Please find attached corrected Major shareholder announcement. Reason for correction: Total shares, Total (A + B), was incorrect, but Total votes and % of votes was correct, cf. Article 7 of the announcement.
Attachment
Jim Cramer discussed Tuesday on CNBC's "Mad Money" his "basket of winners" if former Vice President Joe Biden wins the presidential election.Cramer believes if Biden wins the election, the Democrats will be eager to throw money at the solar industry. Two solar stocks he likes: First Solar, Inc. (NASDAQ: FSLR) and Tesla, Inc. (NASDAQ: TSLA). Infrastructure is another industry Cramer believes will be a winner if Biden wins. If there is a democratic sweep, we could see an infrastructure package. Cramer likes these two infrastructure stocks: Caterpillar Inc. (NYSE: CAT) and Deere & Company (NYSE: DE).See Also: Trump, Biden To Have Microphones Muted In Final Debate When Rival Makes Opening RemarksCramer says the main difference between President Donald Trump and Biden is trade. He believes if Biden wins, there will be no more trade war with China. Cramer likes these Chinese play stocks: 3M Company (NYSE: MMM), Emerson Electric Co (NYSE: EMR) and Otis Worldwide Corporation (NYSE: OTIS).The biggest winners are the China consumer plays, which are Starbucks Corporation (NASDAQ: SBUX), Apple Inc. (NASDAQ: AAPL) and Nike, Inc. (NYSE: NKE) according to Cramer. He believes Nike will hit the $135 price range due to the company's Chinese business.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Container Store Surges On Big Q2 Sales Beat, Marie Kondo Partnership * Jason Snipe Gives His Bullish Thoughts On Wayfair, AutoZone(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
On Oct. 6, General Electric (NYSE:GE) stock dipped 5% after the company revealed the U.S. Securities and Exchange Commission (SEC) had issued it a Wells notice. Soon, the gross overreaction to this proved to be an ideal entry point — shares have since recovered over 10%. And it’s still not too late to jump into GE stock. Source: JPstock / Shutterstock.com That’s because more experienced investors will realize that GE shows the classic signs of a “Warren Buffett” investment. Of course, it’s not easy to buy stocks when they’re down – consider Amazon (NASDAQ:AMZN) in 2001 after the dotcom bubble, or Microsoft (NASDAQ:MSFT) in 2014 before its move into cloud computing.InvestorPlace - Stock Market News, Stock Advice & Trading Tips But people can forget how troubled these companies seemed at the time. Those who invest in these diamonds in the rough stand to gain — and massively so. I call these investments “I told you so” stocks. Here are three reasons why GE stock is one of them. GE Stock: Built On a Strong Business Franchise After reaching a low in April, world air travel has slowly recovered. And GE stock stands to recuperate even faster. Why? The industrial giant earns most of its profits from the jet engine business, a highly lucrative industry where GE holds a 60% market share (31% through GE Aviation, 28% through CFM International). And the jet engine looks much like a “razor-and-blades” model — engines are typically sold for little or no profit while spare parts and services have profit margins up to 70%. 7 Red-Hot Recent IPOs to Ditch Now That means even a partial return to normal airline usage will help GE’s bottom line. On top of the fact that jet engines still need servicing while grounded, the demand for spare parts will recover as airplanes take back to the skies. And if they’re running GE engines, you can imagine who they will turn to for repairs. Analysts now expect GE to return to pre-pandemic EBITDA margins by 2022, or two years faster than the airline industry. Overlooked by Other Investors For years, GE has struggled to shed its image as a bloated conglomerate. Despite significant asset sales by turnaround CEO Larry Culp, the company still trades at just 5.05 times EV-to-EBITDA, one of the lowest ratios in the industry. But these low values are the hallmarks of great investments. There’s a good reason why long-time investors would wrongly shun General Electric today. During the 2008 financial crisis, investors learned that half of GE’s profits came from GE Capital, a 100% owned affiliate that filed separate reports with the SEC. The subsidiary made money in everything from European car loans to Wal-Mart (NYSE:WMT) credit cards to (unfortunately) subprime mortgages. It was also a conduit for smoothing earnings, a financial “no-no” that GE infamously used. That all came crashing down during The Great Recession. As the magnitude of GE’s financial problems came to light, Wall Street turned its back on the