adopting rules that airline passengers much follow to protect fellow flyers is a central focus of the agency, not an unintended "work-around" suddenly dreamed up by the Biden administration to get around a Congress reluctant to act. Such a rule would also fall squarely within the federal government's authority to regulate interstate commerce, would not intrude upon what many might see as the prerogatives of individual states, and would be far less intrusive than the OSHA and HHS rules which threaten the very employment of most Americans, and which therefor cannot be avoided or circumvented by those opposed to being vaccinated. Requiring Vaccination To Fly In contrast, most American can choose not to fly, just as many may now choose not to go to venues which require proof of vaccination to enter, such as colleges and universities, sports and entertainment venues, and even restaurants. Moreover, the adoption of a shot-to-fly rule would now be more than justified, legally as well as in public opinion, by the greatly increased risk posed to airline passengers the highly contagious Omicron variant. Indeed, since this greatly increased risk is just beginning to be recognized by medical experts, it provides a more than sufficient legal justification to issue additional protections for airline passengers (e.g. better masks and vaccinations) on an emergency basis, says the law professor. While requiring all but the youngest passengers to be fully vaccinated would provide the greatest protection to other flyers, such a rule could do one or more of the following if necessary to reduce public opposition, the professor suggests: Apply the rule only to adults, thereby exempting older children eligible to be vaccinated, but who fly less frequently and among whom vaccination rates are much lower than with adults. Provide, at least initially, that passengers need to have received only one shot - thereby permitting them to be eligible to fly quickly in the event or an emergency or for other sudden need. Treat passengers who have recovered from Covid the same as those who have been vaccinated - as dozens of European and other countries already do in enforcing their often-even-more-intrusive vaccination requirements. Banzhaf notes that Canada and France have long required airline passengers to be vaccinated even on domestic flights, and that proof of a recent and expensive negative Covid test is required on most international flights. Since airlines and the TSA already store large amounts of information about passengers, and based upon experience with Canada's and France's airline passenger vaccination requirements, experts have debunked the argument that requiring a showing of vaccination status would unduly delay flights or be unreasonably burdensome, Banzhaf maintains. Especially since Fauci has added to his support to the growing demands for a vaccination-to-fly rule, many other experts, as well as dozens of editorials, have called for the same requirement. For example, the Boston Globe recently argued: "It’s time to require vaccinations for domestic flights. If proof of vaccination will soon be required in restaurants, bars, and nightclubs in Boston (as it already is in other cities), why not airplanes?" Banzhaf adds that such a rule was supported by about 95% of respondents in a recent survey. Updated on Jan 13, 2022, 3:57 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 13th, 2022

The Real Cost of Inflation

Inflation has been part of America’s history since the very early years of the country. It has been brought on by supply chain breakdowns, demand of goods, production cost fluctuations, the list goes on and on. Throughout the history of the country there have been many inflation fluctuations and recessions, but in the past year […] Inflation has been part of America’s history since the very early years of the country. It has been brought on by supply chain breakdowns, demand of goods, production cost fluctuations, the list goes on and on. Throughout the history of the country there have been many inflation fluctuations and recessions, but in the past year we have experienced the largest inflation rise in the past 30 years. 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 Our Icahn eBook! Get our entire 10-part series on Carl Icahn and other famous investors in PDF for free! Save it to your desktop, read it on your tablet or print it! Sign up below. NO SPAM EVER (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more Keeping Inflation At 2% Or Less Each Year The Federal Reserve aims to keep inflation at 2% or less each year, but in 2021 there was an inflation rate of nearly 7%. This puts America at the eighth-highest inflation rate in the world. The US has tried different strategies to control runaway inflation, but these strategies can sometimes lead to unintended consequences. Strategies like reducing the amount of money in circulation, decreasing bond prices, and increasing interest rates in the central bank can lead to problems in the economy. The strategies for reducing inflation can lead to recessions. This often leads to job loss which begins the cycle of inflation all over again. With less jobs there are less workers to produce goods which raises the cost of production as well as limits the amount being produced to keep up with supply demands. Even with the strategies that are put into reducing inflation, it is an inevitable occurrence in the economy. So what can be expected from ongoing inflation rates? There are some positive aspects of inflation such as lower unemployment rates and higher wages. In 2021, unemployment dropped to 4.2% and the hourly wages rose by 5%. There are also negative aspects to inflation. Interest rates are expected to rise 3% in the next few years, and savings rates are expected to decrease. The Cost of Living will also increase and so social security is going to rise nearly 6% in order to combat that. So how can you protect yourself from the effects of inflation? First, consider continuing your education. 30 million Americans could be earning 70% more if they continue their education in undergrad or postgrad degrees. Investing money in stocks and commodities could also help, as investing can provide a solid ROI. Even just increasing the amount of money going into your personal retirement could help prepare for rising costs of goods and services after your working years. Inflation is inevitable, unfortunately. With rates continuing to rise, it is most important to make sure that your own personal finances are protected. Learn more about inflation and what you can do to prepare for the effects in the infographic below: Infographic source: Expensivity Updated on Jan 13, 2022, 2:34 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 13th, 2022

