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Updated: 5 hours 11 min ago

Investors extend largest pullback from U.S. stock funds since 2016

Wed, 01/22/2020 - 12:35

The retreat from the U.S. stock market came despite a rally that has pushed the S&P 500 to record highs on the strength of corporate earnings and widespread expectations the Federal Reserve will not raise interest rates this year. The S&P 500 is up 3% for the year to date, more than double the performance of any comparable developed market in Europe or Asia, according to Refinitiv data. Investors continued to flood into taxable and municipal debt, sending nearly $17 billion into bond funds last week.


Does Alkaline Water (NASDAQ:WTER) Have A Healthy Balance Sheet?

Wed, 01/22/2020 - 12:21

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...


Buy AT&T for the Free Cash Flow and Possible Multiple Expansion

Wed, 01/22/2020 - 12:04

AT&T; outperformed the S&P; 500 in 2019 and offers a 5%+ dividend yield; shares of the company remain undervalued Continue reading...


Freeport Looks Poised to Turn Corner After Five-Year Bumpy Road

Wed, 01/22/2020 - 11:58

(Bloomberg) -- It’s been a rough haul for Freeport-McMoRan Inc., but the future may be looking up.In the past five years, the world’s largest publicly traded copper miner was forced to sell assets and shares to manage debt as it weathered fall-out from the collapse of the commodity super cycle. It emerged from multiyear talks over its Indonesian mine to secure long-term rights, and hung on as production at the flagship operation tumbled during the switch from open pit to underground mining.And in the past year, it has been buffeted by global trade winds and hit by crossfire from demonstrations against a competitor in Peru.When the Phoenix-based company releases fourth-quarter results on Thursday, the market will be more than ready for some good news.Morgan Stanley’s “bull case” for the stock predicts a 40% rally to $18 a share. While the ramp-up of underground mining at Grasberg, Freeport’s massive Indonesian copper-and-gold asset, remains challenging, the bank believes the miner “is well positioned to deliver on execution,” analyst Carlos De Alba said in a note this week.The trend to global electrification, fed by the need to provide lower-carbon power for transport and industry, is expected to increase demand for copper, potentially resulting in supply deficits. For those companies poised for production increases, the result will be long-term growth in free cash flow, even if other factors keep prices for the metal subdued, according to Jefferies LLC.Freeport expects to double cash flow, boost copper and gold production and cut costs 25% within two years, Chief Executive Officer Richard Adkerson said in an interview last month. The company also is boosting production with investment in its Lone Star project in Arizona.With copper futures at $2.77 a pound, Freeport -- as well as First Quantum Minerals Ltd. -- are likely to move from negative to double-digit yields over the next five years, Jefferies analyst Chris LaFemina said in note, with Freeport hitting 10% yields from 2022. Even in a bearish scenario in which copper falls to $2, cash flow should be positive for both miners, he said. The companies are Jefferies’ top mining picks.“Freeport could have a positive quarter, helped by sales deferred from Q3 and continued progress at Grasberg and Lone Star,” Sam Crittenden, an analyst with RBC Capital Markets, said in a note.\--With assistance from Aoyon Ashraf.To contact the reporter on this story: Danielle Bochove in Toronto at dbochove1@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Steven Frank, Joe RichterFor 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.


AUD/USD Price Forecast – Australian Dollar Rebounds

Wed, 01/22/2020 - 11:55

The Australian dollar fell to test the previous downtrend line but bounced significantly from there to show signs of resiliency. The hammer that is trying to form is a good sign, and quite frankly it looks as if the Aussie is trying to save itself.


