LAWSUITS FILED AGAINST IRTC, PEN and AZN - JAKUBOWITZ LAW PURSUES SHAREHOLDERS CLAIMS

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The Single Biggest Threat To The Electric Vehicle Boom
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Dow Jones Futures: Be Ready For A Stock Market Rally Pullback Or Melt Up; Analyzing Apple, Amazon, Palantir
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13m ago
Bloomberg
Yellen Shift on Vast Treasury Cash Pile Poses Problem for Powell
(Bloomberg) -- Treasury Secretary Janet Yellen is giving Federal Reserve Chairman Jerome Powell a bit of a headache when it comes to managing the money markets.Already low short-term interest rates are set to sink further, potentially below zero, after the Treasury announced plans earlier this month to reduce the stockpile of cash it amassed at the Fed over the last year to fight the pandemic and the deep recession it caused.The move, which aims to return its cash position at the central bank to more normal levels, will flood the financial system with liquidity and complicate Powell’s effort to keep a tight grip over money market rates.“All this cash from the Treasury’s general account will have to go back from the Fed and into the market,” said Manmohan Singh, senior economist at the International Monetary Fund. “It will drive short term rates lower, as far as they can go.”While the Fed has pushed its benchmark overnight policy rate down to nearly zero to aid the pandemic-inflicted economy, a drop in short-term market rates into negative territory could prove disruptive, especially for money market funds that invest in short-dated Treasury securities. Banks may also find themselves hamstrung by effectively being forced to hold large unwanted cash balances at the central bank.The Treasury’s decision -- unveiled at its quarterly refunding announcement -- will help unleash what Credit Suisse Group AG analyst Zoltan Pozsar calls a “tsunami” of reserves into the financial system and on to the Fed’s balance sheet. Combined with the Fed’s asset purchases, that could swell reserves to about $5 trillion by the end of June, from an already lofty $3.3 trillion now.Here’s how it works: Treasury sends out checks drawn on its general account at the Fed, which operates like the government’s checking account. When recipients deposit the funds with their bank, the bank presents the check to the Fed, which debits the Treasury’s account and credits the bank’s Fed account, otherwise known as their reserve balance.Dollar PressureMarket pros are trying to parse out the implications of what could be an unprecedented surge of liquidity. Some forecast downward pressure on the dollar. Others predict buoyant stock and bond prices. Still others see it mostly as a non-event -- except when it comes to the money markets.When ex Fed chair Yellen was nominated to become Treasury secretary, many analysts saw that as presaging very close knit ties between her department and the central bank. But there are limits on how far that can go, given the institutional imperatives of each organization.In preparing to lower its cash hoard at the central bank to $500 billion by the end of June from around a gargantuan $1.6 trillion now, Treasury is merely returning to a more normal modus operandi.“Treasury had just been delaying the day of reckoning for the Fed,” said Lou Crandall, chief economist at Wrightson ICAP LLC.Most Fed officials judge they have the instruments to deal with rising reserves, according to the minutes of their Nov. 4-5 meeting.But that doesn’t mean they won’t have to make some difficult decisions about the Fed’s interest rate tools, its bank leverage rules and possibly even its asset purchases.Tweak IOERIn an effort to provide a floor for the money markets, the central bank could lift the rate it pays on excess reserves parked at the Fed by banks and on its reverse repurchase agreements, from 10 basis points and zero, respectively. Tweaking these administered rates is something the Fed has done before.“If the Fed decides that it wants overnight rates to move away from zero, the most effective approach in my view would be to raise” those two rates together, said former New York Fed official Brian Sack, who is now Director of Global Economics for D. E. Shaw & Co.But that decision -- which could be made at next month’s policy making meeting -- would come as officials try to convince markets that they’re not about to reduce support for the economy. While any rate rise would be portrayed as a technical adjustment, there’s a risk investors wouldn’t see it that way.“The aesthetics of having to hike these rates, I’m not sure how well the market will digest that,” said Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York. “It might be complicated.”What to do about the supplementary leverage ratio the Fed and other regulators impose on banks is also tricky. In order to ease market strains in March, the Fed temporarily exempted banks’ holdings of Treasuries and reserves from the ratio’s calculation. That exemption expires on March 31, just as banks’ cash balances at the central bank will be ramping up.Fed policy makers say they don’t want the exclusion, which has already been in place for about a year, to be permanent. If they do opt to temporarily extend it further, they’ll want to get agreement from rule makers appointed by President Joe Biden who may be less inclined to go along.Leverage RestrictionsIf the exemption lapses instead, banks might run the risk of bumping up against the leverage restrictions, especially as they’re obliged to hold a greater and greater level of reserves.Economists are divided over how disruptive that would be.Jefferies LLC economist Tom Simons said that banks haven’t made as much use of the exclusion as expected, so rolling it back shouldn’t have a significant impact.“It’s going to be a band aid that needs to be ripped off at some point,” he said. “Now is probably a good time to do it.”Others see a potential bond market decline if the rule snaps back as banks sell Treasuries to meet leverage restrictions and make room on their balance sheets for the increasing number of reserves they must hold.“The concern is that it would further impair banks’ willingness to make markets in Treasuries, to hold Treasuries, and to extend repo financing so that others can hold Treasuries,” said former Fed official Bill Nelson, now chief economist at the Bank Policy Institute that represents the industry.At their November meeting, Fed officials discussed another possibility for dealing with the bulge in reserves: adjusting their asset purchase program. But economists see that as a last resort, given how sensitive investors are to any changes on that front.The coming surge in reserves as the government slashes its cash pile will add to a flood of liquidity already in the system from the Fed’s ongoing bond buying.“This is going to bring to a head the consequences for the money markets of the dramatic increase in the Fed’s portfolio,” Crandall said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
2h ago
Barrons.com
Amazon, Facebook, and 22 of the Most Undervalued Stocks Right Now
Barron's screened the Russell 3000 to find stocks where the average analyst price target was significantly higher than where shares were recently trading.
