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Goldman, Morgan Stanley to delist some Hong Kong products after U.S. investment ban

·1 min read
A floor trader walks during afternoon trading at the Hong Kong Stock Exchange in Hong Kong
A floor trader walks during afternoon trading at the Hong Kong Stock Exchange in Hong Kong

HONG KONG (Reuters) - Goldman Sachs, Morgan Stanley and JPMorgan units will delist a total of 500 Hong Kong-listed structured products, Hong Kong stock exchange filings on Sunday showed.

The delistings are because of statements last week by the U.S. Office of Foreign Assets Control clarifying a November order from President Donald Trump which banned Americans from investing in Chinese companies that the U.S. deems to have links with China's military, the filings said.

Bourse operator Hong Kong Exchanges and Clearing said in a statement it was "working closely with the relevant issuers to ensure orderly delisting, and facilitate buyback arrangements being arranged by the issuers."

(Reporting by Alun John; Editing by Alexander Smith)

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  • Benzinga's First Bulls And Bears Of 2021: Ford, Mastercard, PepsiCo, 3M, Tesla And More

    * Benzinga has examined the prospects for many investor favorite stocks over the past week. * The week's bullish calls included automakers and a recovering retailer. * Beverage giants and a satellite radio leader were among the bearish calls.The major U.S. indexes finished a busy and hectic first week of 2021 with modest gains, led by a 2.4% rise in the Nasdaq. The historic Georgia runoff election results were followed by seditious violence in Washington, D.C., that was widely condemned, failed to stop certification of presidential election results and has led to some blowback on the current president already.In addition, there was more good news about the COVID-19 vaccines, even as the pandemic led to further lockdowns. An aerospace leader appeared set to put its troubles behind it, only to face fresh bad news. Meanwhile, a transportation and delivery giant aims to expand its air cargo fleet.Also last week, a financial giant faced new federal scrutiny, Bitcoin continued to soar, and the latest jobs numbers were ugly.Through it all, Benzinga continued to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.Bulls In "Why The Biden Administration Could Be Very Bullish For Ford, GM," Wayne Duggan discusses why Ford Motor Company (NYSE: F) and General Motors Company (NYSE: GM) are likely to see their fair share of $40 billion in federal funding intended for clean energy efforts."4 Reasons Why Li Auto Is Poised For 48% Compounded Annual Growth Over By 2025" by Shanthi Rexaline examines four reasons why Chinese electric vehicle startup Li Auto Inc. (NASDAQ: LI) is poised to outperform in the near to medium term, according to one top analyst.Priya Nigam's "BofA Upgrades Mastercard On 'Potentially Priceless Opportunity'" focuses on how Mastercard Inc (NYSE: MA) could benefit from pent-up demand for both domestic and cross-border leisure travel, an opportunity not reflected in the recent share price.Enterprise Products Partners LP (NYSE: EPD) is among "Bond King" Bill Gross's top picks for 2021. So says Chris Katje's "Tesla, SPACs 'May Struggle,' Natural Gas To Shine In 2021: Bill Gross." See why it and peers could outperform the favorites of "day trading Robinhoods."In Jayson Derrick's "Why The Year Ahead Looks Promising For Bed Bath & Beyond," see why specialty retailer Bed Bath & Beyond Inc. (NASDAQ: BBBY) showed strong momentum heading into the new year, lifting expectations for its upcoming fiscal third-quarter earnings report.For additional bullish calls of the past week, also have a look at the following: * 4 Reasons The Stock Market Rally Could Resume In 2021 * Jim Cramer's 9 Dividend Stock Picks For Fixed Income Investors * Georgia Runoff Results Bode Well For Cannabis If Lawmakers Follow Through, Industry Pros SayBears In Wayne Duggan's "Michael Burry To Tesla Investors: 'Enjoy It While It Lasts'," see why a former hedge fund manager is sticking with his bearish bet on Tesla Inc (NASDAQ: TSLA) even though other bears have thrown in the towel and upgraded the stock. Will the Tesla story ultimately end poorly?"RBC Highlights Valuation Concerns In Coca-Cola, PepsiCo Downgrades" by Jayson Derrick shows why the bullish case for beverage giants Coca-Cola Co (NYSE: KO) and PepsiCo, Inc. (NYSE: PEP) has come to an end. What growing pains and headwinds do they face?Henry Khederian's "Is SiriusXM Screwing Up By Potentially Losing The New 'King of All Media' Dave Portnoy?" argues that Sirius XM Holdings Inc (NASDAQ: SIRI) has backed the wrong horse by choosing to renew Howard Stern's contract.Increased regulation and legislation are likely to affect the financial liability of 3M Co (NYSE: MMM), according to "Why A Democratic Congress Is Turning This 3M Analyst Bearish" by Priya Nigam. See why negative headlines and lawsuits may be ahead.For more bearish takes, be sure to check out these posts: * Airlines Expect Turbulent 2021 After 2020 Erased Two Decades Of Passenger Traffic Growth * Scott Nations Is Bearish On 10-Year TreasuriesAt the time of this writing, the author had no position in the mentioned equities.Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.Photo courtesy of Ford.See more from Benzinga * Click here for options trades from Benzinga * Barron's First Picks And Pans Of 2021: Disney, Home Depot, Intel, Nike, Nordstrom And More * Notable Insider Buys Of The Past Week: Danimer Scientific, Cheniere Energy Partners And More(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Now Is the Time to Pick Up American Airlines Stock