JPMorgan: 3 High-Yield Dividend Stocks to Snap Up Now

Wed, 01/22/2020 - 11:52

Growth and dividends are the sure-fire ways to find profit in your investments. The hard part is finding stocks that combine the two. It’s not that they are necessarily incompatible – rather, it is just that the highest growth stocks tend to achieve their appreciation by plowing profits directly back into the company. Dividend payments dilute this, by paying some or all of the profits back to investors. Still, there are investment sectors where growth and dividends walk hand-in-hand.The natural place to look is in sectors with high cash flows and essential products. Energy comes to mind. Without energy, our modern digital economy will grind to a quick halt. Energy companies – whether they extract oil from the ground or generate electricity for commercial use – earn a profit buy fueling modern life. Investors can piggyback on that, drawing profits from the sector’s cash flow.Investment bank JPMorgan released a special report on the North American energy industry, emphasizing just these attributes – the rising production, the high cash flow, and the fundamental strength of the industry to survive a prolonged period of low prices. On US natural gas production, JPM “sees ~3% US onshore growth in 2020, driven largely by [Permian basin] production,” while noting that, for crude oil, “[Texas’] Midland remains the most economic shale play in the US as breakevens have drifted lower over the last year, largely due to increased oil pipeline capacity.”JPM’s final point, on increased pipeline capacity, brings us to the midstream sector, a vital component of the energy industry. Midstream companies move the oil and gas that extraction companies pull out of the ground; without the midstream segment, fuel would not reach the customers. JPMorgan sees room in midstream for investment activity, saying, “We believe yield-hungry investors will continue to gravitate towards quality midstreamers with strong business models and corporate governance.”In this article, we’ll look at three JPMorgan dividend stock recommendations from the energy sector. As you can see from the TipRanks Stock Comparison tool, all three offer excellent dividend yields, affordable cost of entry, and a genuine upside potential. Let's take a closer look.Plains All American Pipeline (PAA)Start with Plains All American, a pipeline company based in Houston, Texas. The company operates across much of North America, with oil pipelines across the US, natural gas storage facilities in Michigan and Louisiana, and liquid petroleum gas facilities in Canada. The company owns and operates over 17,000 miles of crude oil and gas pipelines, as well as rail, trucking, and river transport assets, along with 109 million barrels of storage capacity.In Q3 last year, the most recent quarterly report on record, PAA showed an adjusted EPS of 52 cents, beating the expectation by an impressive 33%. That number was also up 20% year-over-year. Revenues, at $7.89 billion, were in line with expectations, but down 10% year-over-year. The company’s Transportation, Facilities, and Supply and Logistics segments all showed yoy increases. Forward guidance predicts full year 2019 earnings at $2.35 – investors will have to wait until February 4 for the Q4 and full year numbers to find out.PAA does have an immediate treat for shareholders, however. The company pays out a dividend of 36 cents quarterly, or $1.44 annually per share. This translates to an impressive yield of 7.75%. Considering that the average dividend yield among S&P 500 listed companies is only 2%, this gives PAA shares a strong return on cash invested. The payout ratio, a comparison of the dividend with the earnings, stands at 69%, indicating that the dividend is easily sustainable at current rates.JPMorgan analyst Jeremy Tonet reviewed this stock and he's clearly bullish. In his comments, the 4-star analyst said, “We see PAA as well-positioned for pipe competition with lower leverage and S&L expectations, as well as JV strategic partner alignment. As such, we favor PAA's Permian torque & solid project backlog.”Tonet reiterated his Buy rating on PAA alongside a $25 price target, which indicates confidence in a 34% upside potential. (To watch Tonet’s track record, click here)PAA’s Strong Buy consensus rating is based on 14 reviews – including 11 Buys against just 3 Holds. The stock sells for an affordable price of $18.59, and the $22.79 average price target suggests an upside of 22%. (See Plains All American’s stock analysis at TipRanks)Targa Resources Corporation (TRGP)Targa is a midstream company, like PAA above. These are the companies that provide the infrastructure needed to get oil from the wellheads to markets. Targa operates mainly in the states Texas-New Mexico-Oklahoma-Louisiana, with over 28,000 miles of natural gas pipelines, moving over 3.9 trillion cubic feet of gas and 415,000 barrels of natural gas liquids.Late last year, Targa sold off its West Texas Permian oil gathering assets, in a move that allows the company to focus on pipeline operations. The move was intended to compensate for high overhead and somewhat disappointing Q3 earnings. TRGP missed badly on revenues, with the $1.9 billion reported coming in well below the $2.17 billion forecast. Worse, from an investor perspective, the company gave forward guidance on capex for 2020 of $1.3 billion, higher than expected.With all of that, however, TRGP maintained its hefty dividend. The yield, at over 9%, is 4.5x the average on the S&P, and the annual payment is $3.64. This comes out to 91 cents paid out per share quarterly. Targa has held that dividend steady since 2H15, providing investors with a reliable, high-yield income stream.JPMorgan's Jeremy Tonet, quoted above, also examined Targa in his energy industry report. Seeing the company as a Buy proposition, Tonet wrote, “Targa possesses top tier leverage to liquids rich production and downstream NGL logistics, with attractive exposure to the Permian. While TRGP's commodity price exposure represents a double-edged sword, we believe executing on the current portfolio of attractive NGL logistics projects will deliver the 'pig through the python' and drive de-leveraging and positive re-rating.”Tonet gave TRGP a $49 price target, implying an upside of 22%. (To watch Tonet’s track record, click here)Targa has received 10 recent analyst reviews, and the split reflects both the company’s strong position and worries over the Q3 revenues. The stock’s 4 Buys, 5 Holds, and 1 Sell rating combine to give a Moderate Buy consensus view. Shares are selling for $40.22, and the $42.44 average price target indicates a 5.5% upside potential. (See Targa’s stock analysis at TipRanks)Williams Companies (WMB)Tulsa-based Williams is a utility provider, dealing mainly in natural gas processing and transport. The company also owns assets in the petroleum industry and in electricity generation. Williams handles – through provision or transport – as much as 30% of the natural gas used daily in the US. Customers range from residential to commercial to power generation companies.WMB was showing mixed results in 2H19. For the third quarter, the company’s revenues missed the forecast by 4.3%, coming in at $2 billion. Worse, that performance was also 13% below the year-ago number. Earnings, however, rose, and the 26 cent EPS reported was 8.3% better than expected. And even better, for income-minded dividend investors, distributable cash flows rose 8% to $822 million.Williams uses its cash flow to fund a 6.6% dividend. That yield is impressive – it’s 3.3x the S&P average – even though the absolute number is low. The quarterly payment of 38 cents annualizes to $1.52 per share. The company has been slowly – but steadily – increasing the dividend since 2017.Once again, we have a review from Jeremy Tonet for this stock. Tonet says of WMB, “Williams owns one of the largest integrated natgas infrastructure positions in North America... We believe that WMB as a single security, IG-rated energy infrastructure c-corp with a strong yield will attract significant generalist investor interest.”Tonet’s Buy rating is backed by a $28 price target, suggesting a strong 22% upside potential. (To watch Tonet’s track record, click here)Overall, WMB shares have a Moderate Buy from the analyst consensus, based on 5 Buys and 3 Holds recently assigned. The stock sells for $23.01, and the $30.71 average price target indicates a premium potential of 33% from that selling price. (See Williams’ stock analysis at TipRanks)


