Day: September 4, 2020

Shell Oil (RDS.A) Stock Moves -0.1%: What You Should Know
Stock News

Shell Oil (RDS.A) Stock Moves -0.1%: What You Should Know

In the latest trading session, Shell Oil (RDS.A) closed at $28.91, marking a -0.1% move from the previous day. This move was narrower than the S&P 500's daily loss of 0.81%. At the same time, the Dow lost 0.56%, and the tech-heavy Nasdaq lost 1.27%. Heading into today, shares of the oil and gas company had lost 7.39% over the past month, lagging the Oils-Energy sector's loss of 0.34% and the S&P 500's gain of 5.06% in that time. Investors will be hoping for strength from RDS.A as it approaches its next earnings release, which is expected to be October 29, 2020. In that report, analysts expect RDS.A to post earnings of $0.15 per share. This would mark a year-over-year decline of 87.29%. For the full year, our Zacks Consensus Estimates are projecting earnings of $1.02 per share ...
Powell says low interest rates could last for years
Business news

Powell says low interest rates could last for years

Federal Reserve Chairman Jerome Powell, wearing a face mask, testifies before the House of Representatives Financial Services Committee during a hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), on Capitol Hill in Washington, U.S., June 30, 2020. Interest rates are likely to stay low for years as the economy fights its way back from the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said in remarks published Friday afternoon."We think that the economy's going to need low interest rates, which support economic activity, for an extended period of time," Powell told NPR in an interview after the nonfarm payrolls report was released earlier in the day. "It will be measured in years." "However...
Pentagon says it will stick with Microsoft for $10 billion JEDI cloud contract
Business news

Pentagon says it will stick with Microsoft for $10 billion JEDI cloud contract

President Donald Trump speaks with Satya Nadella, Chief Executive Officer of Microsoft, and Jeff Bezos, Chief Executive Officer of Amazon during an American Technology Council roundtable in the State Dinning Room at the White House in Washington on June 19, 2017. The Pentagon said Friday it will stick with Microsoft for a major cloud contract that has been disputed in court for months.The JEDI, or Joint Enterprise Defense Infrastructure, deal has become one of the most hotly contested contracts for the Department of Defense. The contract is intended to modernize the Pentagon's colossal IT infrastructure and could be valued up to $10 billion for services rendered over as many as 10 years. "The Department has completed its comprehensive re-evaluation of the JEDI Cloud proposals and de...
Law Decoded: Public companies, private markets, crypto offerings and you, Aug. 28–Sept. 4
Crypto News

Law Decoded: Public companies, private markets, crypto offerings and you, Aug. 28–Sept. 4

Editor’s note It is a cruel twist of fate that during the first hiatus week in Law Decoded’s existence, the SEC put out long-awaited updates to accredited investor qualifications. Upon reading the news, your faithful and ever-vigilant policy editor put down his phone, cast a wistful eye upon the sun’s reflection dancing in the midground of the Atlantic Ocean. Bracing himself with a deep quaff of Corona, he thought ‘Not today.’ Before the sorrow of not being the one to bring the news to you could overwhelm him, he grabbed a battered borrowed surfboard and made for the waves.  Never one to dwell on the past, I will keep most of this week’s newsletter focused on more recent events. In our continuing mission to boldly present you with only the freshest of takes etc. Last week’s accred...
Noteworthy Friday Option Activity: SWKS, ORCL, LYB
Stock News

Noteworthy Friday Option Activity: SWKS, ORCL, LYB

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Skyworks Solutions Inc (Symbol: SWKS), where a total volume of 8,140 contracts has been traded thus far today, a contract volume which is representative of approximately 814,000 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 51.1% of SWKS's average daily trading volume over the past month, of 1.6 million shares. Especially high volume was seen for the $146 strike call option expiring September 04, 2020, with 664 contracts trading so far today, representing approximately 66,400 underlying shares of SWKS. Below is a chart showing SWKS's trailing twelve month trading history, with the $146 strike highlighted in orange:...
Worries grow over a K-shaped economic recovery that favors the wealthy
Business news

