09/22/2020 02:24 AM
Nvidia Issues Mea Culpa Over Bungled GeForce RTX 3080 Launch

Nvidia (NVDA) has apologized to customers following the hotly-anticipated launch of its GeForce RTX 3080 launch last week.NVDA called the launch “simultaneously the best GPU launch ever and the most frustrating” after the GeForce RTX 3080 sold out almost instantly.“We expected the best ever demand for the RTX 30-series, but the enthusiasm was overwhelming. We were not prepared for this level, nor were our partners. We apologize for this” it wrote on September 21.Indeed, the Nvidia store was inundated with over 10 times the traffic of its previous generation launch, the chip maker revealed.“The reception to our NVIDIA Ampere architecture GPUs has been off the charts and driven interest to heights we’ve never previously experienced. A few examples compared to our previous launch –  4 times the unique visitors to our website, 10 times the peak web requests per second, and more than 15 times the out clicks to partner pages” it said.Over 50 major global retailers had inventory on the day of launch- but the extent of the traffic caused crashes, delays and other issues for customers.According to Nvidia, the GeForce RTX 3080 is still in full production, and it has now been increasing the supply weekly. Partners are also ramping up capacity to meet the unprecedented demand, says NVDA.Nvidia also revealed that its store was overrun with malicious bots and resellers- and in response it has made several changes, including moving the store to a dedicated environment, with increased capacity and more bot protection. It also cancelled hundreds of bot orders manually before they were able to ship.Shares in Nvidia have more than doubled year-to-date, and the stock scores a bullish Strong Buy consensus from the Street. That’s with 24 recent buy ratings vs 4 hold ratings and just 1 sell rating. Meanwhile the average analyst price target indicates 12% further upside lies ahead.RBC Capital analyst Mitch Steves has a buy rating on the chip stock with a $610 price target and argues that gaming should grow mid- single digits long term.He notes that gaming remains the largest segment for the company and writes: “Overall, we are bullish long term given multiple tailwinds including: 1) complexity of video games; 2) virtual reality; and 3) the potential for more customers to shift to NVIDIA products vs. AMD GPU gaming products.” (See NVDA stock analysis on TipRanks)Related News: Microsoft To Buy Gaming Firm ZeniMax For $7.5 Billion Comscore, Samba TV Partner For Europe Expansion; Needham Says Buy Elon Musk Drops Hints On Today’s Big Battery Day; TSLA Down 6% AH More recent articles from Smarter Analyst: * HPE Completes $925M Silver Peak Deal As Street Remains Sidelined * Blix Slams Apple For Not 'Playing Fair' - Report * Synchronoss Sinks 7% As CEO Out For ‘Personal Misconduct’; Analyst Sees 200% Upside * Toll Brothers Sees Strong New Home Orders; Shares Rise 5%

09/21/2020 11:50 AM
3 Big Dividend Stocks Yielding Over 8%; Jefferies Says ‘Buy’

Bob Dylan sang, “There’s too much confusion, I can’t get no relief,” and that is a good way to describe the condition of the markets right now.Investors must interpret a range of conflicting signals. Macroeconomic data is rising – unemployment is falling, consumer confidence and spending are up – and indications are, the economy is recovering quickly from the sharp recession we experienced earlier this year. That goes hand-in-hand with a perception that COVID-19 is beginning to face back, and there are signs that another lockdown may be coming. Will there be a national policy? Or will we see a state-by-state reaction. In that case, the blue states are more likely to double down on lockdowns, with California leading the way, while the red states try to maintain current conditions.And speaking of blue and red, there is always the election looming over everything.  While Democrat Joe Biden appeared to hold a comfortable lead through the summer, the race is tightening and incumbent President Trump is narrowing that gap, especially in the key swing states that will decide the electoral college. It’s an investment environment that is made for dividend stocks. These are the classic defensive plays – reliable dividend payers provide a steady stream of income no matter whether the portfolio gains or loses. Writing from Jefferies, which earns the top spot on TipRanks’ list of Top Performing Research Firms, three analysts show us why high-yield dividends are on their minds. These are their picks for proactive investors looking to buy into the market now, while prices are low – and the yields start at 8% and go up from there. We’ve pulled the details on these three picks from the TipRanks database, to find out who else recommends them.Compass Diversified Holdings (CODI)First on the list is Compass Diversified, a holding company with a varied portfolio of middle-market businesses. The company’s portfolio generated over $1.5 billion in revenue last year. Compass has built its portfolio with a goal of long-term cash generation, and has a 22-year record of success. They use the cash to fund a generous dividend for their own shareholders.That dividend yields 8.14%, more than 4x the average yield found among S&P-listed companies. Compass has kept its payment reliable for the past 14 years, an enviable record, and saw no need to make changes to the payment during the corona crisis. The current quarterly payout is 36 cents per common share, annualized to $1.44.The company funds the dividend with strong revenues and earnings. The highly diverse portfolio helped insulate Compass from losses in the crisis atmosphere of 2020. In the first half, CODI reported EPS of 29 cents and 36 cents in the first two quarters. This was down 50 cents from 4Q19, but compares well with the 1H19 quarterly results of 18 cents and 36 cents.Analyst Kyle Joseph covers this stock for Jefferies, and he is impressed.“We view the anticipated recovery in portfolio company sales/EBITDA encouragingly and highlight that some businesses saw improving demand, highlighting portfolio diversification benefits. CODI has significant levels of dry powder to take advantage of recent market dislocation… we like CODI's unique structure as a publicly-traded PE shop with permanent capital that affords the company enhanced investment flexibility/patience and competitive advantages,” Joseph opined.Accordingly, Joseph rates CODI a Buy along with a $22 price target. That target implies an upside potential of 30% for the coming year. (To watch Joseph’s track record, click here)Overall, CODI has a Moderate Buy from the analyst consensus rating, with 2 Buys and 1 Hold given in recent weeks. The stock’s share price is $16.91, and the $21 average price target suggests room for 24.5% upside growth in the next 12 months. (See CODI stock analysis on TipRanks)Enterprise Products Partners (EPD)Next up is an oil and gas company, part of the midstream sector that connects the wells with the customers. Enterprise controls a network of pipelines, for both oil and natural gas, totaling over 50,000 miles, along with storage facilities adequate for 160 million barrels of oil and 14 billion cubic feet of gas, and shipping terminals located in the hydrocarbon-rich Gulf coast of Texas.Even with revenues and earnings slipping in the first half of this year, Enterprise finished 1H20 with solid liquidity. The company reported having $7.3 billion in available cash and credit. Q2 earnings were down 22% sequentially, but were inline with the analyst consensus.The company has used its earnings and liquidity to maintain its dividend. The payment, at 44.5 cents, has been increased gradually over the past 12 years. The current payout annualized to $1.78 per common share, and yields an impressive 10.72%.Jefferies analyst Christopher Sighinolfi was careful to note EPD’s liquidity strength in his note.“…better than anticipated 2Q results illustrate the resiliency & flexibility of EPD's assets and personnel, mgmt commentary underscores a continued recovery in operating conditions in 3Q… At quarter-end, EPD had $7.3B in consolidated liquidity, including $6.0B of available capacity under its credit facilities, and $1.3B in unrestricted cash,” Sighinolfi noted.To this end, Sighinolfi rates EPD a Buy along with a $24 price target. This figure implies a strong 47% one-year upside from current levels. (To watch Sighinolfi’s track record, click here)Overall, Enterprise gets a Strong Buy rating from the analyst consensus, and it is unanimous, based on 7 recent Buy reviews. The shares have an average price target of $23.33, suggesting a 43% upside from the current share price of $16.28. (See EPD stock analysis on TipRanks)Enbridge, Inc. (ENB)Last up is Enbridge, Canada’s largest natural gas distributor – and the operator of the longest crude oil transport pipeline system in North America. Enbridge is a giant of the midstream sector, with over $60 billion in market cap.As the corona crisis started and first took hold, in Q1, Enbridge saw little difficulty. The company reported high sequential gains in earnings for the 1Q20, with EPS rising from 46 to 62 cents (61 cents to 82 cents Canadian) and revenue stable at $9 billion ($12 billion Canadian). Q2 saw a reversal, as the effects of the pandemic hit Enbridge. Revenue fell to $5.9 billion ($7.9 billion Canadian), and EPS dropped to 41 cents (54 cents Canadian).Through all of this, Enbridge has kept up its dividend payments – not missing any, even though the company did adjust payouts to keep the dividend sustainable. The current payment is 61 cents US (81 cents Canadian), and gives a yield of 8.2%.Jefferies analyst Vikram Bagri notes several positive developments for ENB in recent months.“ENB sanctioned $1B of new growth projects including four gas utility projects and another European offshore wind project… ENB extended approximately $10B of 364 day extendible credit facilities by one year bringing total liquidity to ~$14.6B, sufficient for ENB to execute on its plans,” Bagri explained.Bagri rates ENB a Buy along with a C$49 price target (US$37.18), implying a 26% upside for the year ahead. (To watch Bagri’s track record, click here)The analyst consensus rating on ENB is a Strong Buy; the stock has 12 Buys and 2 Holds set recently. Shares are selling for $29.57 (C$39.27), and the average price target of $39.63 ($52.23 Canadian) indicates room for a 34% upside potential. (See Enbridge’s stock analysis at TipRanks)To find good ideas for dividend 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.

09/21/2020 05:40 PM
Tesla's Musk sees no immediate boost from 'Battery Day' tech unveil

Analysts were expecting Musk to unveil at the event plans for Tesla to produce its own battery cell as it seeks to cement its lead over General Motors , Volkswagen and others. Tesla expects significant shortages in 2022 and beyond, Musk cautioned, adding it intended to increase cell purchases from Panasonic <6752.T>, South Korea's LG Chem <051910.KS>, China's CATL <300750.SZ>, and possibly other partners.