How 737 Max Delays Are Impacting General Electric

Wed, 01/22/2020 - 11:47

Boeing Co (NYSE: BA) shares are down 4% this week on reports the company has been telling customers its 737 Max likely won’t be cleared to fly until June or July, months later than it had previously expected. Obin said 737 Max suppliers are missing out on revenues while the grounding drags on. The good news for Boeing suppliers is that most of them have diversified businesses, with exposure to defense or other industrial customers.


The stock market is on steroids and it could end up like the dot com bubble: top money manager

Wed, 01/22/2020 - 11:44

Skybridge Capital co-CIO Troy Gayeski weighs in on the markets from inside the World Economic Forum.


These 10 Rules Made Warren Buffett a Billionaire

Wed, 01/22/2020 - 11:36

Here are the basics on how Buffett achieved success — and you can, too.


When it comes to hiring, millennials are killing it

Wed, 01/22/2020 - 11:22

Hiring managers focus most on millennials, followed by Gen Z, with baby boomers trailing. They're most intent on retaining Gen X.


How to Have a ‘No Regrets’ Retirement

Wed, 01/22/2020 - 11:18

Most retirees regret not saving more. A 2018 study by Transamerica Center for Retirement Studies found 73% wish they’d put aside more money on a consistent basis, and half felt…


What They Don’t Tell You about Silver’s Declines

Wed, 01/22/2020 - 11:10

Even though the beginning of yesterday’s session was rather uneventful, its remaining hours proved much more informative and meaningful. In fact, based on how the developments unfolded, we decided to go long silver.


