U.S. markets close in 2 hours 46 minutes

  • S&P 500

    3,572.65
    -9.22 (-0.26%)
     

  • Dow 30

    29,335.16
    -148.07 (-0.50%)
     

  • Nasdaq

    11,914.30
    +9.59 (+0.08%)
     

  • Russell 2000

    1,781.54
    -2.59 (-0.15%)
     

  • Crude Oil

    41.92
    +0.18 (+0.43%)
     

  • Gold

    1,870.60
    +9.10 (+0.49%)
     

  • Silver

    24.32
    +0.27 (+1.13%)
     

  • EUR/USD

    1.1855
    -0.0021 (-0.18%)
     

  • 10-Yr Bond

    0.8360
    -0.0180 (-2.11%)
     

  • GBP/USD

    1.3277
    +0.0024 (+0.18%)
     

  • USD/JPY

    103.8360
    +0.0650 (+0.06%)
     

  • BTC-USD

    18,605.64
    +361.38 (+1.98%)
     

  • CMC Crypto 200

    354.57
    +11.06 (+3.22%)
     

  • FTSE 100

    6,351.45
    +17.10 (+0.27%)
     

  • Nikkei 225

    25,527.37
    -106.97 (-0.42%)
     

Amazon adds X-Ray features to its music service

Cherlynn Low
·Reviews Editor
·1 min read

Amazon is bringing over a popular feature from Kindle and Prime Video to its Music service. The company announced today the Music X-Ray experience is now available for tens of millions of songs in its catalog. According to the company, this will “offer a behind the scenes look at song information, artists, and albums with access to everything from fun trivia to song credits, related content, and more.”

The feature will be familiar to those who already use it on Prime Video, where relevant information about onscreen cast members or trivia on what happened during filming shows up as your movie plays. It also sounds similar to Spotify’s experience that pulls up not just select lyrics to a song but also annotations from Genius.

Amazon said X-Ray currently has fun facts available for “some of the most popular songs in the US and UK” and that it expects to expand this over time “with a constantly growing catalogue of song and artist information.” For those who prefer a simpler, more pure experience, the good news is it doesn’t look like X-Ray will be forced upon you. Based on the screenshot Amazon provided, it looks like you’ll have to swipe up from the player screen to view the annotations. If you like your music with a dose of extra context, this new feature sounds like it’ll be up your alley.

Latest Stories

  • Trump strips US Fed of emergency credit powers in latest scorched-earth move

    The Trump Administration is to shut down the emergency lending powers of the US Federal Reserve, taking extraordinary action to block reserve funds for the incoming Biden Treasury and prevent a Democrat bail-out of state and local governments. The pre-emptive strike marks a breakdown in the normal co-operation between the US Treasury and the Fed, and comes just as the winter wave of Covid-19 reaches a crescendo. The services sector is already spiralling back into contraction, with a cliff-edge approaching for jobless support. “We are in a perilous moment for the economy,” said Jason Furman, the former head of the White House Council of Economic Advisors. Vaccine euphoria has lifted Wall Street to record highs but evisceration of the Fed’s backstop powers before the pandemic is over threatens to destabilise parts of the credit system. The US Treasury Secretary, Steve Mnuchin, has told the Fed that he will not roll over five of its nine Great Depression powers under the Article 13 (3) of the Federal Reserve Act. There will be a suspension of its lending facilities for companies, local governments, and ‘Main Street’ loans at the end of the year.