09/21/2020 03:30 PM
These 2 Penny Stocks Could Rally All the Way to $11, Says Cantor

Is more volatility on tap for stocks? Following a three-week losing streak, the longest in about a year, all eyes are on the market. The three major U.S. stock indexes have struggled for the last few weeks as the titans of tech, which have fueled the charge forward from COVID-induced lows, came under pressure due to overheated valuations, with market watchers waiting to see how renewed lockdown fears will come into play.So, what’s the bottom line for investors? Even though uncertainty remains as Wall Street gears up for the fourth quarter, the pros are pounding the table on a select few names, noting that these tickers boast strong long-term growth narratives.Bearing this in mind, our focus shifted to two penny stocks backed by investment firm Cantor. Major gains could be in store, as the firm’s analysts believe these tickers trading for less than $5 per share could climb all the way to $11.These plays are known for being risky, so we turned to TipRanks’ database. Using the platform, we got the full scoop, to find out why both are so compelling even with the risk involved.Rockwell Medical (RMTI)With the goal of transforming iron deficiency and anemia management in a wide variety of therapeutic areas, Rockwell Medical works to improve the lives of patients all over the world. Given the strength of its technology and its $1.22 share price, Cantor thinks that now is the time to snap up shares.Firm analyst Brandon Folkes notes that RMTI “has begun to build on its presence in the dialysis market” with the recent launch of dialysate Triferic, which is the first and only FDA-approved treatment for the replacement of iron to maintain hemoglobin in adult patients with hemodialysis-dependent chronic kidney disease. This formulation is administered through the dialysate (mixed with liquid bicarbonate).On top of this, an IV formulation of Triferic (Triferic Avnu) will enter clinical evaluation in Q3 2020, with Folkes expecting the commercial release to come in the following quarter. Folkes said, “The company continues to believe in the future of Triferic, dialysate and IV formulations, and is executing on its commercial strategy, which takes time to get adoption.” Speaking to this commercial strategy, RMTI is offering three-month evaluation periods for Triferic and has converted 75% of clinics who completed the evaluation period. RMTI is also positioning Triferic at a price that results in a cost neutral position for the clinics, while receiving the clinical benefits from Triferic.Additionally, the company is set to hold a virtual investor meeting this month to discuss the opportunity for two new indications, total parental nutrition (TPN) and hospitalized acute decompensated congestive heart failure (CHF).“...we believe this incremental information is a meaningful positive, as while RMTI had previously noted its indication in exploring additional indications, investors will now have a concrete map of the development work the company will employ to fully maximize the platform within a product potential of the Triferic platform,” Folkes stated.If that wasn’t enough, on September 9, RMTI announced that it has entered into an exclusive license agreement with Jeil Pharmaceutical for the rights to commercialize Triferic in South Korea. As per the terms of the agreement, RMTI will receive an upfront fee and is eligible for milestone payments and royalties on net sales.All of the above prompted Folkes to comment, “We believe Triferic is an innovative product that will drive significant value for RMTI shareholders. We expect product approvals and upward earnings revisions in our DCF model to drive RMTI's stock higher.”To this end, Folkes rates RMTI an Overweight (i.e. Buy) along with an $11 price target. Should the target be met, a twelve-month gain in the shape of a whopping 801% could be in store. (To watch Folkes’ track record, click here)Turning now to the rest of the Street, 2 Buys and no Holds or Sells have been published in the last three months. Therefore, RMTI has a Moderate Buy consensus rating. Based on the $10 average price target, shares could soar 719% in the next year. (See RMTI stock analysis on TipRanks)Taiwan Liposome Company (TLC)Using its LipAD lipid-assembled delivery system to enable sustained release and targeted deliveries that reduce toxicity and improve efficacy, Taiwan Liposome Company develops cutting-edge nanomedicines. Currently going for $4.38 apiece, Cantor views TLC as an under-the-radar story and believes its share price reflects an attractive entry point.Writing for the firm, analyst Kristen Kluska told clients, “TLC is underappreciated considering the management has an extensive track record in liposomal products (including two acquisitions).” She cites the company's two late-stage development programs, TLC599 (its BioSeizer formulation of dexamethasone sodium phosphate (DSP) designed to provide relief for knee osteoarthritis (OA) pain) and TLC590 (its therapy for post-surgical pain), that “could present with advantages over current standard of care extended release products, in large markets.”According to Kluska, the company remains on track to complete enrollment for the Phase 3 study of TLC599 by YE20. Further, TLC believes this program is superior to the competition as it’s possible to receive one injection every six months and show that repeated dosing is both safe and effective.Kluska added, “Further, TLC599 consists of just one vial, which could allow for a quick preparation, whereas Zilretta has two vials, thus a potentially longer preparation time. The company also has flexibility with the needle size that could be used for this product, and believes there could be a potential utilization in the joints, hip, shoulder, etc., which the company could consider evaluating in the future.” To this end, should the results be positive, the company could submit an NDA during 1H22.When it comes to TLC590, TLC already reported topline results from the Phase 2 post-surgical pain following bunionectomy study earlier this summer, arguing the candidate has a faster onset and a longer duration than other therapies. Now, management needs to meet with the FDA to discuss pivotal trial designs. “As a reminder, TLC is evaluating a different API (ropivacaine) vs. competitors, which could potentially show a stronger safety profile. The company also believes this product could have lower COGS, which could allow for attracting pricing,” Kluska pointed out.If that wasn’t enough, TLC recently revealed it is evaluating a NanoX sustained release of hydroxychloroquine (HCQ) inhalation for prophylaxis and treatment of COVID-19. It already submitted an IND, and could be ready to initiate a Phase 1 study after approval, with data potentially coming by early 2021. It should be noted that Taiwan is the second largest API producer for HCQ in the world, so the company has clear access, in Kluska’s opinion.It should come as no surprise, then, that Kluska stays with the bulls. The analyst rates TLC an Overweight (i.e. Buy) along with an $11 price target. Should her thesis play out, a potential twelve-month gain of 154% could be in the cards. (To watch Kluska’s track record, click here)What does the rest of the Street have to say? With 2 Buys and zero Holds or Sells, the word on the Street is that TLC is a Moderate Buy. In addition, the $11 average price target matches Kluska’s. (See TLC stock analysis on TipRanks)To find good ideas for penny 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.

09/22/2020 02:55 AM
General Electric Plans To Cease Making Coal Power Plants; Shares Drop 8%

General Electric announced plans to cease making coal-fired power plants to focus on its core renewable energy and power generation businesses. The stock dropped almost 8% on Monday.General Electric (GE) said the exit from its steam power business may include divestitures, site closings, job cuts and other considerations for publicly held subsidiaries. At the same the company committed to work with customers on current obligations as it pursues the exit.The exit is part of GE’s strategy to invest in its core renewable energy generation businesses, and to make electricity more affordable, reliable, accessible, and sustainable. However, GE steam power will continue to deliver turbine islands for the nuclear market and service existing nuclear and coal power plants.“With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory,” said GE’s Russell Stokes. “As we pursue this exit from the new build coal power market, we will continue to support our customers, helping them to keep their existing plants running in a cost-effective and efficient way with best-in-class technology and service expertise.”Last week GE’s CEO Larry Culp disclosed that he expects to see positive industrial free cash flow (FCF) in the second half of 2020. In addition, the company is making “good progress” in reducing costs by $2 billion and generating cash savings of $3 billion to cope with the coronavirus pandemic, Culp said.Following the comments, RBC Capital analyst Deane Dray reiterated a Buy rating on the stock with a $9 price target (42% upside potential).“Consistent with recent peer updates, GE is seeing broadly improving activity in its end markets, or at a minimum, some signs of stabilization, such as in Aviation,” Dray wrote in a note to investors. “This news is a relief for investors as there had been growing doubts about the company’s ability to achieve this target after the lack of specifics provided during [second-quarter] earnings.”The rest of the Street is cautiously optimistic on the stock. The Moderate Buy analyst consensus rating is split between 5 Buys and 6 Holds. With shares down 43%, the $7.98 average price target indicates investors could be reaping a 26% gain in the shares in the next 12 months. (See GE’s stock analysis on TipRanks).Related News: GE Sees Positive Free Cash Flow In 2H; Shares Gain 5% Nikola Sinks 23% As Founder Milton Steps Down Amid Short-Seller Fraud Debacle Rolls-Royce Seeks To Raise $2.5B, Including From Singapore’s GIC- Report More recent articles from Smarter Analyst: * PagerDuty To Snap Up Rundeck For $100M; Street Is Bullish * Keysight Boosts Automotive Portfolio With Safety Test Tools * HPE Completes $925M Silver Peak Deal As Street Remains Sidelined * Blix Slams Apple For Not 'Playing Fair' - Report

09/21/2020 06:21 PM
Biocept’s PCR Testing Remains a Key Piece of the COVID-19 Puzzle; Analyst Says ‘Buy’

As the final quarter of 2020 approaches, so does the 2020/2021 flu season. As a result, the demand for COVID-19 testing is only expected to intensify, with those providing solutions set to be rewarded handsomely, according to Wall Street pros.Biocept (BIOC) is among those fighting the good fight against the deadly virus, offering polymerase chain reaction (PCR) tests. These tests are used to directly detect the presence of an antigen, rather than the presence of the body's immune response, or antibodies.On September 16, BIOC announced that it has received more than 35,000 COVID-19 specimens to-date, reflecting a roughly 14,000 increase since the last update on August 31.Weighing in on the development for Maxim is 5-star analyst Jason McCarthy. The analyst argues that given the reimbursement of $100 per test, “Biocept's revenue growth in Q3 2020 should continue and that's assuming the core oncology testing services business is still lagging from COVID impacts.”Expounding on the opportunity, the analyst said, “The company also is positioned to continue to capitalize on the current COVID-19 testing paradigm, with 83,000 specimen collection kits assembled to date, and inventory for an additional 87,000. The inventory on hand is particularly important as we head into the 2020/2021 cold/flu season, where we anticipate testing could play a significant role in managing emerging COVID hotspots and existing hotspots with active infections.”It should be noted that shares have pulled back since early August, but McCarthy points out that its peers in the PCR and testing space have also experienced pullbacks. “This, in our view was in part due to profit taking given valuations this summer, but also from Abbot's rapid antigen test receiving an EUA on 8/27. While antigen tests can expand testing with 'rapid' results in minutes, they do come at a cost in sensitivity and specificity which is why FDA for rapid influenza tests sets the bar at only 80%,” he explained.As PCR tests boast nearly 100% accuracy, McCarthy believes COVID-19 testing is “here to stay.” He added, “With schools now open (depending on where you are) and businesses trying to open, testing remains a key component... Interestingly, as of early September, we are starting to see valuations in the space rebound and expect that this trend should continue, particularly for Biocept.”Additionally, McCarthy cites another key growth driver, namely oncology testing. “Oncology testing slowed in 1H20 as patients stopped going to doctors during the pandemic. They still have cancer and still need to get their testing done, which should start to pick up revenue for Biocept once again as the company heads towards end of year,” he mentioned.In line with his optimistic approach, McCarthy sides with the bulls, maintaining a Buy rating. At $20, his price target brings the upside potential to 345%. (To watch McCarthy’s track record, click here)To find good ideas for healthcare 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.

