Meet Katrina Pasteur, a 2021 40 Under 40 honoree

Katrina Pasteur is the health care market sector leader with the Beck Group and a 2021 40 Under 40 honoree......»»

Category: topSource: bizjournalsOct 14th, 2021

Champions of Business honoree Summit Homes shares what sets company apart

The Kansas City Business Journal inducted five companies into the Champions of Business program's Hall of Champions in 2021: Dimensional Innovations, Netsmart, Summit Homes, TVH Parts Co. and Woodley Building Maintenance. Leaders from each company being inducted sat down for a video interview, which was aired during the celebration dinner at the Loews Kansas City Hotel on Sept. 16. Here, you have the opportunity to meet Zalman Kohen, President and COO of Summit Homes, who discusses how his….....»»

Category: topSource: bizjournalsSep 23rd, 2021

US Coal Stockpiles Slump To Two Decade Low As Power Plant Demand Surges 

US Coal Stockpiles Slump To Two Decade Low As Power Plant Demand Surges  One of the biggest ironies this year is the transition from fossil fuel generation to green energy has created a global energy crisis that is forcing the U.S., among many other countries, to restart coal-fired power plants ahead of the Northern Hemisphere winter. Coal is roaring back this fall but supplies are not catching up with demand.  According to Bloomberg, US coal supplies dropped to 84.3 million tons in August, the lowest level since 1997.  As of August, about a quarter of all US power generation was derived from coal. As winter approaches, coal-fired power plants will become a more significant percentage of all U.S. power generation.  Power plants are expected to burn 19% more coal this year because soaring natural gas prices have made it uneconomical to produce power. In return, this is forcing generators to burn through coal reserves much quicker and has caught coal producers off guard who cannot bring new coal to the market.  "The ability for the producers to respond is not what the utilities thought it was," Paul Lang, CEO at Arch Resources Inc., said during a conference call Tuesday. "It just doesn't exist anymore." Weeks ago, Ernie Thrasher, CEO of Xcoal Energy & Resources, the largest U.S. exporter of fuel, said demand for coal will remain robust well into 2022. He warned about domestic supply constraints and power companies already "discussing possible grid blackouts this winter."  He said, "They don't see where the fuel is coming from to meet demand," adding that 23% of utilities are switching away from gas to burn more coal. There are not enough coal miners to rapidly increase mining output.  Joe Craft, CEO for Oklahoma-based miner Alliance Resource Partners L.P., warned Monday, "coal stocks for customers are at critically low levels."  Inventory declines came on very quickly as the global energy crisis emerged this year. Stockpile trends were well in line for the first half of the year, but stockpiles began to drop as soon as July rolled around.  S&P Global Market Intelligence data shows Central Appalachia coal prices have surged 39% since the start of the year to $75.50 a ton due to supply constraints.  Matt Preston, director of North American coal markets research for Wood Mackenzie Ltd., said total U.S. inventories could slump by 50 million tons by the end of the year: "Stockpiles are coming down very rapidly," Preston said. "If we have a cold winter, and there has been lots of talk that there could be a cold winter, we could see some issues." With natgas, coal, and oil prices all soaring is a clear signal the green energy transition will take decades, not years. Walking back fossil fuels for unreliable clean energy has been a disaster in Asia and Europe. It could soon cause trouble in the U.S. These power-hungry continents are scrambling to source fossil fuel supplies as stockpiles are well below seasonal trends ahead of cooler weather.  Suppose La Niña conditions produce cooler weather trends in certain parts of the world. In that case, especially, Asia, Europe, and the U.S., coal demand could continue to increase, which would benefit Peabody Energy Corporation's share price.  So far, Peabody's earnings have tripled as coal roars back under a Biden administration.  Tyler Durden Wed, 10/27/2021 - 18:30.....»»

Category: blogSource: zerohedge3 hr. 51 min. ago

3 Ways ESG Regulation May Aid the Financial Industry

Environment, Social, Governance. These words have become rather ubiquitous in recent years, with just about every firm or financial institution touting their ESG practices. The United States ESG investment market alone grew 42% from 2018 to 2020, contributing $17.1 trillion of the $35.3 trillion total across five major investment markets. Q3 2021 hedge fund letters, […] Environment, Social, Governance. These words have become rather ubiquitous in recent years, with just about every firm or financial institution touting their ESG practices. The United States ESG investment market alone grew 42% from 2018 to 2020, contributing $17.1 trillion of the $35.3 trillion total across five major investment markets. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Unfortunately, these claims of sustainability or social consciousness can be shallow at best, deliberately misleading at worst, and governing bodies are starting to intervene. In the EU, for example, the Sustainable Finance Disclosure Regulation (SFDR) went into effect in March, 2021, requiring more detailed data reporting to add clarity for inventors when assessing the sustainability of investments. The U.S. is also considering similar regulations and penalties for false or inaccurate claims. While many firms may initially look at such policies as an administrative burden, increased ESG regulation could have numerous benefits for firms, investors, and the communities they serve. We’ll take a look at the existing and forecasted regulations on ESG investing and how such policies can benefit the industry moving forward. What Is ESG Finance? Before we dive into the regulations and their impacts, a note on terminology. ESG may have become somewhat of a buzzword, but what does it actually mean? Or rather, what is it supposed to mean? ESG as a concept has been around since at least the 1960s, though the name was coined in the early 2000s as an umbrella term for socially responsible investing practices. The E, S, and G refer to the following: Environment: This area is concerned with resource usage, pollution, and climate change. For example, how do companies perform on things like greenhouse gas emissions and waste reduction across the supply chain. Social: This refers to how companies interact with and impact the communities in which they operate. It includes everything from the health and safety of their employees and their suppliers’ employees to involvement in conflict regions. Governance: By this, we mean corporate governance - how are companies investing in diversity, ethics, etc. through their internal decision making. For example, equal pay, diversity of board members, and auditing for corruption would all be necessary for strong corporate governance. Where Do ESG Regulations Currently Stand? The European Union has taken a number of concrete steps to regulate sustainable investing. The aforementioned SFDR imposes mandatory disclosure obligations for asset managers and investment firms. It introduces the term Principal Adverse Impacts (PAIs) as a unit of sorts, defined as the negative impacts on sustainability that an investment decision could have. In other words, if a firm advises a client to invest in a certain stock, how harmful could that decision be in terms of the environment, society, employees, human rights, corruption, etc. With that in mind, the regulation mandates data disclosures including: How an entity integrates sustainability risks into their investment decision‐making or advising A statement of their policies on PAIs Proof that remuneration policies are made with sustainability risks in mind Evidence of pre-contractual disclosures on sustainability risk integration The EU is also implementing the Sustainable Finance Action Plan, aiming to redirect capital towards sustainable companies and green bonds and away from sectors involved with fossil fuels and other unsustainable practices. Finally, there is the EU Taxonomy Regulation which went into force in July, 2020, providing a classification system of conditions companies must meet to be considered environmentally sustainable. From January, 2022 onward, companies will be required to report how their financial products align with the Taxonomy. The US Securities and Exchange Commission has committed to developing similar regulations in the future, though what exactly those will contain has not been formalized. All in all, these types of regulations formalize requirements for ESG finance much like GDPR’s impact on data collection and PCI-DSS’s impact on the payment card industry. Any future regulations will only add more nuance to these broad regulations, further holding firms accountable for proving sustainable practices. How ESG Regulations Can Help SFDR and similar policies are not the first example of increasing government oversight of industry giants in recent years, and it will not be the last. So, it’s in the best interest of stakeholders to consider how such regulations can benefit their companies and their customers. Decrease Greenwashing There is no doubt that erroneously claiming ESG practices is a form of greenwashing, a harmful practice of overestimating the sustainability or eco-friendliness of a product or company. The ethical implications of this are hopefully obvious, both in terms of misleading clients and of the environmental and societal determinants. Therefore, a cultural shift to decrease financial greenwashing is ultimately beneficial because it gives credit where credit is due. If firms who are inflating their ESG compliance are called out, it will highlight the ones who are taking legitimate efforts to consider PAIs in their financial advising and internal decision-making. Over the longer term, clients will recognize this differentiating factor and align themselves accordingly. Force Firms To Look Internally While mandated ESG reporting will require additional input at the outset, it can also help firms reevaluate some of their current practices. For example, some firms may realize that investor relations are not prioritized in their current operations. Similarly, preparing for ESG data reporting will highlight the importance of maintaining transparent, responsible accounting practices, including using software that comes with critical features such as transaction monitoring and comprehensive reporting. Without using the right tools, firms will have a more difficult time assessing and proving their ESG compliance. Take the new regulations as an opportunity to develop an in-depth roadmap of your business risks, opportunities, partners, etc. Look at who you work with and how it reflects on your business. By auditing yourself and your partners before regulations become fully mandatory, you will be better situated to meet industry standards and improve your reporting, data management, risk management, investor relations, and more. Improve Outlooks In The Long Run When it comes to the finance market, while there are some more consistent trends, there is also a lot of uncertainty. That’s because market fluctuations are largely based on future trends - in a sense, attempting to predict the future. And lately, it appears that one of those trends is an increasing push for making ESG mandatory. Over the past 50 years or so, it has been a voluntary action, but with regulations increasing, it is becoming less so. This means there will only be greater scrutiny towards unsustainable sectors moving forward, and companies will need to respond if they hope to survive. For example, the tech sector has been criticized by environmental groups and even their own customers and investors for high consumption levels due to the electricity needed for data storage and processing. This and other industries are now pushing to reduce their carbon emissions. Many companies are also making other ESG steps a priority, such as increasing the diversity of the still overwhelmingly white, male leadership of the sector. These efforts show that companies will respond to pressure, even if change can be slow. Reporting these efforts is important to encourage firms to factor in ESG risk as a determining factor in how investors can find value in a company. What’s more, firms should take note that younger generations - namely Millenials and Gen Z - are increasingly socially conscious consumers. According to industry expert Alex Williams of Hosting Data, savvy investors are now taking advantage of online trading to educate themselves and invest responsibility. “It's not possible to make a stock exchange without a broker,” says Williams. “There's nowhere to visit to make a trade yourself. Most trading is done this way, even though - on television - you see people making purchases in New York's financial district.” Younger generations are well aware of this, and they are starting to invest earlier in life than their parents and grandparents, aided by digital resources. Therefore, ESG reporting will encourage increased accountability, which could in turn reward sustainable companies with new customers and growth potential in the future. Conclusion What the EU has started will undoubtedly spread elsewhere. This means, along with recent trends like increased cryptocurrency regulation and similar government interventions, ESG regulations may be the next policy surge for firms to comply with. What began with data disclosure could end in even more significant policy shifts across the finance sector. Firms must be ready to adapt if they hope to be compliant and competitive in an increasingly socially conscious market. Updated on Oct 27, 2021, 5:17 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk4 hr. 51 min. ago

GOP Sen. Tom Cotton erupts at Attorney General Merrick Garland: "Thank God you are not on the Supreme Court"

"You should resign in disgrace," Cotton told Garland over a memo he issued this month to address threats against public school officials. Attorney General Merrick Garland; Sen. Tom Cotton of Arkansas Tasos Katopodis-Pool/Getty Images Sen. Tom Cotton confronted Attorney General Merrick Garland during a hearing on Wednesday. Cotton called for Garland's resignation over a memo he issued earlier this month to address threats against school officials. "Thank God you are not on the Supreme Court," Cotton told Garland. Sen. Tom Cotton sparred with Attorney General Merrick Garland and called for his resignation during an intense exchange at a Senate Judiciary Committee hearing on Wednesday.The back-and-forth concerned a memo that Garland issued on October 4, in which he directed the Federal Bureau of Investigation to meet with state and local officials to address an increase in threats against public school officials.Republicans have characterized the memo as an attempt by the Department of Justice to prevent parents from expressing concerns at local school board meetings, some of which have grown increasingly heated and even violent over issues like teaching race in the classroom, policies for transgender students, and COVID-19 mask and vaccine mandates. Cotton reiterated the GOP talking point on Wednesday by linking a prominent report of an alleged sexual assault at a school in Loudoun County, Virginia, to Garland's directive.Garland responded that the reported rape is "the most horrific crime I can imagine" and that parents are "certainly entitled and protected by the First Amendment to protest to their school board about that."Garland then added that Cotton's framing of his memo was "wrong" before being cut off by the Arkansas Republican."This is shameful. This testimony, your directive, your performance is shameful. Thank God you are not on the Supreme Court," Cotton said, referring to Garland's 2016 nomination for the bench by former President Barack Obama, which Senate Republicans blocked at the time. "You should resign in disgrace, judge," Cotton added. -Tom Cotton (@SenTomCotton) October 27, 2021 Garland tried to clarify that the DOJ wants to prevent threats of violence against school officials, not to stop parents from speaking up at school board meetings."I wish if senators were concerned about this, they would quote my words. This memorandum is not about parents being able to object in their school boards," Garland said. "They are protected by the First Amendment, as long as there are no threats of violence, they are completely protected. So parents can object to their school boards about curriculum, about the treatment of their children, about school policies, all of that is 100 percent protected by the First Amendment and there is nothing in this memorandum contrary to that."Besides Cotton, several other Republicans at the hearing ripped into the memo. The committee's ranking member, Sen. Chuck Grassley, pressed Garland to revoke it.Garland defended his directive, saying it "responds to concerns about violence, threats of violence, other criminal conduct."That's all it's about and all it asks is for federal law enforcement to consult with, meet with, local law enforcement to assess the circumstances, strategize about what may or may not be necessary to provide federal assistance if it is necessary," he said.Read the original article on Business Insider.....»»