company. EV-to-Revenue — a measure of valuation — went from around 3.3 in 2009 to 0.6 times today. These are levels that the airline industry saw in 2012 before their massive run-ups. Today, most investors seem to be hung-up on their biases when it comes to GE stock. Institutional ownership comes to 61%, compared to 75% for engineering service company Emerson (NYSE:EMR) and 87% for defense contractor General Dynamics (NYSE:GD). But General Electric now looks little like its former self. The grudge seems to be no longer warranted. Selling at a Significant Discount Last week, GE’s announcement of a Wells notice sent the stock spiraling. I’m typically wary of companies with misreported earnings – in fraud cases, one financial shenanigan often leads to many more. But GE’s $3 billion market loss was an overreaction to the Wells notice announcement. There are three key reasons why. First — according to Morningstar — the usual Wells notice penalty comes to just $550,000. In June, AmTrust (OTCMKTS:AFSIC) paid $10.5 million to settle a case that was similar to General Electric’s – that’s higher than average but still far less than the $3 billion hit that GE stock took in its market capitalization. Second, the SEC is investigating GE’s past write-offs — how it calculated reserves leading up to its surprising $6 billion insurance and $22 billion energy write-offs in 2018. These are leftover parts from the company’s conglomerate days. And finally, Wells notices signal potential violations, not actual ones. Typically 20% of cases get dropped entirely. Of course, Wells notices are never good news. In General Electric’s case, the company may have to pay significant fines in order to settle with the SEC. But it’s unlikely that the penalty will sink the company. What’s GE Worth? Given the Wells notice’s expected low impact, GE’s fair value remains unchanged at $16.50 — making a 150% jump likely. Its strong jet engine and medical imaging franchise looks set to recover quickly in 2021. Great investments don’t come around often. And with GE ticking these boxes, it certainly looks like it could be an “I told you so” stock for patient investors. “I told you so” — wouldn’t that be nice to say? On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article. Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing. The post 3 Reasons Why General Electric Will Be An ‘I Told You So’ Winner appeared first on InvestorPlace.
There-is-no-alternative, or TINA, has been a pretty solid investment strategy for those who are riding the stock-market wave. But to Deutsche Bank's international private bank chief investment office, it has its limits.
Get the most from your retirement savings in these affordable places outside the U.S.
Biden has proposed raising the capital gains tax rate from 20% to 39.6% for those making over $1 million. Biden would have to win the presidency and his Democratic Party would have to gain control of the Senate and keep control of the House of Representatives in the Nov. 3 election for his tax proposals to become law. The Biden campaign did not immediately respond to a request for comment.
Shares of AT&T Inc. extended a slide Tuesday that marked their longest losing streak in more than a decade.
Wealthy Americans living in New York, New Jersey and California could face one of the steepest tax rates in decades if Democratic presidential nominee Joe Biden wins the November election.
GM appeared to reaffirm its partnership agreement with electric truck maker Nikola while talks to finalize terms drag on.
President Donald Trump says the American Dream is on the line this election, while Democratic challenger Joe Biden says his campaign is locked in a “battle for the soul of this nation.” How might the candidates affect the things you can see and hold, like a paystub, an income tax return or a portfolio statement? The focus on finances puts tax policy front and center.
Shares of Nikola Corp. surged 4.7% in morning trading Wednesday, after General Motors Corp. President Mark Reuss said on CNBC that he saw a "spectacular" opportunity to work with the battery-electric and hydrogen-electric vehicle maker. The shares had run up as much as 8.3% after the open before paring gains. Nikola's stock has been falling recently amid concerns that much-celebrated partnership with GM was on the rocks. Reuss said in an interview on CNBC Wednesday morning that GM continues to "work the opportunity," and that the opportunity to put its fuel cells into Class 7 and Class 8 trucks would be "spectacular." GM's stock edged up 0.8% in morning trading. Over the past three months, Nikola's stock has tumbled 45.4% while the S&P 500 has gained 6.3%.
