Lifshitz Law Firm, P.C. Announces Investigation of AEGN, MIK, PTVCA and TPCO

FX Empire
No Major Earnings Scheduled Next Week But Q1 Earnings Optimism, Biden’s Infra Plan to Drive Stocks Higher
Although there are no major earnings scheduled to be released next week, U.S. President Joe Biden’s massive infrastructure plan and Q1 earnings season that kicks in the second week of this month with a strong return of growth is expected to drive stocks higher.
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Reuters
Hertz selects Chapter 11 exit plan backed by Centerbridge, Warburg, Dundon
The proposed deal, which is subject to approval by the U.S. bankruptcy court for the district of Delaware, is supported by holders of over 85% of the company's unsecured notes, Hertz said in a statement.
18h ago
Bloomberg
Ferrari Overtaken by Rivals to End Years in Market Fast Lane
(Bloomberg) -- After racing clear of its rivals for years, Ferrari NV has been relegated to the back row of the stock market grid.The Italian supercar maker, the top performer in the Stoxx 600 Automobiles & Parts index for each of the last three years, has fallen 5.6% since the start of 2021 and just suffered its worst quarter since the end of 2018. That’s a marked contrast to strong gains by rivals including including Volkswagen AG, which owns luxury brands Porsche, Bugatti and Lamborghini.While competitors, particularly VW, have got a boost from the hullabaloo around electric vehicles, the company known for its Prancing Horse logo has run into setbacks including an underwhelming earnings forecast. Without a clear EV strategy, Ferrari has also been hurt by an unresolved search for a new chief executive, and a broader rotation out of so-called growth names for a company that some investors regard more as a luxury play.“The stock has become too expensive and earnings momentum is fading,” said Sanford C. Bernstein analyst Arndt Ellinghorst, also noting uncertainty over the CEO situation and a “lack of EV vision.”In February’s results announcement, Ferrari gave a conservative earnings outlook for this year as the carmaker works through disruption from the pandemic on top of the unexpected search for a new leader. Citing personal reasons, Louis Camilleri abruptly retired from his role as CEO in December, leaving the company facing its second leadership crisis in as many years and complicating the transition toward electric mobility.Ferrari is “making good progress with the search process to identify the right leader,” Chairman John Elkann said April 1.Whoever takes the helm will face a challenging legacy, with Ferrari’s strategy for a full-electric vehicle remaining an unclear long-shot project. Camilleri cast doubts over the plan during his last analyst call in November, saying he didn’t see the carmaker ever being at 100% EV “and certainly, not in my lifetime will it reach even 50%.” Elkann said in February that he envisages Ferrari making a fully-electric car by the end of this decade.A new CEO will also need to combine the need to keep pace with tightening emissions regulations while satisfying the love of its power-hungry customers for the traditional thermal engine.A spokesman for Ferrari declined to comment for this article.The stock’s lofty valuation multiple relative to other carmakers doesn’t leave much room for upset. According to RBC Capital analyst Tom Narayan, Ferrari is less of an auto stock and “more of a luxury play.”Reflecting that status among investors, the stock rose 28% in 2020, similar to the performance of Birkin bag maker Hermes International and luxury leader LVMH, while most auto stocks were weighed down by the pandemic.“The outperformance last year was due to the fact that the stock is perceived as more defensive and so something to own when everything else falls,” said Antonio Amendola, a portfolio manager at Acomea Sgr. “In the end, those who can afford a Ferrari can afford it in any conditions.”Changing DynamicsThis year, stock market dynamics have changed, with investors shifting more toward cyclical stocks and away from defensives as the rollout of vaccines fuels optimism over a global economic recovery.“With the market rotation, it’s normal to see some profit taking,” said Amendola. “Ferrari’s fundamentals are solid and this can be an opportunity to accumulate if the underperformance persists.”And according to UBS Group AG analyst Susy Tibaldi, concern over the company’s approach toward electric vehicles may not be fully justified.“We don’t think the company is under the same pressure and urgency as its non-luxury peers, due to the fact that a Ferrari per se is not a means of transportation but rather a status symbol, and is rarely the first car in a household,” Tibaldi, who rates Ferrari buy, wrote in a March 30 note.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.
11h ago
MoneyWise
If you have $1,000 in your account, make these 6 money moves now