2h ago
MarketWatch
CVS Health beats profit, revenue expectations, as it has administered more than 3 million COVID-19 vaccines
Shares of CVS Health Corp. were little changed in premarket trading Tuesday, after the drugstore and health benefits company reported fourth-quarter profit and revenue that beat expectations. Net income fell to $973 million, or 74 cents a share, from $1.75 billion, or $1.34 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share declined to $1.30 from $1.73, but beat the FactSet consensus of $1.24. Total revenue rose 4.0% to $69.55 billion, above the FactSet consensus of $68.73 billion. Among CVS's business segments, all beat expectations, with pharmacy services revenue falling 1.9% to $36.36 billion amid continued price compression, retail/long-term-care revenue rising 6.6% to $24.06 billion and health care benefits revenue climbing 11.4% to $19.10 billion. For 2021, CVS expects adjusted EPS of $7.39 to $7.55, compared with the FactSet consensus of $7.54. The company said it has administered more than 3 million COVID-19 vaccines in over 40,000 long-term care facilities. The stock has gained 1.0% over the past three months, while the S&P 500 has advanced 8.5%.
33m ago
TipRanks
Morgan Stanley Storms Into the EV Space; Offers 2 Stocks to Buy
We are indeed living in interesting times – and in many ways, that’s a good thing. Take the automotive industry, for example. Technology is changing a rapid pace, and when it settles, it will dramatically change the way we drive. In 2030, our concept of ‘car’ will likely be unrecognizable to drivers from 1980. The biggest changes are coming from power systems and artificial intelligence. AI will bring autonomous tech to our cars, making self-driving vehicles a reality. But the power systems changes will hit us first. In fact, electric-drive vehicles are already on our roads, and electric vehicle (EV) companies are proliferating rapidly. For the moment, there are several roads to potential success in the EV market. Companies are working to position themselves as leaders in battery tech, or electric power trains, or to maximize their range and performance per charge. It’s a fact-paced industry environment, offering both opportunity and excitement for investors. Smart investors will look for companies capable of meeting scaling demands, once they have settled on marketable models. Investment firm Morgan Stanley has been watching the EV industry, seeking out innovative new design and production companies that are positioning themselves for gains as the market matures. The firm’s automotive analyst, Adam Jonas, has selected two stocks that investors should seriously consider buying into, saying “As we survey the EV/battery startup landscape, we are prioritizing highly differentiated technology and/or business models with a path to scale at a reasonable level of risk.” Opening up the TipRanks database, we’ve pulled up the details on both of Jonas’ picks to see whether they could be a good fit for your portfolio. Fisker (FSR) First up, Fisker, is based in Southern California, the epicenter of so much of our ground-breaking tech industries. Fisker’s focus is on solid-state battery tech, a growing alternative to the lithium-ion batteries that most EVs depend on. While more expensive that the older lithium-based systems, solid state batteries are safer and offer higher energy densities. Fisker has been busy patenting its moves into solid-state batteries, a sound strategy to lock in its advances in this field. For EVs, solid-state batteries offer faster charging times, longer range per charge, and potentially lower battery weight – all important factors in vehicle performance. Every car company needs a flagship model, and Fisker has the Ocean – an EV SUV with a mid-range price ($37,499) and a long-range power system (up to 300 miles). The vehicle features stylish design and room mounted solar panels to supplement the charging system, and is scheduled to enter serial production for the markets in 2022. The stylish design reflects the sensibilities of the company’s founder, Henrik Fisker, known for his work on the BMW Z8 and the Aston Martin DB9. Fisker entered the public markets through a SPAC merger agreement last fall. Since completing the SPAC transaction on October 29, shares in FSR are up 112%. Morgan Stanley’s Jonas is impressed by this company, describing the ‘value proposition of Fisker’ as “…design, time to market, clean sheet user experience and management expertise,” and saying that the 4Q22 launch schedule for the Ocean is likely to be met. “Fisker is specifically targeting the personal owned/passenger car business as opposed to commercial oriented end markets, where emotive design and user experience matter more. Additionally, the company wants to create an all-digital experience from the website to the app to the HMI in the car and continued customer engagement through its flexible lease product,” Jonas added. In line with his upbeat outlook on the company (and the car), Jonas rates Fisker an Overweight (i.e. Buy), and sets a $27 price target suggesting an upside of 42% for the coming year. (To watch Jonas’ track record, click here) Turning to the TipRanks data, we’ve found that Wall Street’s analysts hold a range of views on Fisker. The stock has a Moderate Buy analyst consensus rating, based on 7 reviews, including 4 Buys, 2 Holds, and 1 Sell. Shares are currently priced at $18.99, and the $21.20 average price target implies a one-year upside of ~12%. (See FSR stock analysis on TipRanks) QuantumScape (QS) Where Fisker is working on solid-state batteries in the context of vehicle production, QuantumScape is setting itself up as a leader in EV battery technology and a potential supplier of the next generation of battery and power systems for the EV market. QuantumScape designs and builds solid-state lithium-metal batteries, the highest energy density battery system currently available. The key advantages of the technology are in safety, lifespan, and charging times. Solid-state