These Are The Ten Biggest Life Insurance Companies

The U.S. insurance industry recorded net premiums of $1.28 trillion in 2020, with life/annuity insurers accounting for 49%, according to the data from S&P Global Market Intelligence. Moreover, there were 5,929 insurance companies in the U.S. in 2020, including 843 life/annuities and 995 health companies. Let’s take a look at the ten biggest life insurance […] The U.S. insurance industry recorded net premiums of $1.28 trillion in 2020, with life/annuity insurers accounting for 49%, according to the data from S&P Global Market Intelligence. Moreover, there were 5,929 insurance companies in the U.S. in 2020, including 843 life/annuities and 995 health companies. Let’s take a look at the ten biggest life insurance companies. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more Ten Biggest Life Insurance Companies We have referred to the latest available revenue numbers to rank the ten biggest life insurance companies. We have only considered Fortune 1000 for our list. Following are the ten biggest life insurance companies: Equitable Holdings (>$9.59 billion) Founded in 1859 and headquartered in New York, Equitable Holdings Inc (NYSE:EQH) is a financial services company that offers its services through two well-established principal franchises: AXA Equitable Life Insurance Company and AllianceBernstein. The mission of the company is to assist customers to secure their financial well-being. Its shares have gained almost 10% in three months and over 10% in one month. It reported a net loss of over $640 million in 2020 and over $1.70 billion in 2019. Mutual of Omaha Insurance (>$10.45 billion) Founded in 1909 and headquartered in Omaha, Neb., this company offers a variety of insurance and financial products. The company is owned by its policyholders, and its mission is to “help our customers protect what they care about and achieve their financial goals.” Mutual of Omaha Insurance is a private company. Pacific Life (>$11.84 billion) Founded in 1868 and headquartered in Newport Beach, Calif., this company offers a range of life insurance products, annuities, and mutual funds, as well as investment products and services. Pacific Life is a private company and claims to have more than half of the 100 largest U.S. companies as its clients. Unum Group (>$11.99 billion) Founded in 1848 and headquartered in Chattanooga, Tenn., Unum Group (NYSE:UNM) offers financial protection benefits. Unum Group has the following business segments: Colonial Life, Unum US, Closed Block, Unum International, and Corporate. Its shares have lost almost 1% in three months but are up almost 13% in one month. It reported a net income of over $790 million in 2020 and over $1 billion in 2019. Reinsurance Group of America (>$14.30 billion) Founded in 1973 and headquartered in Chesterfield, Mo., this company offers traditional and non-traditional life and health reinsurance products. Reinsurance Group of America Inc (NYSE:RGA) has the following segments: Europe, Middle East, and Africa; U.S. and Latin America; Asia Pacific; Canada; and Corporate and Other. Its shares have lost almost 6% in three months but are up over 12% in one month. It reported a net income of over $410 million in 2020 and over $850 million in 2019. Principal Financial Group (>$16.22 billion) Founded in 1879 and headquartered in Des Moines, Iowa, this company offers financial products and services, including retirement solutions, insurance, and investment products. Principal Financial Group Inc (NASDAQ:PFG) has the following business segments: Principal Global Investors, U.S. Insurance Solutions, Retirement and Income Solutions, Principal International, and Corporate. Principal Financial shares have gained more than 11% in three months and over 4% in one month. It reported a net income of over $1.40 billion in 2020 and over $1.30 billion in 2019. Lincoln National (>$17.25 billion) Founded in 1968 and headquartered in Radnor, Pa., Lincoln National Corporation (NYSE:LNC) offers insurance and retirement services. Lincoln National has the following business segments: Retirement Plan Services, Group Protection, Annuities, Life Insurance, and Other Operations. Lincoln National shares have lost almost 1% in three months but are up over 8% in one month. It reported a net income of over $490 million in 2020 and over $880 million in 2019. AFLAC (>$22.3 billion) Founded in 1955 and headquartered in Columbus, Ga., this company offers financial protection services. AFLAC Incorporated (NYSE:AFL) has the following business segments: Aflac Japan and Aflac United States. AFLAC shares have gained more than 14% in three months and over 9% in one month. It reported a net income of over $4.70 billion in 2020 and over $3.2 billion in 2019. Prudential Financial (>$64.8 billion) Founded in 1875 and headquartered in Newark, N.J., this company offers financial products and services, including mutual funds, investment management, insurance, and annuities. Prudential Financial Inc (NYSE:PRU) has the following business segments: Individual Annuities, Closed Block, Retirement, Group Insurance, PGIM, International Businesses, Individual Life, Assurance IQ, and Corporate and Others. Prudential Financial shares have gained more than 5% in three months and over 7% in one month. It reported a net loss of $395 million in 2020 and a net income over $4.10 billion in 2019. MetLife (>$69.6 billion) Founded in 1868 and headquartered in New York, this company offers insurance and financial services, including automobile and homeowner's insurance, retail banking services and more, to individual and institutional customers. Metlife Inc (NYSE:MET) shares have gained more than 3% in three months and over 10% in one month. It reported a net income of over $5.4 billion in 2020 and over $5.9 billion in 2019. Updated on Jan 13, 2022, 10:11 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 13th, 2022