Is your Bed Bath & Beyond store closing? See the full list of the 40 stores shuttering in 2020

Wed, 01/22/2020 - 11:09

Forty Bed Bath & Beyond stores are closing or have already closed, company officials confirmed. Here are the locations that will shutter.


Tyson Foods CEO: 'We're well positioned' to meet demand

Wed, 01/22/2020 - 11:08

Yahoo Finance's Alexis Christoforous and Andy Serwer speak with Tyson Foods CEO Noel White live at the World Economic Forum in Davos, Switzerland.


Roku Slips, but Analyst Sees Gains Ahead Amid International Push

Wed, 01/22/2020 - 11:08

Investing.com – Roku struggled to turn positive Wednesday, but one analyst sees further gains ahead as the company shows signs of progress in expanding internationally.


With A Return On Equity Of 20%, Has Regeneron Pharmaceuticals, Inc.'s (NASDAQ:REGN) Management Done Well?

Wed, 01/22/2020 - 10:50

Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is...


How blockchain could transform the world of finance

Wed, 01/22/2020 - 10:45

North Island Chairman Glenn Hutchins speaks to Yahoo Finance Editor-in-Chief Andy Serwer and Alexis Christoforous from the World Economic Forum in Davos, Switzerland.


Here's Why Overstock.com (NASDAQ:OSTK) Must Use Its Cash Wisely

Wed, 01/22/2020 - 10:38

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...