batteries are non-flammable; they last longer than lithium-ion batteries, with less capacity loss at the anode interface; and their composition allows faster charging, of 15 minutes or less to reach 80% capacity. QuantumScape is betting that these advantages will outweigh the technology’s current higher cost, and create a new standard in EV power systems. The company’s strongest tie to the EV production field is its connection with Volkswagen. The German auto giant put $100 million into QuantumScape in 2018, and an additional $200 million in 2020. The two companies are using their partnership to prepare for mass-scale development and production of solid-state batteries. Like Fisker, QuantumScape went public through a SPAC agreement late last year. The agreement, which closed on November 27, put the QS ticker in the public markets – where it promptly surged above $130 per share. While the stock has since slipped, it remains up 47% from its NYSE opening. For Morgan Stanley’s Jonas, involvement in QS stock comes with high risk, but also high potential reward. In fact, the analyst calls it, "The Biotech of Battery Development." "We believe their solid state technology addresses a very big impediment in battery science (energy density) that, if successful, can create extremely high value to a wide range of customers in the auto industry and beyond. The risks of moving from a single layer cell to a production car are high, but we think these are balanced by the commercial potential and the role of Volkswagen to help underwrite the early manufacturing ramp," Jonas explained. Noting that QS is a stock for the long haul, Jonas rates the shares an Overweight (i.e. Buy), and his $70 price target indicates confidence in an upside of 28% for one-year time horizon. Granted, not everyone is as enthusiastic about QS as Morgan Stanly. QS's Hold consensus rating is based on an even split between Buy, Hold, and Sell reviews. The shares are priced at $54.64 and their recent appreciation has pushed them well above the $46.67 average price target. (See QS stock analysis on TipRanks) To find good ideas for EV 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.
2d ago
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What Is Berkshire Hathaway’s Mystery Stock? Big Investment by Warren Buffett Could Be Disclosed Tomorrow.
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21h ago
Reuters
Exclusive: Battery recycler Li-Cycle nears SPAC deal to go public - sources
Li-Cycle Corp, a recycler of lithium-ion batteries, is nearing a deal to go public through a merger with blank-check acquisition company Peridot Acquisition Corp at a valuation of about $1.7 billion, according to people familiar with the matter. The deal could be announced as early as Tuesday, the sources said, requesting anonymity ahead of an official announcement. It represents a bet on the growing market for recycling used batteries, as well on the rising demand for lithium-ion power sources for new technologies such as electric vehicles.
15h ago
Benzinga
Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week
Welcome to the Cannabis Countdown, the Legal Marijuana Industry’s Number One Curated Weekly News Recap. In This Week’s Edition, We Recap and Countdown the Top 10 Cannabis and Psychedelic Stock News Stories for the Week of February 8th – 14th, 2021. Without further ado, let’s get started. * Yahoo Finance readers, please click here to view the full article. 10. Pot Stocks Cap Off Week of Euphoric Gains, Top 30 Performers of the Week and YTD 2021 Investor euphoria in the cannabis sector reached a fever pitch this week as pot stocks went parabolic, producing gains of up to 238.89% in a span of just 3 days It’s official; the American Cannabis Boom 2.0 is in full flight as major market catalysts in the form of U.S. federal Marijuana reforms appear imminent. With federal legalization in the U.S. inching closer to becoming a reality, money is pouring into the Cannabis market like never before, and as a result, Pot Stocks have already seen astonishing YTD 2021 gains of up to 359.37%, 694.78% and 945.71%. READ FULL TOP POT STOCKS ARTICLE HERE 9. Psychedelics Advocate, Investor Zappy Says 2021 is ‘The Year to Invest in Plant Medicine’ Get Into Psychedelics Now, That’s According to Michael “Zappy” Zapolin, a Former Bear Stearns VP Turned Psychedelics Advocate and Filmmaker Zappy’s call to invest comes as Psychedelics make a continued push towards credibility on the medical, legal and business stages. The market — projected to be valued at over $6.8 billion in North America by 2027 — is currently led by MindMed (OTCQB: MMEDF), Cybin Inc. (OTC: CLXPF), Field Trip Health (OTC: FTRPF). Last month, the first Psychedelics ETF — Horizons Psychedelic Stock Index ETF (NEO: PSYK) — began trading on the Canadian NEO Exchange. This is fertile ground for Zappy, who has a track record of getting in on the ground floor. READ FULL PSYCHEDELICS INVESTING ARTICLE 8. Portnoy Flips Sundial Growers For K Profit: ‘That’s How You Do It Boys’ On Thursday Morning, Portnoy Tweeted That He Was “Back in $SNDL Cause I Love the Rush.” and About 25 Minutes Later, Portnoy Indicated He Had Flipped the Volatile Stock for a Big Gain Sundial Growers (NASDAQ: SNDL) shares traded down 14% on massive volume in an extremely volatile trading session on Thursday after the company became one of the latest stocks targeted by communities of online retail stock traders, led by the Reddit WallStreetBets community. Barstool Sports founder Dave Portnoy took a major bath on his first round of WallStreetBets meme stock buys, but Portnoy said he made a quick $50,000 getting in and out of Sundial on Thursday. READ FULL PORTNOY SUNDIAL ARTICLE 7. COMPASS Pathways Expands its Discovery Center Through New Collaborations With World-Leading Scientists Adam Halberstadt and John McCorvy Join Jason Wallach to Develop New Psychedelic Compounds at the Virtual Discovery Center Compass Pathways (NASDAQ: CMPS) announced that it has expanded its Discovery Center, through