Delic Well-Positioned for Accelerated, Sustained Growth in 2022

Largest and Most Profitable Chain of Ketamine Clinics to More than Double Footprint in Coming 18 Months Ongoing Pandemic Driving Significant Demand for Services VANCOUVER, BC, Jan. 13, 2022 /PRNewswire/ - Delic Holdings Corp ("DELIC" or the "Company") (CSE:DELC) (OTCQB: DELCF) (FRA: 6X0) (Original Source), a leader in new medicines and treatments for a modern world, is pleased to share the following corporate update: Delic currently has 12 clinics operational today with 15 more opening in the next 18 months. The clinics are strategically located in secondary cities to improve accessibility and reach and serve the greatest number of patients. The Company has a current revenue run-rate in excess of US$9 million and is EBITDA positive. Delic closed the acquisition of Ketamine Wellness Centers (KWC) in November 2021 and now operates the largest, most profitable chain of mental health clinics in the U.S. with KWC and Ketamine Infusion Centers (KIC). KWC has been operating profitably and expanding significantly with 2020 revenues in excess of USD$3.5MM, and on track for USD$5.1 MM in 2021. This brings Delic's pro forma annualized revenue to in excess of USD$8 million. Meet Delic, held last November, became the world's largest psychedelic wellness event with over 2,500 attendees and more than 2,000 inbound calls to the clinics in two days, matching the monthly average and demonstrating the power of the Delic ecosystem of businesses. Delic closed on an approximately C$7.0MM private placement with a U.S. institutional investor in September and has been directing the funds towards the expansion of the clinic footprint, operating costs and acquisitions. Delic executed a number of key acquisitions last year to accelerate the growth trajectory for the Company and establish the Company's self-sustaining ecosystem of businesses, including: (1) Delic Labs, a federally-authorized psilocybin and cannabis research laboratory focused on extraction, analytical testing, and chemical process development; (2) Ketamine Infusions Centers (KIC), a limited liability corporation formed under the laws of Arizona, which owns and operates a ketamine infusion treatment clinic in Phoenix, Arizona; and (3) Ketamine Wellness Centers (KWC), the largest national chain of wellness clinics in the U.S. with 11 clinics across nine states and more than 60 medical professionals and employees. These acquisitions all closed in 2021, positively contributing to overall revenue and boosting the Company's annualized revenue run-rate to more than $9MM. With the acquisitions of KIC and KWC, Delic is now the owner and operator of the largest, most profitable chain of mental health clinics in the U.S. with 12 operational today and plans to open an additional 15 clinics in the next 18 months. The company's media properties, including Meet Delic, the ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaJan 13th, 2022