While it feels great to see cash in the bank, you shouldn’t just let it sit there.
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Bloomberg
As Meme Stock Mania Fizzles, Wall Street Sees ‘Big Reckoning’
(Bloomberg) -- The day-trading Reddit crowd turned the first quarter of 2021 into one of the wildest periods of stock market mania in modern history. Books -- plural -- will undoubtedly be dedicated to the topic in years to come.But after these small-time speculators banded together to drive up dozens of obscure stocks by hundreds or even thousands of percent -- and in the process burned a few hedge-fund barons betting on declines -- the movement appears to be petering out. An index that tracks 37 of the most popular meme stocks -- 37 of the 50 that Robinhood Markets banned clients from trading during the height of the frenzy -- is essentially unchanged over the past two months after soaring nearly 150% in January.Talk to Wall Street veterans and they’ll tell you that this flat-lining is the beginning of what will be an inexorable move downward in these stocks.It’s not so much about the poor fundamentals of the companies. At least not in the short term. The day-trading zealots have shown a surprising ability to ignore those facts. It’s more that as the pandemic slowly winds down and the economy starts to open up, many of them will leave their homes and start going back into offices and out to restaurants and embarking on trips near and far. And as they do, they may stop obsessing about their Robinhood accounts.Their collective sway on the meme-stock universe, in other words, will wane.“People are going to be doing other things,” said Matt Maley, chief market strategist at Miller Tabak + Co. There will be a “big reckoning” at some point, he said. “There’s no question in my mind.”Of course, the Wall Street set has, broadly speaking, misread the Reddit crowd for weeks earlier this quarter, and it’s possible their analysis is wrong again now. Preliminary data, though, suggests they’re right.Recent reports suggest vaccinated Americans are planning long-awaited vacations with searches for “Google flights” reaching a peak popularity score of 100 this week, according to a Google Trends tracker. The opposite is being seen for terms like “stock trading” and “investing” which have plunged, Google Trends shows.“The stimulus check impact on retail trading is waning,” said Edward Moya, senior market analyst at Oanda. “Many Americans are looking to go big on attending sporting events, traveling across the country, vacationing, visiting family and friends, and revamping wardrobes before going out to restaurants, pubs and returning to the office.”Gamestop JuggernautVideo-game retailer GameStop Corp. became the poster child for retail traders looking to rage against the hedge fund elite. However, the stock’s 2,460% roller coaster alongside other favorites touted on Reddit’s WallStreetBets thread caused as much pain as it did joy.The stock’s more than 900% surge this year has drawn a wary eye from the Wall Street analysts that follow it. The average 12-month price target implies the stock will lose more than three-quarters of its value from current levels. Only Jefferies holds a price target near Thursday’s $191.45 close and that call came with the warning that shares are “subject to volatility beyond fundamentals.”But any sense of GameStop trading on fundamentals has been ignored since it first captivated Wall Street and Reddit users in the back half of January. Bulls are more than happy to tout their bets on forums as a move to stick it to short sellers as they buy into a company rebirth delivered by activist investor Ryan Cohen.Given AMC Entertainment Holdings Inc.’s position as a movie theater many Americans went to at some point, it’s not a complete surprise as to why Reddit users rushed to the company’s aide. #SaveAMC trended on Twitter and amateur investors appeared more than happy to fight against Wall Street’s skeptics despite most movie theaters being closed due to the ongoing pandemic.The chain’s latest rally came amid plans to continue reopening cinemas, however, Wall Street is skeptical. None of the nine analysts tracking the company rate it a buy and the average price target implies the stock will lose 63% of its value in the coming year.Retail euphoria leaked over to a broader range of securities from cult-favorites like Bitcoin, Tesla Inc., and the ARK Innovation ETF to smaller companies like the clothing retailer Express Inc. Chinese tech company The9 Limited is among the group’s best performers this year with an 860% surge.The company’s rally has been fueled by recent moves to ride the Bitcoin wave alongside peers like Future FinTech Group Inc. and Ault Global Holdings Inc.Zomedica Corp., a small-cap animal health company, has become a cult favorite among retail investors chasing stocks with low share prices. The Ann Arbor, Michigan-based company started the year worth less than a quarter, but had soared as high as $2.91.Trading volume of the company has accelerated this year with an average of 174 million shares changing hands per session, more than four times the average over the course of 2020. A mention from Tiger King’s Carole Baskin helped it go viral in mid-January.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.