collaborations with world-leading laboratories at UC San Diego, School of Medicine, and Medical College of Wisconsin (MCW). Adam Halberstadt PhD, Associate Professor, Psychiatry, UC San Diego, and John D McCorvy PhD, Assistant Professor, Department of Cell Biology, Neurobiology and Anatomy, MCW, and their teams, will join Jason Wallach PhD, Assistant Professor of Pharmaceutical Sciences, University of the Sciences (Philadelphia), at the Discovery Center, a group of researchers working together, virtually. READ FULL COMPASS PATHWAYS ARTICLE 6. Red White & Bloom Arranges Approximately US$13.5 Million to Finance its Closing Costs for Illinois Acquisition RWB Received an $8 Million Warrant Exercise From an Institutional Investor and Signed an Irrevocable $7 Million Non-Convertible Debenture Unit Financing Commitment Red White & Bloom (OTCQX: RWBYF) announced that it has arranged the required cash for the closing of its previously announced acquisition of an Illinois Adult Use and Medical Cannabis Cultivation Center License and Associated Assets. Upon closing, and subject to regulatory approval, the Company intends to introduce both its Platinum Vape and High Times branded products into the Illinois market. “Surpassing USD $1 billion of adult-use sales in only its first year, Illinois has quickly developed into one of the most robust revenue markets in the United States. With the financing now secured, we are thrilled to be one step closer to bringing Red White & Bloom’s nationally-recognized brands to this market. The renewed optimism around the State permitting an additional 75 retail locations further highlights the enormous opportunity Illinois offers.” READ FULL RED WHITE & BLOOM ARTICLE 5. Creso Pharma Makes Move to Accelerate Sales Growth and Increase Profit Margins In Response to a Growing Trend of Direct Inbound cannaQIX Sales Enquiries, Creso is Officially Taking Over the Reins From its Swiss Commercial Partner Doetsch Grether Creso Pharma (OTC: COPHF) announced that the company has brought the sales and marketing of its cannaQIX product inhouse. By doing so, Creso Pharma will be able to improve its profit margin on the product substantially. The move will also set the stage for Creso to extend existing product lines and launch new products such as cannaDOL in Switzerland. READ FULL CRESO PHARMA ARTICLE 4. Incannex Shares Jump as Cannabis/Psychedelic Pharma Company Explores Dual Listing on NYSE or NASDAQ The Timing Seems Right, as Both the Cannabis and Psychedelic Sectors Certainly Seem in Vogue at the Moment, Following Efforts at Regulatory Reform and Increasing Acceptance Around the Globe Incannex Healthcare (FRA: IQI) has announced it will explore a dual listing in the United States, a pioneering step that would give the pharmaceutical development company access to the world’s largest pool of capital as it works to develop cannabis and psychedelic-based therapies. Incannex shares nearly reached a seven-year high after the Melbourne-based company said it had signed EAS Advisors on as consultants to introduce it to U.S. banks and institutions. The aim is to obtain a dual listing on the New York Stock Exchange (NYSE) or the NASDAQ, while also retaining an ASX listing. READ FULL INCANNEX ARTICLE 3. Aurora Posts Q2 Earnings, Touts 562% Spike in ‘International Medical’ Cannabis Sales Total Cannabis Net Revenue Hovered $70.3 Million, Excluding Provisions of $2.7 Million, up 11% Over the Second Quarter of 2020 Aurora Cannabis (NYSE: ACB) released its second-quarter fiscal 2021 Earnings report Thursday afternoon. Here’s what we learned: Medical Cannabis net revenue reached $38.9 million — up 42% versus the second quarter of 2020. That jump was due to a 562% increase in high margin international medical sales. Aurora experienced an adjusted EBITDA loss of $12.1 million. That’s an improvement of $53.1 million over the second quarter of 2020. READ FULL AURORA CANNABIS ARTICLE 2. MindMed Signs Partnership With Swiss Psychedelic Drug Discovery Startup MindShift Compounds AG, Expands Development Pipeline and IP Portfolio with Next-Gen Psychedelic and Empathogenic Compounds As Part of This Partnership, MindMed and MindShift Compounds AG Have Agreed to Develop Next-Gen Psychedelic and Empathogenic Substances Together MindMed (OTCQB: MMEDF) (FRA: MMQ) announced a new partnership with Swiss startup MindShift Compounds AG to develop and patent next-gen Psychedelic compounds with psychedelic or empathogenic properties. The first initial compounds have already been synthesized by MindShift Compounds AG and related patent applications were filed by MindMed. MindMed plans to begin first-in-human Phase 1 clinical trials as early as Q1 2022 through its existing clinical trial platform for psychedelic and empathogenic compounds in Switzerland. READ FULL MINDMED ARTICLE 1. Why Cannabis MSOs Will ‘Outperform S&P 500’ in 2021 Top Cannabis Analyst Pablo Zuanic’s New Estimates Reflect Cantor Fitzgerald’s State-by-State Market Size Assumptions Most U.S. Multi-State Operators (MSOs) will outperform the S&P500 in the year ahead, according to Cantor Fitzgerald analyst Pablo Zuanic. A few standouts in Zuanic’s Thursday note on the space include Ayr Strategies (OTCQX: AYRSF), Green Thumb ((OTCQX: GTBIF) and Jushi Holdings (OTCQB: JUSHF). READ FULL CANNABIS MSOS ARTICLE 'Photo by Matthew Brodeur on Unsplash See more from BenzingaClick here for options trades from BenzingaCannabis Countdown: Top 10 Marijuana And Psychedelics Industry News Stories Of The WeekCannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
22h ago
Bloomberg
Palantir’s 340% Rally Faces Key Tests in Earnings, Lockup’s End