Delic Well-Positioned for Accelerated, Sustained Growth in 2022

Largest and Most Profitable Chain of Ketamine Clinics to More than Double Footprint in Coming 18 Months Ongoing Pandemic Driving Significant Demand for Services VANCOUVER, BC, Jan. 13, 2022 /CNW/ - Delic Holdings Corp ("DELIC" or the "Company") (CSE:DELC) (OTCQB: DELCF) (FRA: 6X0) (Original Source), a leader in new medicines and treatments for a modern world, is pleased to share the following corporate update: Delic currently has 12 clinics operational today with 15 more opening in the next 18 months. The clinics are strategically located in secondary cities to improve accessibility and reach and serve the greatest number of patients. The Company has a current revenue run-rate in excess of US$9 million and is EBITDA positive. Delic closed the acquisition of Ketamine Wellness Centers (KWC) in November 2021 and now operates the largest, most profitable chain of mental health clinics in the U.S. with KWC and Ketamine Infusion Centers (KIC). KWC has been operating profitably and expanding significantly with 2020 revenues in excess of USD$3.5MM, and on track for USD$5.1 MM in 2021. This brings Delic's pro forma annualized revenue to in excess of USD$8 million. Meet Delic, held last November, became the world's largest psychedelic wellness event with over 2,500 attendees and more than 2,000 inbound calls to the clinics in two days, matching the monthly average and demonstrating the power of the Delic ecosystem of businesses. Delic closed on an approximately C$7.0MM private placement with a U.S. institutional investor in September and has been directing the funds towards the expansion of the clinic footprint, operating costs and acquisitions. Delic executed a number of key acquisitions last year to accelerate the growth trajectory for the Company and establish the Company's self-sustaining ecosystem of businesses, including: (1) Delic Labs, a federally-authorized psilocybin and cannabis research laboratory focused on extraction, analytical testing, and chemical process development; (2) Ketamine Infusions Centers (KIC), a limited liability corporation formed under the laws of Arizona, which owns and operates a ketamine infusion treatment clinic in Phoenix, Arizona; and (3) Ketamine Wellness Centers (KWC), the largest national chain of wellness clinics in the U.S. with 11 clinics across nine states and more than 60 medical professionals and employees. These acquisitions all closed in 2021, positively contributing to overall revenue and boosting the Company's annualized revenue run-rate to more than $9MM. With the acquisitions of KIC and KWC, Delic is now the owner and operator of the largest, most profitable chain of mental health clinics in the U.S. with 12 operational today and plans to open an additional 15 clinics in the next 18 months. The company's media properties, including Meet Delic, the world's largest annual psychedelic wellness event, help to drive ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaJan 13th, 2022

These Are The Ten Best Performing Cryptocurrencies In December 2021

Bitcoin, the largest cryptocurrency by market value, ended December down 19%. This was Bitcoin’s biggest monthly loss since May and its worst December since 2013. Not only Bitcoin, but several other cryptocurrencies also witnessed a sharp drop last month, and many see the emergence of the COVID-19 Omicron variant as partly responsible for this. However, […] Bitcoin, the largest cryptocurrency by market value, ended December down 19%. This was Bitcoin’s biggest monthly loss since May and its worst December since 2013. Not only Bitcoin, but several other cryptocurrencies also witnessed a sharp drop last month, and many see the emergence of the COVID-19 Omicron variant as partly responsible for this. However, not all cryptocurrencies fared badly last month. There were many cryptocurrencies that earned attractive returns for investors. Let’s take a look at the ten best performing cryptocurrencies in December 2021. 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 Series in PDF Get the entire 10-part series on Charlie Munger 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); Q4 2021 hedge fund letters, conferences and more Ten Best Performing Cryptocurrencies In December 2021 We have taken the December return data from coinmarketcap.com to come up with the ten best performing cryptocurrencies in December 2021. Following were the ten best performing cryptocurrencies in December 2021: UNUS SED LEO (LEO:>11%) Launched in May 2019, it is a utility token that is used across the iFinex ecosystem. It basically allows Bitfinex users to save some trading fees. The savings depend on how much LEO a user holds. LEO has a market cap of more than $3.5 billion and is down over 2% YTD. It has an all-time high of $3.92 (May 2021) and an all-time low of $0.8036 (December 2019). Celsius (CEL:>11%) Launched in June 2018, it is an all-in-one banking and financial services platform for the crypto users. CEL, which is Celsius’ native token, is used for several purposes, including boosting user payouts. CEL has a market cap of more than $743 million and is down over 26% YTD. It has an all-time high of $8.02 (June 2021) and an all-time low of $0.02235 (October 2020). Cosmos (ATOM:>12%) Cosmos describes itself as a project to fix some of the “hardest problems” facing the blockchain industry. Also, it aims to make blockchain technology less complex for developers. Cosmos’ native token helps to keep the project’s flagship blockchain (Cosmos Hub) secure, as well as facilitate the network’s governance. ATOM has a market cap of more than $7.8 billion and is down over 3% YTD. It has an all-time high of $44.70 (September 2021) and an all-time low of $1.13 (March 2020). OKB (OKB:>13%) Launched in 2017, this cryptocurrency was released by Maltese crypto exchange, OKEx, and the OK Blockchain Foundation. OKB is the utility token of OKEx and allows users to access the crypto exchange's special feature. OKB has a market cap of more than $1.4 billion and is down over 18% YTD. Gnosis (GNO:>23%) Started in 2015, it is a decentralized prediction market that is built on the Ethereum protocol. Gnosis uses a dual token structure: OWL and GNO. GNO are ERC-20 tokens, while users can earn OWL tokens by staking GNO. GNO has a market cap of more than $753 million and is down over 23% YTD. It has an all-time high of $1,088.87 (November 2021) and an all-time low of $7.05 (March 2020). SushiSwap (SUSHI:>25%) Launched in September 2020, it aims to diversify the AMM (automated market maker) market, as well as add unique features on Uniswap. SushiSwap’s native token, SUSHI, helps to reward users with portions of the fees that the platform charges for transactions occurring in its liquidity pools. SUSHI has a market cap of more than $842 million and is down over 27% YTD. It has an all-time high of $23.38 (March 2021) and an all-time low of $0.4737 (November 2020). Polygon (MATIC:>27%) Launched in October 2017, it is an easy-to-use platform for Ethereum scaling and infrastructure development. Polygon’s native token, MATIC, is used for payment services on Polygon, as well as a settlement currency between users who operate within the Polygon ecosystem. Polygon has a market cap of more than $14 billion and is down over 20% YTD. It has an all-time high of $2.92 (December 2021) and an all-time low of $0.003012 (May 2019). Oasis Network (ROSE:>30%) It is a layer 1 blockchain that focuses on privacy. Oasis Network gives priority to data privacy and user confidentiality, and aims to power private, scalable DeFi, as well as make it available to the mass market. ROSE has a market cap of more than $1.1 billion and is down over 27% YTD. It has an all-time high of $0.4997 (January 2022) and an all-time low of $0.03205 (November 2020). Terra (LUNA:>46%) Officially launched in April 2019, it is a blockchain protocol that powers price-stable global payments systems, using fiat-pegged stablecoins. Terra’s native token LUNA helps to stabilize the price of the protocol's stablecoins. LUNA has a market cap of more than $24 billion and is down over 25% YTD. It has an all-time high of $103.33 (December 2021) and an all-time low of $0.1201 (March 2020). NEAR Protocol (NEAR:>78%) It is a community-run cloud computing platform that helps to remove some of the limitations blocking the development of blockchain. This platform makes use of the Nightshade technology to improve transaction throughput massively. NEAR has a market cap of more than $8.6 billion and is down over 6% YTD. It has an all-time high of $17.60 (January 2022) and an all-time low of $0.526 (November 2020). Updated on Jan 12, 2022, 2:08 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 13th, 2022