  • Carnival Borrowing Without Ships Suggests Mnuchin May Be Right

    (Bloomberg) -- Hours after U.S. Treasury Secretary Steven Mnuchin called for emergency lending programs to be allowed to expire, corporate bond investors continued to flood Carnival Corp.’s bankers with more than $11 billion in orders for debt that comes with no collateral protection.For some market participants, it was a sign that credit markets aren’t so fragile after all. After roughly $2 trillion of borrowing helped U.S. companies bolster their balance sheets with cash to weather the pandemic, investors have grown increasingly confident -- perhaps even complacent -- that the widespread corporate failures predicted by many earlier this year have largely been avoided. Granted, the Fed helped fuel nearly all of that debt issuance, and the demand to support it.And even if the immediate lifeline of $580 billion in backstop money is returned by the Federal Reserve to the Treasury, traders are betting that markets will fare just fine, anticipating that the government will step in again if new signs of stress emerge.“The reality is that if things start getting crazy and spreads start widening, the Treasury Secretary can re-authorize the Fed to open the facility again,” said Patrick Leary, chief market strategist at Incapital. “It’s more of a confidence thing for the market, given it may not be the best time with virus surges and shutdowns, but it’s not like these facilities are being used to support market functioning any more.”Read more: Mnuchin’s Efforts Are Seen as Having Muted Impact on CreditCarnival, a bellwether for companies hit hardest by the pandemic, raised almost $9 billion by issuing bonds and loans backed by its idled ships earlier this year, some with coupons above 10%. Now it’s set to borrow at a rate of 7.625% without pledging any assets, according to people with knowledge of the matter.Investors placed orders in excess of $11 billion on an offering expected to be about $2 billion in size, including bonds in dollars and euros, the people said, asking not to be identified as the details are private. Representatives for JPMorgan Chase & Co, which is leading the bond sale, and Carnival, declined to comment.“If today’s issue prices well, it is a strong indication that liquidity remains abundant,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors. “There is not a sign yet of capital markets shutting down.”That doesn’t mean credit investors were pleased with Mnuchin’s demands. A gauge of U.S. credit risk known as the Markit CDX investment-grade index increased by the most since Oct. 28 earlier Friday. But that index, which rises as investor fears grow, is trading at about a third of the level it reached at the peak of market turmoil in March.‘Back to Normal’The U.S. corporate bond buying program had previously been extended from an earlier Sept. 30 end date. Market participants had expected another extension given the economic impact of a recent surge in Covid-19 cases and they’re still counting on the Fed’s support.The central bank wants to keep its facilities up and running given what it calls the economy’s “still-strained and vulnerable” state. Some investors are already looking ahead to the possibility of a new Treasury secretary in the Biden administration to reinstate such programs.But in the meantime, the market is ready to stand on its own two feet, said Matt Brill, head of U.S. investment-grade credit at Invesco Ltd. Companies have taken advantage of record low rates to right-size their balance sheets, and the Fed won’t be far out of reach, he said.“We need to wean ourselves off of the drug here, and this is an important step to have that happen,” Brill said. “At some point we need to get back to normal, meaning the Fed isn’t supporting the bond market on a day-to-day basis.”U.S.American Bath priced a $335 million junk bond sale to help fund its buyout by Centerbridge Partners.Dan Fabian, president at credit-focused asset management firm Alcentra, says the private companies it is financing in its direct lending funds in Europe and North America seem to be performing relatively well even as Covid-19 infections ramp up againNo companies are looking to tap the U.S. investment-grade primary market on Friday, according to an informal survey of debt underwriters, as sales slow from $40 billion this week to potentially nothing through the U.S. Thanksgiving holidayFor deal updates, click here for the New Issue MonitorFor more, click here for the Credit Daybook AmericasEuropeEuropean credit markets have brushed off any worries around divisions between European Union leaders over a giant stimulus package as well as signs of trouble in Brexit negotiations.Corporate-default risk fell in the region on Friday, initially for both high-yield and investment-grade credit, although the investment-grade benchmark widened marginally at the end of Europe’s day“These problems are minor from a credit perspective,” Juan Valencia, a credit strategist at Societe Generale said in emailed comments. “The most important thing now is economic expectations and the amount of money in the system still to be invested. Euro deals are having strong demand and the ECB continues to buy corporate credit”European primary issuance continues apace on Friday, with eight new deals in the market and volumes for the week likely to exceed 30 billion euros ($36 billion)The Co-Op Bank is giving junk-bond investors an opportunity to buy senior bank debt, offering potentially 200 million pounds ($265.5 million) of bonds that will be rated seven steps below investment grade by Moody’s Investors ServiceAsiaThere were signs in Asia that many market participants continued to bet the pandemic will force policy makers to take more steps ahead.Spreads on investment-grade dollar bonds were little changed, traders said“There will be a new president in January 2021 and there will be a stimulus package,” said said Todd Schubert, head of fixed-income research at Bank of Singapore Ltd. “We believe investors should look past these short-term events, and if prices come off, view them as buying opportunities for what we believe will be a solid year for emerging-market credit globally in 2021.”Elsewhere, Tokyo-based Kirin Holdings Co. priced green notes whose proceeds will be used to improve energy efficiency at its factories among other things. Only a handful of beverage companies worldwide have issued sustainable bondsFor 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.