(Bloomberg) -- Palantir Technologies Inc.’s blistering rally will face two key events this week with an earnings report on Tuesday morning, followed by the expiration of a lockup three days later that could unleash a wave of selling from insiders tempted to cash in their shares.The data-mining company’s stock has more than quadrupled in the seven months since its direct listing amid a string of high-profile sales deals and interest from retail traders. The gains have raised concerns on Wall Street that Palantir could be in for a turbulent week if it’s unable to meet expectations that have risen along with the share price.“We remain positive on the long-term opportunity ahead,” said Brent Thill, an analyst with Jefferies who has a buy rating on the stock. “However, we acknowledge the need for near-term caution.”Palantir is expected to report revenue of $300.8 million, according to data compiled by Bloomberg. That would result in annual revenue of $1.07 billion, up 44% from 2019. While Palantir is likely to beat estimates, it’s annual sales forecast could fall short of expectations, according to Morgan Stanley.The company’s market valuation at 39 times 2021 sales estimates implies revenue growth well in excess of 40%, which could be difficult to achieve, said analyst Keith Weiss, who has the equivalent of a sell rating.“Add on an impending lock-up release of ~80% of total shares three trading days post 4Q20 results and the premium valuation, we see a decidedly negative risk-reward,” he wrote in a research note.There are signs that investors are heeding these warnings. Palantir shares have declined for two consecutive weeks and are down 18% from a record high late last month. Despite the pullback, the stock is still trading more than 60% above the average price target on Wall Street.Details on Palantir’s larger sales deals will be a big focus for investors on Tuesday, according to Jefferies’s Thill. Among deals reported in the past three months are a $44 million contract with the U.S. Food and Drug Administration and a partnership with International Business Machines Corp. to offer its software through the tech giant.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
21h ago
Benzinga
What Keystone Pipeline Cancellation Means For Crude-by-rail
President Joe Biden's revocation of the March 2019 permit enabling the construction of the Keystone XL pipeline will likely result in more crude-by-rail volumes, according to industry observers. But how much volumes will increase could largely depend on the price that heavy crude oil can fetch in the global market. "The cancellation of the Keystone pipeline project was inevitable once the government changed. Despite its merits or drawbacks, it is now a deflated political football," said Barry Prentice, University of Manitoba supply chain management professor and former director of the Transport Institute there. "This means that more crude will have to move by rail. The huge investments in the oil sands will not be abandoned, and the oil has to go somewhere." But crude-by-rail "has been problematic because with the low price for oil, and the relatively higher price for rail transport, nothing looks very appealing. The problem is not oil supply, it is the reduced demand during the pandemic. Once we come out of this period, demand will return, and $100-per-barrel oil will, too," Prentice said. Indeed, the oil markets serve as one highly visible factor determining how much crude gets produced and shipped. For the production and transport of heavy crude oil from western Canada and the U.S. to be profitable, the pricing spread between a heavy crude product such as Western Canadian Select (WCS) and a light, sweet crude such as West Texas Intermediate (WTI) needs to be favorable. WCS crude is typically priced at a discount against WTI crude because of its lower quality and its greater distance from the U.S Gulf Coast refineries. The COVID-19 pandemic was among the factors that contributed to WTI crude oil prices' tailspin in 2020. Why the interest in crude oil production and transport? The oil market isn't the only factor that dictates crude oil production and its subsequent transport. Another is the vast oil reserves and the amount of investment already directed into crude oil production, as well as crude oil's export prospects. According to the government of Alberta, the province's oil sands represent the third-largest oil reserves in the world, following Venezuela and Saudi Arabia. Its reserves equal about 165.4 billion barrels, and capital investments to the upstream sector have equaled as much as $28.3 billion in 2016 and $26.5 billion in 2017. Furthermore, according to Natural Resources Canada, 98% of Canada's crude oil exports in 2019 went to the U.S. Those investments and vast oil reserves have also resulted in significant investments in other areas of the energy sector, including investments in pipelines. The pipelines bring Canadian heavy crude south to U.S. refineries because American refineries were built and optimized to mostly handle heavier crude oil, according to Rob Benedict, senior director of petrochemicals, transportation and infrastructure for the American Fuel and Petrochemical Manufacturers Association. Crude oil pipelines from Canada to the U.S. have been viewed as an efficient way to transport large amounts of Canadian heavy crude oil to U.S. Gulf Coast refineries. TC Energy's 1,210-mile Keystone XL pipeline would have had a capacity of 830,000 barrels per day with crude oil originating from Hardisty, Alberta, and heading to Steele City, Nebraska, where it would then be shipped to U.S. Gulf Coast refineries. Had construction continued, the pipeline would have entered service in 2023. But TC Energy abandoned the project after Biden revoked an existing presidential permit for the pipeline in January. "TC Energy will review the decision, assess its implications, and consider its options. However, as a result of the expected revocation of the Presidential Permit, advancement of the project will be suspended.The company will cease capitalizing costs, including interest during construction, effective January 20, 2021, being the date of the decision, and will evaluate the carrying value of its investment in the pipeline, net of project recoveries," TC Energy said in a release last month. The Keystone XL pipeline "is an essential piece that would have allowed Canada and