Options Wonderland

[3xBuBu]

Cars on sale / DiDi stock dips after announcing it will delist from the NYSE
China-based electric vehicle (EV) makers NIO Inc. NIO, Li Auto LI and XPeng Inc. XPEV recently released their delivery numbers for the month of November. All the three firms recorded a triple-digit percentage increase in their delivery count on a year-over-year basis despite the global chip crisis.

https://finance.yahoo.com/news/does-nio-li-xpevs-november-132001339.html

Despite delivering robust delivery numbers, each of the companies closed in the red in yesterday’s trading session. Shares of NIO, LI and XPEV fell 5.5%, 3.4% and 5.6%, respectively, on rising COVID-19 concerns. Investors are understandably rattled by the new strain of the coronavirus, Omicron, which aroused fresh concerns about potential business disruptions in China. While NIO and XPeng currently carry a Zacks Rank #3 (Hold), Li Auto is Ranked #4 (Sell).



Chinese stocks keep dropping
Chinese Internet. . .BABA JD PDD VIPS BIDU TME NTES TCOM BILI YY BEKE DADA DIDI



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[3xBuBu]

Bloody Good Friday
Dow tumbles 900 points for worst day of year on fears of new Covid variant, S&P 500 drops 2%

https://www.cnbc.com/2021/11/26/stock-futures-open-to-close-market-news.html


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[3xBuBu]

PTON close to support; IBM is breaking out



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[3xBuBu]

China's growing power crunch threatens more global supply chain chaos

https://www.cnn.com/2021/09/28/economy/china-power-shortage-gdp-supply-chain-intl-hnk/index.html

A growing power supply crunch in China is triggering blackouts for households and forcing factories to cut production, threatening to slow the country's vast economy and place even more strain on global supply chains.

Companies in the country's industrial heartlands have been told to limit their energy consumption in order to reduce demand for power, state media has reported. And supply has been cut to some homes, reportedly even trapping people in elevators.
An "unexpected and unprecedented" power cut hit three northeastern provinces on Monday, according to the Global Times, a state-run tabloid. The newspaper reported Tuesday that power rationing in Heilongjiang, Jilin and Liaoning provinces has "resulted in major disruptions to the daily lives of people and business operations."
Power shortages have also hit the southern province of Guangdong, a major industrial and shipping hub. Local officials said Monday that many firms are trying to reduce demand by working two or three days per week.
China's State Grid Corporation said Monday that it would "go all out to fight the tough battle of power supply," making every effort to secure residential consumption.
China was hit by a similar power crunch in June, but the situation is getting worse because of a perfect storm. Its industries are facing huge pressure from soaring energy prices, and from Beijing to tackle carbon emissions.
The world's biggest polluter is trying to meet a pledge that its carbon emissions will peak before 2030. That requires its provinces to use less fossil fuel for each unit of economic output, for example by burning less coal to generate power. At the same time, demand for Chinese-made goods has surged as the global economy emerges from the pandemic. The result: not enough power to go round.

Major international suppliers are bracing for impact on businesses already confronting delays caused by shortages and global shipping delays.
Pegatron — a Taiwanese firm that produces components and assembles iPhones for Apple (AAPL) — said Tuesday that it is cooperating with "local [Chinese] government policies" to "activate energy-saving mechanisms and reduce production," in response to a request from CNN Business for comment about the power crisis. Pegatron has a big factory in eastern China's Kunshan city, where Taiwanese media has reported that authorities are limiting electricity supply.
Power rationing could create new headaches for the tech supply chain, according to Dale Gai, a director at Counterpoint Research, although likely not as severe as the worldwide shortage of computer chips that has hammered everything from cars and washing machines to other electronics.
Outages in areas where smartphone modules are typically assembled could lead to some short-term delays.
There is "probably some delay of the components for a week or so," Gai said. "Which still is manageable, but it's a delay."
Cutting growth forecasts
The shock is even prompting economists to cut growth expectations this year for the world's second largest economy.
Analysts at Nomura trimmed their forecast for Chinese growth in 2021 by half a percentage point to 7.7% on Friday, citing the "rising number of factories" that have had to "cease operations," either because of local energy consumption mandates or power outages due to rising coal prices and shortages.