  • Here's What $500 Invested In 7 Electric Vehicle Penny Stocks In March Is Worth Right Now

    Who would have thought 2020 would be the dawn of a new era in electric vehicle stocks. Though many of these companies have been on the market in one shape or form for years, most have traded as penny stocks. Tesla Inc (NASDAQ: TSLA), which was always the top dog in the industry, now finds itself with a number of major competitors.There's no denying that FOMO (fear of missing out) has driven short-term trends in these lesser-known names, and those who invested early are now reaping the benefits.Before we continue, we need to acknowledge that these stocks carry huge amounts of risk. The EV stocks detailed below are all volatile like penny stocks. So if you are looking for ways to trade these names or make money with penny stocks, it's important to control your downside.All that being said, a number of new EV stocks have also helped fuel demand. Let's say you decided that after the March sell-off this year to invest some money into electric vehicle penny stocks. What would that look like right now if you were to take $500 at that time and throw it blindly into some of these names?Kandi Technologies Group, Inc. (NASDAQ: KNDI)Kandi Technologies is one of the newer names in the space. In 2013, the company and Geely Group, a Chinese automaker, jointly invested in the establishment of Fengsheng Automotive Technology Group Co., Ltd. in order to develop, manufacture and sell pure EV products. Earlier this year, Fengsheng introduced its first pure electric SUV, the Maple 30x.Fast-forward to today and Kandi has established dealer partnerships for the retail launch of two "affordable EV models"\- K23 and K27. Shares of KNDI have rallied almost 180% in the last two weeks, nearly getting back to the all-time high of $17.40 from July 30.A $500 investment in Kandi in mid-March would've gotten someone around 230 shares. At today's price, that position would be worth around $3,300. That's a 560% return.ElectraMeccanica Vehicles Corp (NASDAQ: SOLO)ElectraMeccanica's flagship is a single-passenger EV dubbed "SOLO". The company has been working toward commercialization and building its U.S. footprint, with its first round of new retail locations just announced at the end of October and the initial shipment of SOLO EV's just arriving in North America.With commercial launch imminent and momentum as a backdrop, SOLO shares have surged in recent weeks. In a July interview with Benzinga, ElectraMeccanica CEO Paul Rivera said, "We are not trying to compete with Tesla... When you're driving this car, it's just you, and you're focused on the road."With SOLO shares trading around $0.90 in mid-March, a $500 position would be somewhere in the ballpark of 555 shares. As of Thursday, the former penny stock reached a high of $9.74 making that position worth about $5,405, a 900% gain.Blink Charging Co. (NASDAQ: BLNK)Another one of the "pick and shovel" EV stocks is Blink Charging. The company continues gaining exposure as its charging stations remain a hot topic among traders and customers alike. Not only has Blink focused on expanding its charging footprint, but the company has also benefitted from other industry news. Apple Inc (NASDAQ: AAPL) for example, announced earlier this year that its Apple Maps would include EV charge routing. According to Blink, that will include its charging stations. Last week, Blink introduced a cable management solution for new and existing EV charger locations.BLNK reached a new all-time high Thursday, breaking $19 for the first time. A $500 position in BLNK around mid-March would equate to roughly 312 shares at $1.60. At today's price that position is worth over $5,720 or an over 1,000% gain.Ayro Inc. (NASDAQ: AYRO)Ayro Inc. initially focused on manufacturing short-haul electric vehicles, such as things that drive around college campuses and office complexes. But the company's recent deal with Karma Automotive forms a partnership that includes a plan to produce more than 20,000 light-duty trucks over the next three years. It's also reportedly worth as much as $300 million. While AYRO is still one of the lower-priced EV stocks, shares have been equally explosive. Prior to its merger with DropCar, shares were trading around $0.40 in mid-March. A $500 position was equal to roughly 1,250 shares of DCAR - now AYRO. At this week's current levels above $6, that position is worth right around $7,700.Green Power Motors (NASDAQ: GP)Green Power was originally listed on the TSX Venture market and traded in the U.S. on the OTCQX Market under the symbol GPVRF. After filing for a $35 million IPO on the Nasdaq, Green Power began trading under GP, the symbol it's known for today. The company manufactures electric buses, cargo delivery vehicles, shuttles, and transit vehicles. Green Power recently closed a deal for six electric school buses that were sold to Thermalito Union Elementary School District through Greenpower's national distributor, Creative Bus Sales.While GP reached of $23.45 earlier this year, the former penny stock currently trades around $19. Back in mid-March when Green Power was still on the OTCQX, the penny stock was worth around $1.05 meaning a $500 position was equal to about 476 shares. As of recent levels of $19, that position is now 1,700% higher valued at around $9,000.Workhorse Group (NASDAQ: WKHS)Who could forget Workhorse Group? It was one of the electric vehicle penny stocks originally brought to life by a Trump Tweet last summer. The company specializes in medium-duty trucks with powertrain components under the Workhorse chassis brand. Most recently, WKHS caught some momentum after receiving a purchase order for 500 all-electric C-1000 delivery vehicles from Pritchard Companies. Some of the momentum had been stifled following news that Ford Motor Company (NYSE: F) would be rolling out its own electric cargo vehicle.Needless to say, it hasn't been a bad year for the former penny stock. In mid-March, shares were trading around $1.50. At its peak, WKHS reached highs of $30.99. Currently, the EV stock sits around $22.78 a share. That means a $500 position in March (roughly 333 shares) is now worth over $7,580 or an over 1,400% gain.Nio Inc. (NYSE: NIO)Nio isn't the new kid on the block anymore. Last year NIO became a penny stock, at one point trading as low as $1.19. Though it didn't experience a massive sell-off like most of the market did in the first quarter, shares of NIO stock were hovering around $2.30 in mid-March. But in light of the company's recent earnings beat, NIO is at $48, knocking on the door of all-time highs. A $500 position in Mid-March would equate to about 217 shares of NIO. Today that would be worth $10,500, equating to a gain of over 2,000%. Neither the author of this post nor Pennystocks.com have a position or financial relationship with any of the stocks mentioned above. See more from Benzinga * Click here for options trades from Benzinga * Cannabis Stock Gainers And Losers From November 19, 2020 * Bitcoin, Ethereum & Chainlink - American Wrap: 11/19/2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Jim Cramer: Buy These 10 'Up' Stocks