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CoinDesk
Binance’s Crypto Derivatives Platform Sees Record Open Interest of $10B
Binance's crypto derivatives platform sees record open interest as retail participation grows.
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How work has changed a year into the pandemic
In March 2020, we talked to experts about how work would likely change when Covid-19 disrupted it. Now, a year later, we check back to see how those predictions played out.
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Hertz Picks Centerbridge-Backed Plan to Exit From Bankruptcy
(Bloomberg) -- Hertz Global Holdings Inc. said it chose an “enhanced” offer from Centerbridge Partners, Warburg Pincus and Dundon Capital Partners to provide equity capital for the rental-car company’s exit from Chapter 11.The deal, which is subject to bankruptcy court approval, has the support of holders of more than 85% of the company’s unsecured notes, Hertz said, a level of backing that gave it a “clear advantage” over a competing offer. The company earlier received a rival proposal from Knighthead Capital Management and Certares Management.“We look forward to emerging from Chapter 11 in the second quarter financially and operationally stronger, and well-positioned to achieve the opportunities in the rebounding travel market,” Paul Stone, Hertz’s chief executive officer, said in the statement Saturday.The company remains on track to exit from its bankruptcy in June. The announcement comes a day after the U.S. Centers for Disease Control and Prevention said vaccinated individuals don’t need a Covid test and don’t need to quarantine when traveling domestically.Hertz filed for bankruptcy in May when the near-total shutdown of the global travel industry sent its rental revenues plunging. It became a popular stock among day traders, who sent shares of the bankrupt company soaring against conventions. Hertz made a short-lived effort to raise funds after its bankruptcy filing by selling stock, but abandoned it after the U.S. Securities and Exchange Commission questioned the plan.The new investors will bring operational expertise to Hertz, including experience with companies such as Santander Consumer USA, Dana Inc., and Car Trade, the company said.The supporting noteholders have agreed to support the exchange of the unsecured funded debt claims against Hertz for about 48.2% of the equity in the reorganized company and the right to purchase an additional $1.6 billion of equity. They have also committed to purchase, or otherwise backstop, the full $1.6 billion of equity being offered to the holders of Hertz’s unsecured funded debt.Holders of 725 million euros ($852 million) of European vehicle notes will be paid in cash in full under the plan, while creditors of general unsecured claims will get about 75 cents on the dollar, it said. Hertz’s existing equity will be canceled and receive no distribution.(Adds quotes from Hertz’s CEO, background)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.
19h ago
Bloomberg
World Economy Risks ‘Dangerously Diverging’ Even as Growth Booms
(Bloomberg) -- The world economy is on course for its fastest growth in more than a half century this year, yet differences and deficiencies could hold it back from attaining its pre-pandemic heights any time soon.The U.S. is leading the charge into this week’s semi-annual virtual meeting of the International Monetary Fund, pumping out trillions of dollars of budgetary stimulus and resuming its role as guardian of the global economy following President Joe Biden’s defeat of “America First” President Donald Trump. Friday brought news of the biggest month for hiring since August.China is doing its part too, building on its success in countering the coronavirus last year even as it starts to pull back on some of its economic aid.Yet unlike in the aftermath of the 2008 financial crisis, the recovery looks lopsided, in part because the rollout of vaccines and fiscal support differ across borders. Among the laggards are most emerging markets and the euro area, where France and Italy have extended restrictions on activity to contain the virus.