Analysts at Goldman Sachs followed on Tuesday, cutting their 2021 GDP growth forecast to 7.8% from 8.2%, citing "recent sharp cuts to production in a range of high-energy intensity industries."
They noted "considerable uncertainty" headed into the final quarter of the year, given that the Chinese economy already faces risks because of the debt crisis at Evergrande — the embattled conglomerate that has sparked fears among some analysts of a potential Lehman Brothers moment for China.
Energy supply problems aren't new for China. This summer, several Chinese provinces warned of shortages in what was then country's worst power crunch since 2011.
But the latest reports are even more concerning. The acute shortages in parts of the northeast will "continue for some time," reported state broadcaster CCTV.

China pulled itself out of the pandemic slump largely thanks to a boom in construction and manufacturing: But real estate projects and factories require a ton of power to operate, and thus massive amounts of coal.
The focus on infrastructure and construction pushed China's carbon emissions to record highs in the first quarter of 2021, according to research released in May from the Centre for Research on Energy and Clean Air (CREA). The agency said that was the fastest rate of growth in more than a decade.
"The economy is much more driven by the industrial sector than the consumption sector," wrote Macquarie economist Larry Hu in a Monday research note. "Unfortunately, the energy intensity in the industry sector is much higher than that in the consumption sector."
The post-pandemic commodities boom and ambitious climate targets, meanwhile, have driven coal prices sky high, given the increase in demand and decrease in mining. Hu pointed out that the price of thermal coal — which is primarily used to generate power — has surged this year from 671 yuan ($104) per ton to roughly 1,100 yuan ($170). It doesn't help that trade tensions
Ambitious climate goals
Perhaps the biggest contributing factor, according to several analysts, is the drive to meet President Xi Jinping's goal for a carbon neutral China by 2060.

Hu pointed out that the Chinese government is targeting a 3% drop in "energy intensity" per unit of GDP this year.
In August, China's National Development and Reform Commission (NDRC) called out nearly every major Chinese region and told them to curb or monitor their energy consumption and intensity through the rest of the year.
Nine of China's nearly three dozen provinces and regions increased energy intensity in the first half of the year, according to the agency. That included Guangdong province in southern China, a major factory hub where one wood mill recently lowered capacity by more than half because of power limits, according to the Global Times.
Another 10 provinces — including Heilongjiang and Liaoning — did not meet energy requirements, the NDRC said in its August announcement.
"Beijing's unprecedented resolve in enforcing energy consumption and intensity limits could result in invaluable long-term gains, but the short-term costs to both the real economy and financial markets are substantial," wrote the Nomura analysts.
Keeping control
Some Chinese state media outlets have also called for a balance to be struck between meeting climate targets and allowing the power crisis to spiral out of control.
Regions "cannot be too aggressive" or "slam the brakes too hard" on controlling energy consumption, read an opinion piece published in the People's Daily, the ruling Communist Party's mouthpiece, on Sunday.
"As this concerns the development of the economy and society, they must pinpoint where they should work on and keep a balance," the piece read. "Otherwise, it will catch people off guard, especially for certain industries, where they might be forced to halt production on short notice."
— Lauren Lau, Eric Cheung, Laura He and CNN's Beijing bureau contributed to this report.

[3xBuBu]

Chips are falling hard!
MU AMD NVDA LRCX TSM AMAT XLNX KLAC

https://stockcharts.com/freecharts/candleglance.html?MU,AMD,NVDA,LRCX,TSM,AMAT,XLNX,KLAC|B|D20|0

Micron Technology's 1Q Guidance Misses Analysts' Targets

Micron Technology Inc. expects about $7.65 billion in revenue this quarter, missing Wall Street targets.

The company said it expects to make $1.90 to $2.10 a share this quarter, or $2 to $2.20 a share on an adjusted basis, on $7.45 billion to $7.85 billion in revenue.

Analysts surveyed by FactSet expect $2.44 a share, or $2.53 a share as adjusted, and about $8.54 billion in revenue.