Category: topSource: businessinsider4 hr. 51 min. ago

A Global Oil Shortage Is Inevitable

A Global Oil Shortage Is Inevitable Authored by Tsvetana Paraskova via, While oil and gas companies come under pressure to reduce production, the world’s thirst for new supply is only growing  Without a significant uptick in investment, demand for oil and gas will surpass supply in the not-so-distant future This disconnect between the political desire for less fossil fuels and the global hunger for fossil fuels could drive the price of oil up to $100 Chronic underinvestment in new oil supply since the 2015 crisis and the pressure on oil and gas companies to curb emissions and even “keep it in the ground” will likely lead to peak global oil production earlier than previously expected, analysts say.  This would be a welcome development for green energy advocates, net-zero agendas, and the planet if it weren’t for one simple fact: oil demand is rebounding from the pandemic-driven slump and will set a new average annual record as soon as next year.   The energy transition and the various government plans for net-zero emissions have prompted analysts to forecast that peak oil demand would occur earlier than expected just a few years ago. However, as current investment trends in oil and gas stand, global oil supply could peak sooner than global oil demand, opening a supply gap that would lead to increased volatility on the oil market, with spikes in prices, and, potentially, structurally higher oil prices by the middle of this decade and beyond.  Supply Could Peak Before Demand “On current trends, global oil supply is likely to peak even earlier than demand,” Morgan Stanley’s research department wrote in a note this week carried by Reuters.   “The planet puts boundaries on the amount of carbon that can safely be emitted. Therefore, oil consumption needs to peak,” analysts at Morgan Stanley said. The problem with the world is that oil consumption - wishful thinking, investor pressure, and all - is not peaking. Nor will it peak until the end of this decade at the earliest, according to most estimates.  OPEC expects global oil demand to continue to grow into the mid-2030s to 108 million barrels per day (bpd), after which it is set to plateau until 2045, as per the cartel’s latest annual outlook.  Some other analysts expect peak demand at some point in the late 2020s.  Investment in new supply, however, is severely lagging global oil demand growth. Demand is growing again after the 2020 COVID crisis and, contrary to some expectations from early 2020 that the world’s oil consumption would never return to pre-pandemic levels, demand is currently just a few months away from hitting and exceeding those levels.  Supply Gap Is Looming In Just A Few Years Supply, on the other hand, looks constrained beyond the OPEC+ deal horizon.  New investment last year slumped to a decade-and-a-half low. Last year, global upstream investment sank to a 15-year low of $350 billion, according to estimates by Wood Mackenzie from earlier this year.  Investment is not expected to materially pick up this year, either, despite $80 oil. That’s because supermajors stick to capital discipline and pledge net-zero emission targets, part of which some of them plan to reach by curbing investment and developments in non-core little-profitable new oil projects.  U.S. shale, for its part, is not rushing this time to “drill themselves into oblivion,” as Harold Hamm said in 2017, as American producers look to finally reward shareholders after years of plowing cash flows into drilling and chasing production growth.  Considering that oil demand will still grow, at least for a few more years, underinvestment in new supply would be a major problem in the medium and long term.  Despite the energy transition, demand will not just vanish, and new supply will be needed for years to come to replace declining production and reserves.  The oil industry will need massive investments over the next 25 years in order to meet demand, according to OPEC. The industry will need cumulative long-term upstream, midstream, and downstream oil-related investments of $11.8 trillion by 2045, OPEC says. Patrick Pouyanné, chief executive at France’s TotalEnergies, said at the Energy Intelligence Forum this month that oil prices would “rocket to the roof” by 2030 if the industry were to stop investments in new supply, as some scenarios for net-zero by 2050 suggest. “If we stop investing in 2020, we leave all these resources in the ground ... and then the price will rocket to the roof. And even in developed countries, it will be a big issue,” Pouyanné said.  $100 Oil Is No Longer An Outrageous Prediction  A triple-digit oil price is no longer an outrageous prediction as it would have been in early 2020.   Francisco Blanch, global head of commodities and derivatives research at Bank of America, expects oil to hit $100 by September 2022, or even earlier if this winter is much colder than expected.  Demand is coming back, while we have seen severe underinvestment in supply the last 18 months, Blanch told Bloomberg at the end of September.    “The underinvestment problem cannot be solved easily, and at the same time we have surging demand,” he said.  “We are moving into a straightjacket for energy, we don’t want to use coal, we want to use less and less gas, we want to move away from oil,” Blanch told Bloomberg.  While oil is unlikely to sit at triple digits for a sustained period of time, underinvestment has become “a multi-year problem” for the industry, Blanch noted.  Even if oil doesn’t stay at $100 a barrel, a supply crunch down the road would nevertheless move the floor under oil prices higher and lead to unsustainable price spikes. As much as climate activists want a stop to investment in new supply, the industry and the world cannot afford it because oil demand continues to grow.   Tyler Durden Wed, 10/27/2021 - 16:50.....»»

Category: blogSource: zerohedge5 hr. 23 min. ago

Airline Stock Roundup: AAL, LUV, JBLU & HA Report Q3 Loss

High fuel costs hurt the Q3 bottom-line performances of the likes of American Airlines (AAL), JetBlue (JBLU) and Hawaiian Holdings (HA). In the past week, American Airlines AAL, Southwest Airlines LUV, Hawaiian Holdings HA and JetBlue Airways JBLU reported losses for third-quarter 2021. The same, however, narrowed year over year as the September-quarter results were better than the same reported for third-quarter 2020, which was severely hit by the COVID crisis. With COVID-19 cases declining in the United States as the Delta variant-induced threat recedes, passenger revenues increased significantly on a year-over-year basis in third-quarter 2021.Alaska Air Group’s ALK third-quarter 2021 brought further joy as this Seattle, WA-based carrier reported earnings unlike the above-mentioned airlines. We remind investors that Delta Air Lines DAL too posted earnings report for the September quarter, which was included in the previous week’s write up.Recap of the Latest Top Stories1. Alaska Air’s third-quarter 2021 earnings (excluding 6 cents from non-recurring items) of $1.47 per share surpassed the Zacks Consensus Estimate of $1.29. In the year-ago period, the company incurred a loss of $3.23. Operating revenues of $1,953 million outperformed the Zacks Consensus Estimate of $1,932 million. The top line surged more than 100% year over year with passenger revenues, accounting for 90.8% of the top line, soaring above 200%, courtesy of improvement in air-travel demand from the pandemic-led lows. For the fourth quarter, Alaska Air expects capacity to decline approximately 13-16% from the comparable period’s level in 2019. The company estimates economic fuel cost per gallon in the band of $2.20-$2.30.Alaska Air currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.2. Southwest Airlines incurred a loss (excluding 96 cents from non-recurring items) of 23 cents per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 27 cents. This marks the company’s seventh consecutive quarterly loss. Operating revenues of $4,679 million outperformed the Zacks Consensus Estimate of $4,581.5 million and also jumped more than 100% year over year. Passenger revenues, which accounted for 90.3% of the top line, totaled $4,227 million, reflecting an improvement of more than 100% year over year. Management estimates lingering effects from the deceleration in bookings witnessed in the third quarter to impact the fourth-quarter operating revenues by approximately $100 million.3. American Airlines’ third-quarter 2021 loss (excluding $1.24 from non-recurring items) of 99 cents per share compared favorably with the Zacks Consensus Estimate of a loss of $1.04. Quarterly loss per share was also narrower than the year-ago loss of $5.54. Operating revenues of $8,969 million skyrocketed 182.67% year over year and also surpassed the Zacks Consensus Estimate of $8,926.6 million. This massive year-over-year jump reflects improving air-travel demand. Revenues increased 20%, sequentially. American Airlines expects system capacity for the December quarter to decline in the 11-13% range from the figure reported in fourth-quarter 2019. Total revenues in the fourth quarter of 2021 are anticipated to decline 20% from the level recorded in fourth-quarter 2019. Fuel cost per gallon in fourth-quarter 2021 is expected in the $2.43-$2.48 band.4. JetBlue Airways incurred a third-quarter 2021 loss (excluding 52 cents from non-recurring items) of 12 cents per share, comparing favorably with the Zacks Consensus Estimate of a loss of 19 cents. This was the seventh successive quarterly loss posted by the low-cost carrier. Quarterly loss per share was also narrower than the year-ago loss of $1.75. Revenues for the fourth quarter of 2021 are expected to decline in the 8-13% range from the fourth-quarter 2019 actuals. Capacity is anticipated to decline in the 4-7% range for the December quarter from the figure reported in the fourth quarter of 2019. Average fuel cost per gallon in the December quarter is estimated to be $2.49.5. Hawaiian Holdings’ third-quarter 2021 loss (excluding $1.23 from non-recurring items) of 95 cents per share was narrower than the Zacks Consensus Estimate of a loss of $1.29 and the year-ago loss of $3.76. Quarterly revenues of $508.8 million skyrocketed 569.7% year over year and beat the Zacks Consensus Estimate of $490.6 million.Passenger revenues (contributing 89.2% to the top line) surged to $454 million from $39.8 million a year ago as more people took to the skies following the ramp-up in vaccination. Airline traffic, measured in revenue passenger miles, surged in excess of 1625% year over year in the quarter under review. Capacity (measured in available seat miles) expanded 488.7% as the airline increases the same to meet the uptick in demand. Load factor (percentage of seats filled by passengers) expanded 50.3 percentage points to 75.9% for scheduled operations. Passenger revenue per ASM (PRASM) ascended 93.9% to 10.84 cents. Average fuel cost per gallon (economic) rose to $2.07 from $1.24 a year ago. Unit cost (excluding fuel and non-recurring items) declined 74.9% to 10.28 cents in the September quarter.For the December quarter, capacity is anticipated to drop 18-21% from the fourth-quarter 2019 reading. Total revenues are anticipated to plunge 32-37% from the fourth-quarter 2019 actuals. Operating expenses (excluding non-recurring items) are expected to decline 7-11% from the levels recorded in fourth-quarter 2019. Adjusted EBITDA is expected between -$50 and -$110 million in the fourth quarter of 2021. Effective tax rate and fuel cost per gallon are anticipated to be 21% and $2.41, respectively, in the fourth quarter. Jet fuel consumption (in gallons) is expected to decline in the 21.5-24.5% band in fourth-quarter 2021 from the fourth-quarter 2019 actuals.PerformanceThe following table shows the price movement of the major airline players over the past week and during the last six months.Image Source: Zacks Investment Research The table above shows that most airline stocks have traded in the red over the past week, causing the NYSE ARCA Airline Index to decline 2.4% to $87.86. Over the course of the past six months, the NYSE ARCA Airline Index has depreciated 17%.What’s Next in the Airline Space?Investors will await the third-quarter 2021 earnings report of SkyWest SKYW, scheduled to be released on Oct 28. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Delta Air Lines, Inc. (DAL): Free Stock Analysis Report Southwest Airlines Co. (LUV): Free Stock Analysis Report JetBlue Airways Corporation (JBLU): Free Stock Analysis Report American Airlines Group Inc. (AAL): Free Stock Analysis Report Alaska Air Group, Inc. (ALK): Free Stock Analysis Report Hawaiian Holdings, Inc. (HA): Free Stock Analysis Report SkyWest, Inc. (SKYW): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacks5 hr. 35 min. ago

Trisha Yearwood, Phil Bredesen and rest of the Nashville Entrepreneur Center’s 2021 Entrepreneurs’ Hall of Fame class share their experiences as founders

Nashville Entrepreneur Center’s 2021 Entrepreneurs’ Hall of Fame class was honored Monday night at the Schermerhorn Symphony Center during the EC's annual NEXT Awards. The class featured a businessman turned politician, a musician turned chef and an executive who turned her family business into one of the nation’s most successful Black-owned design and construction firms. We sat down backstage with each honoree to learn why they became entrepreneurs, what their proudest moments in business….....»»

Category: topSource: bizjournals6 hr. 23 min. ago

Putin Tells Gazprom To "Gradually" Raise Gas Volumes To Europe Starting Nov 8

Putin Tells Gazprom To "Gradually" Raise Gas Volumes To Europe Starting Nov 8 The Kremlin's daily cat and mouse game with European energy prices resumed today, when several weeks after saying essentially the same thing - with no tangible results - on Wednesday Russian President Vladimir Putin told Gazprom PJSC to turn to refilling its European gas storage facilities from Nov. 8, once the gas producer completes its domestic gas reinjection campaign. “I would ask you, once you have finished your work to refill Russian underground storages on or by November 8, to start gradual and planned work to raise gas volumes in your inventories in Europe: in Austria and Germany,” Putin told Gazprom Chief Executive Officer Alexey Miller Wednesday. The move “will allow you to meet your contract obligations stably and rhythmically, to supply your European partners with gas in the autumn-winter period and, among other things, create a more favorable situation in the European energy market,” Putin said at a meeting broadcast on state television. While the news will certainly be welcome to Europe, where a historic energy crisis has sent electricity prices to record levels and fears that a cold winter will lead to even more pain, we would not hold our breath: after all, Putin promised to push out European deliveries several weeks ago only to see even lower nat gas transit via the Yamal pipeline. To be sure, Putin has been very clear in laying out Russia's ask to save Europe: activate the Nord Stream 2 pipeline. As long as Europe's bureaucrats refuse to comply, any hope that electricity costs will slide in the coming weeks will be at best - pardon the pun - a pipe dream.   Tyler Durden Wed, 10/27/2021 - 14:45.....»»

