Saturday, July 11

Stock News

Billionaire Musk’s net worth zooms past Warren Buffett’s – Bloomberg News – Reuters
Stock News

Billionaire Musk’s net worth zooms past Warren Buffett’s – Bloomberg News – Reuters

FILE PHOTO: SpaceX founder and chief engineer Elon Musk speaks at a post-launch news conference to discuss the SpaceX Crew Dragon astronaut capsule in-flight abort test at the Kennedy Space Center in Cape Canaveral, Florida, U.S. January 19, 2020. REUTERS/Joe Skipper (Reuters) - Elon Musk’s net worth soared past Warren Buffett on Friday as the chief executive officer of Tesla Inc (TSLA.O) became the seventh richest person in the world, according to the Bloomberg Billionaires Index. Musk’s fortune rose by $6.07 billion on Friday, Bloomberg News said, following a 10.8% jump in the electric carmaker’s stock. Buffett’s net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway (BRKa.N) stock to charity, the report added. Tesla’s shares have surged 500% ove...
Why Consider A Dividend Growth ETF Strategy In Today’s Market
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Why Consider A Dividend Growth ETF Strategy In Today’s Market

Exchange-traded fund investors should look to companies with a history of growing dividend payouts as their ability to endure in challenging markets may make dividend growth strategies advantageous in today's environment. In the recent webcast, The Dividend Growth Advantage: Strategies for Today's Markets, Craig Lazzara, Managing Director, Global Head of Index Investment Strategy, S&P Dow Jones Indices, pointed out that since 1936, reinvested dividends have contributed 38% of the total equity return of the S&P 500. "Sustainable dividend income has been an important factor in total equity returns," Lazzara said. Simeon Hyman, Global Investment Strategist, ProShares, also pointed out that dividend-growing companies are also high quality names. He pointed out that a company's credit ...
The cost of Biden’s economic plan to the stock market is more than you might think
Stock News

The cost of Biden’s economic plan to the stock market is more than you might think

While momentum investors are increasingly focused on ever-higher stock prices, prudent investors should start focusing on the presidential election. Democratic front-runner Joe Biden released his “Buy American” economic plan to challenge President Trump. Still, investors need to ask how Biden would pay for the plan. He could take away Trump’s tax cuts for corporations and the rich. But Biden and Trump might also share a strategy: Borrow more and influence the Federal Reserve to print more money. Readers know that I am politically agnostic. My sole job is to help investors. Let’s explore the issue with the help of a chart. Chart Please click here for an annotated chart of the Dow Jones Industrial Average ETF DIA, +1.39%, which tracks the Dow Jones Industrial Average DJIA, +1.43%. Note t...
US STOCKS-S&P 500, Dow edge higher as Gilead data offsets virus concerns – Reuters
Stock News

US STOCKS-S&P 500, Dow edge higher as Gilead data offsets virus concerns – Reuters

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.) * Nasdaq eases from record closing high * Carnival rises on plan to resume trips in phases * Netflix rises after Goldman Sachs PT raise * Dow rises 0.75%, S&P up 0.39%, Nasdaq down 0.03% (Updates to early afternoon) By Medha Singh and C Nivedita July 10 (Reuters) - The S&P 500 and the Dow advanced on Friday as a positive update from Gilead’s antiviral drug to treat COVID-19 countered nerves over a record rise in coronavirus cases in the United States that threatens to damage Corporate America. Gilead’s remdesivir significantly improved clinical recovery and reduced the risk of death in COVID-19 patients, additional data from a late-stage study showed. The drugmaker’s shares rose 2.1% as it said...
Investors await BlackRock earnings after blistering Q2 market rally
Stock News

Investors await BlackRock earnings after blistering Q2 market rally

NEW YORK: Investors will watch next week's earnings from BlackRock, the world's largest asset manager, for a snapshot of how the industry performed during the second quarter's dramatic rebound in global financial markets. Most expect numbers from industry bellwether BlackRock and other asset managers to reflect the sharp stock market rebound. The S&P 500 rose 20% in the second quarter after falling as much in the first three months of 2020 as the coronavirus pandemic slammed the economy. Since the performance of asset managers tends to be tied to how markets fare, investors see a range of risks ahead, including further acceleration of U.S. coronavirus cases and potential market volatility around the Nov. 3 presidential election. Still, "just on a market level, the asset managers ar...
SAIL Q4 results: Steelmaker reports net profit of Rs 2,022 crore
Stock News