the U.S. to continue the very good relationship they have with transporting energy products across the border," Benedict said. However, suspending pipeline construction doesn't necessarily translate into a one-for-one increase in crude-by-rail volumes, according to Benedict. "The gist of the story is, it's going to have some impact on crude-by-rail. It's not going to shift all 830,000 barrels per day onto the rails, but any additional amount is potentially going to have some impact," Benedict said. Several factors will influence how much crude moves by rail. In addition to the WCS/WTI price spread, the railways' capacity to handle crude-by-rail is crucial. Not only are there speed restrictions for crude trains and possible social ramifications, there also capacity issues. The Canadian railways have reported record grain volumes over the past several months, and crude volumes must compete with grain, as well as other commodities, for the same rail track. There are also other pipelines between Canada and the U.S. that could take some of the volumes that would have been handled by the Keystone XL pipeline, Benedict said. Those include Endbridge's (NYSE: ENB) Line 3 pipeline, which runs from Canada to Wisconsin; Endbridge's Line 5 pipeline, which runs under the Strait of Mackinac and Lake Michigan to the Michigan Peninsula; and the Trans Mountain pipeline that's under development in Canada. It would run from Alberta to the Canadian West Coast and then potentially south to U.S. refineries. And one other factor that could influence crude-by-rail is how much crude oil volumes go into storage, Benedict said. "It's not just a simple question of, does one pipeline being shut down ship all to rail? It's complex because you have to consider all the different nodes of the supply chain, including storage that would come into play," Benedict said. The Canadian railways' views on crude-by-rail For their part, Canadian Pacific (NYSE: CP) and CN (NYSE: CNI) have both said they expect to ship more crude volumes, but neither has indicated just how much volumes will grow. CP said during its fourth-quarter earnings call on Jan. 27 that it has been seeing increased activity as price spreads have become favorable. The railway also expects to begin moving crude volumes from a diluent recovery unit (DRU) near Hardisty, Alberta. US Development Group and Gibson Energy had agreed to construct and operate the DRU in December 2019. As part of that agreement, ConocoPhillips Canada will process the inlet bitumen blend from the DRU and ship it via CP and Kansas City Southern (NYSE: KSU) to the U.S. Gulf Coast. "These DRU volumes will provide a safer pipeline-competitive option for shippers and will help to stabilize our crude business into the future," CP Chief Marketing Officer John Brooks said during the earnings call. CP President and CEO Keith Creel also said he sees U.S. actions on the Keystone pipeline as benefiting crude-by-rail and the DRU volumes. The actions "bode for more strength and more potential demand for crude. We think it creates more support for scaling up and expansion of the DRU. So, we're bullish on that opportunity," Creel said. He continued, "We still see the short-term, not long-term ... pipeline capacity [eventually] catch up [but] we just think there is a longer tail on it right now. So, we think there's going to be a space for some potential upside in both spaces." Meanwhile, in a Jan. 27 interview with Bloomberg, CN President and CEO JJ Ruest called crude-by-rail a "question mark" in terms of what energy outlook the railway is seeing for 2021. Ruest said low oil prices, decreased travel and the Keystone pipeline cancellation are among the factors influencing CN's energy outlook. However, crude-by-rail could be a "slight positive bump on the rail industry," Bloomberg quoted Ruest as saying. CP and CN declined to comment further to FreightWaves about crude-by-rail, and CN directed FreightWaves to the Bloomberg article. Subscribe to FreightWaves' e-newsletters and get the latest insights on freight right in your inbox. Click here for more FreightWaves articles by Joanna Marsh. Related articles: Social risk trumps financial risk for Canadian crude-by-rail Transport Canada issues new speed restrictions for trains hauling dangerous goods Construction of Alberta crude unit expected to start in April Commentary: Railroad tank cars take a hit See more from BenzingaClick here for options trades from BenzingaForward Air Doubles Down Amid Heightened Interest From ActivistsDrilling Deep: Reviewing Q4 Earnings; How Did Werner Do So Well?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
21h ago
MoneyWise
12 tax red flags that could lead the IRS to audit you
IRS audit flags can stem from things you do — or don't do — when filing your tax return.
2d ago
MarketWatch
Shopify's stock rallies into record territory after Susquehanna analyst boosts price target by 37%
Shares of Shopify Inc. climbed 0.9% in premarket trading Tuesday, putting them on track to open in record territory, after Susquehanna analyst John Coffey raised his price target by 37% ahead of the ecommerce platform company's fourth-quarter report, citing optimism over the payments business. Coffey boosted his price target to $1,300 from $950, while keeping his rating at neutral. His new target is still 11% below Friday's closing price of $1,455.49. "Our thesis on [Shopify] is it is quickly becoming a payments company that does software -- versus its earlier existence as a software company that did payments," Coffey wrote in a note to clients. "We believe last week's new Facebook/Instagram partnership, which allows Shop Pay ([Shopify's] consumer-facing, PayPal-like wallet) to be used on the checkout pages of Facebook and Instagram, furthers this narrative." Shopify is scheduled to report earnings before Wednesday's open. The stock, which is headed for an open above the Feb. 11 record close of $1,463.31, has fun up 58.3% over the past three months through Friday, while the S&P 500 has advanced 8.5%.