Category: blogSource: zerohedge7 hr. 23 min. ago

Third Point 3Q21 Letter: Upstart And SentinelOne

Dan Loeb’s letter to Third Point investors for the third quarter ended July 2021, discussing the top winners in Q3; Upstart Holdings Inc (NASDAQ:UPST) and SentinelOne Inc (NYSE:S). Q3 2021 hedge fund letters, conferences and more Dear Investor: During the Third Quarter, Third Point returned +12.5% in the flagship Offshore Fund and +16.2% in the […] Dan Loeb’s letter to Third Point investors for the third quarter ended July 2021, discussing the top winners in Q3; Upstart Holdings Inc (NASDAQ:UPST) and SentinelOne Inc (NYSE:S). .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Dear Investor: During the Third Quarter, Third Point returned +12.5% in the flagship Offshore Fund and +16.2% in the Ultra Fund, bringing year to date returns to +29.5% and +36.5%, respectively. Assets under management at September 30, 2021 were approximately $19.3 billion, including $863 million in the Third Point Structured Credit Opportunities Fund.1 The top five winners for the quarter were Upstart Holdings Inc (NASDAQ:UPST), SentinelOne Inc (NYSE:S), Prudential Financial Inc (NYSE:PRU), Danaher Corporation (NYSE:DHR), and Avantor Inc (NYSE:AVTR). The top five losers for the quarter were Paysafe Ltd (NYSE:PSFE), SoFi Technologies Inc (NASDAQ:SOFI), DiDi Global Inc (NYSE:DIDI), Uber Technologies Inc (NYSE:UBER), and Burlington Stores Inc (NYSE:BURL). Our top winners on a percentage basis in Q3 were our two largest positions; Upstart, up 153%, and SentinelOne, up 26%, as public market investors rewarded both companies’ disruptive business models and high-growth trajectories. Upstart has started to upend the FICO-dependent, $84 billion unsecured personal loan market with its AI-driven underwriting approach and is ramping up its footprint in the $685 billion auto lending market. In its most recent earnings report, the company raised its full-year revenue estimates by 25%. We expect SentinelOne to grow rapidly and continue to gain market share over the next decade as flexible work patterns, cloud adoption, and IoT create more security vulnerabilities. This market is still dominated by legacy vendors whose solutions pale when compared to SentinelOne’s autonomous, machine-learning based security, which is taking share and helping the company grow annual recurring revenue by more than 100% year-over-year. 2021 has been a good year for our portfolio and markets. Risk assets have climbed a wall of worry as easy financial conditions and post-vaccine enthusiasm created a favorable market backdrop. Looking ahead to 2022, we remain constructive but increasingly cautious, as the tapering of fiscal and monetary stimulus should reduce support for asset prices. On the positive side, consumer balance sheets remain robust and inventories low, allowing for sell-in, and transitory supply shocks should resolve over the next few quarters. We expect uneven results in the near-term as companies contend with supply, labor, and logistical headwinds. The retail holiday season looks challenging, and notions of what constitutes pricing power at the micro level will show through results as we monitor the path of PPI versus CPI. We are looking for market shifts based on recent actions in China and watching how the path of interest rates and the dollar may impact financial conditions. We have increased the number of single name shorts in our portfolio and expect to take advantage of dislocations in quality and compounder equities. Q3 2021 hedge fund letters, conferences and more Return of “Event-Driven” Investing In our Second Quarter letter, we wrote that event-driven situations looked interesting again, and our portfolio now reflects this view. Four positions are worth highlighting: Vivendi Third Point made an investment in Q1 in shares of Vivendi SE (OTCMKTS:VIVHY), the European media conglomerate. We were attracted by the industry-leading position of its crown jewel asset, Universal Music Group, and the announced separation of that asset as a standalone entity. Our upside calculation was underpinned by a sum-of-the parts analysis and an understanding of the company’s disparate assets. Third Point’s involvement was rumored in the press but in deference to our engagement with the company during a delicate time this Spring, we chose to keep our conversations about tax structure and corporate governance surrounding the spin private. We were pleased that Vivendi’s controlling shareholder, Vincent Bolloré, chose to take meaningful steps forward on governance for the new UMG entity, including commitments for an independent board and the equal treatment of shareholders. We believe these steps eased investor concerns about UMG’s corporate governance that may otherwise have created an overhang in the stock, contributing to UMG’s successful listing in late September. Dell Michael Dell has created substantial value for shareholders since re-listing the company several years ago. Earlier this year, Dell Technologies Inc (NYSE:DELL) announced that it would be spinning its $50 billion stake in VMWare, which we believe will unlock the underappreciated value of the Dell server and PC businesses. Dell’s best attribute has been strong free cash flow generation, which the company has used to de-lever and create significant latent value for equity holders. Looking ahead, we believe this core Dell business, which still trades at a discount to its hardware peer group, should instead command a premium multiple thanks to its leading market share, profitability, and impressive execution. There are few large cap companies which possess a nearly 10% FCF yield, 2.5% dividend yield and 1.5x leverage ratio; Dell is one of them. Entain MGM’s failed approach to acquire Entain PLC (LON:ENT) in January gave us the opportunity to study this iGaming leader ahead of the July expiry of the U.K.’s six month “cooling off” window. We gained an appreciation for the valuable BetMGM JV stake as well as Entain’s vertically integrated tech stack. The shares appeared to offer attractive value without pricing in the prospect for a bid; in short, we thought there was cheap optionality. Entain’s shares rose after DraftKings approached the company in September and remain above pre-offer levels, despite the recent withdrawal of interest, validating the company’s standalone value. It is uncommon to see one company receive two unique bids in the same calendar year, and we think this bodes favorably for Entain’s business and strategic value. Q3 2021 hedge fund letters, conferences and more Prudential PLC During the quarter, Prudential successfully completed its previously announced spin-off of Jackson National and raised additional equity in Asia for the remaining Pru-Asia business. We are pleased to see the value gap begin to close but see considerable additional appreciation potential as Asian-domiciled and other global investors begin to fully appreciate its significant discount to its peers, excellent franchise, and growth potential. New Position: Royal Dutch Shell Third Point initiated a position in Royal Dutch Shell plc (NYSE:RDS.A) (NYSE:RDS.B) (“Shell”) during the second and third quarters. The past two years have been especially challenging for Shell shareholders due to a major dividend cut and well-publicized court case that ordered changes to Shell’s business model. Stepping back further, it has been a difficult two decades for shareholders, with annualized stock returns of just 3% and decreasing returns on invested capital. However, despite the current sour sentiment, we see opportunity for improvement across the board at Shell. Shell is one of the cheapest large cap stocks in the world, trading at under 4x next year’s EBITDA and ~8x earnings at “strip” prices. It also trades at a ~35% discount on most metrics to peers ExxonMobil and Chevron despite Shell’s higher quality and more sustainable business mix. Compared to its peers, Shell generates a much larger percentage of its cash flow and earnings from stable businesses that have a major role to play in the energy transition. For example, Shell is the largest global player in liquified natural gas (“LNG”), which is a critical transition fuel to move off carbon intensive coal-fired power generation. In 2022, we expect the company’s energy transition businesses (LNG, Renewables and Marketing) to generate EBITDA of over $25 billion with sustaining capex of only $5 billion. These businesses account for just over 40% of Shell’s EBITDA but would likely support Shell’s entire enterprise value if they were a standalone company. At the current share price, we believe investors are getting the remaining ~60% of EBITDA (upstream, refining and chemicals) for free. Q3 2021 hedge fund letters, conferences and more Management has been gradually divesting assets that are not aligned with a low-carbon future such as upstream and refining. This is perhaps most evident in Shell’s refining business where the company went from owning 54 refineries in 2004 to only five (by year-end.) This is a remarkable accomplishment. Shell’s massive dividend cut and other asset sales (e.g. Permian) have left it with an under-levered balance sheet with year-end 2021 net debt to EBITDA of well below 1x. This positions Shell to return capital earlier and more aggressively than peers. Given all these positive attributes, why can’t Shell attract investor interest? In our view, Shell has too many competing stakeholders pushing it in too many different directions, resulting in an incoherent, conflicting set of strategies attempting to appease multiple interests but satisfying none. Some shareholders want Shell to invest aggressively in renewable energy. Other shareholders want it to prioritize return of capital and enjoy the exposure to legacy oil and gas. Some investors think Shell should shrink to grow, while we suspect some within Shell seem sentimentally attached to its “super major” legacy. Some governments want Shell to decarbonize as rapidly as possible. Other governments want it to continue to invest in oil and gas to keep energy prices affordable for consumers. Europe paradoxically wants both! Shell’s board and management have responded to this with incrementalism and attempts to “do it all.” As the saying goes, you can’t be all things to all people. In trying to do so, Shell has ended up with unhappy shareholders who have been starved of returns and an unhappy society that wants to see Shell do more to decarbonize. Shell’s board can and must move faster. We believe all stakeholders would benefit from a plan to: Optimize Shell’s corporate structure to reduce cost of capital and allow it to more aggressively invest in decarbonization; Match its business units with unique shareholder constituencies who may be interested in different things (return of capital vs. growth; legacy energy vs. energy transition); Allow each of its business units to more nimbly and effectively react to market and environmental policy developments. Q3 2021 hedge fund letters, conferences and more This should involve the creation of multiple standalone companies. For example, a standalone legacy energy business (upstream, refining and chemicals) could slow capex beyond what it has already promised, sell assets, and prioritize return of cash to shareholders (which can be reallocated by the market into low-carbon areas of the economy). A standalone LNG/Renewables/Marketing business could combine modest cash returns with aggressive investment in renewables and other carbon reduction technologies (and this business would benefit from a much lower cost of capital). Pursuing a bold strategy like this would likely lead to an acceleration of CO2 reduction as well as significantly increased returns for shareholders, a win for all stakeholders. Many ESG investors employ a strategy of buying companies that already have a clean bill of health. A lesson from our prior engagements is that it is often most impactful to invest in companies where the opportunity for positive change is the greatest. While daunting, there is perhaps no bigger ESG opportunity than in “Big Oil”, and specifically, at Royal Dutch Shell. We are early in our engagement with the company but are confident that Shell’s board and management can formulate a plan to accelerate decarbonization while simultaneously improving returns for its long-suffering shareholders. UnitedHealth UnitedHealth Group Inc (NYSE:UNH) is one of the largest healthcare companies in the world and a market leader in both its insurance and healthcare services (Optum) businesses. We initiated our position during the 2020 Presidential election at a time of heightened political and regulatory uncertainty. We believe under its new CEO, Andrew Witty, UnitedHealth can not only preserve its market dominance and sustain industry-leading growth rates across most of its key segments but also enter new healthcare services markets. Witty is known as a mission-driven CEO who clearly articulates his view that providing high-quality, affordable health care services is a social good. He receives consistently high marks from former colleagues, and we believe that his leadership approach will ballast and even strengthen UNH’s already impressive management and employee ranks. The insurance and services businesses are synergistic and complementary, which entrenches United’s critical role in care financing, access, and management. This dynamic gives us confidence in the durability of United’s market leadership. United’s core capabilities across insurance underwriting, cost and clinical datasets, provider care management, and PBM assets – undergirded by an advanced IT infrastructure – bolster their competitive advantage in providing the most robust insurance benefits at the lowest cost. United is also an early adopter of the technology across a variety of care settings such as telemedicine, digital therapeutics, and continuous glucose monitoring technology for their diabetic type 2 population. This provides better tools and care to patients and gives United better visibility on patient health, which leads to better cost control via early intervention. Driven by UNH’s higher-growth businesses like Medicare Advantage (MA) and value-based care MA clinics, as well as strong visibility on growth acceleration post-Covid, we expect the company’s multiple to rise significantly as investors see a path to sustained mid-teens earnings growth. We believe the stock can double in the next three to four years as we see durability of EPS in the mid-teens supported by a high single digit FCF yield while trading in-line with the market. Q3 2021 hedge fund letters, conferences and more Private Investment: Rivian We first took notice of Rivian after its spectacular launch at the L.A. Auto Show in 2018 when it announced two beautifully designed electric off-road vehicles: the R1T truck and the R1S SUV. Rivian is the brainchild of RJ Scaringe, an engineer with a master’s and a doctorate from MIT. We had the opportunity to meet RJ in early 2020 and were deeply impressed by his charismatic vision and approach to designing a new type of automotive company. A car enthusiast with a passion to conserve the environment for future generations, RJ has built a company that is shifting consumer mindsets about what battery electric vehicles can be. The R1T, which officially launched in September 2021, has received rave reviews, with Motor Trend calling it the “future of the pickup truck.” The clean sheet, technology-focused vehicle eliminated long-accepted compromises and delivers an experience that harnesses humanity’s innate adventurous spirit in an environmentally friendly way. Recognizing that personal ownership of vehicles will give way to ride-sharing in the future, Rivian also has the ambition to be major solutions provider to centrally managed fleets. They prudently initiated a relationship with Amazon to develop a range of commercial delivery vans that leverages the same core electric skateboard platform as the R1S/R1T. Amazon has an initial 100,000 vehicle order with Rivian (the largest backlog/order for any electric vehicle company ever at the time) and is also a major investor in Rivian. As Amazon seeks to become a dominant player in logistics while being carbon neutral, we believe that Rivian will be their end-to-end fleet provider of choice. When we learned that Rivian was doing a fund-raising round in late 2020, we expressed our interest and secured a small investment. More importantly, we spent time with RJ and his team. When Rivian did a pre-IPO convert round in July 2021, we were able to participate in a more meaningful way. Rivian recently filed its S-1 and is on track to go public by year-end. Rivian stands out with a compelling brand, an excellent first vehicle, and a unique partnership with Amazon that allows them to scale quickly. They are taking full advantage of the direct-to-consumer model/digital ecosystem to attack the full lifetime revenue potential from vehicles rather than simply an upfront sale. After recently spending a full day with RJ and his team in Normal, Illinois and driving the R1T, we are confident that they are best in class in every way: vision, strategy, talent, execution, partnerships and amount/quality of capital raised so far. The R1T knocked it out of the park, and we are excited to invest with Rivian to support its mission to keep the world adventurous forever. Q3 2021 hedge fund letters, conferences and more Business Updates We recently welcomed three new investment professionals to the team. Their biographies are below: Robert Hou joined our team as Head of Insurance Solutions to develop investment strategies and manage portfolios for our insurance clients. Prior to joining Third Point, Mr. Hou was a portfolio manager at Blackstone in the Insurance Solutions business. His background includes FIG Investment Banking and Corporate Development at BlackRock, Deutsche Bank and Merrill Lynch. Mr. Hou graduated from Stanford University with a B.A. in Economics. Daniel Lee joined our Structured Credit group. Prior to joining Third Point, Mr. Lee was in-house counsel at Nomura Securities International, Inc. covering securitized products. Mr. Lee spent five years as a structured finance associate at Weil, Gotshal & Manges LLP and four years as an associate at Cadwalader, Wickersham & Taft LLP. Mr. Lee graduated with a J.D. from Washington & Lee School of Law and holds a B.A. from Binghamton University. Luana Majdalani joined our equity team as an analyst. Prior to joining Third Point, she worked at Blackstone in private equity. She started her career at Evercore Partners in its merger & acquisitions advisory group. Ms. Majdalani graduated with a Master in Financial Mathematics from Princeton University and holds a BSc in Economics from the University College London (UCL). Q3 2021 hedge fund letters, conferences and more Sincerely, Daniel S. Loeb Updated on Oct 27, 2021, 1:32 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk7 hr. 51 min. ago

Meeting Three Existential Challenges

The world is now faced with three existential challenges – climate change, COVID, and authoritarianism. Not since the 1930s and 1940s have we been in such great peril. Q3 2021 hedge fund letters, conferences and more The Good Guys And The Bad Guys During those decades, the great challenges were a worldwide depression and the […] The world is now faced with three existential challenges – climate change, COVID, and authoritarianism. Not since the 1930s and 1940s have we been in such great peril. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more The Good Guys And The Bad Guys During those decades, the great challenges were a worldwide depression and the spread of fascism. The United States, under the leadership of President Franklin Roosevelt, was able to meet these challenges, but only after a tremendous amount of human suffering and loss of life. In political terms, most of the good guys were Democrats and most of the bad guys were Republicans. After all, it was the largely hands-off presidential leadership of Presidents Calvin Coolidge and Herbert Hoover that got us into the Great Depression, and it was the American-firsters – most of whom were Republicans – who slowed our rearmament and entry into World War II. But there were many vile Democratic politicians – especially in the South – who had virtual veto power to prevent negroes from benefiting from any federal government measures to end the Great Depression or to fight World War II. In addition, Roosevelt bears full responsibility for our lack of preparedness for the Japanese attack on Pearl Harbor. Once we entered World War II, nearly every American – Republicans and Democrats – joined in the effort to defeat Germany and Japan and make the United States and much of the rest of the world safe from fascism. Dealing With The Three Existential Challenges Today, we need to ask: How are the Republicans and Democrats trying to deal with climate change, COVID, and authoritarianism? The answers are crystal clear: Virtually all of the Democrats in Congress and in the Biden administration are fully committed to taking very strong measures to curb climate change, get America fully vaccinated, and fight authoritarianism in the United States and abroad. And the Republican politicians? With just a few vocal exceptions, they are ignoring – if not denying -- climate change, against urging or requiring Americans to get vaccinated, and are willfully imperiling our democratic form of government solely to return Donald Trump to the White House, even if that results in creating an autocracy. What is most frightening is that the Republicans appear to have an excellent chance of regaining control of the federal government within the next three years. They are now favored to recapture the House – and very possibly the Senate – in 2022, and maybe even the presidency in 2024. Because the Republicans have become the party of authoritarianism, they have no qualms about cheating their way to electoral victory by passing laws curbing voting rights and taking over the election apparatuses in many states. In fact, they may succeed in destroying democracy itself by convincing Americans not to bother voting because our electoral system has been corrupted. Updated on Oct 27, 2021, 2:21 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk7 hr. 51 min. ago

DEI trailblazers: 16 diversity executives transforming the workplace in post-George Floyd corporate America