SAIL Q4 results: Steelmaker reports net profit of Rs 2,022 crore

Kolkata: SAIL has earned a net profit of Rs 2,021.54 crore in FY’20 on a turnover of Rs 61,024.88 crore. The net profit for the year was a shade below the previous year's figure of Rs 2179 crore. The company also reported a Profit Before Tax (PBT) of Rs 3,170.66 crore in spite of the challenging market conditions including the onset of the coronavirus pandemic, an official statement said. SAIL said EBITDA per tonne of Saleable Steel improved from Rs 7,284 in FY19 to Rs 7,869 FY20. The company’s EBITDA/Turnover figure stood at 18.35% in FY20 in comparison to a figure of 15.52% in the same period last year. Along with this, SAIL also achieved its best ever 14.23 million tonne (mt) annual sales during FY20. SAIL's exports touched 1.18 mt in FY20, achieving its highest-ever export volume w...
Dow and broader stock-market futures turn positive amid upbeat report on Gilead’s experimental coronavirus treatment – MarketWatch
Stock News

Dow and broader stock-market futures turn positive amid upbeat report on Gilead’s experimental coronavirus treatment – MarketWatch

U.S. stock-index futures turned positive on Friday after a report from Gilead Sciences indicated that its experimental treatment for coronavirus was seeing positive results in reducing deaths. Futures for the Dow Jones Industrial Average YM00, +0.48% YMU20, +0.48% were up 0.1% at 25,600, those for the S&P 500 index ES00, +0.22% ESU20, +0.22% were trading up 0.1% at 3,144, while Nasdaq-100 futures NQ00, -0.06% NQU20, -0.06% advanced 0.1% at 10,740. Gilead published a report on Friday saying that its antiviral drug remdesivir showed that it reduced the risk of death for coronavirus patients by 62% compared with standard care alone. The findings are being presented at the Virtual Covid-19 Conference as part of the 23rd International AIDS Conference, the company said. Credit: Source
The Treasury Department says Americans’ $450 billion in charitable donations last year shows ‘greater distribution of wealth’ in the U.S.—but data suggest otherwise
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The Treasury Department says Americans’ $450 billion in charitable donations last year shows ‘greater distribution of wealth’ in the U.S.—but data suggest otherwise

Americans gave a near-record amount of money to charity last year, and that is evidence that the Trump administration’s policies are spreading prosperity, the Treasury Department said recently. But longer-term research on charitable giving paints a different picture—one of growing economic inequality. “Total giving growth in 2019 was driven primarily by an increase in giving by individuals, which may reflect larger trends such as greater distribution of wealth,” the Treasury Department said in a recent announcement. Citing figures from the Giving USA report on charitable giving in 2019, the Treasury Department noted that Americans gave an estimated $449.64 billion to charity last year—a 2.4% increase from 2018 and the second highest amount on record when adjusted for inflation. America...
Metals Stocks: Gold heads for weekly gain as it holds above $1,800 an ounce
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Metals Stocks: Gold heads for weekly gain as it holds above $1,800 an ounce

Gold futures traded modestly higher Friday, on track for a weekly gain as the yellow metal remained above $1,800 an ounce, buoyed by a fall in bond yields and a desire to hedge against risk amid continued uncertainty over the economic outlook. “With bullion on the cusp of five consecutive weeks of gains, the precious metal is reflecting the dynamics between hopes surrounding the global economic recovery and enduring concerns over the persistent nature of the pandemic,” said Han Tan, analyst at FXTM, in a note. August gold GCQ20, +0.63% was up $11.80, or 0.7%, at $1,815.60 an ounce on Comex, while September silver SIU20, +1.12% rose 17.3 cents to $19.135 an ounce. Gold futures ended lower on Thursday, pulling back a day after scoring another settlement at the highest since September 201...
U.S. Gasoline Demand Rebound Strong, But Could Be Over
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U.S. Gasoline Demand Rebound Strong, But Could Be Over

US finished gasoline demand has been on a steady uptrend since bottoming back in early April, around the very same time the initial virus outbreak peaked. Gasoline demand will give investors an indication of how much economic activity is being done. Whether it be driving to work, driving to the store or driving for a trip somewhere, in many cases, driving is an input cost to some kind of economic activity. This chart below of finished gasoline supplied per week is that of a 4-week average: Source: EIA Looking back, we can see that when the US economy transitioned to a "work from home, go to school from home" economy as much as it could, gasoline demand dropped hard and fast. Also, the fear index was high from the virus due to ignorance about its full effects and danger, giving many of us ...