Vistry – Housing Still Hot

Vistry Group PLC (LON:VTY)’s full year underlying profit before tax is expected to be £345m, up from £143.9m in 2020 and in line with guidance. This was driven by strong demand and a 6% uptick in house price inflation. Q4 2021 hedge fund letters, conferences and more So far in 2022, the group’s had no […] Vistry Group PLC (LON:VTY)’s full year underlying profit before tax is expected to be £345m, up from £143.9m in 2020 and in line with guidance. This was driven by strong demand and a 6% uptick in house price inflation. 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); Q4 2021 hedge fund letters, conferences and more So far in 2022, the group’s had no significant Covid-related impact. Forward sales, as of 31 December are up 24% to £1.94bn, reflecting double-digit increases in both Housebuilding and Partnerships forward sales. The shares were broadly flat following the announcement. Vistry's Full Year Results Laura Hoy, Equity Analyst at Hargreaves Lansdown: “As expected, Vistry’s full year results look strong after a red-hot year in the UK’s housing market. However it’s the group’s future prospects that had our attention—forward sales are significantly ahead of where they were last year at this time. This suggests that despite economic concerns and the Bank of England’s rate hike, demand was still simmering heading into the new year. Inflation continues to be a concern for Vistry and the sector as a whole—build costs are seen rising by 5% this year and wage costs will take another hefty bite out of profits. But the group clearly sees demand offsetting these headwinds, forecasting a “significant” uptick in profits this year. Demand for housing in the UK is somewhat of a given due to the supply imbalance, but rising mortgage costs could put a damper on things if rates continue to rise. Vistry’s Partnerships arm, which focuses on mixed-tenure projects, adds a layer of security if the wider market starts to stagnate. It’s still just a small slice of overall revenue, but its robust growth over the past year is encouraging.” About Hargreaves Lansdown Over 1.67 million clients trust us with £138.0 billion (as at 30 September 2021), making us the UK’s number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on Jan 12, 2022, 3:26 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 13th, 2022