This is one of the worst ways to invest for yield in the stock market heading into what may be the best year for economic growth in 20 years — 2021. Classic dividend payers like Procter & Gamble (PG) Colgate-Palmolive (CL) General Mills (GIS) and Campbell Soup (CPB) are called “noncyclicals.” Instead, I’m telling income investors who subscribe to my stock letter to own cyclical names that pay dividends.
(Bloomberg) -- Snap Inc.’s co-founders got richer by billions of dollars in just a few hours, after the company reported better-than-expected results as the coronavirus pandemic boosted usage of its app.Shares soared as much as 25% to $35.57 in late New York trading Tuesday after the owner of the popular Snapchat mobile app said sales jumped 52% to $678.7 million in the third quarter, with 249 million daily active users. The gains lifted the fortunes of Snap’s co-founders, Evan Spiegel and Bobby Murphy, by $1.3 billion and $1.4 billion, respectively, taking them to $6.9 billion and $7.2 billion, according to the Bloomberg Billionaires Index.Spiegel has pocketed over $200 million from Snap stock sales during 2020, benefiting from the record prices. The sales were made between January and September as part of a trading plan adopted by Spiegel, according to SEC filings. Snap shares have climbed 74% this year.Wealth accumulation in the tech world has been eye-popping during the pandemic as the shift of everything from work, shopping, schooling and entertainment online has boosted demand for digital services. Zoom Video Communication Inc.’s Eric Yuan added $6.6 billion to his net worth in just one day last month, and Amazon.com Inc.’s Jeff Bezos, the world’s richest person, saw his fortune swell by $75 billion in 2020 to $190 billion.Snap, whose Snapchat is used to send photos and videos that disappear within seconds, said its net loss narrowed to $200 million, or 14 cents a share. The company posted profit of 1 cent a share excluding some costs, beating the 5 cent loss that analysts predicted. If the positive advertising trends continue, fourth-quarter revenue may jump 47% to 50% from the same period last year, Snap added.(Updates with details of share sales in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Officials in California, home to Walt Disney Co's Disneyland, on Tuesday pushed the reopening of large theme parks months down the road, drawing outrage from the industry, which predicted the loss of thousands more jobs. California Health Secretary Mark Ghaly said theme parks with a capacity of more than 15,000 visitors must wait to resume business until a county's COVID-19 risk level drops to the lowest tier of "minimal" spread. Under California's four-tier scheme, the lowest tier means daily cases of the coronavirus must number less than one per 100,000.
Two of the most well-known companies in the United States are trading under $10. Analysts have given both of these companies $10 price targets. Here's a look at the race to get shares back to the $10 level.Ford Shares Under $10: Ford Motor Company (NYSE: F) has had a rough 2020, with shares down 18%.The good news for investors could be the company moving forward with new CEO Jim Farley. In his first days, Farley placed emphasis on the company's strong franchises and growing its electric and autonomous vehicle presence.The company has spent over $10 billion on building out its electric vehicles business; it's a key focus area for Dearborn. Ford also has highly anticipated releases of the Bronco, Mustang and F-150 on the horizon. Benchmark is the only Ford analyst with a price target of $10 or more. The analyst sees third-quarter earnings coming in better than expected and strong demand in China as near-term catalysts.The analyst thinks Ford could produce earnings per share of 65 cents to $1.15 in fiscal 2021.Related Link: Ford Reports 25% Rise in Q3 China SalesGeneral Electric Under $10: Shares of General Electric Company (NYSE: GE) are down 38% in 2020, but one analyst sees upside coming from the company's industrial business and aviation improving.Goldman Sachs reinstated coverage General Electric shares with a Buy rating and $10 price target earlier this month. GE's industrial story is the key, and the company should emerge stronger after the pandemic, the sell-side firm said. The base case for the call is predicated on a vaccine being released over the next 12 months and air travel strength resuming in that time period.The analyst sees General Electric's industrial business returning to profitable free cash flow of $1.2 billion in fiscal 2021 and $3.6 billion in fiscal 2022, after an expected loss of $3.2 billion in the current fiscal year.Goldman Sachs also believes the renewable energy business of General Electric is underappreciated.Citigroup is the only other analyst with a double-digit target price on General Electric. The firm had a price target of $11 back in April. F, GE Share Performance: Shares of Ford are down 50% over the last five years. Shares have traded between $3.96 and $9.58 over the last 52 weeks. The last time Ford shares closed over $10 was July 22, 2019, at $10.02.Shares of General Electric are down 75% over the last five years. Shares last saw a $10 close on March 5, 2020, they closed at $10.08.What's Next For F, GE: Both companies will report quarterly earnings Oct. 28. Photo by Dave Parker via Wikimedia. See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * EXCLUSIVE: 5K 1st Edition Pokemon Card Box Record Set By Trader Chris Camillo * IPO Outlook: McAfee, Cloud Company Datto Lead The Week(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The company reported a fairly strong quarter earlier this week, but that did little to help the stock. That is further proof that the market is unfairly discounting tobacco, Citigroup argues.
