Horizon Therapeutics on Monday reported a solid quarter with big beats on the top and bottom lines and raised its guidance, thanks in large part to its thyroid eye disease drug Tepezza, which just got regulatory approval in January. Horizon Therapeutics CEO Tim Walbert discusses the quarterly results and what's ahead for the rare-disease therapeutics company.
The financial expert and radio host says Americans stay poor because of these blunders.
Key market indexes extended their gains midday Tuesday, with the Dow Jones Industrial Average roaring 600 points higher on Election Day.
Big change, borne of unrest and acrimony, is coming to the U.S. in the next 5-10 years, the outspoken billionaire investor thinks. Here's what that means for asset allocation.
Heading into today's election, the markets might have been floundering, but the extreme bouts of volatility had minimal impact on Nio (NIO).The Chinese EV maker continued on its merry way, by doing what it has done so well throughout 2020 – accumulating share gains. Year-to-date, the stock has accrued an astounding 764%.The market might be infatuated with tech/growth/EV stocks, all boxes the company dubbed "the Chinese Tesla" ticks, but its market performance is getting some backup from real world data.Nio announced earlier this week that in October it sold 5,055 vehicles, displaying a 100% year-over-year uptick.With waiting times on deliveries now reaching up to 6 weeks, Deutsche Bank analyst Edison Yu believes the demand “continues to outstrip supply.”“NIO already announced it hit 5k units produced for the month last week on 10/29 and we think it could potentially reach about 6k output/month in the near term running on 1 shift assuming it can run at full speed/efficiency and supply chain can keep up,” the analyst said. “As a reminder, the plant can achieve max capacity of 150k per year on 2 shifts, which NIO is targeting on a run-rate basis by the end of next year given the strength of the order book (we expect supply constraints through most of 2021).”For October, Yu estimated Nio would deliver 4,750 units, and the latest beat represents “another month of record sales.” Yu believes Nio’s order book “remains robust” and expects another tailwind from the 100kWh battery option, which should become available later this month.Nio is also targeting European expansion and hopes to enter the market by 2H21. Yu anticipates NIO will to “try to emulate the success of Huawei and Xiaomi.” The two hold approximately a quarter of European market share.Yu’s confidence in Nio is confirmed by a bump to the price target; The figure moves from $26 to $34. However, it is proving a thankless task keeping up with Nio’s share price gains and the new target suggests only modest downside of 3%. Yu’s rating, at this point, remains a Buy. (To watch Yu’s track record, click here)Overall, the Street’s outlook on Nio’s prospects offers a conundrum. While the stock holds a Moderate Buy consensus ratings, at $23.37, the average price target implies shares will drop by 30% over the coming months. (See NIO stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
The Dow Jones outperformed in afternoon trading Monday, helped by gains of at least 3% for Honeywell, Dow Inc. Chevron, Walgreens and Caterpillar.
Marijuana stocks were generally lower on Election Day after surging Monday on hopes for greater cannabis legalization at the state and federal levels.
The creator of this safe savings rule says people always oversimplified his advice.
(Bloomberg) -- What started as a political spat between Beijing and Canberra has become a one-sided trade war that threatens serious disruption for an expanding number of Australian exporters.China won’t allow imports of a swathe of Australian commodities and foodstuffs from as early as this week, according to people familiar with the matter. The curbs are a major escalation in Beijing’s pressure campaign following a two-year stand-off over issues from technology to the origins of coronavirus.China’s blacklist -- delivered verbally to commodities traders -- includes coal, barley, copper, sugar, timber, wine and lobster. It doesn’t cover materials, like iron ore or natural gas, where import curbs could unduly damage China’s own economy.“The Chinese warned earlier this year that many of the goods that Australia exports were replaceable,” Richard McGregor, senior fellow at Sydney-based think tank Lowy Institute said by phone. “Now they’re going about replacing them. China seems determined to punish Australia and make it an example to other countries.”That means pain for global commodities groups hauling coal from huge mines in eastern Australia, or lobster farmers rearing the creatures off the country’s west coast. Winemakers, who’ve enjoyed a booming demand from China’s growing middle-class, may suffer.Here’s a look at some of the trade routes about to get rattled.Coal CountryThe black stuff used to generate energy or make steel is the chunkiest of China’s targets. Coal accounted for about 9% of all Australia’s earnings from exports to China last year, far behind the biggest contributor iron ore and a few notches below natural gas.Iron ore is seen as more immune from trade actions because China’s sprawling steel sector needs vast quantities of Australia’s high-quality ore. The remaining products now in China’s crosshairs all fall in the “other” category. Together they might account for about 5% of export revenues if wheat is included, according to Bloomberg analysis of Australian government data.Wining and DiningBeijing doesn’t seem concerned about its richer population’s demand for Australian lobster or fine wines. For premium wines, China is Australia’s biggest buyer, spending almost A$1.2 billion ($830 million) in the year through September, according to trade body Wine Australia. That’s about two and a half times bigger than its exports to the U.S.Read more: Chinese Quaff Premium Australian Wine as Trade Tensions SimmerThe industry has been bracing for trouble in its top market since China announced two trade investigations into Australian wine earlier this year. Shares of one Australian producer, Treasury Wine Estates Ltd., dropped as much as 3% on Tuesday, the most since September.Copper ConundrumThe copper market spotlights the trade mismatch between the two countries. About 55% of Australia’s mined copper exports headed for the Asian nation last year. But Australia made up barely 5% of China’s needs, meaning it shouldn’t be too much of a problem for its smelters to source alternatives.One Australian copper producer Sandfire Resources Ltd. fell as much as 9%, although the company said it was confident of finding alternative customers if needed. “The ore from Australia might still get shipped to China after blending or in refined form,” Eric Liu, head of trading and research at AKS Resources Ltd. said from Shanghai.Wooden ResultThough Beijing will halt sugar and wood imports, they aren’t big export earners for Australia in trade with China. The Asian nation banned timber imports from the state of Queensland after finding pests during checks, the customs administration said last week.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.