From Nike to Google to Bank of America, Insider's top diversity execs of 2021 have led transformative equity progress under immense pressure. From Nike to Google to Twitter, here are Insider's top diversity trailblazers of 2021. American Express; JP Morgan; Facebook; Nike; Alyssa Powell/Insider The echoes of Black Live Matter protesters may have died down since the summer of 2020, but America's CEOs know the pressure to advance racial equity still hovers over them since the murder of George Floyd.Chief diversity officers were hired at record rates to shoulder the brunt of demands placed on companies shortly after Floyd's death. Indeed found that listings for diversity roles jumped 56% between September 2019 and September 2020. LinkedIn data confirmed that the summer of 2020 saw a spike in the hiring of these roles. The year 2021 was the first test to see whether companies would make real progress. These chief diversity officers - often people of color - have enacted incredible change since then. And the work they do is complicated and exhausting. They are the shepherds of what could be a new era in corporate America. Insider is proud to present its second annual list of diversity officers changing the country. Collectively, these executives are helping break barriers for hundreds of thousands of workers while also challenging their CEOs to make their policies and business practices more inclusive. Rosanna Durruthy, vice president of global diversity, inclusion and belonging at LinkedIn Linkedin's Rosanna Durruthy. Courtesy of Rosanna Durruthy Key accomplishments: A result of Durruthy's diligence, LinkedIn announced in July that it would pay the global cochairs of its employee resource groups $10,000 per year for their work, in addition to their salary. "Historically, ERG leaders take on leadership roles and the associated work in addition to their day jobs, putting in extra time, energy, and insight. And despite the tremendous value, visibility and impact to the organization, this work is rarely rewarded financially," Durruthy said. "The work of ERGs is more important than ever." This past year, LinkedIn also created the option for users to share their preferred pronouns, a big move to make the jobs platform more inclusive, especially for transgender and nonbinary professionals. LinkedIn aims to double the number of Black and Hispanic leaders and managers on its US team over the next five years. Durruthy is also focused on increasing leadership training that focuses on inclusion and diversity. In their own words: "As a leader and an LGBTQ woman of color, it's been really important for me to be in conversation with my peers and to allow them to know that I see them as being responsible for helping create the change we're all endeavoring toward."  Brian Lamb, global head of diversity and inclusion at JPMorgan JPMorgan's Brian Lamb. JPMorgan Chase Key accomplishments: This year, Lamb, Jamie Dimon, and a group of other executives deployed funds from the firm's record-making 2020 $30 billion pledge to address racial injustice. The investment aims to boost the number of Black and Hispanic homeowners, create more affordable housing, and support small businesses through loans.  In September, JPMorgan committed an additional $100 million to Black and Hispanic-led minority depository institutions and community-development financial institutions. A month later, JPMorgan announced to Insider it was pressuring the businesses it works with to increase spending with Black- and Hispanic-led companies. Business professors and economists predicted the bank's efforts would have a ripple effect in the economy, boosting capital spent on minority-owned businesses.  In their own words: "Patience isn't a virtue for me. I'm inspired to live with purpose and positively impact the lives of others — to be bold in our thinking and hold myself and others accountable to both their personal and professional responsibility to drive sustainable change."  Melonie Parker, chief diversity officer at Google Google's Melonie Parker. Google Key accomplishments: With efforts overseen by Parker, Google added diversity, equity, and inclusion materials to orientation for all new hires along with training for managers on how to promote inclusion of employees who are neurodiverse, or people with different ways of brain processing, such as people with ADHD or autism. Google also made significant strides in hiring diverse candidates. It increased Black representation in its US workforce by nearly 20%, from 3.7% to 4.4% and increased Hispanic hiring by a third, from 6.6% to 8.8%, according to the company. Parker also interviewed former first lady Michelle Obama at Google's first Women of Color Summit aimed at promoting mentorship, sponsorship, and career development for women of color at the company.  In their own words: "I believe we need to further expand the horizon of what we do to support employees of color. To me, that means clearer pathways to leadership, mentorship opportunities, more safe spaces both on campus and virtually, and also more DEI exercise for white employees, because it is truly everybody's responsibility to create a welcoming and gainful environment for underrepresented employees." Lesley Slaton Brown, chief diversity officer at HP HP's Lesley Slaton Brown. HP Key accomplishments: Over the past year, Lesley Slaton Brown helped the tech giant increase the number of Black executives at the vice president level and up by 50% and the number of female executives by 32%. Additionally, over 60% of new US hires were from underrepresented groups, including women, people with disabilities, people from underrepresented races and ethnicities, and military veterans.In their own words: "My mantra, is 'Everyone in!' Everybody, especially leaders, must understand the business value of DEI. It's integral to drive meaningful change in the short term and long term." Tim Dismond, chief responsibility officer at the commercial real-estate firm CBRE CBRE's Tim Dismond. CBRE Key accomplishments: As a result of Dismond's efforts, over 50% of the company's promotions and nearly half of new hires in the past year were women, people of color, LGBTQ people, or people with disabilities.He also led an effort to increase spending with suppliers owned by people of color, women, or other historically marginalized group. Across 2020 and 2021, the company is projected to spend more than $1 billion with diverse suppliers. In their own words: "As a Black man, I'm not immune to the undertones of bias in professional settings, and while my experience is not unique, by sharing and showing vulnerability I can effect change and help others feel safe to share their experiences and perspectives."   Dalana Brand, VP of people experience and head of inclusion and diversity at Twitter Twitter's Dalana Brand. Twitter Key accomplishments: Brand has pushed Twitter to further diversify its leadership over the past year. Representation of women in leadership roles increased from 35.4% to 37.7% and Black representation in leadership positions increased from 5.6% to 7.3%.  Brand was also influential in Twitter announcing that employees have the option to work from home indefinitely. The move has helped attract and retain talent for whom working from home is best, such as working parents or people with disabilities.In their own words: "It's not enough for us to simply have diverse teams. We cannot check the box and keep on with our own careers because what we know is that diverse folks will remain excluded from opportunity unless we are intentional about inclusion."  Sonia Cargan, American Express' chief colleague inclusion and diversity officer American Express' Sonia Cargan. American Express Key accomplishments: This year, Cargan made pay equity a top priority. AmEx investigated salaries across gender, race, and ethnicity and made changes to correct any discrepancies, achieving 100% pay equity for colleagues across gender globally and across race and ethnicity in the US. Cargan said the company is working to achieve pay equity across race and ethnicity globally.Cargan was also instrumental in AmEx creating a new office of enterprise inclusion, diversity, and business engagement that works directly with the company's executive committee to weave DEI practices into business strategies. In their own words: "We understood that to drive real change, we needed to further intensify our focus and make inclusion and diversity the heart of not only our workplace but how we do business."  Tara Ataya, chief people and diversity officer at Hootsuite Hootsuite's Tara Ataya. Hootsuite Key accomplishments: After a powerful conversation with other Hootsuite leaders last year about how to better support employees, Ataya guided the company's redesign of its benefits package to make it more inclusive. The company now covers gender-affirmation surgeries, fertility treatment, and financial-counseling services under its health and employee-assistance plans, benefits that are highly coveted and not often offered. Hootsuite also expanded its mental-health counseling services to include more therapists of color. The company also conducted a third-party pay equity report and achieved pay equity. In their own words: "It's about time we see this level of change. Greatness comes from being challenged to be better and do better. I think it is so important that organizations understand the importance of and the business case for DEI in the workplace." Maxine Williams, chief diversity officer at Facebook Facebook's Maxine Williams. Courtesy of Maxine Williams Key accomplishments: Because of Williams' leadership, Facebook has seen a significant increase in women in technical roles (from 15% in 2014 to 24.1% in 2020), as well as Black people in nontechnical roles (from 2% in 2014 to 8.9% in 2020). In 2020, Williams helped Facebook achieve a 38.2% increase in Black leaders, according to the company's latest DEI report. In addition, Williams built a diversity advisory council, a group of 18 employees from diverse backgrounds across the globe who meet quarterly to consult on the company's content policies, products, and human-resources programs.In their own words: "Build DEI into business processes and products from day one. Don't wait for the right time. That time was yesterday." Jarvis Sam, Nike's vice president and head of global diversity, equity, and inclusion Nike's Jarvis Sam. Nike Key accomplishments: Sam drove Nike's plan to increase representation of historically marginalized communities at the leadership level. Over the past year, he helped the company increase representation of women and people of color and at the director level and above by 2 percentage points. Women now make up 43% of directors and above, and people of color make up 27%. Sam also created new coaching programs for vice presidents across all departments to gain new skills, including skills around DEI. Some 56% of the 2020 participants were promoted to new roles within the year.  In their own words: "We have to lift as we climb. If we're not bringing others along with us, we aren't doing our job right." Toni Thompson, VP of people and strategy at Etsy Etsy's Toni Thompson. Etsy Key accomplishments: Over the past year and a half, the company has doubled down on its efforts to hire and promote more people of color thanks to pressure from Thompson. Black, Latino, and Native American hires made up 20% of new hires in 2020, and Black, Latino, and Native American people now comprise 12.2% of Etsy's total workforce, according to the company's most recent diversity report. In addition, employees from these underrepresented communities now comprise 8.7% of Etsy's leadership. The company is on track to reach its goal of doubling the percentage of Black, Latino, and Native American employees by 2023.Thompson helped Etsy expand its mentorship opportunities for women and people of color in engineering. She also launched a third-party pay-equity analysis, which found no discrepancies in pay based on race, ethnicity, or gender, consistent with their first report conducted in 2018. In their own words: "It's very natural for companies to be laser-focused on the financials and goal achievement that influence the financial health of the company. There are many HR and DEI efforts that support the top and bottom line, but it's hard for people to make those connections. I'm thankful the executive team at Etsy gets it, but many leaders at other companies don't."  Kara Helander, managing director and chief diversity, equity, and inclusion officer at The Carlyle Group The Carlyle Group's Kara Helander. The Carlyle Group Key accomplishments: In early 2020, Helander led the charge at the private-equity firm to set a new goal of having 30% of board directors at all of its portfolio companies hail from historically underrepresented groups within two years of ownership. The head of DEI also developed and implemented a new set of criteria for assessing employees up for promotion to managing director, with individuals taking part in an assessment that evaluated their skills in inclusive leadership and management.  In addition, she implemented a change that DEI will be integrated into compensation as part of managers' formal year-end assessments going forward. Helander wants to continue diversifying the financial firm. In 2020, 63% of people hired in the US were women or ethnic minorities, according to the company. In their own words: "Each and every person in an organization can contribute to advancing diversity and inclusion. Accountability is key to sustaining positive change."  Lorie Valle-Yanez, head of diversity, equity, and inclusion at MassMutual MassMutual's Lorie Valle-Yanez. MassMutual Key accomplishments: Valle-Yanez shepherded MassMutual's investments in racial justice to the tune of more than $200 million, with $150 million going to diversifying the businesses the company works with and $50 million to spur job creation among diverse entrepreneurs in Massachusetts.The financial company also released its first public DEI report, which includes a detailed breakdown of its leadership and workforce demographics. In their own words: "The biggest change since George Floyd has been the increased engagement and ownership coming from so many people in the company who are raising their hands and wanting to be part of the change."  Antoine Andrews, chief diversity and social-impact officer at Momentive (formerly SurveyMonkey) Momentive's Antoine Andrews. Momentive Key accomplishments: Andrews was a key figure in Momentive's recent decision to financially recognize employees who lead the company's ERGs, though the company declined to disclose by how much. Working with CEO Zander Lurie, Andrews also shaped Momentive's initiative calling on its suppliers and vendors to increase diversity in their leadership. In their own words: "Stamina is the characteristic most needed to combat inequity, racism, and all other negative 'isms.' Those of us who do this work can easily get tired, frustrated, and discouraged when progress isn't made or is happening slowly. Change requires us to be in shape mentally and physically."  KeyAnna Schmiedl, global head of culture and inclusion at Wayfair Wayfair's KeyAnna Schmiedl. Lyndsay Hannah Key accomplishments: Schmiedl helped Wayfair conduct a third-party pay-equity survey and worked to achieve pay equity for all 16,000 employees across race, disability status, and gender and sexual identity. In addition, Schmiedl led the charge to tie executive compensation to DEI goals.She also helped diversify Wayfair's leadership. The company increased the share of women in leadership positions by 7 percentage points in six months from 25% at the end of the 2020 fourth quarter to 32.8% at the end of June. The company also hired its first two directors of Indigenous descent. In their own words: "I am more consistent in being authentically me from meeting to meeting, interaction to interaction, and I've experienced more folks in the workplace bringing more of their humanity to everyday interactions. I'm having more raw conversations."  Cynthia Bowman, chief diversity and inclusion and talent acquisition officer at Bank of America Bank of America's Cynthia Bowman. Bank of America Key accomplishments: Bowman played a key role in producing Bank of America's $1 billion, four-year commitment made in June 2020 to address underlying economic and social disparities that were exacerbated during the pandemic. In March, Bowman, CEO Brian Moynihan, and other executives expanded this commitment to $1.25 billion over five years to further support investments to advance racial justice through grants to historically Black colleges and universities, Hispanic-serving institutions, and civil-rights organizations. Bowman has helped the financial giant deepen connections with HBCUs and HSIs over the past year and a half. Because of these efforts, the bank's 2021 entry-level class is at least 50% people from historically marginalized backgrounds.  In their own words: "There is no question that achieving strong operating results on equity — the right way — starts with our teammates. Our diversity makes us stronger, and the value we deliver as a company is strengthened when we bring broad perspectives together to meet the needs of our diverse stakeholders."  Read the original article on Business Insider.....»»

Category: topSource: businessinsider7 hr. 51 min. ago

Sephora"s Black Friday sale is the perfect time to score your favorite beauty buys - here"s what we know so far

Sephora's Black Friday sale is just around the corner. Here's everything you need to know to get ready to shop. When you buy through our links, Insider may earn an affiliate commission. Learn more.Table of Contents: Masthead Sticky Sephora's Black Friday sale is always the best time to snag amazing deals. While we don't know what will be on sale yet, we'll be updating this post as deals become available. We'll also track Black Friday deals from Amazon, Target, Walmart, Nordstrom, and more stores. Sephora; Alyssa Powell/Business Insider Sephora's Black Friday sale is just weeks away, and we're already planning what we'll be adding to our carts. The shopping holiday is the best time to score deals on your favorite beauty buys, since everything from makeup to skincare to hot tools is at a deep discount.Since the sale is still a few weeks away, we're not sure what the deals will be quite yet. Last year, Sephora discounted favorites from Fenty Beauty, Foreo, Givenchy, and Benefit. We'll be updating this post as the deal information becomes available. Best Sephora Black Friday Deals 2021:Since the sale is still a few weeks away, there aren't any Black Friday deals live on Sephora quite yet. But we'll keep the post updated as more information rolls in.How do we select Black Friday deals from Sephora?We only choose products that meet our standards for coverage. These items come from trusted brands that we know and use or have tested.The deal price must be better than the retail price or the normal sale price, and if we write about it, we've made sure it's not available somewhere else for cheaper.When does Sephora's Black Friday sale start?Black Friday 2021 is November 26 and Cyber Monday is November 29. What is Sephora's return policy?Sephora's return policy typically gives you 30 days from the purchase date to return something new or gently used for a refund. Within 60 days, you'll be refunded with store credit. Can I shop at the Sephora store near me?Sephora stores are technically open, but we recommend shopping online for public health reasons and so that you can skip this year's likely long and slow lines. What should I buy from Sephora this Black Friday?Last year, we saw deep discounts on giftable bundles, Sephora's in-house collection, and brands with universal appeal and name recognition such as Kiehl's, Mario Badescu, and Briogeo. However, we'd advise exercising caution with bundles. Unless you'll genuinely use each product - or you're gifting it - the discount may not be better than just buying the one or two items you really want. Lastly, since many folks will be buying gifts online this year, we'd recommend ordering any gifts from major retailers like Sephora sooner than later. How does Sephora stand up to the competition on Black Friday?Nordstrom, Sephora, and Ulta tend to price-match, but Ulta can edge them out with slightly lower prices on select items thanks to in-cart coupons that price-matching algorithms don't pick up. Mostly, it comes down to your wish list. Sephora will likely have the best and most varied products on sale, while Ulta may have somewhat lower prices on a handful of hot items. Nordstrom is the best play if all else is equal and you want an especially lenient return policy. And if you're spending less than $35, Sephora and Nordstrom are better options thanks to free shipping. You can also sign up for Sephora's Beauty Insider rewards program to make your purchases work harder for you with rewards and samples. Read the original article on Business Insider.....»»