    In this kind of market, where the darned thing has a hard time staying down even on weak employment numbers, even when the president is unstoppably seeking re-election -- a potential black swan event if there ever were one -- the up stocks never quit. Don't let the door hit you on the way out.

  • 11 semiconductor stocks expected to rise up to 47% over the next year

    Analysts expect semiconductor companies to increase sales at a faster pace than those of S&P 500 members in 2021 and 2022.

  • Warren Buffett says this is how to keep your finances healthy during COVID

    The billionaire investing guru has offered these money tips for the coronavirus age.

  • Elon Musk Tweets 'Caution' On SPACs As Tesla Rivals Go Public

    A Forbes cover story called "How SPACS Became Wall Street Money Tree" highlights some of the negatives of the SPAC industry. Tesla Inc (NASDAQ: TSLA) CEO Elon Musk tweeted in response to the article.What Happened: The article from Forbes highlights some former SPACs like Waitr Holdings (NASDAQ: WTRH) and Multiplan Corporation (NYSE: MPLN) trading below $10 and other newer SPACs with red flags.> Caution strongly advised with SPACs> > -- Elon Musk (@elonmusk) November 19, 2020Why It's Important: Musk has over 40 million followers on Twitter. He is well respected by investors and has a cult-like following.There are a number of companies considered Tesla rivals that have or will go public via the SPAC route.Fisker Inc (NYSE: FSR) and Lordstown Motors (NASDAQ: RIDE) are building competing electric vehicles to Tesla.Hyliion Holdings Corp (NYSE: HYLN) and Nikola Corporation (NASDAQ: NKLA) are both working on electric and hydrogen-powered Class 8 trucks that would compete with the upcoming Tesla Semi.Related Link: Will The Real Elon Musk Please Stand Up: Another Twitter Bitcoin ScamCanoo, going public via Hennessey Capital Acquisition (NASDAQ: HCAC) will offer an electric vehicle subscription service.QuantumScape, going public via Kensington Acquisition Corp (NYSE: KCAC), Eos Energy Enterprises (NASDAQ: EOSE) and RMG Acquisition Corp (NYSE: RMG) target Romeo Power are all companies competing in the battery market with Tesla.See more from Benzinga * Click here for options trades from Benzinga * Exclusive: MP Materials CEO Talks Rare Earth Mining, Supporting Tesla, EV Companies * Tesla's S&P 500 Inclusion Could Move Elon Musk Up Billionaire Ladder(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 7 reasons why energy stocks will be 60% higher a year from now

    Like World Wide Wrestling champ Randy Orton, energy stocks came from “outta nowhere” this month to beat the heck out of the rest of the market. From the day before Pfizer (PFE) first gave optimism a booster shot with great vaccine news (on Nov. 9) through the close on Wednesday, the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund (XOP) shot up 29.6%. Energy stocks are still a strong buy.

