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Apple, Broadcom Strike $15 Billion Worth of Chip-Supply Deals

Thu, 01/23/2020 - 18:03

(Bloomberg) -- Broadcom Inc. disclosed new agreements to provide components for Apple Inc. devices released through the middle of 2023.The San Jose, California-based chipmaker said it entered into two multiyear pacts “for the supply of a range of specified high-performance wireless components and modules to Apple for use in its products.” That’s in addition to another similar agreement that Broadcom reached with Apple in 2019. The three deals could generate about $15 billion in future revenue, Broadcom added.Broadcom shares rose more than 2% in late trading, while rival Skyworks Solutions Inc. dropped as much as 7.7%. Broadcom is a major Apple supplier, providing radio-frequency chips that let iPhones, iPads and Apple Watches connect to cellular data networks. Broadcom has also supplied other components to Apple, including chips for connecting devices to Wi-Fi networks.Broadcom put its radio frequency chip unit up for sale last year. Thursday’s disclosure lets potential acquirers know that they’re buying into a substantial business relationship with Cupertino, California-based Apple.Apple typically reaches long-term deals with major suppliers, but the company is also developing its own components.To contact the reporter on this story: Mark Gurman in Los Angeles at mgurman1@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Alistair Barr, Andrew PollackFor 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.


How to spot the signs of a financial scam

Thu, 01/23/2020 - 17:37

Ben Carlson, author of 'Don't Fall For It: A Short History of Financial Scams,' joins The Final Round to discuss some of history's biggest frauds – and the biggest current scam that people are ignoring.


Jennifer Aniston, Brad Pitt notch nearly $20M in impressions from viral SAG moment, data shows

Thu, 01/23/2020 - 17:20

Jennifer Aniston and Brad Pitt went viral after a backstage moment between the exes was captured at the 2020 SAG Awards.


Stock market news live: Stocks erase losses, S&P, Nasdaq close in the green

Thu, 01/23/2020 - 17:10

Headlines moving the stock market in real time.


Intel sees 2020 revenue above estimates as chip demand recovers

Thu, 01/23/2020 - 17:07

The company's sales in its closely watched data center business jumped 19%, helping it beat fourth-quarter profit and revenue estimates and sending its shares up 7% in extended trading. Chief Financial Officer George Davis said in an interview that sales to cloud computing providers were up 48% year-over-year in the fourth quarter, a trend that also drove the company's forecasts. Davis did not name specific customers, but so-called "hyperscale" cloud providers such as Amazon Web Services and Microsoft Corp in the United States and Alibaba Group Holding and Baidu Inc all purchase Intel chips for data centers whose capacity they rent out to large businesses.


Kind bar founder on fake meat craze: Why change things to ‘frankenfood’?

Thu, 01/23/2020 - 16:57

Consumers should be focusing on increasing plant intake, but the current alternative protein craze is not necessarily the answer, according to KIND Snacks founder Daniel Lubetzky.


Why this analyst says Boeing and GE are a buy

Thu, 01/23/2020 - 16:50

Kramer Capital Research CIO Hillary Cramer joins The Final Round to break down why investors should buy Boeing and GE shares when they fall.