Category: topSource: businessinsider7 hr. 51 min. ago

Navient (NAVI) Q3 Earnings Beat Estimates, Expenses Flare Up

Navient's (NAVI) Q3 earnings reflect solid performance in its business processing segment, apart from a rise in expenses. Navient Corporation NAVI reported third-quarter 2021 core earnings per share of 89 cents, surpassing the Zacks Consensus Estimate of 83 cents. Nonetheless, the bottom line came in lower than the year-ago quarter figure of 99 cents.Core earnings exclude the impacts of certain other one-time items, including the mark-to-market gains/losses on derivatives, along with goodwill and acquired intangible asset amortization, and impairment.The company’s performance was supported by strong loan originations and business processing operations. However, fall in net interest income (NII) and non-interest income, as well as higher expenses are concerns. Also, rise in provisions was a headwind.The company also received all necessary approvals and closed on the novation and transfer of its Department of Education (ED) servicing contract to a third party, Maximus, in October 2021. This will likely help Navient amplify focus on domains outside government student loan servicing.Navient’s GAAP net income came in at $173 million or $1.04 per share compared with the net income of $207 million or $1.07 per share seen in the prior year.NII Decreases, Provisions and Expenses Flare Up (on Core Earnings Basis)The NII edged down 1% year over year to $334 million.Non-interest income fell 10% to $160 million. This downside mainly stemmed from the losses on debt repurchases, losses on derivative and hedging activities and lower servicing revenue.Provision for loan losses was a provision of $22 million, marking a year-over -year rise of 57% from the $14 million witnessed in the prior-year quarter.Total expenses flared up 5% to $252 million. Higher operating expenses and rise in Goodwill and acquired intangible asset impairment and amortization expenses primarily resulted in this upswing.Segment PerformanceFederal Education Loans: The segment generated core earnings of $122 million, down 11% year over year. Lower revenues were partly offset by a fall in expenses.As of Sep 30, 2021, the company’s Federal Family Education Loan Program (FFELP) loans were $54.4 billion, down 2.2% sequentially.Consumer Lending: The segment reported core earnings of $73 million, which decreased 34% from the year-ago quarter’s $110 million. Provision for loan losses and rise in expenses led to a dip in the segment’s performance. Net interest margin was 2.98%, shrinking 26 basis points.Private education loan delinquencies of 30 days or more of $599 million were up 20% from the prior-year quarter.As of Sep 30, 2021, the company’s private education loans totaled $20 billion, up 1.5% from the prior quarter. In addition, Navient originated $1.49 billion of private education refinance loans during the reported quarter.Business Processing: The segment reported core earnings of $27 million, up 69% from the $16 million recorded in the year-ago quarter. Higher fee revenues led to this upside.Source of Funding and LiquidityIn order to meet liquidity needs, Navient expects to utilize various sources, including cash and investment portfolio, the predictable operating cash flows provided by operating activities, repayment of principal on unencumbered student-loan assets, and distributions from securitization trusts. It might also draw down on the secured FFELP Loan and Private Education Loan facilities, issue term asset-backed securities (ABS), enter into additional Private Education Loan ABS repurchase facilities, or issue additional unsecured debt.During the reported quarter, Navient issued $2 billion in term ABS and retired $757 million in unsecured debt. Notably, it had $1.05 billion of cash as of Sep 30, 2021.Capital Deployment ActivitiesIn the third quarter, the company paid out $26 million in common stock dividends.During the reported quarter, Navient repurchased shares of common stock for $150 million. As of Sep 30, 2021, there was $150 million of the remaining share-repurchase authority.Our TakeNavient’s performance during the third quarter was decent. The Business Processing segment’s performance was a tailwind. However, the non-interest income and NII witnessed a fall.Also, the company’s involvement in improper lending practices might keep its legal expenses elevated.Navient Corporation Price, Consensus and EPS Surprise Navient Corporation price-consensus-eps-surprise-chart | Navient Corporation QuoteCurrently, Navient currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank stocks here.Performance of Other BanksBank of America’s BAC third-quarter 2021 earnings of $1.03 per share handily beat the Zacks Consensus Estimate of 77 cents. The bottom line compared favorably with the 37 cents earned in the prior-year quarter.PNC Financial PNC pulled off a third-quarter earnings surprise of 42.4% on substantial reserve release. The adjusted earnings per share of $4.50 exceeded the Zacks Consensus Estimate of $3.16.Large reserve releases, solid investment banking performance and a modest rise in loan demand drove JPMorgan’s JPM third-quarter 2021 earnings of $3.78 per share. The bottom line comfortably outpaced the Zacks Consensus Estimate of $3.05. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of America Corporation (BAC): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report The PNC Financial Services Group, Inc (PNC): Free Stock Analysis Report Navient Corporation (NAVI): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacks8 hr. 51 min. ago

A Central Banker Comes Clean, Discusses Data Manipulation

A Central Banker Comes Clean, Discusses Data Manipulation Authored by Robert Aro via The Mises Institute, It's not often that a member of the Federal Reserve’s inner circle ditches Fedspeak in favor of something more honest. Governor Christopher J. Waller did exactly that, in his speech titled: The Economic Outlook and a Cautionary Tale on “Idiosyncratic” Price Changes and Inflation, where the latest addition to the Fed’s Board talked about manipulation of (price) inflation data. He raises some concerns: Inflation has been running higher this year than I and most forecasters expected. It has not been high for just a month or two—it has been high all year. Waller mentions the price of lumber and how it has “skyrocketed through May.” He also talks about how used car prices have increased substantially, and he now closely monitors housing services, such as rent. Eventually, he shares a kernel of truth: As I mentioned earlier, a lot of commentators, including me, have deflected concerns about high inflation readings being the result of "outliers" or "idiosyncratic" price movements. Lately, there have been many reports about how inflation rates are being skewed due to increases in lumber and used cars, which conveniently allowed overall price increases to be downplayed for some time, or worse, the idea that: As a result, recent high inflation readings are transitory and not broad based. But there is a fallacy in doing so that one should avoid in judging whether higher inflation is indeed transitory. He provides a simple example of some of the problems with inflation data; here are four highlights below: Now, one could look at this data and manipulate it in several common ways. First, if one used a trimmed-mean measure of inflation, you would throw out the highest and the lowest readings for each year. While this may help in statistical modelling, the real-world doesn’t work this way. Unfortunately, if just one product or service that someone purchases has increased in value by an extraordinary amount, the individual can’t easily “throw out" the item from their expenditure due to its high value such as fuel for a car or gas for heating a home. A second way of manipulating the data is to say in year 1, "Look, inflation is being driven by good A, which had an idiosyncratic, outsized price increase. If you throw it out, the underlying inflation rate is 2 percent.” By “selectively throwing out unusually high price increases,” he explains how inflation data can be shaped to meet the goal of whomever is using the data. Third, one can justify throwing out good A in the first year by saying it did not reflect a broad-based price increase… Again, with enough rationale, there really is no limit on just how much data can be manipulated or discarded entirely.  Saving the most recognizable method until the end: Finally, one could claim, correctly, that the large price increase for good A is "transitory"—it went up strikingly in year 1 but then dropped back, meaning inflation should fall back to our inflation target in coming periods. But that will mislead you in terms of understanding the true inflation rate, because you are putting zero probability that a large spike in inflation will happen to another good in the future. Calculating inflation is problematic for countless reasons, but at least he noted several of them. Coming from a Governor at the Federal Reserve, it becomes almost praiseworthy, especially because Chair Jerome Powell has seldom, if ever, spoken this candidly about the methodology employed by the Fed. It's refreshing that the new Governor noted some of these problems and came clean with his own candid opinions on how they're trying to solve them. But before applauding Waller, don’t forget, he’s a central banker at heart, therefore some Fedspeak is warranted: …I continue to believe that the escalation of inflation will be transitory and that inflation will move back toward our 2 percent target next year. That said, I am still greatly concerned about the upside risk that elevated inflation will not prove temporary. Still, the insight has been appreciated. The problem is not the statistical technique or the calculation itself, rather, it’s that these techniques are then used to make real world decisions, often devoid of economic theory or consideration for any semblance of reality. Tyler Durden Wed, 10/27/2021 - 12:10.....»»

Category: blogSource: zerohedge8 hr. 51 min. ago

Shrinking US Crude Reserves Might Confirm the Trend Now!

Oil prices rose again on Tuesday, approaching multi-year highs amid concerns over steadily shrinking US crude reserves. Q3 2021 hedge fund letters, conferences and more Fundamental Analysis U.S. API Weekly Crude Oil Stock: Inventory levels of US crude oil, gasoline and distillates stocks, American Petroleum Institute (API) via Investing Regarding the API figures published Tuesday, […] Oil prices rose again on Tuesday, approaching multi-year highs amid concerns over steadily shrinking US crude reserves. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Fundamental Analysis U.S. API Weekly Crude Oil Stock: Inventory levels of US crude oil, gasoline and distillates stocks, American Petroleum Institute (API) via Investing Regarding the API figures published Tuesday, the increase in crude inventories (with 2.318 million barrels versus 1.650 million barrels expected) implies weaker demand and is normally bearish for crude prices. However, we have a strongly bullish context, where the supply is still voluntarily – or not – narrowed by the OPEC+ and the global demand increases. What has to be synthesized from this report are the consecutively decreasing figures week-on-week, which are lifting prices higher. Today, we have to see whether or not these figures will be confirmed by the weekly Energy Information Administration's (EIA) report… But there is very little doubt that they won’t be, given the current environment in which black gold is progressing. Geopolitical Context On the international scene, a meeting between Iran and the European Union is likely to happen fairly quickly since the Iranian deputy minister in charge of the nuclear issue, Ali Bagheri, will meet with an European negotiator Enrique Mora this week in Brussels to discuss a resumption of negotiations in Vienna. There is no need to specify that if the negotiations are successful, the easing of sanctions will lead to the return of a large-volume market of black gold, which is currently under embargo. Chart WTI Crude Oil (CLZ21) Futures (December contract, daily chart) To sum up, we now have some context on how the oil market might develop in the forthcoming days, with some events and news to monitor, as they could have a moderated to strong impact on the ongoing lack of supply… In our daily alerts, we also analyze other markets and assets (ETFs, Futures, MLPs, stocks, etc.) of the oil and gas sector in order to get some exposure to the energy industry. Regarding natural gas, yesterday we provided a new trade plan to our members, following the last trading position, which successfully hit all the projected targets. Stay tuned to receive our next projections! Like what you’ve read? Subscribe for our daily newsletter today, and you'll get 7 days of FREE access to our premium daily Oil Trading Alerts as well as our other Alerts. Sign up for the free newsletter today! Thank you. Sebastien Bischeri Oil & Gas Trading Strategist The information above represents analyses and opinions of Sebastien Bischeri, & Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Sebastien Bischeri and his associates cannot guarantee the reported data's accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Bischeri is not a Registered Securities Advisor. By reading Sebastien Bischeri’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Sebastien Bischeri, Sunshine Profits' employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice. Updated on Oct 27, 2021, 12:44 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk9 hr. 35 min. ago