Deutsche Bank AG is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter. Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the president's umbrella group that is currently overseen by his two sons, according to filings made by Trump to the U.S. Office of Government Ethics in July and a senior source within the bank. The three loans, which are against Trump properties and start coming due in two years, are current on payments and personally guaranteed by the president, according to two bank officials.
On CNBC's "Mad Money Lightning Round," Jim Cramer said Jumia Technologies AG - ADR (NYSE: JMIA) is a good spec. He likes the idea.FibroGen Inc (NASDAQ: FGEN) is a total spec and earnings won't matter, said Cramer. He likes the idea as long as investors put the stock in the total speculative column.Nio Inc - ADR (NYSE: NIO) did take off and Cramer admits he was late to the party. He thinks it goes higher.Cramer is not a buyer of Sabre Corp (NASDAQ: SABR). He wants to stay away from the travel stocks.Crowdstrike Holdings Inc (NASDAQ: CRWD) is one of the absolute best, said Cramer. He loves the stock and he would hold it for multiple years.See more from Benzinga * Click here for options trades from Benzinga * 'Fast Money Halftime Report' Picks For October 22(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- It was heralded as China’s answer to JPMorgan -- a homegrown financial giant on the cusp of the biggest stock-market debut the world has ever seen.Instead, with billions on the line and an initial public offering all but sealed, Chinese authorities have abruptly thrown into doubt the future of Ant Group Co. and its celebrated founder, the billionaire Jack Ma.Only days before the financial-technology juggernaut was to go public in Shanghai and Hong Kong -- a coup for China’s financial markets that once would have been unimaginable -- the $35 billion IPO was halted on Tuesday after Ma, China’s richest man, was summoned by regulators. In an extraordinary turn of events, authorities announced that they had belatedly discovered an array of shortcomings that, by some accounts, might require the sprawling Ant to be overhauled.The move upends what had been one of China’s biggest business success stories, as well as what was to be a pivotal step in the development of the nation’s fast-growing capital markets.“It’s definitely surprising,” said Mike Bailey, director of research at FBB Capital Partners. “If there is something strange going on on the macro side for China’s financial markets or in the company, that would be worrisome.”In just a decade, Ant, an affiliate of Ma’s Alibaba Group Holding Ltd., has exploded into the world’s largest financial technology company, reshaping the lives of many ordinary Chinese. But its ascendance -- and Ma’s growing global reputation -- has also posed a threat to China’s state-run lenders and their political benefactors.Tuesday’s developments left bankers and global investors groping for answers. The immediate fate of the many billions already tied up in the IPO is for now uncertain. Reaction in the financial market was swift, with Alibaba’s U.S.-listed shares falling and futures on Hong Kong’s benchmark also declining.Changes NeededChinese authorities didn’t give much detail about the issues behind the suspension, beyond saying that the much-anticipated debut couldn’t go ahead because there had been “significant change” in the regulatory environment.The company will have to make changes that include capital increases at its lucrative micro-lending units, according to people familiar with the matter. It will also have to reapply for licenses for the units to operate nationwide, the people added, asking not to be identified discussing a private matter.Ant, which spun out of Alibaba in 2010, has long been seen as a champion of China’s economy and an example of how the Communist Party has allowed entrepreneurs -- especially in the technology sector -- to flourish within its top-down political system. Tuesday’s setback may cast a pall over the country’s financial markets, even as President Xi Jinping tries to create stock exchanges that can rival the U.S.“Ant Group sincerely apologizes to you for any inconvenience caused by this development,” the company said in a message to investors. “We will properly handle the follow-up matters in accordance with applicable regulations of the two stock exchanges.”There were warning signs on Monday when Ma was summoned to a rare joint meeting with the People’s Bank of China and three other top financial regulators and told his firm would face increased scrutiny and be subject to the same restrictions on capital and leverage similar to banks.“This further reinforces the regulatory pressures building on tech giants,” said Nader Naeimi, head of dynamic markets at AMP Capital Investors Ltd. in Sydney. “It’s good news for banks, bad news for Jack Ma,” he said, referring to the competitive threat Ant poses for traditional lenders.The company’s debut was expected for Thursday. Alibaba, which owns about a third of Ant and is listed in the U.S., tumbled 6.8% at 12:44 p.m. in New York.Record IPOThe IPO was on pace to break records. It had attracted at least $3 trillion of orders from individual investors for its dual listing in Hong Kong and Shanghai, and in the preliminary price consultation of its Shanghai IPO, institutional investors subscribed for over 76 billion shares, more than 284 times the initial offering tranche.The fintech company’s IPO would have given it a market value of about $315 billion based on filings, bigger than JPMorgan Chase & Co. and four times larger than Goldman Sachs Group Inc.But Ant has faced scrutiny in Chinese state media in recent days after Ma criticized local and global regulators for stifling innovation and not paying sufficient heed to development and opportunities for the young. At a Shanghai conference late last month, he compared the Basel Accords, which set out capital requirements for banks, to a club for the elderly.And over the weekend, at a meeting of the Financial Stability and Development Committee led by Vice Premier Liu He, officials stressed the need for fintech firms to be regulated.Ant dominates China’s payments market via the Alipay app. It also runs the giant Yu’ebao money-market fund and the country’s largest online consumer-lending platform. Other businesses include a credit-scoring unit and an insurance marketplace.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.