3 Healthcare Stocks With Important Catalysts in Q1

Wed, 01/22/2020 - 10:33

Blink, and you might just miss it. We are referring to the colossal gains that can be achieved by a select group of stocks in almost no time at all, namely those inhabiting the healthcare sector. But how is it that these types of investments can reach such heights overnight? The answer, as it turns out, is related to the nature of the industry itself.Unlike other names, these companies count on only a few vital indicators like the release of data or FDA rulings. As a result, a single update can act as a catalyst, with the power to rapidly catapult shares in either direction. This volatility and the risk that come with it can be enough to ward off some investors. For others, these stocks represent some of the most captivating growth plays the Street has to offer.Based on this, seasoned Street veterans argue that the right time to snap up shares of a healthcare name might just be ahead of key catalysts. However, once a potential portfolio addition has been identified, it isn’t always easy to determine if it’s the most compelling investment. That’s where TipRanks comes in.Taking advantage of TipRanks' Stock Screener tool, we were able to find out what Wall Street analysts are saying about 3 healthcare stocks as they approach important catalysts in the first quarter. Not only is the analyst community bullish, with each earning a Strong Buy consensus rating, but the stocks also boast substantial upside potential from current levels. Let’s jump right in.Karyopharm Therapeutics (KPTI)Karyopharm Therapeutics’ primary goal is to develop treatments that will help patients in their battles against cancer. Thanks to its innovative oral Selective Inhibitor of Nuclear Export (SINE) technology, its products could potentially inhibit Exportin 1 (XPO1), a protein that decreases the body’s ability to defend against tumors.With Phase 3 BOSTON study data for its Selinexor (Xpovio) drug scheduled for release this quarter, Wall Street’s focus has shifted towards KPTI. The therapy, which has already been approved for relapsed or refractory multiple myeloma (RRMM) treatment in patients that have received at least four previous therapies, is being evaluated for use in earlier lines of treatment. Specifically, the BOSTON study will provide data on its ability to treat patients with multiple myeloma who have already received one to three lines of therapy.J.P. Morgan analyst Eric Joseph tells clients that he expects a favorable outcome based on its SVd performance in the Phase 1b/2 STOMP study and the control Vd regimen’s previous performance. On top of this, the four-star analyst noted that the FDA’s statements about Xpovio’s accelerated approval in July as well as physician experience with SVd support this conclusion. While he did acknowledge that the readout window does create some risk, he wrote in a note to clients that “current levels still reflect overly cautious risk assumptions for BOSTON against a base case peak sales opportunity.”In line with this bullish thesis, Joseph maintained an Overweight rating in addition to increasing the price target by $4. At the new $27 price target, shares could surge 54% in the next twelve months. (To watch Joseph’s track record, click here)In general, the rest of the Street is on the same page. 5 Buys and a single Hold add up to a Strong Buy analyst consensus. Additionally, the $25.60 average price target puts the upside potential at 46%. (See Karyopharm stock analysis on TipRanks)Kala Pharmaceuticals (KALA)Switching gears now, Kala Therapeutics is focused on treatments for eye diseases. Due to its proprietary mucus-penetrating particle (MPP) technology, the analyst community has been keeping tabs on this biopharma.After the company received a complete response letter (CRL) for the KPI-121 0.25% (EYSUVIS) NDA, its Dry Eye Disease therapy, the upcoming Phase 3 STRIDE 3 trial top-line data readout has attracted significant attention as this data will be used in its CRL response. Management stated that they have decreased the patient variability in STRIDE 3 that led to missing statistical significance for ocular pain in the STRIDE 2 Phase 3 trial. With the readout expected sometime from late February to the end of March, an NDA could be resubmitted in the first half of 2020, should the results be positive.For Wedbush’s Liana Moussatos, the large market opportunity is enough to get her on board. “We estimate that in 2027 gross annual sales for KPI-121 0.25% could reach about $1.89 billion for Dry Eye Disease. We project full year profitability in 2021 with about $173 million in revenues in 2021 (~$87 million for Dry Eye and ~$86 million for Post-Surgical Inflammation and Pain),” she commented. As KALA represents a “buying opportunity”, she reiterated her Outperform call. Most noteworthy, however, is her $51 price target, which is the highest on the Street and suggests 694% upside potential. (To watch Moussatos’ track record, click here)While not nearly as aggressive as Moussatos, Oppenheimer analyst Esther Rajavelu is still very much in favor of KALA. “We maintain our Outperform rating as we believe Eysuvis (if approved) may address significant unmet needs in the nascent dry eye disease market, which we estimate could be a $3B US market opportunity. We remain positively skewed on STRIDE-3 readout anticipated in 1Q20, as the changes in trial inclusion/exclusion criteria could meaningfully increase the probability of success,” she explained. Based on this assumption and the lower operating expenses, the analyst increased the price target from $9 to $12 along with her bullish call. (To watch Rajavelu’s track record, click here)Looking at the consensus breakdown, the rest of the Street also has high hopes. A Strong Buy consensus rating breaks down into 3 Buys and 1 Hold assigned in the last three months. Not to mention the $19.75 average price target implies 208% upside potential. (See Kala stock analysis on TipRanks)Kadmon Holdings (KDMN)With a proven track record of successful drug development, Kadmon Holdings wants to offer cutting-edge medicines for immune and fibrotic diseases as well as immuno-oncology therapies. As it prepares for a Pivotal trial data readout for its late-stage candidate, KD025, in chronic graft-versus-host disease (cGVHD), some think that 2020 could be a big year for KDMN.Analysts are even more excited about the company’s prospects after it was announced that INCY’s candidate itacitinib failed to meet its Phase 3 endpoint for treatment-naive acute GVHD. Cantor Fitzgerald’s Eliana Merle argues that the itacitinib setback indicates significant commercial upside for Kadmon’s candidate and supports its safety profile.“We think KD025's differentiation on safety/tolerability could be a key driver of longer duration of use (and ultimate market opportunity),” the analyst stated. On top of this, she believes that the design of KD025’s trial lends itself to a favorable outcome. Itacitnib was evaluated in the acute steroid-naive setting, which makes it more difficult to achieve a successful result, while KD025 was studied in the steroid-refractory chronic environment.Merle added, “We continue to see the cGHVD market opportunity as underappreciated for KDMN's KD025. We model $500 million in U.S. peak sales and we see INCY's update as supportive of this opportunity.”It makes sense, then, that the analyst stayed with the bulls, leaving the Overweight rating and $10 price target unchanged. Should the target be met, a 118% twelve-month gain could be in the cards. (To watch Merle’s track record, click here)What do other Wall Street pros think? As 100% of the analysts that have published a review in the last three months were bullish, the word on the Street is that KDMN is a Strong Buy. With a $13.25 average price target, the upside potential comes in at 189%. (See Kadmon stock analysis on TipRanks)


Should You Worry About MannKind Corporation's (NASDAQ:MNKD) CEO Pay?

Wed, 01/22/2020 - 10:22

In 2017 Michael Castagna was appointed CEO of MannKind Corporation (NASDAQ:MNKD). This analysis aims first to contrast...


 
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