PayPal has partnered with cryptocurrency company Paxos to launch a new service. PayPal users in the U.S. will soon be able to buy, hold and sell cryptocurrencies. PayPal plans to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin at first.
(Bloomberg Opinion) -- Wall Street used to worry that business would be severely impaired if employees ever lost access to their office and the high-tech workstations on which they depend. The Covid-19 pandemic changed all that. In this year’s grand working-from-home experiment, traders did just fine: They connected from remote locations and minted billions of dollars in revenue, allowing their firms to post record trading profits.Unfortunately, we’re starting to see that the big investment banks may have been less effective in policing staff behavior recently.Two of Morgan Stanley’s most senior trading bosses are leaving after the company discovered the use of unauthorized communications technology, including the WhatsApp messaging app, according to Bloomberg News. The bank didn’t find any other wrongdoing. JPMorgan Chase & Co. also let go of senior staff earlier this year because of communications breaches.The departures highlight the challenge for banking executives and regulators in overseeing remotely working traders. After the tens of billions of dollars of fines imposed on Wall Street since the financial crisis — much of which was documented in electronic chat rooms — banks are suddenly having to grapple with an explosion of interactions taking place away from their direct oversight. From Zoom to Skype to WhatsApp, bankers are often encouraged by clients to connect on platforms that are hard to vet.As managers, the two Morgan Stanley commodities traders — Nancy King, a 34-year company veteran, and Jay Rubenstein — would have been supervising hundreds of employees. By holding those at the top of the chain of command responsible for setting standards, Morgan Stanley is sending a strong message to its workforce that it won’t tolerate anything that even creates the possibility of misconduct.This may be a more effective strategy than trying to supervise every minute of a trader’s life away from the office. Banks are trying all sorts of surveillance techniques, as my Bloomberg News colleague Stefania Spezzati has described. While regulators don't bar traders from using individual messaging tools to communicate among themselves and with clients, banks are responsible for overseeing the business content of those conversations. Employees are usually required to use communications channels that can be audited in the event of wrongdoing.Though regulators signaled they would be accommodating as banks adapted their oversight to the new pandemic norms, their patience is wearing thin now that WFH is commonplace.In Britain, the Financial Conduct Authority has told finance firms that they must adapt their surveillance. “Office and working from home arrangements should be equivalent — this is not a market for information that we wish to see being arbitraged,” Julia Hoggett, FCA Director of Market Oversight, said in a speech this month.Banks experienced a surge in internal alerts of potential abuse during the earlier weeks of the pandemic as market volatility soared, though these spikes resulted in fewer notifications to the regulator as firms struggled to manage the sheer volume. Industry supervisors have also become less tolerant over practices that haven’t been illegal for very long. Just weeks ago, JPMorgan agreed to pay a record $900 million after some of its commodities traders were caught spoofing — placing bids or offers with the intent to cancel them before executing a transaction. (That misconduct, too, was recorded on instant chats.)Publicly, the titans of Wall Street have been vocal over their fears about the impact of WFH on corporate culture. Record volumes of trading haven’t only underpinned bank profits; they’ve created the opportunity for abuse. No wonder Morgan Stanley wanted to show it was on top of this.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Tesla earnings follow blowout Q3 deliveries, as production recovered from pandemic factory shutdowns.
The internet bubble in 2000, the 1973-74 bear market — and the current market — are alarming outliers in the U.S. market’s 227-year history, writes Mark Hulbert.
Snap (SNAP) stock has broken out to an all-time high and could take off in a momentum-fueled advance.
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