09/22/2020 06:57 AM
Tens of thousands to lose jobs without airline stimulus from Congress

Time is running out for Congress to pass a new economic stimulus plan that will help airlines avoid massive layoffs as the coronavirus pandemic continues to cripple the industry.

09/21/2020 12:02 PM
Will Humanigen (NASDAQ:HGEN) Spend Its Cash Wisely?

There's no doubt that money can be made by owning shares of unprofitable businesses. By way of example, Humanigen...

09/21/2020 04:28 AM
Biden Asks Republicans to ‘Follow Your Conscience’

Sep.21 -- Democratic Presidential Nominee Joe Biden makes a plea to Senate Republicans who are moving quickly to fill the Supreme Court seat of Justice Ruth Bader Ginsburg who passed away on Friday. He spoke at news briefing in Philadelphia.

09/21/2020 07:57 PM
Trump says aides rejected his request to adjust value of dollar

U.S. President Donald Trump on Monday said he was rebuffed when he asked officials to adjust the exchange rate of the dollar to counteract what he described as repeated currency manipulation by China of its yuan. Trump told thousands of supporters at a political rally in Dayton, Ohio, that his policies were saving jobs in the political battleground state after years of inaction to confront China's aggressive behavior in global markets. The Republican president, who is seeking reelection to a second term in the Nov. 3 national poll, repeated his claim - which China denies - that Beijing deliberately changes the value of its currency to gain competitive advantage in global markets.

09/21/2020 10:14 AM
Time to Bottom Fish? Top Analyst Offers 3 Stocks to Buy

September saw some serious market losses, from 5% in the Dow to 9.5% in the NASDAQ. In the wake of it, investors must decide what those losses mean, and how it will impact investment strategy going forward. And for that, investment bank Oppenheimer has some suggestions.The firm’s 5-star analyst Ittai Kidron has tagged three tech stocks in which he sees plenty of room for near- to mid-term growth. Kidron is an expert in the market’s technology sector, and is rated among the Street’s 25 best analysts, with a 72% success rate to his forecasts and a 34.5% average return on his stock picks. Using TipRanks’ Stock Comparison tool, we were able to evaluate these 3 stock picks alongside each other to get a sense of what the analyst community has to say.Smartsheet, Inc. (SMAR)Kidron’s first pick is Smartsheet, an SaaS company with a cloud-based workspace management and collaboration system. Smartsheet’s products enable faster, more efficient teamwork via remote, letting team members automate, capture, manage, plan, and report on work at any scale. The company boasts over 97,000 customer – including 75% of the Fortune 500 companies. Smartsheet has enhanced its relevance in the online business space by making its product compatible with popular systems such as Dropbox, Google Apps, MSOffice, and Salesforce.Smartsheet's earnings – while still coming in at a net loss – beat the forecasts by wide margins in Q1 and Q2, and revenues grew steadily in the first half of the year, with the top line currently at $91.22 million. That last number – the company’s FYQ2 revenue – is up an impressive 41% year-over-year.In another impressive display of Smartsheet’s strength, the company announced last month that it is acquiring the digital asset management company Brandfolder, in a deal worth $155. The acquisition will add Brandfolder’s capabilities to Smartsheet’s products, helping customers to improve efficiency.Oppenheimer’s Kidron sees a clear path ahead for Smartsheet with this acquisition.“We suspect Brandfolder's annualized rev. run rate is still small... While we don't expect a material change to Smartsheet's near-term rev. run rate, we view it as a long-term positive from a diversification perspective. We also believe the acquisition can be quickly absorbed from a cost perspective over 1-2 quarters given Smartsheet's normal pace of investment…”Kidron sets a $65 price target on the stock, implying an upside of 42% for the coming year, and backing his Outperform (i.e. Buy) rating. (To watch Kidron's track record, click here)Overall, SMAR's Moderate Buy consensus rating is based on 9 Buys and 4 Holds set in recent days. The stock is selling for $45 and the average price target of $60.54 suggests room for 32.5% upside growth. (See SMAR stock analysis on TipRanks)New Relic, Inc. (NEWR)Next up is New Relic, another Silicon Valley tech company. New Relic’s products permit software analytics, allowing the customer to use a cloud system to track app performance in order to perfect the software. As New Relic says, it puts analytics, troubleshooting, and optimization all in one place for efficient engineering.The company has seen modest, steady revenue growth during 2020, and the CY2Q results put the top line at $162.6 million. The EPS net loss held steady in the first half, at 37 cents.Kidron is generally positive on New Relic, acknowledging headwinds but not shy about his belief that the company can overcome them.“While we expect the execution challenges to weigh on the shares near term, we also still believe there's value in New Relic One and demand for observationally in general… New Relic's taking an aggressive step to simplify its product positioning and pricing, which could make for a tough 2Q as sale/customers react. Given the increased uncertainty, we believe NT stock performance could be volatile as investors wait for proof points of customer renewals, new customer engagement, and better sales execution, which could emerge late in FY21,” Kidron opined.These comments are backed by Kidron’s Outperform rating (i.e. Buy), and his $75 price target implies an upside potential of 40% for the stock in the next 12 months.While the top analyst is bullish on NEWR, the stock only rates a Hold from the analyst consensus. New Relic has 4 Buy reviews, along with 6 Holds and 2 Sells. The stock is priced at $53.61 and has an average price target of $66.70, suggesting a 24% one-year upside. (See NEWR stock analysis on TipRanks)Twilio (TWLO)Last on our list today is Twilio, a cloud server company based in Silicon Valley. This company offers customers a cloud-based communications platform, allowing access to telecom systems via the computer. Twilio’s platform makes it possible for customers to place or receive phone calls, chats, text messages, and even video conversations via connected devices, and built-in security systems keep it safe through user verification.The sudden move toward remote work and virtual offices in 1H20, precipitated by the coronavirus crisis, would seem on its face to be a boon for a company like Twilio – and the data bears that out. The company saw revenues grow sequentially from 4Q19 to 1Q20, and broke $400 million in the second quarter. The company reported 200,000 active customer accounts at the end of Q1, up 5% year-over-year, and added another 10,000 in Q2. TWLO shares have gained 137% year-to-date; they seemed to shrug off the corona crisis.Kidron updated his notes on Twilio after hearing management’s Summer 2020 Releases webinar. He notes several important points that underlie the company’s fundamental strength: “Twilio now has 8M registered developers… Cumulatively, it has now reached 3 trillion emails processed… Twilio has made more progress in making its entire portfolio available for healthcare use cases now that Studio and Functions are HIPAA-compliant.”At the bottom line, Kidron says simply, “We're increasingly confident in Twilio's ability to make platform investments, engage with developers, and expand its lead over competitors during the crisis. Twilio remains a top pick.”In line with these comments, the analyst rates TWLO an Outperform (i.e. Buy), and his $300 price target implies a 28% one-year upside potential. (To watch Kidron’s track record, click here)Twilio holds a Strong Buy rating from the analyst consensus, based on 21 reviews including 17 Buys and just 4 Holds. Meanwhile, the average price target stands at $294.50, suggesting a 29% upside potential, and lining up nicely with Kidron’s outlook. (See Twilio’s stock analysis at 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.

09/21/2020 08:52 PM
Apple CEO Impressed by Remote Work, Sees Permanent Changes

(Bloomberg) -- Apple Inc. Chief Executive Officer Tim Cook said he’s been impressed by employees’ ability to operate remotely and predicted that some new work habits will remain after the pandemic.During an interview at The Atlantic Festival on Monday, Cook said Apple created products including new Apple Watches and iPads that are launching on time this year, despite the need for most employees to work away from the office due to Covid-19.Cook said he doesn’t believe Apple will “return to the way we were because we’ve found that there are some things that actually work really well virtually.”The comments contrast with the views of other executives, such as Netflix Inc.’s Reed Hastings, who recently called remote work “a pure negative,” and Jamie Dimon of JPMorgan Chase & Co., who warned of lasting damage if workers don’t get back to the office soon.Cook said 10% to 15% of Apple employees have gone back to the office and he hopes the majority of staff can return to the company’s new campus in Silicon Valley sometime next year.The CEO said he goes into the office at different points during the week and he noted that remote work is “not like being together physically.” Working in the office sparks creativity such as during impromptu meetings, he added.The Apple executive also said the company focuses on policy and not politics when asked about his discussions with U.S. President Donald Trump.Cook was also asked how long he foresees running the Cupertino, California-technology giant. “We’ll see,” he said. “At some point, of course, we all do something different.”Read more: Apple’s Rising Class of Leaders Will Shape a Post-Tim Cook EraFor 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.

09/21/2020 02:40 PM
Morgan Stanley Warns Nasdaq 100 May Fall More Than 20% From Peak

(Bloomberg) -- The tech-led selloff in U.S. equities is likely only halfway done, according to the Morgan Stanley strategist whose warning last month about the top-heavy market now appears prescient.Down 13% from its Sept. 2 high, the Nasdaq 100 has tumbled below its 50-day average and is underperforming the S&P 500 for the first time in a year. Yet deeper losses may be ahead because the selloff has yet to clear out the positive sentiment that bubbled up in the past few months during its historic rally, according to Mike Wilson, the bank’s chief U.S. equity strategist.The tech-heavy gauge is at risk of falling to its 200-day average, according to the strategist. That level, which sits near 9,528, would be a 12% drop from current levels and a 23% decline from its all-time high of 12,421 reached earlier this month.“This is what happens when stocks get so extended -- corrections can be much bigger when remaining in an uptrend,” Wilson wrote in a note to clients.The Nasdaq 100 extended a three-week rout, falling as much as 2.4% as of 1:40 p.m. in New York. The biggest ETF tracking the index lost money as the fastest rate since 2000 on Friday, while large speculators boosted the net bearish positions in Nasdaq futures to a 12-year high.But to Wilson, excessive bullishness toward tech stocks has yet to be completely washed out. Just consider: Despite the worst drawdown in months, open interest on bullish call options remained elevated for tech giants such as Apple Inc. and Facebook Inc. A flurry of software companies soared in their recent trading debuts, with Snowflake Inc. more than doubling on its first day.More importantly, hedge funds have stayed “decidedly” long tech and growth stocks, Wilson said, citing the firm’s prime brokerage data. While the conviction partly reflects the outsize returns from internet and software companies, it also highlights the danger should sentiment start to sour, he said. Despite this month’s retreat, the Nasdaq 100 is up 24% for the year, compared with a gain of less than 1% for the S&P 500.Many of those funds “are letting it ride,” Wilson wrote. “That may come into play and provide some fuel for this correction to go a little further than most are expecting.”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.