3 “Strong Buy” Energy Stocks to Catch on Oil Demand Growth

Thu, 01/23/2020 - 16:48

Oil may be a necessity in today’s economy, but that doesn’t mean oil prices always go up. In recent years, supply has outpaced demand, putting downward pressure on prices. The fracking revolution in the US oil industry, which opened up previously non-viable or unavailable reserves in shale formations, has turned the US into the world’s largest oil producer and, for now, a net exporter of crude oil products.The effect on prices has been long-term macro-level volatility. Prices troughed four years ago, in January 2016, climbed steadily to peak in September 2018, and have been unable to regain highs since, in the face of increasing US production and slack global demand. Prices gained 35% last year, bur remain well below their 2018 high.OPEC, the world’s largest cartel of major oil producers, has announced several production cuts since December 2018 – the most recent just a month ago – in efforts to support prices and balance supply and demand. At the same time, the cartel sees demand expanding in 2020 and into 2021. OPEC Secretary General Mohammed Barkindo said recently, “what we see from our side is an upside potential of growth from the demand side of the equation, which will affect the total balance for the rest of the year…”For oil producers, increased demand may be the only way out of low-price regime. Middle East tensions in recent months – the Iranian attack on Saudi oil facilities, and the US-Iran spat in December – spiked prices, but the spikes faded quickly. Oil producers are hoping that Barkindo turns out to be correct, and that demand intensifies, as that will likely be the surest way out of the current low-price regime.For some small- to mid-sized oil companies, renewed demand may catch them well-prepared for an increased operational tempo and higher product deliveries. Which, in turn, will translate to improved profits and share prices for investors.We’ve used TipRanks’ Stock Screener tool to find three "strong buy" energy stocks that are primed for gains, as recent months have pushed their share price down. Let's take a closer look.Noble Energy (NBL)Houston-based Noble energy is mid-cap hydrocarbon exploration and development company with a global footprint. A slim majority of the company’s operations are in Texas – Noble is a major player in the Permian Basin and Eagle Ford formations – but the company is heavily invested in offshore operations in Equatorial Guinea and in the first natural gas production by both Cyprus and Israel. The Israeli gas fields holds 43% of Noble’s proven reserves.Noble’s operations in the Mediterranean went online in late 2019, and the capex on expansion combined with low prices to depress earnings. The company’s revenue came in at $1.12 billion for Q3, but that was down from $1.27 billion the prior year. Unadjusted earnings saw a sharper loss, from Q3 2018’s 47 cents to the recent 4 cents. However, the adjusted EPS, a net loss of 10 cents, was better than the 11-cent loss expected.Writing on the stock from Stifel Nicolaus, analyst Michael Scialla said, “Our analysis suggests the company's DJ and Southern Delaware Basin wells are significantly outperforming nearby peers. Despite an impending Eagle Ford production decline, the NBL's U.S. assets are poised to generate 2020 oil growth and FCF.”Scialla raised his price target on NBL to $37 (from $34), supporting his Buy rating on the stock. His price target implies room for a robust 65% upside. (To watch Scialla’s track record, click here)Another bullish view of Noble’s strength comes from its TipRanks Smart Score. This score, derived from eight separate data sets, comes in at a perfect 10, showing that the stock is likely to outperform the broader markets in the coming year. All in all, NBL’s recent analyst reviews include 7 Buys and just 2 Holds, giving the stock a Strong Buy from the consensus view. Shares are priced at an affordable $22.36, and the $28.44 average price