Walmart Cuts Paid Leave For Covid-Positive Employees By Half

Walmart Inc (NYSE:WMT) will pay employees in the U.S. who must isolate or test positive for Covid just one week of paid leave instead of two. The policy is compliant with a health guidance adjustment in the country. Q3 2021 hedge fund letters, conferences and more Policy Changes Reuters accessed a memo sent to U.S. […] Walmart Inc (NYSE:WMT) will pay employees in the U.S. who must isolate or test positive for Covid just one week of paid leave instead of two. The policy is compliant with a health guidance adjustment in the country. .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 Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio 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); Q3 2021 hedge fund letters, conferences and more Policy Changes Reuters accessed a memo sent to U.S. hourly store clerks and long-distance drivers on Tuesday, stating that Covid-19-positive workers and those who must be quarantined by a healthcare provider or a government agency are eligible for a workweek of paid time off. “The company's guidelines follow the U.S. Centers for Disease Control and Prevention's updated recommendations last week that people isolate for five days after a COVID-19 infection, instead of 10 days.” Walmart is the largest private employer in the U.S. with almost 1.6 million workers, and hence it becomes one of the first major retailers to cut down paid leave for COVID-19. Given the company’s size, other big employers could follow these steps. “The move comes as a spike in COVID-19 cases is causing significant labor shortages across an industry that is already battling supply-chain snarls, product shortages, rising inflation and rocketing transportation costs,” Reuters reports. A New Model According to a Walmart spokesperson, staff members who continue to be ill can possibly obtain extra COVID-related compensations for up to 26 weeks. At the same time, the full comeback of corporate employees to company premises has been postponed from January 10 to 30. Peter Naughton, 46, a Walmart electronics salesperson in Baton Rouge and member of labor non-profit United for Respect, said: "A lot of people don't want to come into work as they're either afraid or getting coronavirus… I can't afford not to come to work.” Walmart began in 2018 the deployment of several strategies to consolidate itself as an omnichannel company, which allowed it to take advantage of growing e-commerce during the pandemic. This model marked the beginning of the stores’ new generation: Wi-Fi on the sales floors, extended digital catalogs from where consumers can make purchases online, and the pickup service —buy online and pick up in-store. Walmart is part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founders' families. Updated on Jan 6, 2022, 2:34 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 6th, 2022

December Payrolls Preview: Strong Enough For A March Rate Hike?