Why AMD Stock Sank 6% Today
https://www.fool.com/investing/2021/09/28/why-amd-stock-sank-6-today/

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[3xBuBu]

Timber! Blackstone BX Down Over 7%, GS for 3.4%

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[3xBuBu]

Market sell-off worsens in volatile trading with Dow dropping 600 points, S&P 500 losing 2%

https://www.cnbc.com/2021/09/19/stock-market-futures-open-to-close-news.html

U.S. stocks began the week deeply in the red as investors continued to move to the sidelines in September amid several emerging risks for the market.

The Dow Jones Industrial average lost 612 points, or 1.8%, set for its biggest one day drop since July 19. The S&P 500 fell 1.9%, on pace for its worst daily performance since May 12. The tech-heavy Nasdaq Composite dropped 2.4%.

There were a number of reasons for the sell-off:

Investors fear a contagion sweeping financial markets from the troubled China property market. Hong Kong equities saw a big sell-off during the Asia trading session on Monday. The benchmark Hang Seng index plunged 4% with embattled developer China Evergrande Group on the brink of default.
The Federal Reserve begins a two-day meeting Tuesday and investors are worried the central bank will signal it’s ready to start pulling away monetary stimulus amid surging inflation and improvement in the job market.
Covid cases because of the delta variant remain at January levels as colder weather approaches in North America.
September has the worst track record of any month, averaging a 0.4% decline, according to the Stock Trader’s Almanac. History shows the selling tends to pick up in the back half of the month.

Investors are also concerned about brinkmanship in DC as the deadline to raise the debt ceiling approaches. Congress returned to Washington from recess rushing to pass funding bills to avoid a government shutdown.
Stocks linked to global growth were down the most Monday. Ford and Carrier Global lost more than 3%. General Motors and Boeing fell about 2% each. Nucor steel shed 2.8%

[3xBuBu]

China to tighten competition rules for internet groups

https://www.ft.com/content/7ccf409d-489b-411a-8b4f-4b5d8b8ed0b1

#msg-165186889 Chinese internet stocks
BABA JD PDD TCEHY VIPS BIDU TME NTES TCOM BILI YY BEKE DADA DIDI


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https://www.ft.com/content/7ccf409d-489b-411a-8b4f-4b5d8b8ed0b1

China will ban its internet platforms from a wide array of behaviour deemed to harm market competition, as Beijing’s crackdown on the sector intensifies.

The State Administration for Market Regulation, China’s antitrust watchdog, released draft rules on Tuesday that banned unfair competition among internet companies and could come into force this year.

Shares in Chinese internet and ecommerce groups JD.com, Alibaba and Tencent closed down 5.2 per cent, 4.8 per cent and 4.1 per cent respectively in Hong Kong trading.

China’s market regulator has demanded “self-rectification” from dozens of internet companies, including ride-hailing platform Didi Chuxing, which has become a particular target of scrutiny following its $4.4bn initial public offering in New York in June.

The SAMR also fined Alibaba, the ecommerce group, a record $2.8bn in April for abusing its market dominance.


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https://www.ft.com/content/7ccf409d-489b-411a-8b4f-4b5d8b8ed0b1

The crackdown has shaved billions of dollars worth of market value from China’s leading tech companies.

Angela Zhang, an expert on Chinese antitrust legislation at the University of Hong Kong, said the measures would target practices such as false advertising, fraudulent online reviews, unfair competition, interoperability issues, data protection and consumer privacy issues. 

Li Chengdong, founder of Dolphin, a technology-focused think-tank in Beijing, said SAMR’s rules would crack down on major platforms “using monopoly status to suppress small and medium businesses”.

The announcement marked an expansion of the rectification campaign to the entire sector, he said, while Alibaba and Meituan, China’s biggest food delivery platforms, were “still the ones with more severe problems”.

The Chinese Communist party has made antitrust regulation central to a broad campaign to limit behaviour by internet groups that it considers damaging to social stability and national security.

Analysts said the campaign had been driven in part by user anger over perceived exploitation by powerful internet companies.


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https://www.ft.com/content/7ccf409d-489b-411a-8b4f-4b5d8b8ed0b1

Merchants as well as the platforms themselves can also be fined for practices such as false transactions, rankings or user reviews, all of which are common in China. 

The measures included detailed descriptions of the metrics that will determine whether a company is stifling competition, as well as an option to bring in third-party expertise for complicated cases. Individuals and companies have also been encouraged to report instances of unfair competition to SAMR.