target suggests an upside potential of 27%. (See Noble stock analysis at TipRanks)Goodrich Petroleum Corporation (GDP)Next up for our inspection is a micro-cap oil and gas company, with oil operations in Texas’ Eagle Ford formation and gas ops in Louisiana’s Haynesville Shale. Falling prices for both oil and gas have hurt the company, depressing share prices more than increasing production could compensate. GDP shares lost 32% in 2019.That loss, however, has made the company’s stock a bargain buy should improved demand push prices back up. In Q3 2019, the most recent reported, Goodrich’s natural gas output increased by 61% year-over-year, reaching 136 million cubic feet per day. High production kept earnings in the black, and while the 14-cent EPS missed the forecast, it was up 16% yoy.So, Goodrich’s situation now is simple: the stock is selling low, yet the company’s oil and gas production is increasing, and earnings are solid. It’s a firm base for future investment, and Wall Street is casting an interested eye at the company.Welles Fitzpatrick, of SunTrust Robinson, is among the analysts who believes Goodrich’s current position makes the stock a buying proposition. Fitzpatrick noted that the company’s forward guidance is “extremely conservative,” offering projections “substantially below” consensus. He was impressed, however, with the “[Goodrich’s] clean balance sheet and acreage in the core of the Haynesville.”Fitzpatrick backed his Buy rating with a $12 price target, suggesting room for 34% upside growth. (To watch Fitzpatrick’s track record, click here)GDP’s three most recent analyst reviews are all Buys, giving the stock a unanimous consensus rating of Strong Buy. Shares are priced modestly, at $8.71, and the $14.33 average price target indicates an impressive upside of 86%. (See Goodrich’s price targets and analyst ratings on TipRanks)WPX Energy, Inc. (WPX)Last on our list is WPX, a mid-cap company with a $5.3 billion market cap and operations in North Dakota and Texas. The company’s assets lie in the Williston Basin and the Permian Basin – two of North America’s richest oil-bearing formations. WPX’s proven reserves contain more than 480 million barrels of oil equivalent, of which a majority are in Texas. The company has over 700 operating wells on its land holdings.WPX holds a strong position in production, backed by large reserves. In 2018, the company showed $2.3 billion in revenues and brought in $150 million in net profits. WPX’s most recent reported quarter was Q3 2019, and showed EPS at 9 cents, below the 11-cent forecast but above the 7 cents reported the year before. Revenues beat the forecast, by 25%, coming in at $795 million, and beat the year-ago number by 64%.In mid-December, WPX shares spiked after the company announced its purchase of the privately held oil company – and Permian Basin competitor – Felix Energy. The deal was valued at $2.5 billion, adds land holdings from the Delaware Basin to WPX’s already-valuable portfolio. The Delaware is a rich shale-oil formation; this purchase adds the acreage, and reduces WPX’s competition.Evercore ISI analyst Stephen Richardson writes of WPX, “The market has rewarded WPX for a well-timed, structured, and priced acquisition of Felix… We have been of the view that legacy WPX was setting up to beat and raise in the Permian in 2020, and we think this… accounts for some of the additional oil growth now reflected in combined-co guidance… Felix is ratably almost doubling production on an exit to exit basis which unsurprisingly raised some eyebrows.”Richardson is bullish on this stock, and his Buy rating is backed up by a $16 price target – implying room for 28% growth to the upside. (To watch Richardson’s track record, click here)With 14 Buy ratings, WPX shares hold a Strong Buy rating from the analyst consensus. Shares are not expensive, priced at just $12.51, and the average price target of $17.07 suggests a strong upside potential of 37%. (See WPX’s stock analysis at TipRanks)