December Payrolls Preview: Strong Enough For A March Rate Hike? We are officially in the "good news is bad news" quarter of the artificial business cycle, and as such a strong payrolls number on Friday (especially after last month's major headline payrolls disappointment when only 210K jobs were added) will only raise expectations of an even stronger hawkish response by the Fed, and an appropriate market reaction. And, naturally, vice versa especially since it appears that the Fed is hiking into a major economic slowdown. With that in mind, here is what Wall Street expects tomorrow, courtesy of Newsquawk: Analysts look for a 447k rise in December payrolls, up from 210K with a range in analyst forecasts between 150k and 1.1 million. Manufacturing payrolls are expected at 35k vs the prior 31k, while private payrolls are expected to rise 365k vs the prior 235k. The unemployment rate is expected to drop from 4.2% to 4.1%, with analyst forecasts ranging between 4.0% and 4.4%. Wages are seen rising 0.4% M/M, up from 0.3% in November, while the Y/Y metric is seen slowing to 4.2% from 4.8% growth. The average work week hours are expected to remain unchanged at 34.8hrs. Significant upward revisions to prior-month payrolls are fairly likely, following large upward revisions over the previous seven reports and a view that the depressed November response rate may have weighed on reported job growth in the advance release. In a late Thursday report, Goldman raised its nonfarm payrolls estimate from 450K to 500k, above the consensus of +447k, after the strong ADP print, with the bank noting that the pre-Omicron payroll trend was much firmer than the 210k pace reported for November - perhaps as high as +600k -  and most of the virus-related slowdown in dining activity occurred after the December survey week. Big Data labor market indicators were generally solid in the month, and the number of year-end layoffs was well below normal. By industry, Goldman looks for a weather-related boost in the construction industry and a ~50k rebound in education employment (public and private) — the latter reflecting fewer janitors and support staff departing for the holidays. However, the bank also expects another modest decline in retail jobs due to labor supply constraints, and we are assuming only a modest pickup in leisure-sector job growth. Slack measures will also be eyed, with the November report showing an improvement in the participation rate, employment-population ratio and U6 underemployment, although none have managed to return to pre-pandemic levels. While Powell has acknowledged the “rapid” progress the labor market is making, he has highlighted the pick-up in participation was subdued and disappointing, with Powell suggesting that it was now likely that higher participation will take longer than previously anticipated. Powell explained the subdued participation may be a result of people not wanting to go back into the labor force while COVID is still prevalent, a lack of availability of childcare, and higher savings. Other measures of slack also saw improvement in November, the employment to population ratio rose to 59.2%, compared to the 61.1% pre-pandemic print, while U6 underemployment fell to 7.8%, edging closer to the pre-pandemic level of 7.0%. The December NFP report will be framed in context of Fed lift-off, especially after the latest minutes leaned hawkish with some policymakers suggesting a hike could come before maximum employment is met, but several said that this had already been achieved and most judged it could be achieved relatively soon if job growth continues at the current pace. Fed pricing moved hawkish following the minutes, to see an 80% chance of a March hike, therefore a strong report will be viewed as a tiebreaker whether March will see the first lift-off. That said, employment gauges for December are mixed, the jobless claims week that coincided with the usual NFP survey period was in-line with expectations and unchanged from the prior week at 205k, while continued claims fell by more than expected. However, some analysts question the accuracy of the jobless claims data over the holiday period. The ADP report, although having a weak correlation with the official release, saw a very strong print which doubled analyst expectations, and led some banks to slightly revise higher their forecasts for the NFP print. The business surveys point to further growth in the manufacturing sector, while the services sector shows a slowdown, but still in expansionary territory. Job cuts however were disappointing, rising to 19k from 14.9k. FED POLICY OUTLOOK: The Friday NFP report will help shape expectations for lift off from the Fed. The December meeting minutes on Wednesday revealed that participants generally noted it may become warranted to increase the FFR sooner or at a faster pace than was earlier anticipated, while some members of the FOMC said there could be circumstances whereby the Fed raises rates before maximum employment had been fully achieved. Meanwhile, several participants viewed labor market conditions as already largely consistent with maximum employment, while most judged it could be met relatively soon if the recent pace of the labor market continues. The prior jobs report (which the Fed saw going into the December meeting) disappointed on the headline, seeing 210k jobs created in November, although measures of slack (participation rate, employment to population ratio, and U6 underemployment) all improved from the prior, but remained beneath pre-pandemic levels. After the release of the hawkish December minutes, interest rate futures started to price in a c.80% chance of a Fed hike at the March meeting, something Governor Waller has previously alluded too. As the Fed is now in data-dependent mode, and given the remarks around the labor market from the Fed minutes, providing job growth continues at the current pace, the case for a March lift-off will strengthen, although doves on the FOMC, including Kashkari, suggested to wait before the April data has been seen – note, Kashkari is a non-voter this year. Given the Fed are looking for the current pace to continue, a beat or miss on the headline may not be too important, just providing the jobs market is still increasing at a decent pace, while the Fed will also be cognizant of the slack metrics. JOBLESS CLAIMS: For the week coinciding with December’s NFP, initial jobless claims printed in-line with expectations at 205k, and unchanged from the prior week. Pantheon Macroeconomics note, "the apparent stalling in the downshift jobless claims in the past couple weeks is no big deal; the seasonals now are less friendly over the next few weeks than in October and November, and the data are always noisy over the holidays". Moreover, PM added "the core story is unchanged; the trend in claims is very low and still falling, because rising demand is easing the pressure on businesses. Moreover, firms are reluctant to let staff go in such a tight labor market, unless they have no other choice”. The continued claims that coincide with the NFP survey week fell to 1.716mln from 1.856mln, better than the expected rise to 1.868mln. ADP: The ADP report was strong, although the consistency with the official NFP report has not been strong. The ADP report added 807k jobs in December, seeing the largest increase since May 2021, rising from the