09/20/2020 08:23 AM
3 Biotech Stocks Poised For Massive Future Growth

The biotech sector has received a lot of attention and hype lately because of the COVID-19 pandemic. The outbreak has highlighted the importance of science in advancing the course of humanity. Investors have been taking notice and are making investment choices. There has been a lot of activity in the biotech sector, most especially as […]

09/21/2020 06:22 PM
Oppenheimer's Colin Rusch on what he's expecting from Tesla's Battery Day

Colin Rusch, Oppenheimer Sr. Research Analyst, joined The Final Round to discuss what he is expecting out of Tesla's highly anticipated battery day and his outlook for the stock.

09/21/2020 12:08 PM
Barstool Sportsbook Downloads Outpace DraftKings, FanDuel At Launch

BofA Securities is out with an early, positive reaction to the Barstool Sportsbook app after its opening weekend in Pennsylvania.The Penn National Analyst: Shaun Kelley reiterated a Buy rating on Penn National Gaming (NASDAQ: PENN) and raised the price target from $59.75 to $85.Barstool Sportsbook: The Barstool Sportsbook app was the No. 1 sports betting app and the No. 1 sports app in the Apple Inc. (NASDAQ: AAPL) App Store during the company's weekend launch. Barstool founder Dave Portnoy took to Twitter to show off the No. 1 spot for the app."Our initial impressions are positive given the app's ease of use and leverage of the Barstool brand to create a unique interactive experience," BofA's Kelley said in a Monday note. "We think the app targets more of a casual bettor than competitors."In its first two days of availability, the Barstool Sports app was downloaded 29,000 times. That is four times higher than the number of downloads that FanDuel and DraftKings Inc (NASDAQ: DKNG) saw after their launch, the analyst said. The Barstool Sportsbook app was downloaded 23,000 times on Saturday, which is higher than any single day for rivals FanDuel and DraftKings, he said. The app maintains a 4.9-star rating, making it the top-rated sportsbook."Penn's ability to drive conversion from downloads to deposits and deposits to bets/revenue is the next critical step," Kelley said.BofA's Penn National Price Target: The increased price target comes from the initial success of the Barstool app and the rise in DraftKings shares, the analyst said."We roll forward to 2022 estimates and assign a higher multiple to sports and iGaming following the recent move higher in DraftKings," the analyst said. BofA's price target is based on a 12x EV/EBITDA multiple on estimated 2022 earnings and 8.5x revenue on sports betting/iGaming."Most consumer growth stocks trade at double digit EBITDA multiples," Kelley said. "Factor in Penn's leverage, small size, retail base, momentum and short interest and it's easier for us to see additional upside."PENN Price Action: Shares of Penn National were trading down 0.55% at $70.21 at last check Monday. The stock hit a new 52-week high last week of $76.62 ahead of the Barstool Sportsbook launch.Courtesy photo. Latest Ratings for PENN DateFirmActionFromTo Sep 2020B of A SecuritiesMaintainsBuy Sep 2020RosenblattInitiates Coverage OnBuy Sep 2020Bank of AmericaReiteratesBuy View More Analyst Ratings for PENN View the Latest Analyst RatingsSee more from Benzinga * BofA: Key Takeaways From DraftKings, Penn National, Hilton At Gaming And Lodging Conference * The BETZ ETF's Will Hershey On Legal Sports Betting: 'It's A Gold Rush' * Barstool Sportsbook Optimism Powers Penn National To 52-Week High(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

09/21/2020 04:28 AM
Garrett Files For Bankruptcy Protection Amid Fallout With Honeywell

Switzerland-based auto-parts manufacturer Garrett Motion Inc (NYSE: GTX) has voluntarily filed for Chapter 11 bankruptcy protection and proposed a $2.1 billion sale of its business to KPS Capital Partners, LP.What Happened: In less than two years of listing as a public company -- post spinoff from former parent Honeywell International Inc. (NYSE: HON) -- Garrett Motion has voluntarily filed for bankruptcy protection to protect capital and long-term business sustainability.The coronavirus pandemic has hit the company's sales as U.S. car manufacturers have slowed production and burned through cash.Garrett also took over significant liabilities during the spinoff in the form of payments to victims of asbestos exposure arising from Honeywell's Bendix division. Last year, Garrett had sued Honeywell, seeking to negotiate asbestos indemnity."Although the fundamentals of our business are strong and we have continued to try to develop our business strategy, the financial strains of the heavy debt load and liabilities we inherited in the spin-off from Honeywell - all exacerbated by COVID-19 - have created a significant long-term burden on our business," Garrett President and CEO Olivier Rabiller said.Garrett has tapped private-equity KPS Capital Partners as a stalking-horse bid to acquire the company's assets for $2.1 billion following its chapter 11 filing.Why It's Important: The unusual imposition of a 30-year indemnification agreement by Honeywell, immediately prior to the spinoff, pressured the finances of Garrett.A Honeywell spokeswoman on Sunday said that Garrett has filed for bankruptcy for the "single, improper purpose of avoiding the legitimate and reasonable financial commitments" to Honeywell, reports the Wall Street Journal."Garrett always has been capable of fulfilling those obligations with the assets it received in the spin-off," said Honeywell.Lenders holding 61% of senior secured debt support the restructuring agreement to boost the balance sheet. Garrett seeks a $250 million debtor-in-possession financing facility from KPS and a syndicate of top banks, pending approval from the bankruptcy court.Price Action: Garrett's shares fell 16% on Friday to close at $2.01 and have fallen 80% year-to-date.See more from Benzinga * E-Commerce, Leadership, Blockchain: Why Wedbush Is Turning Bullish On Overstock * BP Calls Out Oil Demand Peak, OPEC Cuts 2021 Outlook * History Repeats Itself At Facebook As It Launches Campus Feature(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

09/22/2020 01:45 AM
What Investors With $3.4 Trillion Are Buying During Covid

(Bloomberg) -- Hotels, pipelines, convenience stores and automaker bonds are among the assets being bought by some of the world’s biggest asset managers as they look for value in a world thrown into turmoil by the coronavirus pandemic.In interviews with sovereign wealth funds, pension firms and asset managers across Asia and Europe that collectively manage about $3.4 trillion, one thing was clear: many of them are avoiding the overheated stock market.The most common outlook was one of caution. They are mindful that much of the rebound in markets and private-company valuations is thanks to ultra-low interest rates, massive central bank stimulus and government fiscal support, some of which could start to be wound back in coming months.With asset values still seen as inflated, even in some hot areas like healthcare and technology, many are waiting for a potential second downturn after stimulus measures end but before mass vaccinations enable economies to restart without risking widespread infection.Here’s what they had to say:Convenience Stores, PipelinesGIC Pte, Singapore’s sovereign wealth fund, is looking at “less loved” areas from retailing to infrastructure, whose valuations have been pummeled by the pandemic, Chief Executive Officer Lim Chow Kiat said when the firm released its annual review in late July.The fund only officially discloses it manages more than $100 billion but has more like $450 billion, according to the Sovereign Wealth Fund Institute, making it the sixth-biggest in the world.In two of its largest deals this year, it was part of a group that acquired a 49% stake in ADNOC Gas Pipelines for $10.1 billion, and last month teamed with Australian property group Charter Hall in a A$682 million ($500 million) acquisition of more than 200 convenience stores attached to gas stations.Chief Investment Officer Jeffrey Jaensubhakij says even areas like hospitality could bounce back before global travel resumes. “Once you’ve contained the virus, domestic travel can come back even if international travel can’t,” he said. “Then there might be opportunities in the hotel space where domestic travel could continue to grow and take up a fair amount of demand.”Supply Chain ShiftGlobal border closures can only be temporary, and trade is slowly recovering, says Didier Borowski, head of global views at Amundi SA, Europe’s largest asset manager which oversees the equivalent of about $1.9 trillion.However, he predicts pharmaceutical and health industries will relocate production of some key goods to avoid being dependent on one country. But even then, Borowski says it would be too expensive and not cost-efficient to bring it all home.“This is the end of unbridled globalization, not the end of globalization,” he said in an interview earlier this month.StaycationsWith travel restrictions limiting holiday plans, so-called staycations are back on the agenda, says Will James, deputy head of European equities at Standard Life Aberdeen Plc, whose team manages the equivalent of about $11 billion.It’s invested in Thule Group AB, the Swedish maker of bike racks and roof-top luggage carriers for cars, whose shares have almost doubled since late-March.“Rather than going abroad to the beach, people are staying home to drive around the country,” he said in an interview late last month.Aviation stocks like Airbus SE could “recover very aggressively” if a vaccine is found, though he warns it’s still unclear if the world will ever go back to the way things were even if it works.Bonds, Auto BondsBonds are one of the great unloved assets of the Covid crisis, says Andrew McCaffery, global CIO at Fidelity International, which manages about $437 billion.Carmaker bonds are particularly attractive as auto production picks up, and more people drive to avoid crowded public transport, he said in an interview earlier this month.“If you look at credit spreads, they’ve moved to levels that make the bonds of some global carmakers relatively attractive,” he said, citing Ford Motor Co. and Nissan Motor Co. as examples. “These bonds are unloved, especially when you consider there’s been an increase in car usage versus public transport.”Green ReboundDuring the pandemic selloff and rebound AustralianSuper, the nation’s biggest pension fund with the equivalent of about $133 billion, kept more than half its portfolio in Australian and global stocks and reduced holdings of property, credit and private equity.Now it’s hunting for digital, transport and social infrastructure investments as governments pump-prime economies, CIO Mark Delaney said last week. The firm is also looking for more renewable energy opportunities like last year’s $300 million deal with Quinbrook Infrastructure Partners as governments consider a green rebound.“Clearly doing more around the environment will be a really great long-term outcome,” he said. “Given governments are prepared to spend more and be more proactive around the economy, they’ll probably be far more proactive around the environment as well.”Holding FireWith a mandate to maximize long-term returns, Australia’s sovereign wealth fund is keeping its powder dry, CEO Raphael Arndt said at its annual portfolio update earlier this month. The $118 billion fund is positioned cautiously with no pressure to deploy its liquidity “unless and until the opportunities arise,” he said.“Economies right around the world are in their worst recessions for many, many decades, and if you look at the price of assets, they haven’t moved much,” he said. “The question investors have to ask is: does that make sense? The only way it makes sense is if interest rates stay very close to zero and stimulus stays for a very, very long time -- and there’s got to be risks to that. That’s why we think we’re much better positioned in a cautious way right now.”Data CentersWith public markets overvalued, Aware Super CIO Damian Graham is going into direct investments, such as data centers and apartment buildings. The $91 billion fund is also selling some of the assets it thinks will struggle, like office buildings and malls, as people change the way they work and shop, he said in an interview last month.The Sydney-based fund last week invested 100 million euros ($118 million) with APG Group NV to build serviced apartments in Europe -- a deal that could increase to 500 million euros. It’s also in a bidding war for listed fiber-optic operator OptiComm Ltd.China TechWhile China was the first to be hit by the coronavirus, it is now leading the way out, making it an attractive proposition for Singapore’s state investor Temasek Holdings Pte.The firm, which oversees the equivalent of about $225 billion, is positive about several key themes in China, including consumer technology, life sciences, biotechnology, and fintech, Chief Investment Strategist Rohit Sipahimalan said at the firm’s annual review earlier this month.“This year probably China will be the only large economy with positive GDP growth,” he said.Fast FashionL Catterton Asia Managing Partner Chinta Bhagat, whose parent company manages $20 billion, says investing amid the pandemic requires a detailed look at each country’s circumstances, down to how specific cities are faring. While deal-making continues to be slow in some places, it’s roared back elsewhere.“Covid basically started in China and has ended in China,” he said. “Unless there’s some miraculous negative misfortune where it resurfaces, Covid in China is over for all economic -- and our deal environment -- considerations.”The firm is considering doing deals at an earlier stage in areas like e-commerce and consumer technology -- if it waits to do late-stage buyouts in those sectors it risks being outbid by big competitors like Temasek.One area of interest is Chinese-style influencer-driven fashion. Where Western brands have traditionally used the star power of a single celebrity (think Kim Kardashian and Jessica Alba), many companies in China use armies of social-media influencers to sell products via e-commerce platforms to great effect.“I’d be very surprised if we don’t end up doing some kind of social commerce deal just because we’re becoming better and better at figuring out the risk-reward there,” he said.(Adds comments from L Catterton in final section.)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.