Worries grow over a K-shaped economic recovery that favors the wealthy

People walk by a store going out of business along 125th street in the Harlem neighborhood of New York City, August 7, 2020. The story for much of the past generation has been a familiar one for the U.S. economy, where the benefits of expansion flow mostly to the top and those at the bottom fall further behind.Some experts think the coronavirus pandemic is only going to make matters worse. Worries of a K-shaped recovery are growing in the alphabet-obsessed economics profession. That would entail continued growth, but split sharply between industries and economic groups. It's a scenario where big-box retail and Wall Street banks benefit and mom-and-pop shops and restaurants and other service profession workers lag. Though not readily visible in GDP numbers for the next several quart...
I-T dept closely monitoring implementation of faceless assessment scheme
Stock News

I-T dept closely monitoring implementation of faceless assessment scheme

NEW DELHI: The Income Tax department is closely monitoring the implementation of faceless assessment if I-T returns picked up for scrutiny to ensure there is no increased compliance burden on the taxpayer, Finance Secretary Ajay Bhushan Pandey said on Friday. Assuaging concerns of the industry on how a taxpayer would explain his/her position to the I-T department, Pandey said the provision of video conferencing would also be there under the faceless assessment scheme for cases which require "deeper engagements". "We wanted a system where an honest taxpayer is not harassed even if his case is selected for assessment. If somebody has understated income, he should be given fair chance to explain whatever is the tax due and he has an opportunity to pay the tax," Pandey said at an event orga...
Tesla falls for fourth straight session; insiders offload stake
Stock News

Tesla falls for fourth straight session; insiders offload stake

Electric-car maker Tesla's shares fell 4.3% to $389.39, extending the fall for the fourth straight session. Two TSLA insiders offload stakes in recent days as stock surged. Trades were pre-planned, according to two filings. Kimbal Musk, TSLA board member and CEO Elon Musk's brother sold shares worth $17.6 million, while Jerome Guillen, president of automotive sold stake worth $7.2 million. Market analysts and traders called Tesla's share fall a near-term profit-taking, triggered by the company's plan to raise $5 billion from the market and a stake sale by the second-largest shareholder Baillie Gifford. Musk, who owns a 21% stake in Tesla, saw his net worth briefly top $100 billion last week; the billionaire entrepreneur has lost ~$20 billion since then and his net worth stood at $81.6...
Kudlow: Trump administration to unveil aid for airlines in matter of weeks
Commodities

Kudlow: Trump administration to unveil aid for airlines in matter of weeks

Repeating to additional clients WASHINGTON, Sept 4 (Reuters) - White House economic adviser Larry Kudlow on Friday said that he thinks the Trump administration will in a matter of weeks unveil aid for U.S. airlines, which have been dealt a blow as the coronavirus outbreak grounded most flights. "If they need additional assistance, we stand ready to work with them to hammer out additional packages," Kudlow said in an interview with Bloomberg TV. Airlines for America, the main lobby for U.S. airlines, does not expect air travel to return to pre-pandemic levels until 2024 and is hoping for a second round of government aid to help the industry, Chief Executive Nicholas Calio said on Thursday. U.S. passenger airlines are still collectively losing more than $5 billion a month as 30% of pla...
Not yet, but soon: Argentina could restart international flights in October, source says
Commodities

Not yet, but soon: Argentina could restart international flights in October, source says

By Cassandra Garrison BUENOS AIRES, Sept 4 (Reuters) - Argentina could resume international commercial flights in October, a transport ministry source said on Friday, indicating a potential light at the end of the tunnel for one of the world's strictest travel bans due to the coronavirus. The start of flights next month would give companies the 30 days they need to prepare for the restart of their operations, the source said, cautioning that higher approval was still pending. "The president has the final decision," the person said. Transport Minister Mario Meoni said on Thursday that new passenger and airport protocols for international travel had been fine-tuned and approved by the Ministry of Health, a requirement that the government stated previously for lifting a strict travel ba...