“It’s a very long list of behaviours, many of which are rampant,” Schaefer said. “Regulatory displeasure with some of these things has been signalled in the past year, but this is the ultimate collection.”

[3xBuBu]

'Don't buy this dip,' Bay Crest's Krinsky says

[3xBuBu]

U.S. Crude-Oil Stockpiles Likely to Fall in DOE Data, Analysts Say
https://www.marketwatch.com/story/u-s-crude-oil-stockpiles-likely-to-fall-in-doe-data-analysts-say-271628007434




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U.S. crude-oil stockpiles are unanimously expected to decrease from the previous week in data due Wednesday from the U.S. Energy Department, according to a survey of analysts and traders by The Wall Street Journal.

Estimates from 11 analysts and traders showed U.S. oil inventories are projected to have fallen by 2.7 million barrels in the week ended July 30, with forecasts ranging from declines of 1.4 million barrels to 4 million barrels.

The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 10:30 a.m. ET Wednesday.

Gasoline stockpiles are expected to fall by 1.6 million barrels from the previous week, according to analysts. Estimates range from a decrease of 3 million barrels to an increase of 1 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to fall by 500,000 barrels from the previous week. Forecasts range from a decrease of 3.4 million barrels to an increase of 3 million barrels.

Refinery use likely rose by 0.4 percentage point to 91.5% of capacity. Forecasts range from a decrease of 0.5 percentage point to a 1 percentage-point increase. Two analysts didn't make a forecast.

[3xBuBu]

SOXS
Direxion Daily Semiconductor Bear 3X Shares (ETF)

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https://www.marketwatch.com/investing/stock/SOXS/options
https://www.nasdaq.com/market-activity/stocks/SOXS/option-chain
options trade for Micron MU

https://www.marketwatch.com/investing/stock/MU/optionsldings
https://www.nasdaq.com/market-activity/stocks/MU/option-chain
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[3xBuBu]

Best Chinese Stocks To Buy And Watch Amid China Crackdowns

https://www.investors.com/news/best-chinese-stocks-to-buy/?src=A00220

Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to buy or watch right now? Weibo (WB), Sohu (SOHU), Nio (Nio), BYD Co. (BYDDF) and Li Auto (LI).

China is the world's most-populous nation and the second-largest economy with a booming urban middle class and amazing entrepreneurial activity. Often dozens of Chinese stocks are among the top performers at any given time, across an array of sectors.

But with China's crackdowns on Didi Global (DIDI), for-profit education firms and other sectors, U.S.-listed Chinese stocks are reeling. While there may be big growth opportunities going, forward, the risks are very high.

Best Chinese Stocks Across Many Industries
As the world's largest internet market, it's no surprise to see big growth from China stocks focusing on e-commerce, messaging or mobile gaming. Notable Chinese internet stocks include:

Alibaba (BABA)
JD.com (JD)
Pinduoduo (PDD)
Tencent (TCEHY)
Vipshop (VIPS)
Baidu (BIDU)
Tencent Music Entertainment (TME)
NetEase (NTES)
Trip.com (TCOM)
Dada Nexus (DADA)
Bilibili (BILI)
Joy (YY)
KE Holdings (BEKE)

In electric vehicles, several Chinese companies are becoming serious rivals to Tesla (TSLA) in the world's biggest auto market.

Nio (NIO)
Xpeng Motors (XPEV)
Li Auto (LI)
BYD Co. (BYDDF)
Several Chinese financial firms or brokerages listed in the U.S.

Futu Holdings (FUTU)
Up Fintech Holding (TIGR)
360 Digitech (QFIN)
Noah Holdings (NOAH)

Several China stocks are in solar power.

Daqo New Energy (DQ)
JinkoSolar (JKS)
For-profit education Chinese stocks are a notable non-tech sector.

New Oriental Education (EDU)
Tal Education (TAL)
17 Education & Technology Group (YQ)
Gaotu Techedu (GOTU), formerly known as GSX Techedu.
Don't forget stocks in other fields, such as riding-hailing firm Didi Global (DIDI), beauty products maker Yatsen (YSG) or data-center operator GDS Holdings (GDS).