56m ago
Financial Times
China targets rare earth export curbs to hobble US defence industry
China is exploring limiting the export of rare earth minerals that are crucial for the manufacture of American F-35 fighter jets and other sophisticated weaponry, according to people involved in a government consultation. The Ministry of Industry and Information Technology last month proposed draft controls on the production and export of 17 rare earth minerals in China, which controls about 80 per cent of global supply. Industry executives said government officials had asked them how badly companies in the US and Europe, including defence contractors, would be affected if China restricted rare earth exports during a bilateral dispute.
12h ago
InvestorPlace
3 Crypto Stocks and How to Play Them Right Now
Cryptocurrencies continue to be a red-hot with Wall Street in 2021, along with the occasional bout of less triumphant, stomach-churning volatility. But in a market also made up of stocks, three Nasdaq-listed crypto plays are offering investors risk-adjusted exposure that’s more secure both off and on the price chart. Let me explain. Both Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) have been roiled by policy makers’ rumblings. It’s been a couple weeks since Treasury Secretary Janet Yellen hinted strongly at the U.S. government’s interest in ‘curtailing’ the crypto market given the decentralized digital currencies’ ties to bad actors and their illicit wheeling and dealings. The warning sent digital currencies tumbling into bear markets. And don’t think for a second that regulatory risks will disappear. More important, the crypto market and its tethered blockchain technology are seeing explosive growth and acceptance as an incredibly important tool for business.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Already Bitcoin is nearing $1 trillion in valuation. Then there are Square (NYSE:SQ), JPMorgan Chase (NYSE:JPM) and PayPal (NASDAQ:PYPL). Those titans of finance are some of today’s early large cap adopters of the crypto market. Don’t bet against the house, right? They’re not alone either. 9 Meme Stocks That Social Media Won't Shut Up About Last week EV giant Tesla (NASDAQ:TSLA) announced a purchase of $1.5 billion in Bitcoin and plans to accept the market’s biggest digital currency for payment. At the same time Mastercard (NYSE:MA) and Bank of New York Mellon (NYSE:BK) announced they’ll begin allowing various financial transactions in select crypto coins. Digital Currency Plays Offering Smarter Strategies The writing appears to be on the wall. Even in the face of stricter future oversight, digital currencies promise to continue providing very lucrative investment opportunities. A word to the wise before jumping in is warranted. As we’ve witnessed throughout crypto’s re-emergence to all-time-highs, investors still need to be prepared for wild price action which can induce second-guessing, run-for-the-exits sell orders at the expense of one’s trading account. But is there another way to participate with more defined exposure? Today, let’s examine three behind-the-scenes crypto stocks within this burgeoning market. Instead of just being wise to the challenges and potential failures ahead, these Nasdaq-listed digital currency plays are offering smarter money strategies which won’t extend or put the wallet at unnecessary and outsized risk. Bit Digital (NASDAQ:BTBT) Riot Blockchain (NASDAQ:RIOT) Canaan (NASDAQ:CAN) Crypto Stocks to Buy: Bit Digital (BTBT) Source: Charts by TradingView The first of our crypto stocks to buy are shares of Bit Digital. According to Yahoo Finance the company engages in Bitcoin mining and recently changed its name from Golden Bull to better reflect its business activities. Despite being a fairly new entrant into the space, New York-based BTBT is one of the largest Bitcoin mining companies listed on Nasdaq. To be fair, I’m always suspect of a company name change and business pivot of this kind. And being lured into a long stock position by year-over-year quarterly sales growth of around 64,000% isn’t a great idea. The fact is revenues for the latest period came in at $13 million compared to a valuation of nearly $850 million for this crypto. It’s steep. Bit Digital also remains in the red. Still, investors are buying in to the BTBT stock story in a big way and it looks worthy of calculated exposure. Technically, Bit Digital recently broke out of a massive corrective cup-shaped base to new all-time-highs to finish off 2020. To complement that bullish price action, in 2021 shares of this crypto have put together a well-supported test of the stock’s prior high. BTBT has pulled back near its 50% retracement level within a smaller corrective ‘V-shaped’ base. And coupled with a favorable bullish stochastics crossover, this crypto looks ready for buying into. Favored Strategy: May $25/$40 Bull Call Spread Riot Blockchain (RIOT) Source: Charts by TradingView Riot Blockchain is the next of our crypto stocks to buy. RIOT was one of the digital currency market’s more notorious listed stocks during the asset group’s 2017 – 2018 run-up and subsequent crash. And like BTBT, this diversified blockchain play seemingly came out of nowhere, pivoting and changing its corporate name. It was suspect to say the least. Today however, it’s time to let bygones be bygones. 8 Cheap Stocks Under $20 That Could Double Technically, this crypto stock has just taken out its own bubble high. Even a minor correction could cause RIOT stock investors to blink or more aptly, barf, given the stock’s underlying volatility. As much, playing for continued momentum while maintaining ironclad downside risk is the way to position. Favored Strategy: March $55/$65 Bull Call Spread Canaan (CAN) Source: Charts by TradingView Canaan is the last of our crypto stocks to buy. China-based CAN is the picks-and-shovels play of today’s stocks. The outfit manufacturers equipment used to mine Bitcoin. Canaan is also involved in the development of blockchain technology and, teasingly, the booming artificial intelligence and data center markets. Technically, CAN is gunning for a breakout to all-time-highs as shares muscle their way toward the high of a pattern lifetime cup-shaped base. With the stock jumping past the 76% retracement level and weekly stochastics signaling a bullish crossover in neutral territory, a bit of strategic exposure to this crypto looks ripe today. What could possibly go wrong? Let’s not find out. At the same time, investors might consider using CAN’s less desirable price volatility to their advantage by hedging a purchase of this crypto stock with a defined risk and highly flexible collar strategy. Favored Strategy: April $10/$20 Collar On the date of publication, Chris Tyler holds, directly or indirectly, positions in listed Bitcoin and Ethereum stocks (GBTC, ETHE and ETCG), but no other securities mentioned in this article. Chris Tyler is a former floor-based, derivatives market maker on the American and Pacific exchanges. The information offered is based on his professional experience but strictly intended for educational purposes only. Any use of this information is 100% the responsibility of the individual. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next Potential Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. #1 Play to Profit from Biden's Presidency The post 3 Crypto Stocks and How to Play Them Right Now appeared first on InvestorPlace.