09/21/2020 06:45 PM
Canopy Growth Announces Results of Annual General and Special Meeting of Shareholders

SMITHS FALLS, ON, Sept. 21, 2020 /CNW/ - Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) ("Canopy Growth" or "the Company") today announced the voting results from its annual general and special meeting of shareholders held earlier today (the "Meeting").

09/21/2020 10:53 AM
Lufthansa steps up cuts to fleet and staff as outlook dims

Lufthansa announced further cuts to its fleet and workforce on Monday along with a 1.1 billion euro ($1.3 billion) impairment on idled aircraft as Europe's worsening coronavirus situation spread gloom across the airline sector. Lufthansa now plans to reduce its fleet by 150 aircraft - 50 more than previously planned - and cut more jobs than the 22,000 full-time equivalent positions already identified as surplus. The replacement of quarantines with pre-flight virus tests is "an essential prerequisite" to a recovery, Lufthansa said.

09/22/2020 06:41 AM
The stock market's earnings problem: Morning Brief

Top news and what to watch in the markets on Tuesday, September 22, 2020.

09/21/2020 10:30 PM
Elon Musk Says Tesla, Suppliers Put Together Aren't Enough To Fulfill EV Maker's Battery Needs

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk on Monday dashed hopes surrounding the automaker's ability to reach self-sufficiency in batteries until at least 2022.What Happened: Musk said on Twitter that the unveil at the event scheduled for Tuesday would affect long-term production especially of Semi, Cybertruck, and Roadster but "what we announce will not reach serious high-volume production until 2022."The billionaire entrepreneur added that the automaker didn't intend to phase out battery cell purchases from suppliers like Panasonic Corp (OTC: PCRFY), LG Chem Ltd (OTC: LGCLF), or CATL, as has been widely speculated.Instead, Musk estimates that even if the suppliers go at "maximum speed," Tesla would continue to see "significant shortages" in 2022 and the years ahead unless the electric vehicle maker takes initiatives to produce battery cells on its own.Why It Matters: Analysts expect improvement in battery technology or a doubling-down on relationships with existing battery suppliers at the battery day. BofA Securities analyst John Murphy theorized that Tesla has economies of scale and could even supply its batteries to others.Leaked photos of the automaker's latest battery cells show a large diameter, which could increase the volume and capacity of the cells. These new batteries are expected to be easier and less costly to produce.This month, Panasonic said it was expanding its battery manufacturing capacity at Tesla's Nevada Gigafactory by 10%. Another battery partner, Korea's LG Chem expects to double its revenue from $25.3 billion by 2025 as it benefits from sales of Model 3 vehicles in China.Price Action: Tesla shares traded nearly 5.9% lower in the after-hours session at $423.04 on Tuesday and closed 1.64% lower at 449.39.See more from Benzinga * All EV Makers But Tesla To Be Banned From Making Direct Sales In Michigan Under Proposed Law * A Michigan City's Police Bets on Tesla To Fight Crime * Is Elon Musk The New Steve Jobs? Bill Gates Says No(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

09/21/2020 12:46 PM
Nikola must do this one thing quickly now that founder Trevor Milton is out: analyst

Nikola is now a prove me company, argues one sell-side analyst.

09/21/2020 03:35 PM
Inovio Defies Market-Wide Weakness: What's Behind The Rally?

Inovio Pharmaceuticals Inc (NASDAQ: INO) shares have been seeing strong momentum ever since hitting a near-term low of $8.78 on Sept. 4.Inovio Weathers Market Downturn: Inovio's stock rose as high as $18.55 Wednesday before pulling back slightly in the next session. Reversing course, Inovio rebounded Friday to settle the session at $17, a gain of about 94% from the Sept. 4 low.The momentum is continuing in Monday's session, with the stock holding up despite the major averages plunging by about 2% and across-the-board weakness seen among shares of coronavirus vaccine developers.The strength comes despite the odds that are by the Plymouth, Pennsylvania-based company.Inovio's DNA Vaccine Play: Moderna Inc (NASDAQ: MRNA), Pfizer Inc. (NYSE: PFE)/BioNTech SE - ADR (NASDAQ: BNTX) and AstraZeneca plc (NYSE: AZN) arguably have the finish line in sight for a coronavirus vaccine. Inovio is developing a DNA vaccine codenamed INO-4800, as opposed to Moderna and Pfizer/BioNTech, both of which are working on mRNA vaccines.The Phase 1 study of INO-4800 commenced in early April and evaluated 40 healthy volunteers ages 18-50 who were given either a 1mg dose or 2mg dose at week zero and a second dose at week four. The interim efficacy and safety data were encouraging. The company also reported positive results from non-human primate animal challenge studies.INO-4800 has been evaluated in a Phase 1/2a study in South Korea since June.Inovio has a September start timeline for a Phase 2/3 efficacy study in the U.S.A study protocol is being developed to assess efficacy in high-risk population, according to the company. Possible Near-Term Inovio Catalyst Ahead: Strength in Inovio's shares could be due to anticipation building around a potential announcement from the company with regard to the mid-to-late-stage coronavirus trials.CEO Joseph Kim is set to present at the Oppenheimer Fall Healthcare Life Sciences & MedTech Summit at 10:50 a.m. Wednesday. The last time Kim made a public presentation, the stock soared about 64% over two sessions.Rising Inovio Short Interest: Short interest in the stock is rising, with the number of shorted shares increasing from 38.4 million at the end of July to 51.82 million at the end of August, according to the Yahoo database.About 31.58% of the float has been sold short.This reflects a bearish disposition among traders and also portends the risk of short squeeze in the event of positive catalysts.The short ratio is a not-so-elevated 3.3 days, given the huge average trading volume.Benzinga's Take: Given the volatility associated with the stock and Inovio's unproven pipeline, caution might be the watchword unless traders are interested in capitalizing on wild stock swings.At last check, Inovio shares were adding 3.82% to $17.65.Related Links:The Week Ahead In Biotech: Conference Presentations, IPOs In The Mix AstraZeneca Has Lost The Lead In Race For Coronavirus Vaccine, Says SVB Leerink See more from Benzinga * Inovio Analyst Says Thermo Fisher Deal 'One Solid Step' Toward COVID-19 Vaccine Commercialization * The Daily Biotech Pulse: AstraZeneca Pauses Coronavirus Vaccine Study, Trillium To Get M Pfizer Investment(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

09/21/2020 03:57 PM
TikTok deal in doubt after Trump, China Statements

A tentative deal between the U.S. government and Bytedance, which would have the Chinese company retaining 80% stake and Walmart and Oracle getting 20% ownership of a newly founded TikTok Global, has been up in the air with both President Trump and the Chinese government having doubts of the security of the deal. Yahoo Finance’s Final Round panel discuss the details of the tentative deal and what it could mean for all the companies involved as investors wait for what’s the come next.

09/22/2020 06:30 AM
ImagineAR is Presenting at Wall Street Reporter's "NEXT SUPER STOCK" & Livestream Conference on September 24th, 2020

VANCOUVER, BC AND ERIE, PA, Sept. 22, 2020 /CNW/ - Imagine AR Inc.