  • How to Avoid Paying Taxes on a Bonus Check

    The satisfaction of receiving a year-end bonus may soon be tempered by the realization that income taxes will have to be paid on the extra money. Bonuses are treated as income and thus subject to taxation, but there are ways … Continue reading ->The post How to Avoid Paying Taxes on a Bonus Check appeared first on SmartAsset Blog.

  • The Stocks the Pros Own Usually Beat the Market. Here’s a List of Their 10 Most Popular Bets.

    “Quarterly baskets of the 10 (plus) most owned stocks by mutual funds and hedge funds outperformed the S&P 500 six and 12 months later,” Citigroup equity strategists said.

  • Cancer-Fighting Biotechs Jump 1,000% in Shadow of Covid Stocks

    (Bloomberg) -- A pair of biotech companies fighting yet another modern disease - cancer - have seen their shares soar over 1,000% this year.Investors’ optimism on promising results on cancer-fighting platforms by Cardiff Oncology Inc. and Trillium Therapeutics Inc. has propelled the duo to the group of five best performers in the Nasdaq Composite Index of nearly 3,000 stocks. While Covid-19 has dominated headlines, boosting shares of companies involved in vaccines, cancer therapies and even treatments for easily-spread bacterial infections remain an area for investors to make millions.Trillium has skyrocketed 1,606% this year, while Cardiff rallied 1,244%. Seres Therapeutics Inc., which is developing drugs for common bacterial infections and ulcerative colitis, surged 829%. Trillium, the best performer of the three, only lags Novavax Inc., which has ridden a wave of euphoria following the development of its experimental Covid-19 vaccine.The pickup in trading volume is almost as impressive. Investors have daily traded over 1 million shares of Seres and Trillium. That compares with 1.1 million shares for industry heavyweights Regeneron Pharmaceuticals Inc. and 1.8 million shares for Biogen Inc.Biotech Nerd“There are a lot of other technologies that are really transforming medicines that are very powerful and also very valuable,” said Brad Loncar, chief executive officer at Loncar Investments. “Unless you’re a biotech nerd like we are and follow it every day, you might not know about it because what’s happening with vaccines and treatments is only the tip of the iceberg in terms of helping patients and moving stocks in the biotech sector.”However, biotechnology stocks are anything but sure bets. None of the three companies have successfully brought a drug to market and face key catalysts that will dictate their success in the coming weeks and months.Impending CatalystsCardiff, based in San Diego, has undergone a renaissance after changing its name from Trovagene and placing Mark Erlander at the helm of the company back in May. The CEO quickly struck a pact to fund a mid-stage study of the company’s lead drug onvansertib for colon cancer, winning support from industry heavyweights like RA Capital Management LLC and Venrock Partners Management V LLC.While it has only four sell-side analysts covering the stock, the firm is a unanimous buy with the average analyst price target implying shares could run another 64% over the coming year. Cardiff’s lead program in colon cancer represents “an area of serious unmet need,” according to HC Wainwright analyst Raghuram Selvaraju. Data from a study of the company’s combination trial are expected to come at a medical meeting in January and could move shares further, he said.For Trillium investors that have stuck with its revival led by chief executive Jan Skvarka, the payout has been massive. The stock has surged 4,550% since Skvarka joined the company last September and is the top stock by a mile on Canada’s S&P/TSX Composite Index this year -- skyrocketing past tech behemoth Shopify Inc. and a bevy of gold miners by more than tenfold.The next catalyst for the Cambridge, Massachusetts-based biotech firm will be updated results from a pair of cancer drugs at the American Society of Hematology meeting next month. Promising data have been the key driver of the stock’s surge and fresh results could spark a move higher, according to analysts.Seres, which is also based in Cambridge, was transformed in August when it reported promising data from a study of its medicine as a treatment for bacteria-caused colon infection, known as C. difficile colitis. The results sparked a 389% one-day rally. The advancement of the company’s broader pipeline will be key going into 2021, according to analysts.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.

  • 7 High-Yield Dividend Value Stocks to Buy

    High-yield dividend stocks are appealing because they can deliver significant income to investors through their quarterly payouts. Unfortunately, some high-yield stocks are incredibly risky -- and the big dividends that are so attractive to investors today could dry up as quickly as tomorrow. If you're interested in receiving a big payday from your stock investments, then it's better to consider high-yield dividend value stocks.