The 5 best leaf blowers we tested in 2021

A good leaf blower allows you to clean your yard with minimal effort. These are the best leaf blowers we tested in 2021. Table of Contents: Masthead Sticky A quality leaf blower quickly clears fallen leaves and does cleanup tasks with minimal effort. The Toro 51621 UltraPlus is our top pick, thanks to its functionality and eco-friendly operation. Read more about how Insider Reviews tests home products. Leaf blowers have powerful motors that require minimal effort to operate and allow you to clean up your yard or driveways in a fraction of the time that it would take if using a rake or broom. Blowers use concentrated air streams to move leaves, grass clippings, or other lawn debris. The two most common types of leaf blowers are handheld and backpack models and are powered by either gas or electricity. An electric leaf blower is either plugged in (corded) or runs on a battery (cordless). They all have their advantages and disadvantages, as well as environmental and health impacts. For a full breakdown of the difference between these types of leaf blowers and how to know which is best for your needs, check out our FAQ section.After testing several leaf blowers, researching dozens more online, and consulting with a local expert, I chose the Toro 51621 UltraPlus as my top pick. You can learn more about my research and testing methodology below, as well as the criteria that I used to evaluate my picks. Whether you're looking for the portability to wrangle acres of leaves, the power to dislodge wet debris piles, or just some help clearing off the patio once in a while, you should find an option for you.Here are the best leaf blowers:Best leaf blower overall: Toro 51621 UltraPlus Leaf BlowerBest leaf blower on a budget: Toro 51624 PowerJet F700 Handheld Leaf BlowerBest light-duty leaf blower: Greenworks 2400702 24V Leaf BlowerBest battery-powered leaf blower: Ego Power+ LB6504 Cordless Leaf BlowerBest leaf blower for big yards: Husqvarna 150BT Gas Backpack Leaf Blower The best leaf blower overall Home depot The versatile Toro 51621 UltraPlus Leaf Blower packs a blower, vacuum, and leaf mulcher into one ultra-functional tool.Power: Corded electricityWeight: 8.9 poundsAir volume: 350 CFMAir speed: 250 MPHNoise level: 68 dB(A)Pros: Oversized handle allows for a variety of grip positions, built-in cord lock, storage bag for accessories and attachmentsCons: Relatively loud, wet leaves can clog the machineIn my experience, the more bells and whistles a product advertises, the less effective its primary function ends up being. Luckily, this is not the case with the Toro 51621 UltraPlus leaf blower. Even with the addition of a powerful vacuum and mulcher, it's still a lightweight blower capable of generating impressive air speeds.The UltraPlus's powerful vacuum is one of the major reasons it's my top pick. It features a 12-amp motor that can suck in leaves and debris at an impressive 410 CFM. A heavy-duty metal impeller reduces them by 88%. Metal impeller blades will stay sharper longer than plastic and are less likely to chip and crack. This durability puts less stress on the motor, maximizing efficiency and extending the lifespan of the blower itself. The Toro 51621 UltraPlus produces about the same amount of noise as a vacuum cleaner, a feature that your neighbors are sure to appreciate.The vacuum capability of the UltraPlus isn't just for sucking up your finished pile of leaves after you're done blowing. It also comes in handy for properties that have landscaping features like bushes, fences, or boulders. Leaves tend to get trapped against these obstacles, and regular blowers can have trouble getting them out. By switching the machine to vacuum mode, you can simply walk around and suck up these troublemakers, then get back to blowing the rest of the yard.It's worth noting that you'll have to physically remove the narrow blower tube and attach the wider vacuum tube when switching functions. This is a fairly simple process, though. A convenient zippered vacuum bag keeps your mulched debris contained until you're ready to dispose of it, eliminating that awkward step of scooping a leaf pile into a trash bag.One of my favorite characteristics of the Toro 51621 UltraPlus is how environmentally friendly it is. Its corded power source results in fewer emissions than gas machines. Also, you can use the mulched leaves as fertilizer for your garden or your lawn. Best leaf blower on a budget Toro Despite the ultra-low price tag, the Toro 51624 PowerJet F700 Handheld Leaf Blower has a super-powered motor and durable construction. It performs just as well as the higher-end models.Power: Corded electricityWeight: 6.6 poundsAir volume: 725 CFMAir speed: 140 MPHNoise: 70 dB(A)Pros: Powerful output, lightweight, very affordableCons: Extension cord must be purchased separately, not ideal for large properties If you don't have the budget for a high-end machine, the low-priced Toro PowerJet F700 delivers an impressive amount of power in a small package. The lightweight design of the PowerJet makes it comfortable to use one-handed. You can use the adjustment dial to customize the power setting for use around delicate landscaping. The wide range of power is a big part of what makes it such a popular and effective model. The compact size of the F700 also makes it convenient to store when not in use. A handy little keyhole cut-out on the bottom makes it easy to hang up on a nail or hook in your garage or tool shed. This makes the Toro ideal for users who don't have room for larger models.However, the impressive power and unlimited runtime of the Toro PowerJet F700 come at the cost of portability. That being said, if you're working in a relatively small area and need extra power, this could be a perfect option.  Yahoodain recommended this mode, citing its 750 CFM airflow, one of the highest on the market. It's perfect for large piles of wet, heavy leaves. Best battery-powered leaf blower Ego The battery-powered Ego Power+ LB6504 Cordless Leaf Blower packs power and portability into a compact, easy-to-use package without fumes or messy fuel tanks.Power: BatteryWeight: 12.9 poundsAir volume: 650 CFMAir speed: 180 MPHNoise level: 65 dB(A)Pros: Brushless motor, cruise control, high power outputCons: Heavier than similar blowersIf you're looking for maximum power and portability, the Ego Power+ LB6504 could be the perfect fit. This battery-powered blower should be able to easily power through most residential chores. Should you encounter any heavy, wet, or unruly debris, you can hit the turbo button for a temporary boost of air. The variable speed trigger of the Ego LB6504 also makes it easy to dial in the precise level of power you're looking for, and thanks to the cruise-control button, you can lock in that speed for as long as you like. This feature would be really handy for tasks that require minimal power when you don't feel like maintaining trigger pressure the whole time. I also appreciate the flat bottom design of this blower, which keeps it from rolling over. By reducing the chances of it tipping over and getting scratched or chipped, it can extend the lifespan of the machine. Although you are limited by the running time of any battery-powered blower, the Ego's powerful 5.0Ah 56 V lithium battery provides roughly 75 minutes of running time per charge. That should be enough time for most lawns.The brushless motor of the Ego LB6504 is another valuable feature. I recommend always going with brushless tools if you have the choice. Considering how much value they add in terms of efficiency and increased lifespan, it can be worth the extra upfront cost.Ego is one of the more varied outdoor tool brands out there right now, and if you're thinking of starting a collection, they're a great brand to go with. Once you have more than one, you can mix and match batteries and cut down on time spent waiting for them to charge.The impressive power and run time of the Ego LB6504 make it relatively heavy. If you're fine with a couple of extra pounds, this blower is a great option. Best light-duty leaf blower Greenworks The push-button start, light weight, and hassle-free operation of the Greenworks 2400702 24V Leaf Blower make it a great choice for small jobs you want done quickly.Power: BatteryWeight: 4.4 poundsAir volume: 330 CFMAir speed: 100 MPHNoise: 65 dB(A)Pros: Battery motor starts up instantly, lightweight, low priceCons: Limited runtime, not powerful enough for heavy-duty usePowered by a 24-volt ion battery, the Greenworks 2400702 24V Leaf Blower is a great option for those who may not need the raw power of gas-powered or corded models and want the freedom to roam without worrying about wrangling extension cords. Capable of generating 330 CFM, the Greenworks 2400702 is great for smaller maintenance jobs like clearing leaves from your patio, air drying a newly washed car, or blasting grass clippings off the driveway. It's also incredibly easy to use. There's no power button to switch it on; you simply squeeze the trigger to activate it. Even though it doesn't have the power of other blowers, I preferred the Greenworks for quick, light-duty jobs, simply because of its hassle-free startup. Weighing about as much as a 2-liter soda bottle, the Greenworks requires minimal effort to maneuver. The variable speed trigger makes it easy to adjust the air speed. My biggest takeaway from using this blower is how little effort it takes to operate and how much I appreciated not being a sweaty mess after using it. The biggest drawback to the Greenworks 2400702 is its relatively short runtime. A fully charged battery will last about 10 minutes, so it wouldn't be suitable for larger properties. You can use their batteries as backups if you own other Greenworks power tools since they're all universal.  Greenworks is a great brand for tools in general. They're consistently a very popular choice with homeowners and offer a wide variety of products to choose from. Best leaf blower for big yards Husqvarna The gas-powered Husqvarna 150BT Gas Backpack Leaf Blower is designed for power, comfort, and easy operation, making it great for tackling large-scale projects.Power: GasWeight: 22.5 poundsAir volume: 692 CFMAir speed: 251 MPHNoise: 72 dB(A)Pros: Great value, comfortable enough for extended use, long running timeCons: Not as maneuverable as handheld blowers, not for left-handed usersEven though the Husqvarna 150BT Gas Backpack Leaf Blower is considered a mid-size commercial model in terms of power, its smaller size and lower price point make it ideal for residential use. If you don't need gale-force power but still want the portability and comfort needed to clear large yards and fields, it's a great choice. The Husqvarna weighs much more than a handheld blower but is still relatively lightweight for a backpack model. Its shoulder harness distributes the unit's weight evenly across the shoulders, and I found its sturdy, balanced feel to be more comfortable than expected. When testing, this secure fit also made it easier to accomplish other yard work tasks that require two hands, like clearing branches out of the way, moving around trash cans, or climbing up a ladder.  I also found the ergonomic joystick of the Husqvarna 150BT to be comfortable to use and simple to understand. Plus, the cruise control setting made it easy to lock in whatever setting I liked, thanks to the throttle adjuster. In addition to meeting California's emissions standards, the 2.15 horsepower X-Torq engine reduces fuel consumption by 20%, which allows you to roam longer before needing to refuel. Assembling the Husqvarna 150BT out of the box took only a few minutes. Since it included the necessary wrench, I didn't need to go hunting through my toolbox. Starting it up was a breeze, too. After filling the fuel tank, I followed the instructions printed on the side of the machine, and it fired up after a couple pulls of the handle.  The Husqvarna 150BT is still the loudest option on our list, though not by much. To protect yourself from potential hearing damage, you'll need to purchase ear protection to wear while operating the blower.The $330 price tag is fairly high, but considering Husqvarna's reputation for quality and performance, not entirely unreasonable. I've used multiple Husqvarna products over the years, from blowers to chainsaws to snowblowers, and have always been impressed with their performance and reliability. What else we considered Echo PB-2520: We decided that handheld gas-powered blowers weren't practical for the average homeowner, especially considering the potential issues with gas-powered machines in the future. But if you have a yard or area large enough to necessitate a gas-powered blower, this could work for you. Husqvarna 350BT: Even though we're big fans of Husqvarna blowers, this commercial-grade option was just a little too powerful. It was much louder than the residential-grade Husqvarna 150BT that we chose instead. But if you'd benefit from the commercial-style features of the 350BT — like a more effective air filter and anti-vibration technology that makes it more comfortable for extended jobs — it could be a good choice. Worx WG520 Turbine: Even though this Worx blower is an affordable and popular choice for those with a tight budget, we ultimately decided to replace it with the Toro PowerJet F700, which has a higher air volume and speed and runs a little bit quieter. However, if the Toro is unavailable, or you're just a big fan of Worx products, this blower is still a great choice. Methodology I've worked as a landscaper at a large state park, a job that required a substantial amount of leaf-blower work with a range of types and brands. In addition to my experience, I sourced and tested several popular leaf blowers when considering options for this list. I also reached out to a local expert for advice and insight. Nick Yahoodain of Advanced Builders and Contractors has extensive experience using leaf blowers in his business. I used all this testing, research, and experience to put together several criteria to evaluate and compare potential blowers.Noise level: In addition to the serious health issues associated with prolonged exposure to loud noises, it's also annoying and uncomfortable. I used this category to exclude any models that were substantially noisier than others without any clear advantages. Ease of use: Are there common instances of this blower being difficult, inconvenient, or uncomfortable to use? Are the controls straightforward and easy to manipulate while you're using them? This category covers both the starting procedure and any special features like power boosts or cruise control. Weight: Even an extra pound or two can make a real difference in how comfortable your blower is to operate. If blower models in the same category were a fairly close match-up in terms of power and usability, I tended to choose the lighter option.  FAQs Husqvarna Should I buy a gas or electric leaf blower?Leaf blowers can use a variety of fuel sources, each with its benefits and drawbacks. The engines that run gas-powered leaf blowers have longer running times than battery-powered models, and power cords don't hinder their portability.The majority of gas-powered blowers have two-stroke engines that require a fuel/oil mixture, which can be messy and inconvenient to prep. While some gas-powered blowers today are now quieter, more fuel-efficient, and emit fewer pollutants, they aren't the most environmentally friendly option. Yahoodain suggested that most homeowners should probably only opt for a gas-powered blower if they need to blow areas over 1/4 acre.Do I need a cordless leaf blower?Powered by a standard electrical socket, corded leaf blowers have an unlimited runtime, even though the length of your extension cord limits their range. "If you want the most power, a corded leaf blower is the way to go," said Yahoodain. It's worth noting that just because they run on electricity, it doesn't mean they're any less loud than some gas-powered options.As batteries have become more powerful and less bulky, cordless electric leaf blowers have become more commonplace. These machines are much easier to maintain than their gas-powered competitors and don't directly produce emissions. They tend to have a shorter runtime, however, making them less than ideal for large-scale projects. Both corded and battery-powered blowers have the advantage of running silent when in idle mode, unlike gas-powered machines that are still fairly loud when idling.What is the difference between CFM and MPH?CFM (cubic feet per minute) measures the volume of the air that passes through the nozzle of the leaf blower in one minute. "The higher the CFM, the more air the blower will output, allowing you to clear a wider area in less time," said Yahoodain. Miles per hour (MPH) refers to the speed of the air coming out of the blower. Yahoodain explains that you can maximize this speed by using different sizes and shapes of nozzles. An open, circular nozzle allows more air to come out at once, while a wider, tapered nozzle will give you more control.How do you use a leaf blower?If you just wander out into the yard and start blowing, you're probably going to waste time and energy. Having a strategy in place ensures that you're working efficiently and won't waste time covering the same areas over and over.To avoid doubling up on work areas, you need to designate a collection point for your leaves or debris. This is typically the center of the yard, preferably on a large tarp. If your work area is really big, separate it into sections, each with its own collection point.Beginning at the perimeter, use your blower to push the leaves towards the center of the yard in broad strokes, working your way around the yard. Use low shallow strokes and adjust the power of the blower as you get closer to the center. Don't stress over every single leaf.Once your leaves and debris are collected, use the tarp to funnel them into a yard waste bag or use them in a compost pile.How loud are leaf blowers?Leaf blowers are notoriously loud machines. Regardless of their power source, they can generate enough noise to cause significant hearing loss over time. It's possible to damage your hearing using a leaf blower with a noise rating of 80 decibels and above for two hours, according to the Centers for Disease Control and Prevention.  When operating a leaf blower, it's a good idea to wear ear protection. Two of our picks, the Husqvarna 350BT and the Worx WG520 Turbine, are over 80 dB(A), so take that into consideration when choosing your blower.Are leaf blowers bad for the environment?Electric blowers, both corded and battery-powered, don't directly generate emissions, as gas-powered models do. If an electric blower can meet your needs, there's no need to choose a gas-powered option.However, there are some instances where gas-powered blowers are still necessary. For large properties that require a long running time and unlimited range or properties that lack available power outlets, gas-powered models are still the most effective solution.To lessen the harmful effects of your gas-powered blower, always make sure they are rated as CARB-compliant. The California Air Resources Board regulates outdoor landscaping emissions and rates equipment as CARB-compliant only if their emissions fall below a certain level.Are gas-powered leaf blowers restricted? If you are set on purchasing a gas-powered blower, make sure to check for any restrictions or regulations in your area. Hundreds of cities across the country have passed legislation limiting the use of gas-powered leaf blowers, including time-of-day restrictions and noise-level limits. California has taken the strictest stances against them, with 16 cities that have banned gas-powered blowers altogether. According to CARB, some cities have even introduced trade-in programs to incentivize people to switch to electric lawn care equipment. Most recently, the District of Columbia has announced that a complete ban on gas-powered leaf blowers will go into effect on January 1, 2022. The nationwide push towards all-electric lawn equipment doesn't appear to be slowing down anytime soon, so even if you're not in an area affected today, that may change in the future.  See more great buying guides for your yard Ariel Skelley/Getty Images The best riding lawn mowersThe best electric lawn mowersThe best gardening and landscaping toolsThe best snow blowersThe best snow shovelsThe best rakes Read the original article on Business Insider.....»»

Category: topSource: businessinsider9 hr. 35 min. ago

Cheniere (LNG) to Supply Liquefied Natural Gas to Glencore

The agreement will likely bring Cheniere's (LNG) Corpus Christi Stage 3 project closer to a final investment decision, which is expected to occur in 2022. Cheniere Energy Inc LNG, through its marketing arm, Cheniere Marketing, entered a sale and purchase agreement (“SPA”) to supply liquefied natural gas to Glencore plc.Under the SPA, Cheniere will supply 0.8 million tons per annum (Mtpa) of liquefied natural gas on a free-on-board basis to Glencore. The deal has a term of 13 years and will be in effect from October 2023.The agreement is likely to bring Cheniere's Corpus Christi Stage 3 project closer to a final investment decision, which is expected to occur in 2022. The Stage 3 expansion will involve the development of up to seven midscale trains, with an aggregate nominal production capacity of 10 Mtpa.Cheniere expects to increase the total capacity of the Corpus Christi Liquefaction facility to 25 Mtpa. Notably, the growing overseas demand is favorable for the company to lock in funding for additional capacity.The Glencore agreement is Cheniere’s second liquefied natural gas supply deal in recent weeks as the fuel is currently trading at record prices amid shortages in Asia and Europe, which have urged buyers to secure supplies.Europe and Asia are struggling to secure liquefied natural gas supplies, intending to restock ahead of the colder months and meet the unquenchable demand for the fuel in Asia. Recent power cuts in China due to coal shortages have only intensified competition between Asia and Europe in securing energy sources.Earlier this month, Cheniere entered a similar agreement with ENN Natural Gas Co. Ltd to deliver liquefied natural gas in China. Cheniere will supply 0.9 Mtpa of liquefied natural gas on a free-on-board basis to ENN. The deal has a term of 13 years and will be effective from July 2022.The latest SPA highlights the strength of the global liquefied natural gas market and Cheniere’s role as a leading global liquefied natural gas supplier.Company ProfileHeadquartered in Houston, TX, Cheniere primarily engages in businesses related to liquefied natural gas.Zacks Rank & Other Stocks to ConsiderThe company currently carries a Zack Rank #1 (Strong Buy).Some other top-ranked players in the energy space are Suncor Energy Inc. SU, ConocoPhillips COP and Range Resources Corporation RRC, each currently sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.Suncor’s earnings for 2021 are expected to increase 38.4% year over year.ConocoPhillips’ earnings for 2021 are expected to rise 30.4% year over year.Range Resources’ earnings for 2021 are expected to surge 73.7% year over year. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP): Free Stock Analysis Report Range Resources Corporation (RRC): Free Stock Analysis Report Suncor Energy Inc. (SU): Free Stock Analysis Report Cheniere Energy, Inc. (LNG): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacks11 hr. 35 min. ago

Here"s How Under Armour (UAA) Looks Just Ahead of Q3 Earnings

Under Armour's (UAA) third-quarter results are likely to reflect its focus on product innovation, strengthening direct-to-consumer business and selling more inventory at full price. Under Armour, Inc. UAA is likely to register an increase in the top line when it reports third-quarter 2021 earnings on Nov 2, before the market opens. The Zacks Consensus Estimate for revenues is pegged at $1,479 million, indicating an improvement of 3.2% from the prior-year reported figure.The bottom line of this developer, marketer and distributor of apparel, footwear, and accessories is expected to decline year over year. The Zacks Consensus Estimate for third-quarter earnings per share has increased by a penny to 15 cents in the past 30 days. The figure suggests a sharp decline from earnings of 26 cents reported in the year-ago period.This Baltimore, MD-based company has a trailing four-quarter earnings surprise of 355.4%, on average. In the last reported quarter, the company’s bottom line surpassed the Zacks Consensus Estimate by a significant margin of 300%.Key Things to NoteUnder Armour’s commitment toward product innovation, investments in own stores and digitization to directly reach customers, and selling more inventory at full price are likely to have favorably impacted the third-quarter performance. The company has been focusing on strengthening brand through enhanced customer connections and strict go-to-market process as well as expanding direct-to-consumer business. We also note that the company’s international business has been a significant revenue driver.Undoubtedly, the company has been benefiting from its improved operating model and investments across product and marketing that has been helping it meet strong demand. Its effort to manage inventory, curb non-essential operating expenses and optimize capital expenditures also bodes well. On its last earnings call, management projected low single-digit growth rate for third-quarter revenues. The company guided gross margin expansion of 130-150 basis points owing to pricing benefits and channel mix.However, divestment of the high gross margin business, MyFitnessPal, might have negatively impacted the quarter. Also, higher freight and logistics costs due to COVID-19-related supply chain constraints remain a headwind. For the third quarter, management had projected adjusted operating income in the band of $95-$105 million down from $133 million reported in the year-ago period. It had also forecast third-quarter adjusted earnings per share in the bracket of 13-15 cents, down from 26 cents in the prior-year quarter.Under Armour, Inc. Price, Consensus and EPS Surprise Under Armour, Inc. price-consensus-eps-surprise-chart | Under Armour, Inc. QuoteSneak Peek into EstimatesWe note that the Zacks Consensus Estimate for third-quarter revenues for Apparel and Footwear categories are pegged at $1,015 million and $305 million, indicating growth of 9.5% and 2.1% year over year, respectively. The consensus mark for Accessories stands at $132 million, suggesting a decline of 9% from the prior-year quarter.The Zacks Consensus Estimate for revenues at North America, EMEA, and Asia-Pacific segments are pegged at $1,001 million, $236 million and $212 million, respectively. These figures suggest respective increase of 4% and 12.3% for North America and EMEA on a year-over-year basis, respectively. The same for Asia-Pacific indicates growth of 18.5%. The Zacks Consensus Estimate for revenues of $39.1 million for Latin America suggests a decline of about 11.9% from the year-ago period.What Does the Zacks Model Unveil?Our proven model predicts an earnings beat for Under Armour this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. You can see the complete list of today’s Zacks #1 Rank stocks here.Under Armour has a Zacks Rank #3 and an Earnings ESP of +6.22%.Other Stocks With Favorable CombinationHere are some other companies you may want to consider as our model shows that these too have the right combination of elements to post an earnings beat:Steven Madden SHOO has an Earnings ESP of +1.30% and a Zacks Rank #2.Hanesbrands HBI has an Earnings ESP of +1.06% and a Zacks Rank #2.Gildan Activewear GIL has an Earnings ESP of +7.14% and a Zacks Rank #3. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hanesbrands Inc. (HBI): Free Stock Analysis Report Gildan Activewear, Inc. (GIL): Free Stock Analysis Report Steven Madden, Ltd. (SHOO): Free Stock Analysis Report Under Armour, Inc. (UAA): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacks11 hr. 35 min. ago