1d ago
Reuters
FOREX-Dollar stuck at 3-week lows as quick U.S. recovery bets fade
The U.S. dollar held atthree-week lows on Tuesday as traders unwound some of theirbullish bets on the U.S. economy's outlook after weak surveysdata last week. U.S. consumer sentiment unexpectedly fell in early Februaryamid growing pessimism about the economy among households withannual incomes below $75,000, according to a University ofMichigan survey. A separate Reuters survey showed slower jobsgrowth in the coming months.
27m ago
Benzinga
In The EV Revolution The Battery Will Be The Key Competitive Differentiator
The market for electric transportation is broad and varied, though many investors don’t give much thought to opportunities beyond industry behemoths like Tesla Inc (NASDAQ: TSLA). In recent months, however, a growing number of investors and observers have seen past the recognizable names and are justifiably excited about the emerging opportunities they see in e-transportation and e-mobility. For example, shares of BYD Co Ltd (OTC: BYDDY), for which I was the first investor in 1995, have gained a hefty 300% in the past six months on heightened awareness. If you’re familiar with BYD – whose largest equity holder is now Berkshire Hathaway (NYSE: BRK-B) - you know the company as a maker of electric buses or industrial equipment such as forklifts and trucks. What you may not know is that BYD began as a battery company, and that despite being the world’s largest maker of electric vehicles in 2016, it still primarily views itself as a battery maker. In fact, just two years ago, BYD was in the process of building the largest battery factory in the world. That breakneck growth has continued and shows little signs of slowing down. In fact, last month BYD Co Ltd raised $3.86 billion from an upsized sale of its Hong Kong-listed shares, capitalizing on growing demand for its new-energy vehicles. Automakers that view their core operation as a battery company are common; people in the e-mobility market know they are in the battery business first and the car or shipping business second. In 2015, Elon Musk said exactly the same thing. Five years later, Social Capital CEO Chamath Palihapitiya echoed the same sentiment when he told CNBC Tesla’s growth is much more than about electric cars: its renewable energy components could be worth trillions. Still, while many investors see spin-off opportunities in electric vehicles (EV), they likely miss that EVs themselves are spin-offs of battery technologies. In this market, just as with the cars and buses themselves, the batteries (no pun intended) are the drivers. Take robotics as another example. Privately held UBTech, the world’s most valuable consumer robotics company (valued at about $10 billion), for which I am an investor and serve as board member, is also driven by advancements in battery technology. In robotics, a battery’s weight, energy density and ability to safely charge and discharge is everything. That’s another reason why investors looking long term would be wise to source opportunities in batteries and battery-related technologies. By betting on batteries, you’re not only betting on Tesla, or Volkswagen, but also on robotics and satellite tech, shipping and grid-level energy storage, and mass transit. Even consumer electronics such as laptops, mobile phones and AR/VR headsets run on - you guessed it - batteries. That’s why my investment firm backs companies that pioneer safer, more efficient, and lighter weight batteries. An example being California-based KULR Technology Group (OTC: KULR). KULR takes space proven technology to make lithium battery systems cooler, lighter and safer for consumers. You can see why, in the battery world, that’s a big deal. They have been working on this technology for many years with NASA. Now they are deploying it to EV, energy storage and many other commercial applications. The market opportunity is huge for what they do. Generally speaking, backing battery companies may feel like placing a wager on a very specific technology. But it’s really like investing in multiple, high-growth, high-return markets at once. If a single advancement in battery technology works, it doesn’t just work for a confined vertical - it works everywhere. So, if you’re following car makers or e-mobility, or feel as though you may have missed early investment opportunities there, it may be a good time to see them differently -- to see them as battery companies. That’s what most of them really are. Xia Zuoquan is a founding investor and director of BYD Co Ltd, a maker of electric buses and plug-in electric cars and batteries. Xia founded investment firm Zhengxuan Capital in 2004, with an estimated $1.5 billion in assets. See more from BenzingaClick here for options trades from BenzingaMr. Musk: Will You Just Trade For Me?New Tesla Roadster Patent Shows Wild Windshield Wiper Design© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
21h ago

Symbol	Last Price	Change	% Change
AZN AstraZeneca PLC	51.69	+1.60	+3.19%
AZNCF AstraZeneca PLC	102.98	+2.06	+2.04%
IRTC iRhythm Technologies, Inc.	172.35	-3.31	-1.88%
PEN Penumbra, Inc.	278.32	+4.68	+1.71%

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