  • What Your 401(k) Could Look Like in the Next 20 Years

    Discover how time and compounded growth of earnings can help even a modest 401(k) balance grow to a significant sum over 20 years.

  • China dumps US Treasuries for fifth consecutive month, sending holdings to lowest level since February 2017

    China's holdings of US government debt have fallen to their lowest level since February 2017, following a fifth successive month of net US Treasury sales in September, according to a US government report.China sold US$6.22 million of US Treasury securities in September, lowering its total holdings to US$1.062 billion, according to the latest monthly Treasury International Capital (TIC) report from the US Department of the Treasury.Analysts cautioned that the reduction in China's US Treasury holdings was not necessarily a sign it was reducing its overall US dollar-denominated securities holdings, since it could buy other assets such as stocks or corporate bonds instead.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.Nevertheless, while reducing its holdings of US debt, China has been on a buying spree of Japanese government bonds this year.According to data from the Japanese Ministry of Finance, China snapped up 27.7 billion yen (US$2.7 billion) worth of Japanese debt in September, resulting in 2.4 trillion yen of purchases over the first nine months in the year, up 73 per cent from the same period in 2019.China lost its status as the largest foreign holder of US Treasury securities to Japan more than a year ago, in the midst of a bitter trade war between the two superpowers that some speculate could descend into an all-out financial war.Ongoing discussions among Chinese academics have suggested that Beijing's ongoing rotation of its US$3.14 trillion foreign exchange reserves could point to further shedding of as much as 20 per cent of its remaining US Treasury holdings.This could be a move to insulate itself from tensions with Washington, including the risks of US financial sanctions and the potential seizure of Chinese assets in the US, according to ongoing discussions among Chinese academics.China will "gradually decrease its holdings of US debt to about US$800 billion under normal circumstances", Xi Junyang, a professor at the Shanghai University of Finance and Economics, was quoted as saying in September by the Global Times, which operates under the official People's Daily, the Chinese Communist Party mouthpiece.China does not publish the composition of its current foreign exchange reserves, nor a detailed account of how much US dollar-denominated assets it owns, as it considers the information to be a state secret.The latest available official data showed that the share of US dollar assets in China's foreign exchange reserves dropped to 58 per cent at the end of 2015 from 79 per cent in 1995.How the US uses the dollar payments system to impose sanctions on a global scaleGuan Tao, chief global economist at Bank of China Securities, said it would be inappropriate to interpret the reduction of foreign investors' holdings of US debt as a decline in the status of the US dollar.Foreign investors may reduce their investments in US government debt but increase the allocation of other US-based financial assets. And while the Chinese government may be a net seller of US dollar assets, the private sector may still be net purchasers, Guan said.In the face of a retreat in foreign purchases over the past decade, the appetite among home grown buyers - from US mutual funds and pension plans to the Federal Reserve - is crucial to the US$20.4 trillion market.Due to the large increase in US government spending to offset the economic damage caused by the coronavirus pandemic, Washington is on track to issue an unprecedented US$5 trillion in net new debt in 2020 to plug its exploding budget deficit.US president-elect Joe Biden has called on the US Congress to pass another US$2.4 trillion stimulus bill to shore up the economy in the face of the recent sharp increase in virus infections in the country, though new legislation is unlikely until early next year.The Treasury's record US$27 billion 20-year bond sale this week was greeted with soft demand that sent yields in secondary market trading higher.Meanwhile, global investors are reconfiguring their global portfolios to give Chinese securities a much greater role, with China set to be the only major economy to report positive economic growth for 2020.On Wednesday, China's Ministry of Finance's sale of 4 billion euro (US$4.74 billion) in euro-denominated sovereign bonds received an enthusiastic response, with strong participation coming from long-term investors in Europe and the US.A survey by HSBC Qianhai Securities showed 62 per cent of top international institutional investors and large corporations plan to increase their China portfolio allocations, by an average of 24.5 per cent in the next 12 months."The international appetite for access to Chinese financial markets is at an all-time high," said Justin Chan, head of Greater China, global markets at HSBC. "A steady stream of developments, from index inclusion to the Stock and Bond Connect schemes is opening this market like never before, and yield hungry investors from across the world are piling in."This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