Futures Slip From All Time High Amid Fresh China, Growth, Valuation Concerns

Futures Slip From All Time High Amid Fresh China, Growth, Valuation Concerns One day after US equity futures hit an all time high, rising to a record 4,590, risk sentiment has reversed and overnight index futures fluctuated and stocks in Europe retreated from a near-record on Wednesday after a flare up in U.S.-China tensions, signs of further regulatory crackdowns from Beijing, a decline in commodity prices, renewed concerns about economic growth and a rise in short-dated U.S. Treasury yields doused the equity market rally on Wednesday. At 7:45 a.m. ET, Dow e-minis were up 27 points, or 0.07%, S&P 500 e-minis were down 2.50 points, or -0.06%, and Nasdaq 100 e-minis were down 15.5 points, or 0.09%. Bonds and the dollar gained and bitcoin stumbled. The overnight losses started earlier in Asia, where tech stocks suffered hefty falls after China’s internet watchdog said it planned stricter registration rules for younger net users, while Chinese tech shares slid on concerns about more scrutiny from Washington after the U.S. banned China Telecom’s American business. U.S. futures also turned negative as the bullish mood over Tuesday’s forecast-beating results from Google owner Alphabet and Microsoft started to wane. Shares of energy firms including Exxon and Chevron tracked lower oil prices, while major lenders such as Bank of America slipped on a flattening U.S. yield curve. Microsoft Corp rose 2.1% in premarket trading after it forecast a strong end to the calendar year, thanks to its booming cloud business. Twitter gained 1.4% after the social networking site’s quarterly revenue grew 37% and avoided the brunt of Apple Inc’s privacy changes on advertising that hobbled its rivals. Google owner Alphabet also reported record quarterly profit for the third straight quarter on a surge in ad sales. However, its shares were down 0.6% after rising nearly 59% so far this year. Here are some of the biggest movers today: Microsoft (MSFT US) shares gain 2.2% in premarket after first- quarter results that analysts said were very strong across the board, showing scale and justifying the valuation of the software giant. Alphabet (GOOGL US) rises 1.3% after 3Q earnings earned a mostly positive reception from analysts, with at least three raising their price targets on the Google parent. Twitter (TWTR US) adds 2% amid resilient third-quarter sales at the social media company as it weathers Apple’s new limits on consumer data collection. Enphase Energy (ENPH US) gains 13% after its 3Q results and 4Q forecasts beat estimates. Analysts await more clarity on supply chain constraints. Robinhood (HOOD US) slumps 12% as some analysts cut price targets after the retail brokerage reported 3Q revenue that missed estimates and flagged further weakness in 4Q. Visa (V US) falls 2.4% as analysts flag a disappointing outlook from the payments company. Texas Instruments (TXN US) declined 4% after a forecast that may disappoint some investors who are concerned about a potential slowdown in demand for electronic components. Watch peers for a readacross. Angion (ANGN US) plunges 55% after company said a kidney transplant drug failed to meet primary end points in a phase three trial. European partner Vifor (VIFN SW) slips 6%. “While some prominent earnings misses have clouded the picture, the reality is that on aggregate, the reporting season so far has been very solid,” said Max Kettner, a multi-assets strategist at HCBC Holdings Plc. “Everyone, literally everyone, in the market right now is worried about supply-chain constraints, higher input costs and the like, so headwinds from this side are now very well reflected in near-term earnings expectations.” Concern over more tension between Beijing and Washington also weighed on markets after the U.S. Federal Communications Commission voted to revoke the authorization for China Telecom’s U.S. subsidiary to operate in the United States after nearly two decades, citing national security. “We have good U.S. data in earnings which is very reassuring but valuation is very stretched in both the value as well as the growth sector,” said Sebastien Galy, senior macro strategist at Nordea Asset Management. “And people are also getting a bit hesitant and are a bit worried because the amount of money that is going through will slow down with the Fed slowly starting to taper - but that is not necessarily a bad thing.” MSCI’s global equity benchmark hovered close to Monday’s seven-week high and is on track for the best month in almost a year. However, European stocks softened, led by a 1.6% drop in mining and resource firms in the Stoxx Europe 600 index as prices of raw materials including aluminum and iron ore fell along with crude oil. Germany’s DAX underperformed after Europe’s biggest economy cut its 2021 growth forecast, citing the lingering effects of the pandemic and a supply squeeze. Bund yields dropped along with those on other European bonds. Bank shares also slipped, with Deutsche Bank down more than 5% despite forecast-beating earnings. Europe's Stoxx 600 dropped about 0.3%, weighed down the most by miners and energy firms. FTSE 100 and DAX both down similar amounts. Here are some of Wednesday’s major earnings and corporate news from Europe Deutsche Bank AG dropped more than 6% after disappointing earnings, while Banco Santander SA declined despite a bullish outlook. Heineken NV fell after reporting a drop in demand for beer. BASF SE slipped after flagging dwindling returns on its core suite of chemical products as sputtering global supply catches up with demand. GlaxoSmithKline Plc rose after improving its profit outlook. Dutch semiconductor equipment maker ASM International NV advanced after revenue forecasts beat analyst estimates. Puma SE gained after raising full-year profit forecasts. Temenos AG surged as much as 16% after Bloomberg reported EQT AB is exploring an acquisition of the Swiss banking software specialist. Earlier in the session, the MSCI Asia Pacific Index was down 0.4% in late afternoon trading, paring an earlier drop of 0.7%, with Tencent, Alibaba and Meituan the biggest drags. Asian equities fell as risk-off sentiment fueled by renewed concerns over Evergrande’s debt woes and an escalation in China-U.S. tensions drove losses in Chinese tech giants. Benchmarks in Hong China and China led declines around the region. The Hang Seng Tech Index plunged as much as 3.9%, the most in over five weeks after Washington moved to ban U.S. business by China Telecom, following previous similar measures against Chinese tech firms including Huawei. Meanwhile, Secretary of State Antony Blinken called for a greater role by Taiwan in the United Nations, raising objections from Beijing. Chinese tech stocks have been rattled this year by a crackdown amid President Xi Jinping’s “common prosperity” campaign. There had been signs of a rebound recently, however, as the government signaled it would limit its restrictions. Investor confidence in beaten-down Chinese tech stocks hasn’t been fully restored “so they rush to dump those stocks at any negative news and signs of flow reversal,” said Castor Pang, head of research at Core Pacific-Yamaichi International Hong Kong. “This round of tech rebound has peaked,” he added. Key equity gauges also fell more than 0.5% in Indonesia and South Korea, while Vietnam’s benchmark climbed more than 2%. Japanese equities fell, though they closed off intraday lows, as electronics makers and telecommunications providers drove losses. Auto and chemical makers provided support for the Topix which closed down 0.2%, paring an earlier drop of as much as 0.7%. The Nikkei 225 closed little changed, with a gain in Fast Retailing offsetting a drop in SoftBank Group. Asian stocks were broadly lower, as the U.S. moved to ban China Telecom and amid renewed concern over Evergrande’s debt woes. Meanwhile, Japan Exchange Group said Tokyo Stock Exchange will extend the trading day by 30 minutes in the second half of the fiscal year ending March 2025.  In rates, the 10Y yield is down 1.2bp at 1.595%, trailing steeper declines for U.K. and German counterparts, which outperform by ~3bp as money markets trim expectations for BOE and ECB rate hikes. Long-end Treasuries continued to outperform vs front-end ahead of 5- and 7-year auctions Wednesday and Thursday, as well as month-end rebalancing expected to favor bonds over equities. Long-end yields are lower on the day by ~2bp, front-end yields higher by similar amounts, following selloff in Australia front-end bonds after strong 3Q CPI numbers. 5s30s curve breached 82bp for first time in a year. Gilts flatten further ahead of a revised gilt remit that is expected to report a GBP33b reduction. U.K. 10-year yield falls 5bps to 1.06%, the lowest since Oct. 14, outperforming bunds by ~1bp. In FX, the Japanese yen strengthened ~0.5% against the U.S. dollar, leading G-10 majors and followed by the Swiss franc. All other G-10 peers are red against the dollar, which is up about 0.06%. The fading risk sentiment meanwhile pushed up the safe-haven Japanese yen which rose 0.4% against the U.S. dollar though the greenback in turn held just off a one-week high versus a currency basket. The euro kept gravitating toward the $1.16 handle as overnight plays in the common currency as well as the loonie took the spotlight before the monetary policy meetings by the Bank of Canada and the ECB. The three-month Euro benchmark funding rate fell to -0.556%, matching the record low set on Jan. 6, as excess liquidity hovers near an all-time high seen earlier this month. The pound slipped and the Gilt curve bull-flattened ahead of the U.K. government’s budget announcement. The U.K. is expected to trim gilt sales to GBP33b, according to a Bloomberg survey of analysts at primary dealers. Commodity currencies, led by the krone, fell and the Australian dollar erased an Asia-session gain in European hours. The Aussie earlier rallied while Australian 3-year yield surged as much as 24bps to briefly top 1% after core inflation accelerated back inside RBA’s target, and taking its game of chicken with the bond market to new heights. Kiwi trailed most G-10 peers following a record trade deficit. The Offshore Chinese renminbi fell against the U.S. dollar amid heightened U.S.-China tensions. Currency and bond traders were looking to a slew of central bank meetings over the coming week for guidance. Canada is first up at 1400 GMT on Wednesday while the European Central Bank meets on Thursday, when the Bank of Japan also concludes its two-day meeting. The Fed has all but confirmed it will soon start to whittle back its asset purchases, though has said that shouldn’t signal that rate hikes are imminent. Nevertheless, Fed funds futures are priced for a lift-off in the second half of next year. “We updated our Fed call to show a hike in Q4 2022 and four hikes in 2023,” analysts at NatWest said in a note. “The inflation overshoot has been persistent,” they said. “There is (only) so much the Fed can tolerate before reacting ... it feels inevitable that that conversation will be brought up more and more as we go into next year.” Commodities are in the red. Brent crude down about 1.3% back to $85 a barrel, while WTI slips 1.7% to $83. Base metals drop. LME aluminium, copper, and nickel decline the most. Spot gold down $5 to trade around $1,787/oz.  The crypto space tumbled sharply shortly after the European close, pushing Bitcoin below $59,000 and wiping out much of the ETF launch gains. No changes are expected from Tokyo, but traders are expecting the ECB to push back on market inflation forecasts and are looking for hawkish clues from the Bank of Canada as prices put pressure on rates. Policymakers are facing a steady drip of evidence that there is no let-up from pressure on consumer prices. The latest came from Australia, where data showed core inflation hit a six-year high last quarter, raising the possibility of sooner-than-planned rate increases. The Australian dollar jumped after the data but soon pared the gains. Looking at today's busy calendar, we will get preliminary September wholesale inventories, durable goods orders and core capital goods orders from the US. In Europe, Germany November GfK consumer confidence, France October consumer confidence and Euro Area September M3 money supply are due. In central banks, monetary policy decisions from the Bank of Canada and Central Bank of Brazil will be released. On the corporate earnings front, companies reporting include Thermo Fisher Scientific, Coca-Cola, McDonald’s, Boeing, General Motors, Santander and Ford. Elsewhere, the UK government announces Autumn Budget and Spending Review. Market Snapshot S&P 500 futures little changed at 4,569.75 STOXX Europe 600 down 0.3% to 474.38 MXAP down 0.4% to 199.65 MXAPJ down 0.8% to 656.34 Nikkei little changed at 29,098.24 Topix down 0.2% to 2,013.81 Hang Seng Index down 1.6% to 25,628.74 Shanghai Composite down 1.0% to 3,562.31 Sensex up 0.2% to 61,468.43 Australia S&P/ASX 200 little changed at 7,448.71 Kospi down 0.8% to 3,025.49 German 10Y yield fell 4 bps to -0.157% Euro little changed at $1.1593 Brent Futures down 1.1% to $85.46/bbl Gold spot down 0.5% to $1,784.14 U.S. Dollar Index little changed at 93.98 Top Overnight News from Bloomberg Chinese authorities told billionaire Hui Ka Yan to use his personal wealth to alleviate China Evergrande Group’s deepening debt crisis, according to people familiar with the matter Germany cut its 2021 growth outlook to 2.6% -- compared with a prediction of 3.5% published at the end of April -- reflecting a scarcity in some raw materials and rising energy prices, particularly for gas, Economy Minister Peter Altmaier said Wednesday in an interview with ARD television China plans to limit the price miners sell thermal coal for as it seeks to ease a power crunch that’s prompted electricity rationing and even caused a blackout in a major city last month The SNB stressed that in light of the highly valued currency and the degree of economic slack, expansive monetary policy needs to be maintained, according to an account of President Thomas Jordan’s meeting with Swiss govt Sweden’s National Debt Office is reducing its bond borrowing in both kronor and foreign currency because central government finances are recovering faster than expected from the pandemic, according to a statement A more detailed look at global markets courtesy of Newsquawk Asian markets adopted a downside bias as sentiment waned following the mild gains on Wall Street, in which the S&P 500 and DJIA eked out record closes after easing off best levels. The US close also saw earnings from behemoths Microsoft, Alphabet and AMD - the former rose 2% after blockbuster metrics, whilst the latter two dipped after-market. Meanwhile, Twitter shares rose almost 4% after hours as the Co. highlighted the lower-than-expected Q3 impact from Apple’s privacy-related iOS changes. On the flipside, Robinhood slumped over 8% after reporting a steep decline in crypto activity. It’s also worth noting that Berkshire Hathaway Class A shares - the world’s most expensive shares - are quoted +51% after-market (+USD 223,614.00/shr); reasoning currently unclear. Overnight, US equity futures resumed trade flat before a mild divergence became evident between the NQ and RTY, whilst European equity futures' losses were slightly more pronounced. Back to APAC, the ASX 200 (+0.1%) was buoyed by its tech sector amid the post-Microsoft tailwinds from the US, but the sector configuration then turned defensive, whilst Woolworths slumped some 4% after earnings and dragged the Consumer Staples sector with it. The Nikkei 225 (-0.1%) saw losses across most sectors, with Retail, Insurance and Banks towards the bottom. The KOSPI (-0.8%) conformed to the downbeat mood, whilst Hyundai shares were also pressured amid its chip-related commentary. The Hang Seng (-1.6%) and Shanghai Comp (-1.0%) declined despite another substantial CNY 200bln PBoC liquidity injection for a net CNY 100bln. The Hang Seng accelerated losses in the first half-hour of trade with Alibaba, Tencent and Xiaomi among the laggards. Meanwhile. PAX Technology slumped 45% after the FBI raided the Co's Florida officers amid suspicion PAX’s systems may have been involved in cyberattacks on US and EU organizations. Finally, 10yr JGBs were lower