“While the outlook has improved overall, prospects are diverging dangerously,” IMF Managing Director Kristalina Georgieva said last week. “Vaccines are not yet available to everyone and everywhere. Too many people continue to face job losses and rising poverty. Too many countries are falling behind.”The result: It could take years for swathes of the world to join the U.S. and China in fully recovering from the pandemic. By 2024 world output will still be 3% lower than was projected before the pandemic, with countries reliant on tourism and services suffering the most, according to the IMF.The disparity is captured by Bloomberg Economics’ new set of nowcasts which shows global growth of around 1.3% quarter on quarter in the first three months of 2021. But while the U.S. is bouncing, France, Germany, Italy, the U.K. and Japan are contracting. In the emerging markets, Brazil, Russia and India are all being clearly outpaced by China.For the year as whole, Bloomberg Economics forecasts growth of 6.9%, the quickest in records dating back to the 1960s. Behind the buoyant outlook: a shrinking virus threat, expanding U.S. stimulus, and trillions of dollars in pent-up savings.Much will depend on how fast countries can inoculate their populations with the risk that the longer it takes the greater the chance the virus remains an international threat especially if new variants develop. Bloomberg’s Vaccine Tracker shows while the U.S. has administered doses equivalent to almost a quarter of its people, the European Union has yet to hit 10% and rates in Mexico, Russia and Brazil are less than 6%.“The lesson here is there is no trade-off between growth and containment,” said Mansoor Mohi-uddin, chief economist at the Bank of Singapore Ltd.Former Federal Reserve official Nathan Sheets said he expects the U.S. to use this week’s virtual meetings of the IMF and World Bank to argue that now is not the time for countries to pull back on assisting their economies.It’s an argument that will be mostly directed at Europe, particularly Germany, with its long history of fiscal stringency. The EU’s 750 billion-euro ($885 billion) joint recovery fund won’t start until the second half of the year.The U.S. will have two things going for it in making its case, Sheets said: A strengthening domestic economy and an internationally respected leader of its delegation in Treasury Secretary Janet Yellen, no stranger to IMF meetings from her time as Fed Chair.But the world’s largest economy could find itself on the defensive when it comes to vaccine distribution after accumulating massive supplies for itself. “We will hear a hue and cry emerge during these meetings for more equal access to vaccinations,” said Sheets, who is now the head of global economic research at PGIM Fixed Income.And while America’s booming economy will undoubtedly act as a driver for the rest of the world by sucking in imports, there could also be some grumbling about the higher market borrowing costs that the rapid growth brings, especially from economies which aren’t as healthy.“The Biden stimulus is a two edged sword,” said former IMF chief economist Maury Obstfeld, who is a now senior fellow at the Peterson Institute for International Economics in Washington. Rising U.S. long-term interest rates “tighten global financial conditions. That has implications for debt sustainability for countries that went deeper into debt to fight the pandemic.”JPMorgan Chase & Co. chief economist Bruce Kasman said he hasn’t seen such a wide gap in 20 to 25 years in the expected out-performance of the U.S. and other developed countries when compared with the emerging markets. That’s in part due to differences in distribution of the vaccine. But it’s also down to the economic policy choices various countries are making.Having mostly slashed interest rates and started asset-purchase programs last year, central banks are splitting with some in emerging markets beginning to hike interest rates either because of accelerating inflation or to prevent capital from flowing out. Turkey, Russia and Brazil all raised borrowing costs last month, while the Fed and European Central Bank say they won’t be doing so for a long time yet.Rob Subbaraman, head of global markets research at Nomura Holdings Inc. in Singapore, reckons Brazil, Colombia, Hungary, India, Mexico, Poland, the Philippines and South Africa all risk running overly-loose policies.“With major developed market central banks experimenting on how hot they can run economies before inflation becomes a problem, emerging market central banks will need to be extra careful to not fall behind the curve, and will likely need to lead, rather than follow, their developed market counterparts in the next rate hiking cycle,” said Subbaraman.In an April 1 video for clients, Kasman summed up the global economic outlook this way: “Boomy type conditions with quite wide divergences.”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.
17h ago
CoinDesk
Market Wrap: Ether Jumps to All-Time High as Bitcoin Stalls Despite JPMorgan’s $130K Call
The action was in ether on Friday, as the second-biggest cryptocurrency's price jumped to a new all-time high.
2d ago
Bloomberg
Saudis Hike Oil Prices for Key Asia Market in Sign of Confidence