This is the world's first robot employment agency

Thu, 01/23/2020 - 16:16

MusashiAI is rolling out AI-controlled robots that companies can hire by the hour.  It's a joint venture between Israeli robotics company SixAI and Japanese Honda motor affiliate Musashi Seimitsu. Ran Poliakine, Founder & Chairman of SixAI, discusses launching the world's first robot employment agency with Seana Smith on The Ticker.


Natural Gas Price Prediction – Prices Rise Following Inline Draw in Inventories

Thu, 01/23/2020 - 16:15

Prices are forming a bear flag pattern


Netflix Bounce Sparks Bullish Options Trading

Thu, 01/23/2020 - 16:13

A price-target hike has sparked upside in NFLX shares today


Ex-Wells Fargo Bosses Face Record Fines as Stumpf Gets Ban

Thu, 01/23/2020 - 15:55

(Bloomberg) -- Eight ex-Wells Fargo & Co. executives are facing a record $59 million in fines and the bank’s former chief executive officer received a ban from the industry as regulators took unprecedented steps in holding individuals to account for corporate scandals.Former CEO John Stumpf agreed to a $17.5 million penalty and an industry ban that no major bank chief has faced, even in the aftermath of the financial crisis. Carrie Tolstedt, who led Wells Fargo’s community bank for a decade, faces a $25 million penalty that the Office of the Comptroller of the Currency said could climb higher.The OCC laid out the penalties in more than 100 pages of documents Thursday that detailed “massive illegal activity and catastrophic reputational damage” from the bank’s retail banking scandals.Wells Fargo tapped into public ire in 2016 with the revelation that bank employees opened millions of potentially fake accounts to meet sales goals, garnering criticism across the political spectrum, from Democratic Senator Elizabeth Warren to Republican President Donald Trump. The phony accounts were just the first in a slew of retail-banking issues that subsequently came to light, prompting regulatory fallout that’s in many cases unheard of for a major bank, including a growth cap from the Federal Reserve.This is the first public step the OCC has taken against former executives related to Wells Fargo’s problems. Regulators received criticism from some corners over the fact that few individuals and no top executives were held accountable for crisis-era missteps like faulty mortgage-bond sales and unwarranted home foreclosures that cost the banks billions in fines and penalties.Five FightingStumpf was one of three to agree to consent orders and pay penalties, along with former chief administrative officer Hope Hardison and onetime risk chief Michael Loughlin.Tolstedt and four other former executives -- general counsel Jim Strother, chief auditor David Julian, audit director Paul McLinko and community banking risk officer Claudia Russ Anderson -- will face a public hearing before an administrative law judge. The regulator said it could decide to increase the civil penalties based on the evidence presented.During the OCC’s investigation, Stumpf and others admitted that the bank had systemic sales practice misconduct dating from the early 2000s. Tolstedt and Russ Anderson “asserted their Fifth Amendment right against self-incrimination and refused to answer all substantive questions about sales practice misconduct,” the regulator wrote in a notice of charges.“We are reviewing today’s filings and will determine what, if any, further action by the company is appropriate with respect to any of the named individuals,” Charlie Scharf, who took over as Wells Fargo’s CEO in October, wrote to employees on Thursday, noting the bank won’t make any remaining compensation payments to the individuals during the review. “This was inexcusable. Our customers and you all deserved more from the leadership of this company.”Attorneys for the former executives responded to the OCC’s claims:“Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing,” said Enu Mainigi, her lawyer at Williams & Connolly. “A full and fair examination of the facts will vindicate Carrie.”“At all times, Mr. Strother acted with the utmost integrity and transparency, including with the bank’s board, senior management, and its regulators,” Walt Brown, Strother’s attorney at Orrick Herrington & Sutcliffe, said in an emailed statement. “The OCC’s charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.”“The OCC’s charges have no factual nor legal support and instead are based on hindsight and second-guessing that ignore what Mr. McLinko actually knew and did,” said Timothy Crudo at Coblentz Patch Duffy & Bass. “We look forward to a trial based on all of the facts, and we are confident that Mr. McLinko will be vindicated.”Stumpf was CEO of Wells Fargo from 2007 until he retired in October 2016 amid the crisis. A report the next year conducted by law firm Shearman & Sterling on behalf of Wells Fargo’s board alleged that he reacted too slowly to warnings of sales abuses across the bank’s branch network. He forfeited $41 million in equity awards when he stepped down, and the board clawed back an additional $28 million following the Shearman & Sterling report.Stumpf “failed to respond to numerous warning signs, including many team member complaints submitted directly to his office regarding pervasive sales pressure, fear of termination for not meeting unreasonable sales goals, and illegal and unethical sales activity across the Community Bank,” according to the OCC order he signed this week.Regulatory actions against Wells Fargo have also included billions of dollars in fines and legal costs, and an order giving the OCC the right to remove some of the bank’s leaders. The Department of Justice and the Securities and Exchange Commission also have been investigating the lender’s issues.The OCC and the Fed have both cited a wide-ranging pattern of abuses and lapses at Wells Fargo. The OCC drew scrutiny of its own as the firm’s main regulator throughout the scandals, prompting an internal review at the agency.(Adds CEO statement in ninth paragraph.)\--With assistance from Jesse Hamilton, David Scheer, Daniel Taub and Gregory Mott.To contact the reporter on this story: Hannah Levitt in New York at hlevitt@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, ;Jesse Westbrook at jwestbrook1@bloomberg.net, Dan ReichlFor 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.


What To Know About China's Protective Face Mask Market

Thu, 01/23/2020 - 15:24

Hazard masks are already a hot commodity in China, but the novel coronavirus has heightened demand . Chinese mask manufacturers continue to blaze through orders, turning 20 million masks per day at max ...