09/21/2020 01:32 PM
Occidental to pay dividend to Buffett's Berkshire in cash, not stock

Occidental Petroleum Corp said on Monday it will pay a $200 million quarterly dividend to Warren Buffett's Berkshire Hathaway Inc in cash instead of common stock, even as the company tries to reduce debt following a plunge in oil prices. In a regulatory filing, Occidental said the payment on its perpetual preferred stock would be made on Oct. 15. Berkshire bought $10 billion of Occidental preferred stock in August 2019, helping fund the Houston-based company's $35.7 billion acquisition of Anadarko Petroleum Corp.

09/22/2020 06:00 AM
Elon Musk expected to use Tesla 'Battery Day' to argue for the end of combustion engines

09/21/2020 05:14 PM
Tiffany vs. LVMH Trial Set for January

A Delaware judge scheduled the case so that it could be resolved before the U.S. approval for the $16.2 billion deal expires Feb. 3.

09/21/2020 02:06 PM
Bank stocks plunge on money-laundering report

Bank stocks are sinking following a report of alleged widespread-money laundering activities. Odeon Capital Group LLC Senior Research Analyst Dick Bove joins Yahoo Finance’s Zack Guzman to break down the details.

09/22/2020 01:38 AM
Chewy's Ryan Cohen Sees GameStop Rivaling Amazon Long-Term

GameStop Corp (NYSE: GME) could be extending its e-commerce line beyond video games and related consumer electronics products if a plan put in motion by its largest individual investor is realized.What Happened: RC Ventures founder Ryan Cohen is in talks with the company management to poise itself as Amazon Inc's (NASDAQ: AMZN) rival in the e-commerce space, according to Bloomberg.Cohen holds about shares 10% in the video game company, making him the largest individual investor in the gaming company. Whereas BlackRock Institutional Trust Company (NYSE: BLK) and Fidelity Management & Research Company LLC are the leading institutional investors holding 15.31% and 14.72%, respectively.Although Cohen's plans are not yet made public, Bloomberg learned that the billionaire entrepreneur wants to expand GameStop's online retail business. It may also expand into the logistics of shipping its products directly to customers.In early September, CNN reported that the consumer electronics retailer is in plans to close around 400 to 450 stores worldwide this year.Why Does It Matter: Cohen may be trying to save GameStop from a fate similar to Blockbuster Video, Bloomberg noted. Blockbuster Video lost out on business with the growing popularity of the online streaming giant Netflix Inc (NASDAQ: NFLX). Cohen's experience in the e-commerce sector goes far back, as he started Chewy Inc. (NYSE: CHWY) in 2011. After six years of operations, Chewy's business was acquired by PetSmart for over $3 billion. Currently, the Florida-based company has a market cap close to $21.6 billion.Price Action: After a 7.41% downward spiral during trading hours, GME shares rebounded 9.26% in the after-hours trading session at $9.56.Photo by Dwight Burdette via WikimediaSee more from Benzinga * Facebook's Oculus Quest 2 VR Headset Comes With Better Specs And Lower Cost Than Predecessor(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

09/21/2020 07:36 PM
Moderna (MRNA) Stock Still Has Room to Run, Says Analyst

mRNA specialist Moderna (MRNA) is among the leading players in the race to be first to market with a COVID-19 vaccine and the market has been kind in return. Overall, the stock is up 254% year-to-date. According to Needham analyst Alan Carr, the market is not the only space where Moderna is performing well. After attending last week’s virtual R&D day, the analyst is encouraged by the progress across the company's clinical programs. Moderna has several vaccines and therapeutics in the pipeline, with a focus on infectious diseases, oncology and rare diseases. The company presented encouraging initial data from its study of investigational cytomegalovirus - the CMV mRNA-1647 Phase 2 trial - and announced plans to develop an mRNA-based seasonal Influenza vaccine.That said, the Moderna story in 2020 is based on the potential of mRNA-1273, its late-stage COVID-19 vaccine candidate.The drug is currently in a Phase 3 trial and the company has enrolled 25,296 subjects out of the overall target of 30,000 subjects. First interim analysis of the trial is expected in November and interim analysis will be conducted at 53 and 106 events, after which a final primary analysis will be held at 151 events.Carr gives mRNA-1273 an 80% probability of success and highlights its differentiating qualities.“As a reminder,” the analyst said, “The Moderna vaccine has less demanding storage requirements than the Pfizer mRNA vaccine (-20C vs -80C). Moderna plans to distribute the vaccine in 10 x 0.5ml dose vials, with no dilution required... Progress with mRNA-1273 as a vaccine for COVID-19 represents an opportunity for upside in 4Q20. We believe the stock is attractive in the long-term, given validation of the Moderna mRNA platform and an extensive diversified pipeline.”Accordingly, Carr reiterated a Buy rating on MRNA shares accompanied by a $94 price target. Investors could be pocketing a 34.5% gain should Carr’s thesis play out over the coming months. (To watch Carr’s track record, click here)Overall, Moderna has robust backing amongst the Needham analyst’s colleagues, too. Based on 11 Buys, 2 Holds and 1 Sell, the biotech has a Moderate Buy consensus rating. With an average price target of $91.86, the analysts project upside of 31% over the next 12 months. (See Moderna stock analysis on TipRanks)To find good ideas for healthcare 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.

09/22/2020 06:41 AM
Tesla warns on challenges of scaling up production

Tesla Chief Executive Elon Musk warned on Tuesday about the difficulties of speeding up production as an expert cautioned the carmaker's increased reliance on large-scale aluminium parts could bring new manufacturing challenges. While carmakers such as Mercedes-Benz have said automation has limitations, Musk has pressed on with plans to create a hyper-automated factory, which he refers to as the "alien dreadnought", or "the machine that builds the machine". Musk's warning comes ahead of a "battery day" later on Tuesday, when Tesla is expected to unveil steps to boost battery production.

09/21/2020 06:21 PM
Carson Block, Wilfred Frost Get Into Heated On-Air Argument About The Merits Of Sell-Side Research

The normally jovial "Closing Bell" broadcast took a heated turn on Monday thanks to a short seller and one of the most controversial stocks of the year.What To Know: Carson Block, founder of Muddy Waters Research, was a guest on CNBC's "Closing Bell" program. The hot topic of the day was Nikola Corporation (NASDAQ: NKLA), the electric truck maker whose stock peaked near $80 a share earlier this year but currently resides under the $28.Nikola's stock fell 19% Monday after founder Trevor Milton stepped down as the company's chairman and board member.The company has been under intense pressure this month following a short-seller report from Hindenburg Research that called the company "an intricate fraud built on dozens of lies." The SEC and Justice Department are currently investigating Nikola.See Also: Analysts React To Trevor Milton's Departure From NikolaWhat Block Said: Block, who doesn't have a short position in Nikola, defended the short report and was "impressed" by Hindenburg's research. With regards to Milton, Block said "even before the resignation this morning, I would say he had no credibility."The conversation then turned over to the fact that some sell-side analysts have come out in defense of Nikola and its stock."Now, what do I make about sell-side analysts?" Block said. "Basically their jobs... they're a highly-paid dating service for institutional investors and the way they really add value to the world is by arranging meetings between institutional clients and management."Block said it's "no secret that if an analyst is not pretty bullish on a company, most managements will not allow that analyst to arrange the dates."Frost Gets Defensive: Block went on to say sell-side analysts should be taken as "seriously as a 5-year-old child" and compared the sell-side research to toilet paper.Frost didn't take kindly to these comments, as seen in the brief video embedded below:> @cnbc @WilfredFrost @CarsonBlock > And here's the showdown sorry about the quality. pic.twitter.com/P9EbQjFpNB> > -- carl (@carl_fx_) September 21, 2020The interview concluded moments later, but made a quick impression on viewers:> That Carson Block/Wilf Frost interview in 1 gif. pic.twitter.com/HKOs6dplEn> > -- NOD (@NOD008) September 21, 2020> Wilfred Frost is talking to Carson Block. It's VERY awkward.> > -- Sawyer Merritt (@SawyerMerritt) September 21, 2020> The @CNBC Block vs. Frost battle had no winners. Carson Block came off as an arrogant jerk, and @WilfredFrost came off as a disingenuous sycophant. CNBC> > -- Benedict Gomez (@BenedictGomez) September 21, 2020> Wilfred Frost just got into it with Carson Block on @CNBC They were supposed to speak on $NKLA but instead fought each other the whole segment, that was better than hearing about NKLA for the 100th time> > -- JeffJeezy (@jooptrades) September 21, 2020> HEAT> > -- Jim Cramer (@jimcramer) September 21, 2020Latest Ratings for NKLA DateFirmActionFromTo Sep 2020RBC CapitalMaintainsSector Perform Aug 2020WedbushInitiates Coverage OnNeutral Aug 2020WedbushInitiates Coverage OnNeutral View More Analyst Ratings for NKLA View the Latest Analyst Ratings See more from Benzinga * The SEC Gets Involved With Nikola(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

09/22/2020 05:12 AM
U.K. Power Price Spike Raises Questions for National Grid

(Bloomberg) -- A spike in electricity prices last week in the U.K. is raising questions about how well the network operator is balancing the grid and at what cost to consumers.Electricity prices surged to more than 10 times the average following a market warning from National Grid Plc on Sept. 15. The network manager said calm weather and warm temperatures were set to lower the supply buffer it keeps to ensure there’s enough power in the system. At the same time, the company was paying a nuclear station not to generate.The incident is threatening to elevate the highly technical practices of grid managers into a political issue. Some analysis suggest National Grid made mistakes in the process that could lead to higher bills for consumers.The contract with EDF was “a particularly clunky way of dealing with variable demand,” Alan Whitehead, the opposition Labour Party’s shadow minister for energy and climate change, said in an interview. “What has undone them is that demand has bounced back much more quickly than they thought.”Analysis by trading house, Hartree Solutions, show that halting one unit of Electricite de France SA’s Sizewell B nuclear reactor, added 73 million pounds ($94 million) to wholesale power prices during the 20 weeks of the contract. If the reactor had been generating on Sept. 15, the market warning wouldn’t have been needed, the analysis shows.National Grid said its decisions were made to protect the grid from blackouts.“We are confident the actions we have taken, including the Sizewell contract, have minimized the impact on consumers, with the potential implications of emergency actions and the associated disruption being even greater,” a National Grid spokesperson said.Electricity demand fell as much as 20% below normal levels during lockdown as people stayed at home and offices and manufacturing shut. National Grid became increasingly worried about how to manage a system with much lower demand than normal.On May 7, the network operator agreed a contract with EDF to cut output from its Sizewell B nuclear reactor to avoid oversupply. The contract originally ran for six weeks and cost 17 million pounds to 23 million pounds. It was extended to 20 weeks and now ends on Sept. 24. EDF declined to comment.Electricity demand has mostly recovered and is now just 1% below normal levels, according to BloombergNEF data. This raises the question of whether National Grid should have kept the contract with EDF for so long.National Grid has said that the cost of fine-tuning supply and demand will be 500 million pounds ($646 million) more than usual this summer because of lower consumption during the lockdown. The power regulator Ofgem was already scrutinizing looking at that issue and may probe deeper.“We regularly review the performance of the Electricity System Operator,” an Ofgem spokesperson said. “We also do ad hoc assessments when we think events warrant it.”(Adds EDF response in 9th paragraph)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.