    2021 is going to be a better year than 2020. That’s particularly good news for American Airlines (NASDAQ:AAL). After all, 2020 was an unsurprisingly ugly year for AAL stock. The novel coronavirus pandemic shut down the airline industry worldwide. Source: GagliardiPhotography / Shutterstock.com In the second quarter, American’s revenue declined 86% year-over-year. On an adjusted basis, American lost $3.4 billion in three months — after earning $800 million during the same period the year before. Of course, 2020 wasn’t just ugly for the airline’s business. It was a difficult year in many ways. As a society, however, we’re finally turning the corner on a return to normalcy. Few companies will get a bigger boost than major airlines like American.InvestorPlace - Stock Market News, Stock Advice & Trading Tips A Better Year Ahead There’s no need to belabor the point of what an awful year 2020 was. But 2021 is going to be better. The rollout of a Covid-19 vaccine should help the U.S., and the world, finally get the coronavirus under control. Domestic and global economies are recovering. No doubt many are disappointed in the outcome of the U.S. elections, but hopefully the political temperature in this country should come down substantially over the next few months. 10 of 2020's Most Fascinating SPAC Stocks I’m not dismissing the toll 2020 took, nor pretending that normalcy is just a few weeks away. There’s still plenty of work left to do. But we are heading in the right direction, if more slowly and more fitfully than some might hope. Back to Normal And a small beneficiary of that normalcy should be American Airlines. After all, it’s not as if 2020 highlighted something fundamentally wrong with the company’s business or its management. Flights were shut down. Business travel came to a halt, and recreational travel fell even further. But the industry is recovering. American itself is offering preflight Covid-19 testing on some routes and should add to that program going forward. Expanded distribution of vaccines will further boost traveler confidence. In fact, there’s going to be a significant amount of pent-up demand in the near term. Many consumers, particularly those who managed to avoid losing their jobs, have boosted their savings and no doubt are looking to travel as soon as it’s safe to do so. This is an industry that can make a lot of money in a hurry when travelers are flush and capacity is low. Both conditions are likely to be met in 2021 and 2022. Bear in mind that before the pandemic, this was a business that was operating quite well. Pretax income (excluding special items) for full-year 2019 was $2.3 billion. Profit margins expanded nicely that year. Indeed, the industry as a whole had rationalized capacity and largely stepped away from destructive price wars. AAL, simply put, was doing the right thing. The pandemic brought all that to an end. But as the pandemic ends, the company will have a chance to regain its footing — and its profitability. AAL Stock Is Cheap Enough And in that outcome, AAL stock remains too cheap. Before the pandemic, American expected earnings of between $4 and $6 per share. It guided for free cash flow in 2020 and 2021 combined of some $6 billion. AAL stock at the moment trades just above $15. Its market capitalization is $9.2 billion. Even if American gets back halfway to where it expected to be in 2020 and 2021, the stock will look awfully cheap. That back-of-the-envelope model suggests earnings per share (EPS) in the range of $2 to $3. Free cash flow should be around $1.5 billion (given the projection for roughly $3 billion annually pre-pandemic). So we’re looking at a stock trading at potentially 5x to 7x earnings and free cash flow. Airline stocks obviously don’t trade like tech stocks, but even in that context those multiples are dirt cheap. Certainly, the rebound isn’t going to arrive immediately. 2021 is going to see lingering impacts of the pandemic. American had to borrow money to get through 2020, and that debt will add interest expense and suck up free cash flow. But investors need to take the long view. That’s the argument I made in March, and it’s the same argument I’ll make now. Buying an attractive business at a single-digit multiple to earnings and cash flow is a good move, even if that multiple is a year or two out. In the meantime, we’re in a market that to many investors looks expensive. There aren’t a lot of “cheap” stocks out there. There aren’t a lot of “return to normalcy” plays left that haven’t neared or surpassed pre-pandemic highs. AAL stock checks both boxes. I expect investors will figure that out soon enough, meaning the stock will take off before its profits do. On the date of publication, neither Matt McCall nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in the article. Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now.   More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets The post Now Is the Time to Pick Up American Airlines Stock appeared first on InvestorPlace.

  • Here's why you should consider a Roth IRA conversion

    You take a distribution from your traditional IRA or 401(k) and contribute that money into a Roth IRA. There are no income limits.