amid spillover selling from T-notes and Bund futures, whilst the Aussie 3yr yield topped 1.00% for the first time since 2019 as the trimmed and weighted Australian CPI metrics moved into the RBA's target zone. Top Asian News China Agrees Plan to Cap Key Coal Price to Ease Energy Crisis China Tech Stocks Slump as Tensions With U.S. Spook Investors Top Court Orders Probe Of India’s Alleged Pegasus Use Tokyo Stock Exchange to Extend Trading Day by 30 Minutes European equities (Stoxx 600 -0.3%) are trading moderately lower in a session which has been heavy on earnings and light on macro developments. The APAC session saw more pronounced losses in Chinese bourses (Shanghai Comp -1%, Hang Seng -1.8%) compared to peers despite ongoing liquidity efforts by the PBoC with Hong Kong stocks hampered by losses in Alibaba, Tencent and Xiaomi. Stateside, performance across US index futures were initially firmer before following European peers lower with more recent downside coinciding with the US Senate Finance Committee Chairman unveiling a tax proposal focused on unrealised gains of assets held by billionaires and impose a 23.8% capital gains rate on tradable assets such as stocks; ES -0.1%. The US close saw earnings from behemoths Microsoft, Alphabet and AMD - the former rose 2% after blockbuster metrics, whilst the latter two dipped after-market. Meanwhile, Twitter shares rose almost 4% after hours as the Co. highlighted the lower-than-expected Q3 impact from Apple’s privacy-related iOS changes. On the flipside, Robinhood slumped over 8% after reporting a steep decline in crypto activity. In the pre-market, upcoming earnings highlights include McDonalds, Boeing, GM, Bristol Myers and FTSE 100-listed GSK. Back to Europe, sectors are mostly lower with Basic Resources and Oil & Gas names at the foot of the leaderboard amid performance in underlying commodity prices. Banking names are also trading on a softer footing following earnings from Deutsche Bank (-5.4%) which saw the Co. report a decline in trading revenues whilst managing to make a profit for the 5th consecutive quarter. Spanish heavyweight Santander (-2.5%) is also acting as a drag on the sector despite reporting a net profit above expectations for Q3 with some desks highlighting softer performance for its US operations. Elsewhere, Sodexo (+5.6%) is the best performer in the Stoxx 600 after strong FY results, whilst Puma (+3.2%) trades on a firmer footing after reporting a beat on Q3 earnings and raising guidance. To the downside, BASF (-1.0%) shares are seen lower despite exceeding expectations for earnings with the Co. cautioning that the impact from higher Nat Gas prices in the first nine months of the year amounted to EUR 600mln costs and a significant increase in costs is expected following the October price hike. Top European News Deutsche Bank Falls; Results Fail to Provide Fresh Catalyst BASF Points to Chemical Price Surge Easing as Supply Increases SNB’s Jordan Stressed Need for Loose Policy in Govt Meeting U.K.’s Sunak Set to Cut Tax on Domestic Flights: The Independent In FX, nearly, but not quite for the index in terms of turning full circle on Tuesday and matching the prior week high as it fell just shy at 94.024 vs 94.174 on October 18, while also narrowly missing 94.000 on a ‘closing’ basis with a last price of 93.956. Moreover, month end rebalancing factors are moderately bearish for the Greenback against G10 rivals, and especially vs the Yen that has a relatively large 1.6 standard deviation and appears to be playing out in the headline pair and Jpy crosses on spot October 29. Indeed, Usd/Jpy has recoiled further from yesterday’s peak circa 114.31 to sub-113.60 before taking cues from the BoJ tomorrow and Japanese retail sales in the run up, but decent option expiry interest between 113.55-50 (1.8 bn) may underpin and support the DXY by default within a narrow 94.008-819 band. More immediately for the Buck in particular and peers indirectly, US durable goods, advance trade, wholesale and retail inventories. CHF/AUD - Also firmer vs their US counterpart, as the Franc clambers back above 0.9200 irrespective of a deterioration in Swiss investor sentiment and the growing chance that the SNB could be prompted to respond to a retreat in Eur/Chf from 1.0700+ to 1.0637 or so. Elsewhere, the Aussie has pared some of its post-core inflation inspired gains, but is holding close to 0.7500 and still outpacing its Antipodean neighbour as Aud/Nzd hovers around 1.0500. NZD/CAD/GBP - A downturn in overall risk sentiment and the aforementioned cross headwinds are weighing on the Kiwi that has slipped under 0.7150 vs its US namesake, and it’s a similar tale for Sterling that failed to retain 1.3800+ status or breach 0.8400 against the Euro before the latest reports about France preparing retaliatory measures against the UK over the fishing rights dispute. On top of that, Eur/Gbp tides are turning into month end and the usual RHS flows seen into and around fixings, while the Pound may also be acknowledging a pull-back in Brent prices in advance of the Budget, like the Loonie in respect of WTI ahead of the BoC, with Usd/Cad back above 1.2400 compared to 1.2350 at one stage on Tuesday and a tad lower in the prior session. Note, the break-even via implied volatility indicates a 58 pip move on the policy meeting that comes with a new MPR and press conference from Governor Macklem. EUR - Notwithstanding several gyrations and deviations of late, the Euro seems largely anchored to the 1.1600 mark vs the Dollar and yet more option expiries at the strike (1.5 bn today) may well be a contributing factor as the clock continues to tick down Thursday’s ECB convene that is seen as a dead rubber event in passing ahead of the big one in December - check out the Research Suite for a preview and other global Central Bank confabs scheduled this week. SCANDI/EM - Hardly a surprise to see the Nok recoil alongside crude prices, but the Sek is holding up relatively well in wake of an uptick in Swedish household lending and a big swing in trade balance from deficit to surplus. Conversely, the Try’s stoic revival mission has been derailed to an extent by dip in Turkish economic confidence offsetting a narrower trade shortfall, the Rub and Mxn are also feeling the adverse effects of oil’s retracement, the Zar is tracking Gold’s reversal through 200 and 100 DMAs, and the Cny/Cnh have been ruffled by the latest US-China angst, this time on the telecoms front. Last, but not least, the Brl anticipates a minimum 100 bp SELIC rate hike from the BCB, if not 125 bp as some hawkish forecasts suggest. In commodities, a softer start to the session for WTI and Brent seemingly stemming from the cautiously downbeat tone portrayed by broader risk and continuing to take impetus from last night’s Private Inventory report. For reference, the benchmarks are currently lower in excess of USD 1/bbl and WTI Dec’21 has been within touching distance of the USD 83.00/bbl figure, though is yet to test the level. Returning to yesterday’s crude report which printed an above consensus build of 2.318M for the headline print while the gasoline and distillate components were unexpectedly bearish, posting modest builds against expected sizeable draws. Looking ahead, the EIA release is expected to post a headline build. Aside from this, crude specific newsflow has been limited ahead of next week’s OPEC+ gathering though Iran remains on the radar given the latest release of constructive commentary on nuclear discussions. Albeit, we are still awaiting details on a return to full Vienna discussions. Moving to metals, spot gold and silver are softer on the session in a continuation of action seen around this time during yesterday’s session; metals pressured in wake of a choppy, but ultimately firmer, dollar. Elsewhere, China has reportedly agreed to set a price cap for thermal coal sales and comes as part of the ongoing crackdown by China on the commodity which spurred Zhengzhou thermal coal futures to hit limit-down overnight. US Event Calendar 8:30am: Sept. Durable Goods Orders, est. -1.1%, prior 1.8%; 8:30am: Durables Less Transportation, est. 0.4%, prior 0.3% Sept. Cap Goods Orders Nondef Ex Air, est. 0.5%, prior 0.6% Cap Goods Ship Nondef Ex Air, est. 0.5%, prior 0.8% 8:30am: Sept. Retail Inventories MoM, est. 0.2%, prior 0.1%; Wholesale Inventories MoM, est. 1.0%, prior 1.2% 8:30am: Sept. Advance Goods Trade Balance, est. -$88.3b, prior -$87.6b, revised -$88.2b DB's Jim Reid concludes the overnight wrap It’s day 42 out of 42 on crutches without any weight bearing on my left leg. Over that period I’ve been hopping, crawling, sliding, and using the crutches as a pole vault amongst other various forms of self transportation. So sadly today is the last day I get waited on. When I wake up tomorrow I’ll try to walk again and fend for myself. Equities threw away their crutches a couple of weeks ago and haven’t looked back. US Earnings have helped and while they aren’t as good as the headline beats suggest, due to big unwinding of reserves for loan loss provisions at the banks, they are notably better than some of the stagflationary gloom stories that dominated in the weeks ahead of this season. A reminder that our equity guys did their state of play on earnings a couple of days back here. Big tech was always going to be the swing factor between a slightly better than normal level of beats and a more aggressive one. Last night Alphabet, Microsoft, and Twitter all reported after hour. Alphabet and Microsoft beat on both sales and earnings, while Twitter’s revenue just missed expectations but traded higher after hours. Of the 41 S&P 500 companies that reported yesterday, 33 beat estimates. For the earnings season to date, 166 S&P companies have reported, with 139 beating earnings estimates. Prior to this, markets continued to stay in their “new normal” of record or cyclical high equity prices and multi-year breakeven highs. Positive surprises for earnings on both sides of the Atlantic helped yesterday as did strong US consumer confidence numbers. Starting with the US, along with strong earnings, a number of positive surprises in an array of economic data yesterday did just enough to push the S&P 500 (+0.18%) and the DJIA (+0.04%) to new record highs, while the Nasdaq (+0.06%) fell short of beating its record set on September 30th. The FAANG Index lagged on the day, dropping -0.33%, but managed new all-time highs intraday. On the other side of the Atlantic, European equities notched solid gains as well, with most major European markets finishing well in the green territory, lifting the STOXX 600 by +0.75% - a fraction below its record high. All index sectors but energy (-0.29%) finished higher on the back of strong earnings early in the session, particularly from UBS and Novartis. Taking a closer look at the aforementioned economic data, October US consumer confidence came in at 113.8 versus 108.0 expected, while the Richmond Fed Manufacturing index rose to 12, beating expectations of 5. In housing, new home sales for September (800k) surpassed estimates (756k) by a decent margin, whereas the August FHFA House Price Index came in at +1.0% versus +1.5% expected. There were further signs of a tight US jobs market as the labour market differential in the Conference Board index improved to 45.0, the best reading since 2000. Similar to Monday, breakevens climbed as real yields fell in the US and Germany. Nominal 10-year Treasuries were -2.3bps lower, while breakevens increased +2.6bps to 2.69%, still just a hair beneath all-time highs for the series. 10-year bunds declined -0.3bps while the breakeven widened +3.0bps. Breakevens took a breather in the UK, narrowing -8.6bps, whilst 10-year gilts were -3.0 bps lower. In Asia, most major indices are down this morning. The Nikkei 225 (-0.61%), KOSPI (-0.92%), Hang Seng (-1.58%) and Shanghai Composite (-0.92%) are all trading lower. Sentiment soured after the real estate saga continued with Chinese authorities asking companies to get ready to repay offshore bonds, while also urging Evergrande’s founder to employ his own wealth to aid the struggling developer. Additionally, in geopolitics, the US Federal Communications Commission banned China Telecom (Americas) Corp. from operating in the US on the back of national security concerns. Data releases from Asia continued to support the inflationary narrative amid rising commodity prices as we saw a +16.3% YoY growth in China’s industrial profits in September, up from +10.1% a month earlier. Meanwhile, Australia’s trimmed mean CPI (+2.1%) came in above expectations (+1.8%), sending the 3y yield higher by +14.5bps. The S&P 500 mini futures (0.00%) is broadly unchanged with the 10y Treasury at 1.622 (+1.4bps). In commodities, oil futures were mostly mixed yesterday, but both WTI (+1.06%) and Brent (+0.48%) managed to rise by the European close, as Saudi Aramco said earlier in the session that oil output capacity is declining rapidly across the world. On the other hand, European weather forecasts that pointed at lower temperatures starting next week did little to propel natural gas prices, which declined both in the region (-0.33%) and in the US (-0.27%). Briefly taking a look at the virus news, The FDA’s vaccines advisory committee voted 17-0 to back jabs for kids ages 5-11. The dose for the younger cohort amounts to one third of the current one given to those over the age of 12, which means that it could be more quickly distributed if the demand is there. The agency will give its final ruling soon, which is expected to follow the panel’s recommendation, and then the shots could be distributed within weeks to schools, pediatricians, and pharmacies. Elsewhere, Singapore will allow fully vaccinated travelers from Australia and Switzerland to enter without quarantine from November 8. In terms of upcoming data releases today, we will get preliminary September wholesale inventories, durable goods orders and core capital goods orders from the US. In Europe, Germany November GfK consumer confidence, France October consumer confidence and Euro Area September M3 money supply are due. In central banks, monetary policy decisions from the Bank of Canada and Central Bank of Brazil will be released. On the corporate earnings front, companies reporting include Thermo Fisher Scientific, Coca-Cola, McDonald’s, Boeing, General Motors, Santander and Ford. Elsewhere, the UK government announces Autumn Budget and Spending Review. Tyler Durden Wed, 10/27/2021 - 07:53.....»»

Category: blogSource: zerohedge14 hr. 7 min. ago

Tesla To Help Jaguar Land Rover Meet EU Emissions Criteria

Tesla To Help Jaguar Land Rover Meet EU Emissions Criteria It isn't just Hertz that could be giving Tesla a bit of a top line revenue bump heading into next year. Tesla could also see a "year end revenue boost" from also helping Jaguar Land Rover meet EU rules governing emissions, according to a new report by Bloomberg. Tesla is reportedly going to be pooling all of its EVs that it sells in the EU with vehicles from the Tata Motors-owned manufacturer, a new report, citing a filing on the European Commission's website, says. JLR is following in the footsteps of Honda, who also reached a pooling agreement with Tesla about a year ago, the report says.  JLR had set aside $48 million for fines from failing to meet EU emissions rules last year. This year, it said it expects to meet its targets.  It'll help continue a longstanding tradition for Tesla of generating billions in revenue from helping other auto manufacturers meet emissions regulations. Tesla's top line benefitted to the tune of about $1.15 billion in the first nine months of this year from this practice.  Stellantis, who had previously been a part of Tesla's emissions pool, announced it was exiting the agreement in May of this year. Funds from the pool with Stellantis were being directed toward helping Tesla build its German Gigafactory.  Recall, in the U.S., Tesla just moved its headquarters to Austin, Texas.  CEO Elon Musk stressed that Tesla will continue to expand in both California and Nevada, saying “we will continue to expand our activities in California. This is not a matter of Tesla leaving California. Our intention is to increase output from Freemont and giga-Nevada by 50%.” Tyler Durden Wed, 10/27/2021 - 05:45.....»»

Category: blogSource: zerohedge14 hr. 51 min. ago