  • Cramer Gives His Opinion On Workhorse, Rackspace Technology, More

    On CNBC's "Mad Money Lightning Round," Cramer told a viewer to go ahead and buy Workhorse Group Inc (NASDAQ: WKHS). He thinks it is really a show horse, but it has momentum that he sees periodically. It is a technology company that builds high-performance electric vehicles and people love that. Cramer is too jaded to oppose the idea, he said.Pacific Ethanol Inc (NASDAQ: PEIX) is too speculative, said Cramer. He would buy Deere & Company (NYSE: DE).Frequency Therapeutics Inc (NASDAQ: FREQ) is a very speculative, degenerative disease play, said Cramer. He thinks it can be a part of a portfolio.Rackspace Technology, Inc. (NASDAQ: RXT) has missed too many quarters, said Cramer. He would own Cisco Systems, Inc. (NASDAQ: CSCO) instead.See more from Benzinga * Click here for options trades from Benzinga * Cramer Gives His Opinion On Workhorse, Alibaba And More(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Billionaire Ken Griffin Bets on These 3 “Strong Buy” Stocks

    Stocks have turned up since the end of October, buoyed by an election that may offer stability and by news that effective vaccines for the novel coronavirus are closer than we had dared to think. The quick market shifts are enough to make investors dizzy – or at least, to get them looking to the experts to make sense of the financial landscape.In times like these, the legends can offer some guidance. We are referring to the people that transformed the way we play the investing game, namely Ken Griffin.Ken Griffin has a talent for math and finance. Since he started stock trading from his Harvard dorm back in 1987, Griffin has built up a personal fortune of more than $15 billion – and made a reputation on Wall Street as a giant in the hedge world. While he is personally reclusive, his investment decisions remain public, and following Ken Griffin’s stock choices makes a viable investment strategy.Griffin notes the market fall last winter, and describes the general rebound since March as “a macro trader’s dream.” Looking at the election, he sees the results as a net positive for the markets. Divided government, he believes, along with a narrower Democrat majority, will empower the centrists and help avoid “crippling” tax increases. With this in mind, we wanted to take a closer look at three stocks Griffin's fund Citadel picked up recently. Running the tickers through TipRanks’ database, we learned that each one boasts a “Strong Buy” consensus rating from the analyst community and massive upside potential.Kadmon Holdings (KDMN)First up we have Kadmon, which focuses on developing drug treatments for immune disorders and fibrotic diseases, and like many clinical research companies, the investment point here is all about potential rather than earnings. Kadmon has two drugs in the pipeline – Belumosudil (KD025), which is in late-stage testing as a treatment for chronic graft-versus-host disease (cGVHD) and systemic sclerosis; and the experimental KD033, which is being investigated as an immunotherapy for cancerous tumors.A New Drug Application (NDA) has been submitted to FDA for Belumosudil in cGVHD, and is currently under review. Meanwhile, a phase 2 systemic sclerosis study continues to enroll and a small open label Phase 2 study is expected to start in 1Q21. Furthermore, KD033 is currently in Phase 1 study in metastatic and/or locally advanced solid tumors.An active pipeline – especially one in which the drug candidates are advancing steadily – is sure to attract investor attention. Among the fans is Ken Griffin. 924,309 shares were bought up by Citadel in Q3, with the total position now landing at 6,587,531 shares. The position is valued at more than $24 million.Indeed, thanks to the company's promising pipeline and $3.80 share price, Mizuho analyst Mara Goldstein believes investors should get in on the action. “Belumosudil, a novel ROCK2 inhibitor, successfully completed a pivotal program (ROCKSTAR) in chronic graft versus host disease and a submission to the FDA has been initiated. We see this indication as generating U.S. revenue of $628 mln in 2030, which is not fully appreciated in KDMN's valuation, in our view […] We also see potential opportunity from additional indications and other candidates holding valuation inflection potential,” Goldstein noted.To this end, Goldstein rates KDMN a Buy along with a $13 price target. This target conveys Goldstein's confidence in KDMN ability to climb 246% from current levels. (To watch Goldstein’s track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 4, in fact, have been issued in the last three months. Therefore, the message is clear: KDMN is a Strong Buy. Given the $13.75 average price target, shares could skyrocket 266% in the next year. (See KDMN stock analysis on TipRanks)K12, Inc. (LRN)Next on our list of Griffin picks is K12, a company in the education management organization niche – or in other words, a provider of school curricula and educational resources designed for online learnings as an alternative to traditional brick-and-mortar school systems. K12 was founded in 2000, but has come into its own during the corona crisis of 2020, when social lockdown policies shunted students toward homeschool and online venues.The numbers show it, as far as they can. K12 reported Q3 (FY Q1) revenue of $371 million, up 37% from the prior quarter and an even more impressive 44.3% year-over-year. The company’s general education business accounted for $313.8 million of that total, and was up 34.4% year-over-year. EPS jumped 150% sequentially, from 12 cents in Q2 to 30 cents in Q3.Clearly, Griffin understood K12’s potential in the current environment, as he purchased 447,703 shares of LRN during the third quarter. Griffin now owns over 496,000 shares of the company, and this holding is worth almost $11.9 million.Taking a bullish stance on this stock is analyst Alexander Paris, of Barrington. Paris writes, “Management is cautiously optimistic it can grow as it focuses on student retention (which has consistently improved over the last several years) and its career learning initiatives… investors have been drawn to its robust distance learning model and see potential upside from COVID-19 driving demand for its services over the intermediate to longer term.”In line with these comments, Paris rates the stock an Outperform (i.e. Buy). His price target of $60 shows his confidence in a 150% upside for the coming year. (To watch Paris’ track record, click here)Once again, this is a stock with a unanimous Strong Buy consensus rating, supported by 4 recent analyst reviews. The shares have an average price target of $49.33, suggesting a 106% upside from the trading price of $24. (See K12 stock analysis on TipRanks)Overstock (OSTK)Overstock is an online retailer that got its start in the wake of the dot.com bubble twenty years ago; ironically, it started as an e-commerce company selling off the inventory assets of failed e-commerce companies. Today, Overstock is still involved in the closeout segment, but also sells new goods in the bedding, furniture, and home décor niches. In the most recent quarter, Overstock beat the estimates on earnings and revenues. EPS was expected at a 22-cent loss, but came in at a profit of 50 cents. On the top line, revenue grew 110% year-over-year to reach $731.7 million. Obviously, Overstock has benefitted from the corona pandemic pushing more retail online, and OSTK shares have benefitted, too. The stock is up an astronomical 707% year-to-date, even after slipping significantly from its late-August peak value.A discount retailer with a strong online presence is a clear opportunity in the current climate, and Griffin took advantage of it. His new position is OSTK totals 110.281 shares, currently valued at $6.3 million. Writing for Piper Sandler, 5-star analyst Peter Keith notes, “[T]rends in Q4 "remain strong", suggesting to us that continuing ~100% growth in the qtr is quite possible. New customer growth was +141% y/y, and OSTK saw sequential improvement in its new customer repeat purchase rate.”The analyst concluded, "Valuation at <1.0x NTM EV/S looks very cheap to us, especially considering that a ~$490M net cash position, representing ~18% of market cap. We would be aggressive buyers of the stock at current levels."Keith gives OSTK an Overweight (i.e. Buy) rating, and his $140 price target implies a 145% upside for the next 12 months. (To watch Keith’s track record, click here)All in all, Overstock’s Strong Buy consensus rating is based on 4 Buys and 1 Hold. The stock is selling for $57.10 and the $101 average price target suggests it has a 76% one-year growth potential. (See OSTK 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 analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • Should the Biden administration cancel student debt? Read this before you decide