Beijing Crackdown On Chinese Stocks
Investors should be aware of significant risks with investing in Chinese stocks. The authoritarian state and its regulators can impose sweeping restrictions, fines or bans on major companies, often with little notice or transparency.

That risk has been very apparently over the last several months.

Alibaba ran afoul of regulators in late 2020, with regulators opening probes into internet platforms and suspending the Ant Group IPO. In April, China fined Alibaba $2.8 billion for anti-competitive actions and ordered it to change various practices. Alibaba affiliate Ant Group limiting the scope of some of its businesses to comply with regulators' demands.

Further antitrust probes and fines are likely for other internet giants.

China's cybersecurity regulator earlier this month ordered app stores to remove Didi Chuxing, just days after Didi Global (DIDI) held one of the biggest U.S. IPOs in years. The cybersecurity regulator said Didi violated restrictions on the collection and usage of personal information, but didn't offer any specifics. That came just days after announcing a probe and ordering Didi to suspend new user sign ups.

More broadly, China will impose cybersecurity reviews on internet and data-centric companies listing overseas. Hong Kong listings appear to be exempt, suggesting far fewer Chinese companies listing in the U.S. going forward. Many big U.S.-listed Chinese companies already have secondary listings in Hong Kong.

For-profit school operators, including New Oriental Education (EDU), TAL Education (TAL) and Gaotu Education (GOTU), crashed on July 23 as Beijing mulled whether to make after-schooling tutoring firms nonprofit. These stocks had already fallen sharply in 2021 as regulators and leaders signaled new restrictions.

Beijing confirmed for-profit restrictions over the weekend, triggering continued huge losses in Chinese school stocks and big losses among U.S.-listed China stocks. China also is setting new rules on app-based delivery firms and has signaled it may target the property sector. Finally, Beijing has hinted at even-tougher rules for Hong Kong and Macau.

Chinese Stock Risks, Continued
Accounting fraud, while less likely with institutional-quality names such as Alibaba, remains a concern. Luckin Coffee admitted to widespread fraud in 2020. Fraud charges alone can trigger massive share price losses.

Meanwhile, a new U.S. law could force Chinese companies to delist from U.S. markets. That threat isn't imminent, and could be averted with negotiations between the Treasury Department and Beijing over accounting oversight. Still, it's something that could loom large for China stocks in the coming years.

China Stock Investing Via ETFs
One way to minimize individual China stock risks is via ETFs. Another advantage of buying ETFs is that a growing number of Chinese companies are listing in Hong Kong or Shanghai, instead of in addition to the U.S.

KraneShares CSI China Internet ETF (KWEB) tracks major Chinese internet companies. Many Chinese stock holdings in the KWEB ETF are U.S.-listed or traded, such as Alibaba stock, JD.com, Tencent, Pinduoduo and Bilibili, but KWEB also holds companies listed on Chinese markets. Direxion Daily FTSE China Bull (YINN), a three-times levered ETF of the 50 largest companies listed in Hong Kong, including Alibaba, JD.com and Tencent stock, but its biggest weights are in financials. (The Direxion Daily FTSE China Bear (YANN) is a three-times levered ETF shorting Hong Kong's biggest companies.)

Stock Market Trend Key
As always, investors should be following the overall stock market trend, adding exposure in confirmed uptrends and paring exposure or going fully to cash in corrections or bear markets. Right the stock market rally remains under pressure.

Best China Stocks To Buy: Key Ingredients
Focus on the best stocks to buy and watch, not just any Chinese companies.

IBD's CAN SLIM Investing System has a proven track record of significantly outperforming the S&P 500. Outdoing this industry benchmark is key to generating exceptional returns over the long term.

Look for companies that have new, game-changing products and services. Invest in stocks with recent quarterly and annual earnings growth of at least 25%.

Start with those with strong earnings growth, such as Alibaba or Pinduoduo stock. If they're not profitable, at least look for rapid revenue growth as with Nio stock. The best China stocks should have strong technicals, including superior price performance over time. But we'll be highlighting stocks that are near proper buy points from bullish bases or rebounds from key levels.

Chinese stocks are out of favor. Whether it's a general malaise for EV names such as Nio and Xpeng, or a regulatory crackdown for Alibaba, Didi or New Oriental Education, U.S.-listed Chinese stocks have been notable losers in 2021.