prior 505k (revised lower from 534k) despite expectations for job growth to slow to 400k in December. Analysts at Pantheon Macroeconomics highlight the ADP data is slightly lower than the over 1mln rise in private payrolls signalled by the Homebase small business employment data, but although neither are consistently accurate in terms of the official NFP report, it is still consistent with their view that the NFP expectation of c. 400k is too low and thus are maintaining their 1mln forecast. Note, following the ADP report, analysts at Goldman Sachs boosted their NFP forecast for Friday to +500k from +450k. Pantheon points out that the rise in payrolls could be due to the fading of some of the forces holding back labor supply, such as enhanced unemployment benefits and school closures, combined with strong labor demand. However, the consultancy does note this could be interrupted by the rise in Omicron cases, although this may not be seen until the January data is released. Pantheon writes “it looks as though December survey week fell in something of a sweet spot, after the Delta wave faded, but before the Omicron surge began.” BUSINESS SURVEYS: The December ISM Manufacturing PMI report saw an uptick in employment, suggesting faster growth than the prior month. The employment index rose 0.9pts to 54.2 from 53.3 to show the fourth consecutive month of expansion. The report also notes that “an Employment Index above 50.6 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) data on manufacturing employment”. ISM note that the survey panelists' companies are still struggling to meet labor-management plans, but there were modest signs of progress where 7% of comments noted greater hiring ease, the same as November. Meanwhile an overwhelming majority (85%) indicated their companies are hiring or attempting to hire, but 37% of those expressed difficulty in filling positions, but that is lower than the November report. The December services report was more downbeat, employment fell to 54.9 from 56.5 in December, albeit remained in expansionary territory. Commentary noted respondents are struggling to backfill positions in a timely manner noting “The Great Resignation” is hitting them. Respondents are having to relook at their policies and incentive programs as fast-food restaurants are offering higher pay for lower level jobs as well as sign-on bonuses. ARGUING FOR A BETTER-THAN-EXPECTED REPORT: Education seasonality. Education weighed on job growth during the fall, likely because some janitors and support staff declined to return for the new school year. Many of these individuals typically stop working for the December survey period, implying a seasonally adjusted gain in education payrolls in tomorrow’s report. Big Data. High-frequency data on the labor market generally point to in-line or above-consensus job gains, as shown in Exhibit 1. That being said, the Google series continues to be biased upward by return-to-office (RTO) initiatives (office workers commuting instead of working from home) ADP. Private sector employment in the ADP report increased by 807k in December, nearly double consensus expectations and consistent with strong growth in the ADP panel. Jobless claims. Initial jobless claims fell during the December payroll month, averaging 204k per week vs. 277k in November. Continuing claims in regular state programs decreased 337k from survey week to survey week. End of federal enhanced unemployment benefits. The expiration of federal benefits in some states boosted job-finding rates over the summer, and all remaining such programs expired in early September. With 4.6mn fewer individuals receiving benefits versus in early September, the gradual return of these workers is expected to boost job growth in tomorrow’s report and beyond. Weather. Unseasonably warm weather during and leading up to the survey week argues for a solid rise in industries like construction. National temperatures averaged 40 degrees during the December survey week, compared to 35 degrees on average in those of the previous three years. Job availability. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hard to get—decreased by 2.1pt to 42.6, but remained near record highs. JOLTS job openings decreased by 529k in November to 10.6mn but remained significantly higher than the pre-pandemic peak. ARGUING FOR A WEAKER-THEN-EXPECTED REPORT: Public health. Covid infections rose sharply in late December, but the survey period ended on December 18th, and as shown below the decline in dining activity versus the November survey week—eventually to 20pp below pre-crisis levels—mostly occurred after the December survey period. Coupled with the 246krise in ADP’s estimate of leisure and hospitality jobs, we expect continued job gains in the leisure sector in tomorrow’s report (our estimates embed a rise of nearly+100k, compared to +23k in November). Supply constraints in retail. Labor supply constraints likely weighed on pre-holiday hiring in the retail industry in November (-20k mom sa). The BLS seasonal factors anticipate 100k net hires in December, and we do not expect all of these positions to be filled. If so, retail payroll could again fall on a seasonally adjusted basis. Vaccine mandates. The vaccine mandates announced by the Biden administration in September apply to roughly 25mn unvaccinated workers, and may have weighed on December job growth in healthcare and government. While the federal deadline for compliance is generally not until early January and faces an uncertain future in the court system, early adoption in some states may have reduced job growth at the margin in tomorrow’s report. Employer surveys. The employment components of business surveys generally decreased in December. Goldman's services survey employment tracker decreased 2.3pts to 54.1 and the manufacturing survey employment tracker decreased 1.7pt to 57.9.The Goldman Sachs Analyst Index (GSAI) edged down by 0.3pt to 76.9 in December, but the employment component rose 6.8pt to a record-high of 82.4. NEUTRAL FACTORS: Job cuts. Announced layoffs reported by Challenger, Gray & Christmas increased by 24% month-over-month in December after decreasing by 11% in November, but remain near their three-decade low. As noted above, upward revisions to prior-month non farm payrolls are likely in tomorrow’s report, which reflects the trend of large upward revisions over the course of the year. There are two potential explanations, both of which could produce upward revisions in tomorrow’s report as well. First, some reopening establishments may respond to the BLS survey with a lag (e.g. 1-2 months after reopening). This would result in positive revisions to the not-seasonally-adjusted data (dark blue bars above). Relatedly, the depressed response rate in last month’s report (lowest for November in 13 years) may have in part reflected this issue, with the busiest human resource managers least likely to respond to the survey during the Thanksgiving holiday. A second possible explanation is that the seasonal factors may be overfitting to the advance releases, mistaking some of the strong job creation in 2021 as an evolution of seasonality (light blue bars). Given this and given consensus expectation of strong gains in the December panel, upward revisions are fairly likely. Tyler Durden Thu, 01/06/2022 - 20:07.....»»

Category: personnelSource: nytJan 6th, 2022