    If you’ve been on Twitter lately you may have heard that there’s a possibility that President-elect Joe Biden would cancel some student debt — and you likely saw a lot of back and forth about the idea. Following a speech on the economy Monday, Biden told reporters that student-debt cancellation “does figure in my plan,” after being asked about it. Indeed, on the campaign trail, Biden proposed cancelling $10,000 in student debt as a coronavirus relief measure.

  • Court upholds hog verdict; Smithfield announces settlement

    A federal appeals court on Thursday upheld a 2018 jury verdict that led to awarding monetary damages to neighbors of a North Carolina industrial hog operation for smells and noise they said made living nearby unbearable. The decisions by the 4th U.S. Circuit Court of Appeals in Richmond, Virginia, came hours before Smithfield Foods said it had put an end to this and similar nuisance cases filed by North Carolina residents either already on appeal that went against the company or hadn’t gone to trial. “We have resolved these cases through a settlement that will take into account the divided decision of the court,” Smithfield Foods Chief Administrative Officer Keira Lombardo said in a statement.

  • Victoria’s Secret Angels Soar on Wall Street

    The lingerie giant's comeback strategy has taken flight, with shares of parent company L Brands surging more than 15 percent.

  • Marissa Mayer Makes Contact Again

    After discouraging working from home at Yahoo in the spirit of collaboration and productivity, Marissa Mayer is back with some more help on time management.