09/22/2020 03:24 AM
Intel Gets US License To Continue Supplying To Huawei

Intel Corporation (NASDAQ: INTC) has received the federal government nod to keep supplying Huawei Technologies with certain products, Reuters reported Tuesday.What Happened: The Santa Clara, California-based chipmaker has received the relevant licenses from the United States authorities to supply Huawei even amid U.S.-China relations reached their lowest in recent times, according to the state-backed China Securities Journal, Reuters noted.Last week, China's Semiconductor Manufacturing International Corporation, a company that uses U.S. origin equipment to make chips, had reportedly applied for permission to supply to Huawei.Why It Matters: Since Sept. 15, new restrictions have been in place that forbid U.S. companies from either supplying products or providing services to Huawei, Reuters noted.The U.S. has expressed concerns that China's 5G technology could give it an edge over it.Gary Mobley, an analyst that focuses on Qualcomm, Inc (NASDAQ: QCOM), said that the restrictions put in place on Huawei by the U.S. Commerce Department could directly or indirectly help the San Diego-based tech company.Price Action: Intel shares closed nearly 0.3% lower at $49.72 on Monday and gained 0.5% in the after-hours session. Photo courtesy: sixflashphoto via WikimediaSee more from Benzinga * Nvidia Confirms B Cash, Stock Deal To Acquire SoftBank Chipmaker Arm * Amazon, Verizon Look To Join Facebook, Google, Intel In Indian Telco Frenzy With B Investment: Report * Arm Cancels Plan To Spin off Internet Of Things Units To Parent SoftBank(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

09/22/2020 12:46 AM
Tim Cook Talks Apple Antitrust Probe, Remote Work, Relationship With Trump

Apple Inc (NASDAQ: AAPL) CEO Tim Cook in an interview with the Atlantic on Monday discussed several events surrounding the consumer electronics company of late.Apple All For Antitrust Probe: Cook suggested that he doesn't find the lawmakers' probe into antitrust allegations against Apple at all problematic."I think that big companies deserve scrutiny. And I think that's not only fair but important for the system that we have in America," he said, in response to a question on whether he was "bothered" by being asked to testify before the Congress alongside Facebook Inc (NASDAQ: FB) CEO Mark Zuckerberg."There is no monopoly here," he told the Atlantic. There are "basically street fights" for market share, according to Cook, who claims Apple's strategy to make the best products available means it can't be termed a monopoly. "Somebody will choose a commodity product and there are enough people that buy the commodity product that it will have more share. That's true in all of the different fields we're in," the billionaire added.Remote Work Has Pros, Cons: As a "vast majority" of Apple employees work from home during the coronavirus pandemic, Cook said the company has found there are advantages to remote work, but Apple still depends on "people kind of running into each other over the course of a day.""We won't return to the way we were because we've found that there are some things that actually work really well virtually," Cook noted, adding that a good number of the workers, including himself, "can't wait to get back in the office again." He said it's difficult to pin an exact timeline on resuming office work, but he hopes it would be sometime next year.Maintaining Relations With Trump Important: The Apple CEO reiterated he believes in engaging elected officials, and it's even "more important to engage when you disagree." When questioned on the conversations he has had with President Donald Trump related to immigration and climate change, Cook said these were "private conversations, so I don't want to talk about it in detail." Price Action: Apple shares traded 0.8% higher at $110.95 in the after-hours session Monday.Photo by Valery Marchive via WikimediaSee more from Benzinga * Is Elon Musk The New Steve Jobs? Bill Gates Says No * Apple's Online Store In India To Go Live Next Week * Facebook Partners With Eyewear Giant To Make 'Smart Glasses'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

09/21/2020 10:48 PM
China fines Luckin Coffee and linked firms a total of $9 million

China's markets regulator said on Tuesday it has fined a group of 45 firms, including Luckin Coffee, a combined 61 million yuan ($8.98 million) for acts linked to Luckin's falsification of financial records and misleading of the public. China's finance ministry said earlier this year that Luckin booked 2.25 billion yuan of sales through fake coupons from April 2019 to end of 2019. The ministry's investigation also found that Luckin inflated other figures including its revenue, costs and profit in that same period.

09/21/2020 03:09 PM
Jefferies Upgrades Aurora And Tilray, Says Valuations, Estimates 'Now More Realistic'

Cannabis stocks Tilray Inc. (NASDAQ: TLRY) and Aurora Cannabis Inc. (NYSE: ACB) traded lower on Monday amid a broad market sell-off. One Wall Street analyst upgraded the two stocks and said they may finally be priced at a level that accurately reflects their true value.The Analyst: On Monday, Jefferies analyst Owen Bennett upgraded Tilray from Underperform to Hold. He cut his price target from $6 to $5.60.Bennett also upgraded Aurora from Underperform to Hold and cut his price target from $10.51 to $6.53.The Thesis: In the upgrade notes, Bennett said Tilray's valuation and consensus estimates have finally reached reasonable levels with the stock down another 82% in the past year.Bennett said Tilray's top-line growth outlook in the U.S. and Canada gives investors little reason for excitement in the near-term. While the company has opportunities in Europe, Bennett said it's too early for investors to get reliable visibility overseas.For Aurora, Bennett said the company's progress on cost cutting so far this year has been impressive, but the company is still facing near-term liquidity risks given its challenged balance sheet."Given these dynamics, EBITDA +ve being pushed to Q2 FY21 vs Q1 FY21, and the need to continue to invest behind top line momentum, we fully expect ACB to use the C$275mn remaining on its ATM, and with a further raise beyond this as likely," Bennett said in the upgrade note.In addition, Bennett said the Jury is still out on the company's new CEO.Benzinga's Take: Given all the uncertainty that remains in the cannabis space in the near-term, it may be wise for cannabis bulls to take a diversified approach to investing.Consider buying a basket of Canadian legal producers like Aurora and Tilray as well as U.S. multi-state operators that have high-quality balance sheets and leading market shares.Related Links:Trulieve Analyst Bullish On Pennsylvania Entry, Questions Timing Of Equity OfferingWhy Cannabis Is An Afterthought In The Biden-Trump Election Latest Ratings for TLRY DateFirmActionFromTo Sep 2020JefferiesUpgradesUnderperformHold Aug 2020Cantor FitzgeraldMaintainsNeutral May 2020StifelMaintainsHold View More Analyst Ratings for TLRY View the Latest Analyst RatingsSee more from Benzinga * Why Cannabis Is An Afterthought In The Biden-Trump Election * Cannabis Short Sellers Earn Another 2M In Profits So Far In 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

09/22/2020 01:06 AM
COVID-19 vaccine verdicts loom as next big market risk

Optimism that vaccines are on the way to end the coronavirus pandemic has been a major factor in this year’s U.S. stock resurgence. A UBS analysis found that about 40% of the market's gains since May can be pegged to hopes for vaccines to protect against COVID-19, which has killed over 960,000 worldwide and rocked the global economy. Global efforts to develop a vaccine are coming to a head, with late-stage data on trials by companies such as Pfizer Inc and Moderna Inc possible as soon as October or November.

09/21/2020 03:14 PM
Nikola stocks fall as Trevor Milton resigns as Executive Chairman

Yahoo Finance's Emily McCormick joins Akiko Fujita to break down the latest on Nikola Motor Company, as Executive Chairman Trevor Milton resigns.

09/22/2020 03:05 AM
Namaste Technologies in Collaboration with High Tide Announces Entrance into the Direct-to-Consumer Recreational Cannabis Market at CannMart.com using its Proprietary VendorLink Marketplace

As of today, starting in the province of Saskatchewan, recreational customers can purchase cannabis products at CannMart.com without a prescription.