In the midst of both economic and political uncertainty, a Roth IRA conversion should be at the top of your financial to-do list, according to one retirement expert.
“It’s hard to argue that the country doesn’t have infrastructure problems,” says Scott Davis, CEO of Melius Research. Well, there’s a giant need for greater and more accurate coronavirus testing and tracing capabilities—and that will help the companies that supply them. (ABT)’ (ticker: ABT) six coronavirus tests drove a 39% gain in third-quarter diagnostic sales.
U.S. stocks jumped on Tuesday as investors bet that one of the country's most divisive presidential races would end with a clear victory for Democratic nominee Joe Biden and a swift deal on more fiscal stimulus. The consistent lead for Biden in national opinion polls has raised hopes of a decisive outcome in Tuesday's election as well as a bigger stimulus package post-election, analysts and portfolio managers said, even as both campaigns are preparing for post-election disputes. "Markets are expecting not only a clear Biden victory but also a policy reaction that is quite reflationary and one that will come with more fiscal spending," said Chris Bailey, Raymond James strategist in London.
Why is economic inequality growing in America? Blame the lack of tax enforcement.
Despite being one of the most recognizable wireless carriers in the U.S., AT&T stock has had a rough 2020. But the stock does have some perks. Is it a buy?
Topgolf was an IPO candidate earlier this year, but will instead merge with golf equipment and apparel seller Callaway, a minority investor in the company.What Happened: Callaway Golf Company (NYSE: ELY) announced last week it's combining its business with Topgolf, a leader of golf entertainment venues."Together, Callaway and Topgolf create an unrivaled golf and entertainment business," said Callaway CEO Chip Brewer.Callaway is issuing 90 million shares in an all stock deal and will own 51.5% of shares after the deal closes in early 2021. Callaway previously owned 14% of Topgolf through several investments in the company beginning in 2006.The deal values Topgolf at $2 billion, or $2.5 billion when including $555 million net debt.Related Link: Cramer Shares His Thoughts On Workhorse, Callaway Golf And MoreWhy It's Important: Topgolf was in talks this year for a potential IPO or SPAC deal to bring the company to the market. Dallas News reports the valuation of Topgolf was $4 billion earlier this year.Thanks to its timing of the deal and Callaway's 14% equity in the company, Callaway could be getting a steal here buying shares valuing Topgolf at $2 billion or half of what the company was valued at less than six months ago.According to the release, Topgolf is in the early stages of a 10-year unit growth plan. Topgolf had $1.1 billion in revenue for 2019 and has grown annual revenue an average of 30% since 2017.Revenue for the combined company would have been $2.8 billion in fiscal 2019 and is expected to grow to $3.2 billion in 2022.Callaway Recovering: Callaway recently reported preliminary third-quarter results. Revenue is expected to be $476 million for the third quarter, up 12% year-over-year.Brewer said the golf equipment business was recovering quickly and faster than originally expected during the second-quarter earnings release. Second-quarter revenue was down 34% year-over-year.Price Action: Shares of Callaway Golf are down 23% in the last five sessions as investors trade the stock down on the merger.See more from Benzinga * Click here for options trades from Benzinga * Casino Earnings: Why BofA Is Bullish On Penn National, Bearish On MGM * DraftKings Signs Exclusive Deal With Bryson DeChambeau Ahead Of Masters(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The U.S. death toll from the coronavirus illness COVID-19 climbed toward 232,000 on Tuesday as American voters headed to the poll to elect a president, and the head of the White House Task Force created to manage the pandemic issued a dire warning.
Jim Cramer shares stock market news about buying Plug Power stock, Dunkin takeover agreement, and post-election stimulus.
Stocks around the world are climbing as U.S. voters get ready to head to the polls. But one strategist at a Swiss bank warns investors are ignoring two potentially risky scenarios for markets.
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