(Bloomberg) -- Saudi Arabia raised prices for oil shipments to customers in its main market of Asia, signaling the kingdom’s confidence in the region’s economic recovery.The decision comes after the OPEC+ cartel, led by the Saudis and Russia, agreed to boost daily crude production by more than 2 million barrels between May and July.Aramco, the Saudi state energy firm, will increase its grades for Asia in May by between 20 and 50 cents a barrel, according to a statement. It will raise the key Arab Light grade for the region by 40 cents from April to $1.80 per barrel above the benchmark. The company had been expected to hike the grade by 30 cents, according to a Bloomberg survey of eight traders and refiners.Most prices for North West European customers won’t be changed, though Arab Light for the region will drop by 20 cents to $2.40 below the benchmark. Most grades to the U.S. will be cut by 10 cents.Prices for Asia have been above those for Europe and the U.S. for several months, partly due to energy demand in the latter two recovering more slowly from the coronavirus pandemic.The Organization of Petroleum Exporting Countries and allies such a Russia -- a grouping of 23 nations -- agreed on Thursday to increase output by 350,000 barrels a day in May, add the same volume again in June and another 450,000 barrels a day in July.In addition, Saudi Arabia -- the world’s largest oil exporter -- will roll back a unilateral 1-million-barrel-a day cut over the same period. It will add 250,000 barrels a day in May, 350,000 in June and 400,000 in July.Saudi Energy Minister Prince Abdulaziz bin Salman told counterparts at the meeting that OPEC+ still needed to be cautious until the global economic recovery is complete. The group started unprecedented production curbs last May to bolster oil prices and is still holding back several million barrels a day from the market.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.
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Quartz
Is the SPAC craze finally cooling off?
SPACs have so dominated Wall Street thinking this year that they are now the stuff of memes and ironic t-shirts. Thanks to their burst in popularity with celebrity and retail investors alike, more than half of companies that went private last year happened through a SPAC. Also termed blank-check companies, SPACs are shell companies that take private firms public by raising money on an exchange and then merging with or acquiring them to take their place on the exchange.
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MoneyWise
Groundwork being laid for Biden to cancel $50,000 in student loan debt
President Biden appears to be giving serious consideration to broad debt forgiveness.
1d ago
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Seduced by Archegos' growth, Nomura took a chance on Hwang comeback
U.S. investor Sung Kook "Bill" Hwang was looking for a second chance on Wall Street after falling from grace and shutting his multibillion-dollar hedge fund firm. Japan's Nomura Holdings Inc gave him one. Nomura had previously had a relationship with Hwang's Tiger Asia Management LLC before the investment firm shut down in 2012 after being punished by U.S. and Hong Kong regulators over insider trading of Chinese stocks.
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CoinDesk
Publicly-Traded Fintech Firm Acquires Chinese Mining Farm for $9M
Future FinTech's buy is in line with the legacy finance and tech sector taking increasing interest in Bitcoin as of late.
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Gold Weekly Price Forecast – Gold Markets Form a Hammer
Gold markets have fallen during the course of the week to reach down below the $1700 level before bouncing again.
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MoneyWise
7 tax tricks you can steal from Warren Buffett and the 1%
Taking tax avoidance ideas from billionaires may mean more money in your pocket.
2d ago
FX Empire
S&P 500 Price Forecast – Markets Ready to React to Jobs Number
The S&P 500 futures market was open on Friday for just a few hours, so when Monday comes, I think the blowout the jobs number will probably launch it higher.
2d ago
FX Empire
Big Change Could Be Coming in How Stock Investors View Rising Treasury Yields
Stock market investors may stop viewing higher yields as a detriment, but rather a sign that the economy is heating up. And that’s a good thing.
2d ago

Symbol	Last Price	Change	% Change
AEGN Aegion Corporation	29.20	+0.45	+1.57%
MIK The Michaels Companies, Inc.	21.93	-0.01	-0.05%
PTVCA Protective Insurance Corporation	22.85	-0.10	-0.44%
PTVCB Protective Insurance Corporation	23.02	+0.15	+0.66%
TPCO Tribune Publishing Company	18.03	+0.04	+0.22%

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Dow 30

Nasdaq

Russell 2000

Crude Oil

Gold

Silver

EUR/USD

10-Yr Bond

GBP/USD

USD/JPY

BTC-USD

CMC Crypto 200

FTSE 100

Nikkei 225

Lifshitz Law Firm, P.C. Announces Investigation of AEGN, MIK, PTVCA and TPCO

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