09/21/2020 10:07 PM
The Math Doesn’t Add Up on TikTok’s Deal With Oracle and Walmart

(Bloomberg) -- The TikTok sale saga reached an apparent conclusion over the weekend when President Donald Trump approved a deal. The agreement would allow Oracle Corp. and Walmart Inc. to buy a minority stake in a new joint entity, called TikTok Global. “I have given the deal my blessing,” Trump said.But the harmony was short-lived. Just one day after Trump promised “no Chinese involvement,” TikTok owner Beijing-based ByteDance Ltd. said it would retain 80% control over the new company.By contrast, Oracle said that ByteDance would eventually relinquish its shares. In a statement to the Wall Street Journal, Oracle Executive Vice President Ken Glueck said that once TikTok Global is created, “Americans will be the majority [shareholders] and ByteDance will have no ownership.” It’s rare for the parties involved in a major deal to disagree so radically on its contours, analysts say.A key reason for the discrepancy lies in differing views over the eventual distribution of TikTok’s shares. One statistic that’s been touted by both Oracle and Walmart is that American investors will control more than 50% of the new TikTok Global. At first, that sounds like it’s at odds with ByteDance’s insistence that the company will get a 80% stake.But U.S. citizens own a substantial chunk of ByteDance itself: American investors, including General Atlantic and Coatue control 40% of the Chinese internet giant, people familiar with the matter have said. That means they will in theory own 40% of ByteDance’s TikTok stake, too. Combined with Oracle and Walmart’s 20%, that brings U.S. investor control to more than half.Put another way, imagine TikTok Global issues 100 shares:Oracle and Walmart own 20 shares, combined.Bytedance owns 80 shares.Bytedance’s U.S. investors would own 40% of Bytedance’s 80 shares, or 32 shares.The result: U.S. investors would own 52 shares combined, or more than 50%.Even as Oracle and Walmart stress American ownership, though, ByteDance’s statements have shown that the company may not be inclined to relinquish control over TikTok Global to its American investors. If ByteDance does remain the largest shareholder, depending on how the deal is structured, the company could have voting rights conferring greater decision-making authority than is granted to TikTok’s minority shareholders.The exact math may not matter very much, given Trump’s demand that China have no involvement in the new TikTok. Wedbush Securities analyst Dan Ives believes the 50% U.S. ownership stake is important to the Trump Administration, but Ives also doesn’t think ByteDance will step out of the picture entirely. “ByteDance is still going to have a significant role in TikTok,” Ives said. “Any suggestion saying the opposite would be misguided.”Simply diluting ByteDance’s 80% stake in the company with U.S. investments might not be enough for Trump. “Something’s gotta give because you can’t have 80% and 0% at the same time,” said Mark Shmulik, an analyst at AB Bernstein.TikTok Global’s board is slated to have five seats, including at least four American members. Walmart says its chief executive officer, Doug McMillon, will take one board seat, and others will go to existing ByteDance investors, including Sequoia Capital and General Atlantic, Bloomberg reported. In Sequoia’s case, Global Managing Partner Doug Leone, who is in the Bay Area, will join the board, while Managing Partner Neil Shen, who founded Sequoia Capital China, will stay on ByteDance’s board.Elsewhere, many of the details are still undecided or are not yet publicly known. Trump on Monday said that the new TikTok Global would be “totally controlled by Oracle” after a planned public offering sometime next year. But the deal approved over the weekend calls for Oracle to buy up to 12.5% of the new TikTok entity, which appears to be far from total control. “If we find that [Oracle doesn’t] have total control then we’re not going to approve the deal,” Trump said Monday.It’s possible, though, that a creative corporate structure could give Oracle outsize power. Some tech companies like Facebook Inc. and Alphabet Inc. have special super-voting shares, meaning a minority investor could still control the company, assuming their shares carry extra votes. Facebook Chief Executive Mark Zuckerberg owned just 12.9% of all Facebook’s outstanding shares as of April 3, for example, but controlled nearly 58% of the vote thanks to super-voting shares. TikTok could theoretically do the same, issuing special voting shares to Oracle in order to ensure the company has control over TikTok.Despite months of fraught negotiations, the deal could still fall through -- and not just because of Trump. ByteDance founder Zhang Yiming has also been reluctant to give up control of his company, which some believe could be the world’s next great entertainment platform. And Chinese state-owned media on Monday suggested that Bejing wouldn’t approve a deal like the one floated over the weekend.Bernstein’s Shmulik says he’s never before seen a tech deal play out like this one. “I’m not even sure the companies fully understand what’s going on,” he said.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.

09/21/2020 07:22 PM
Top GameStop Investor Wants to Turn Retailer Into Amazon Rival

(Bloomberg) -- Ryan Cohen, the entrepreneur who built Chewy.com into a pet-supply giant and sold it for more than $3 billion, is now pitching GameStop Corp. on a lofty goal: becoming a true competitor to Amazon.com Inc., according to a person familiar with the matter.After acquiring a nearly 10% stake in GameStop -- making him the video-game retailer’s biggest individual investor -- Cohen disclosed on Monday that he is holding talks with management and several board members. Cohen’s firm, RC Ventures, has expressed willingness to get more involved with the company in order “to produce the best results for all shareholders,” according to a filing.Cohen’s vision, which isn’t yet public, is to broaden GameStop’s online selection and compete head-to-head with some of the biggest e-commerce companies, according to the person. Rather than just offering video games and a smattering of toys, clothing and accessories, GameStop’s website would sell a wide range of merchandise and ship it to customers more quickly -- a key strength of Amazon.Of course, challenging Amazon directly would be an uphill fight. Despite relentless competition from traditional retailers and startups, Amazon has only increased its share of the e-commerce industry, and that trend is expected to continue, according to EMarketer Inc.Amazon has a market valuation of almost $1.5 trillion, compared with $570 million for GameStop.But Cohen does have a track record. He co-founded Chewy and served as its chief executive officer, then sold it in 2017 to PetSmart Inc. Its product selection is one of the e-commerce site’s selling points: Chewy offers items ranging from dog pajamas to parrot popcorn to saddles for horses.The investor wants that same kind of variety at GameStop, according to the person, who asked not to be identified because the proposals are private. He also wants the company to improve its customer service and build the infrastructure needed to offer thousands of items and services,Part of Cohen’s plan would be to offer more online services, the person said. For instance, customers should be able to trade in old video games online -- rather than just in stores. And GameStop could offer more game-streaming subscriptions.The hope is to avoid the fate of Blockbuster Video, which was pushed into oblivion by Netflix Inc., and become an online destination for everything from tech toys to tennis rackets. The physical stores would be less of a focus, though profitable locations would remain open.It’s not clear if GameStop management will implement Cohen’s proposals. The retailer didn’t respond to requests for comment. RC Ventures declined to comment.Closing StoresThe company is already shuttering hundreds of its stores, but it remains a massive brick-and-mortar chain. As of last quarter, the Grapevine, Texas-based company had 5,122 locations in 10 countries. Sales in the last fiscal year fell 22% to $6.47 billion.The good news for GameStop, and investors like Cohen, is the company has a rare tailwind right now: a console upgrade cycle. New versions of Microsoft Corp.’s Xbox and Sony Corp.’s PlayStation are coming out this year, and that’s brought a stock rally in 2020 after six straight years of declines. GameStop shares have climbed 44% this year, and Cohen’s filings on Monday gave them an extra boost in late trading.The new Microsoft and Sony gaming consoles have disc drives, which means many consumers will still be buying physical media for them -- a boon for GameStop.But many challenges remain, including figuring out how many physical stores GameStop needs to have. And efforts to diversify its offerings have failed in the past. It acquired a chain of AT&T Inc. wireless stores in one such attempt, only to reverse course and sell the business a few years ago.The company is expected to post its third straight net loss this fiscal year and -- even with a holiday bump from video-game consoles -- overall revenue is predicted to be down 14%. Covid-19 has taken a toll on its physical stores, many of which closed temporarily during lockdowns.The task of overhauling GameStop falls to George Sherman, a retail veteran who was named CEO last year after attempts to sell the company failed. His most immediate task is cutting costs and shutting locations. He said on a conference call this month that GameStop expects to close 400 to 450 stores this fiscal year -- a process the company calls “de-densification.” A little bit under 40% of lost sales from closed stores tend to go either to neighboring locations or online, Sherman said.But GameStop can’t just shrink its way to prosperity, and so the online strategy is key -- something Sherman acknowledged on the call. The company is launching a new mobile app for gaming enthusiasts, and it expects e-commerce sales to top $1 billion in 2020.“We see this as critical to our future,” he said.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.

09/21/2020 10:53 AM
Wynn Resorts Could Test 1st Quarter Low

Plunging Las Vegas and Macao visitation could drop the stock into the 30s.

09/21/2020 07:30 AM
MindMed Submits Application For NASDAQ Up-Listing, Appoints Canaccord Genuity As Financial Advisor

NEW YORK, Sept. 21, 2020 /CNW/ -- Mind Medicine (MindMed) Inc.

09/22/2020 07:20 AM
Stock market news live updates: Stock futures struggle for direction as equities pause after losing streak

Stock futures were mixed Tuesday on the heels of another sharply negative day for US equities. The S&P 500 closed out Monday’s regular session lower for a fourth straight day, marking its longest losing streak since February.

09/21/2020 08:44 AM
Bank shares slide on report of rampant money laundering

JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon among them — have continued to profit from illicit dealings with disreputable people and criminal networks despite previous warnings from regulators. According to the International Consortium of Investigative Journalists, leaked government documents show that the banks continued moving illicit funds even after being warned of potential criminal prosecutions. The consortium reported that documents indicate that JPMorgan moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and the Ukraine.

09/21/2020 11:06 AM
Blackstone Group (BX) Has Fallen 4% in Last One Year, Underperforms Market

If you are looking for the best ideas for your portfolio you may want to consider some of RiverPark Advisors top stock picks. RiverPark Advisors, an investment management firm, is bullish on Blackstone Group Inc (NYSE:BX) stock. In its Q2 2019 investor letter – you can download a copy here – the firm discussed its […]

09/21/2020 10:39 AM
Why This UPS Analyst Is Bullish For The First Time In 5 Years

United Parcel Service, Inc. (NYSE: UPS) is likely to generate high-teens earnings growth in 2021 and 2022, according to Credit Suisse.The United Parcel Service Analyst: Allison Landry upgraded United Parcel Service from Neutral to Outperform and raised the price target from $147 to $192.The United Parcel Service Takeaways: UPS now has "a clear path for meaningful margin improvement" in its domestic business, given the significant increase in pricing power of carriers and structural cost reductions, Landry said in the Monday upgrade note.Capital expenditure is likely to "begin its descent from a multi-year high, with further and potentially significant opportunities to reduce capital intensity," the analyst said. UPS is "now being led by a change agent with a proven track record of executing on cost performance, efficiency gains, capital discipline, and improved returns," she said. Even modest improvement in revenue quality, cost and capital efficiency "is enough to warrant sufficient earnings and ROIC potential upside to justify an Outperform rating," according to Credit Suisse. UPS Price Action: Shares of United Parcel Service were down 0.92% at $158.19 at last check Monday. Photo by Jim.henderson via Wikimedia. Latest Ratings for UPS DateFirmActionFromTo Sep 2020Credit SuisseUpgradesNeutralOutperform Sep 2020BerenbergDowngradesHoldSell Aug 2020UBSMaintainsNeutral View More Analyst Ratings for UPS View the Latest Analyst RatingsSee more from Benzinga * BofA Raises FedEx Expectations, Sees Improving Airfreight Price Environment(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.