A Short Squeeze Isn’t the Fuel Boosting Tesla, Experts Say

Thu, 01/23/2020 - 14:58

(Bloomberg) -- Investors betting against Tesla Inc. are not backing down despite the impressive run in shares that has boosted the stock price more than 36% just this year.The stock’s rally has led many to speculate about a possible short squeeze, where the share price is driven up as short sellers rush to close their positions. But experts say there is no conclusive data that point to that.“Unfortunately there isn’t very much to go on in terms of tangible data,” IHS Markit’s Samuel Pierson said, discussing a potential rush in Tesla short covering.“I would think the impact of short covering is likely to be far less than long buying overall, just based on traded volume year to date,” Pierson said. However he added that it was possible short covering played a role in the recent rally.About 19.8% of Tesla’s free float is held short, according to data from S3 Partners. While the number has come down significantly from 36.4% in early June, it has not changed much since early December.Shares of the electric vehicle maker have risen 121% over the past three months, helped by a surprise third-quarter profit, strong deliveries for the fourth quarter and the opening of a new plant in Shanghai, China. The company is poised to report fourth-quarter results next week.S3 Partners’ Ihor Dusaniwsky said the latest rally was not “squeeze based,” noting that shares shorted have actually increased by 171,000 shares over the last week, or about 0.65%.“This is probably longer term shorts re-adjusting their positions and some new shorts jumping into the deep end of this rally hoping for a short term pull back if the Tesla bulls take a breather,” Dusaniwsky said.To contact the reporter on this story: Esha Dey in New York at edey@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Steven Fromm, Will DaleyFor 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.


FICO scores, the 'most important numbers in your financial life,' are about to change

Thu, 01/23/2020 - 14:28

Consumers who miss credit payments or amass more debt will see falling credit scores under new FICO standards. On-time payers will get a boost.


Mortgage Rates Slide Again and Head Toward All-Time Lows

Thu, 01/23/2020 - 14:24

Mortgage rates are lower this week and are closing in on record territory.


Bank regulator charges ex-Wells Fargo executives for role in sales scandal

Thu, 01/23/2020 - 14:03

Wells Fargo & Co's regulator on Thursday announced it had brought civil charges against eight former executives, including former Chief Executive Officer John Stumpf, marking the first federal action against individuals for their role in the bank's three-year sales practices scandal. The unprecedented enforcement action by the Office of the Comptroller of the Currency (OCC), which has been under pressure from lawmakers to take a tough line on the bank, is one of a long list of investigations into the San Francisco-based lender. One person with knowledge of the OCC probe said it was far-reaching and that more individuals could potentially be charged in future.


13 Coronavirus-Related Stocks To Watch Amid Wuhan Outbreak

Thu, 01/23/2020 - 14:02

Airlines, hotels, casinos and stocks linked to Wuhan, China, continue to fall as fear of the coronavirus deters international travel and all but halts activity in the virus epicenter. Alpha Pro Tech, Ltd. (NYSE: APT) manufactures masks and protective apparel — goods already in high demand in China. Lakeland Industries, Inc. (NASDAQ: LAKE) also produces protective clothes for high-risk workers, such as the medical professionals and public health officials exposing themselves to patients.


BofA Raises Apple's Price Target, Expects 'Another Leg Up' Following Q1 Earnings

Thu, 01/23/2020 - 14:01

Apple Inc. (NASDAQ: AAPL ) is expected to report strong fiscal first-quarter results when it reports Jan. 28, but further upside from then on is uncertain, according to BofA Securities. The Analyst Wamsi ...


Dambisa Moyo: Defunding oil companies is a 'naive' way to address climate change

Thu, 01/23/2020 - 13:58

Zambian economist Dambisa Moyo says it is "naive" to advocate for fossil fuel divestment, days after 17-year-old activist Greta Thunberg called on the world's elite to do so.


 
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