After a brief attempt in May and June, China stocks are under heavy pressure once again.

Chinese stocks rebounded on July 28 after state media blamed the recent sell-off on "venting of emotion." That suggests leaders would like stock prices to stabilize.

[3xBuBu]

‘Disturbing’ actions by China signal early stages of a cold war, economist Stephen Roach warns

https://www.cnbc.com/2021/07/25/disturbing-actions-by-china-signals-cold-war-stephen-roach-warns.html

Economist Stephen Roach warns Beijing’s crackdown against U.S.-listed China stocks will have widespread market implications.

Roach, who is considered one of the world’s leading experts on Asia, believes the actions are signaling the early stages of a cold war.

“I am a congenital optimist when it comes to China. But I find these actions really quite disturbing,” the former Morgan Stanley Asia chairman told CNBC’s “Trading Nation” on Friday. “China is going after the core of its new entrepreneurial driven economy, and it’s going after their business models.”

According to Roach, the tensions between the world’s two largest economies could get to levels not seen since the early 1970s.

“Even if U.S. companies don’t trade directly with China, virtually everything they touch goes through global supply chains,” said Roach. “So, a chill in the U.S.-China relationship has significant implications for U.S. companies and for investors investing in U.S. companies. You can’t get away from the China connection.”

CNBC’s Jim Cramer is delivering a similar warning investors. He believes it’s too risky to invest in China stocks that trade on U.S. exchanges due to the regulation threat.

On Friday, Beijing regulators targeted China education stocks TAL Education and New Oriental Education and Technology. Their shares tumbled. The same thing happened with Didi, China’s leading ride-hailing company, earlier in the week.

Roach, now a Yale senior fellow, has been sounding the alarm on the contentious backdrop for months. On “Trading Nation” in April, he warned U.S.-China relations were eroding and the two countries were on the brink of a cold war. Now, Roach suggests a line has been crossed.

“These are actions that are really in getting to the core of what has been so exciting about China for a number of years,” Roach said. “They concern me a lot.”

[3xBuBu]

Chinese Beaten-down Stocks and The Highest Short Interest Stocks

https://finance.yahoo.com/news/stocks-highest-short-interest-rate-130646084.html

Investors are always looking for opportunities to profit from the most heavily shorted stocks on the stock market. Here are the stocks on the market with the highest short interest including Gamestop, GSX Techedu Inc, Viacom CBS Inc, Sunrun Inc, and Iron Mountain Inc.

1. GameStop Corp- 20.36%

GameStop Corp (NYSE: GME) is an American retail store that offers video games, electronics, and gaming merchandise. Gamestop Corp's stock has shot up over the past few months as investors have continued to purchase shares at a high-rate. GameStop has been performing well and their sales are up 175% so far this quarter compared to last year.

2. GSX Techedu Inc- 18.98%

GSX Techedu Inc (NYSE: GSX) is a technology-driven education company that provides online tutoring and foreign language classes online. They are a respected educational institution in China that strives to improve teaching, delivery and student learning experiences. GSX Techedu is down 16% this week and their market cap is set at 17.49 billion.

3. ViacomCBS Inc- 17%

ViacomCBS Inc (NASDAQ: VIAC) provides premium entertainment content that connects billions of people all around the world. They use their platforms to connect the world, create culture, and mark important moments in history. On Wednesday their stock was down 23% and the company's momentum seems to be slowing down this week.

4. Sunrun Inc- 13.69%

Sunrun Inc (NASDAQ: RUN) is the leading home solar panel and battery storage company that is headquartered in San Francisco, California. Sunrun powers the homes of hundreds of thousands of customers and provides them with renewable energy each month. Their stock dropped by around 5% in the premarket after announcing they are seeking to raise $3 billion from stock offerings.

5. Iron Mountain Inc- 12.62%

Iron Mountain Inc (NASDAQ: IRM) is an enterprise information management company that is headquartered in Boston, Massachusetts. They offer solutions such as record management, data backup and recovery, and secure shredding. Iron Mountain Inc has been trading well this week and their revenue is up 556.26%.

[3xBuBu]

Novavax Stock Plunges On Report That Covid Vaccine Is Facing Delays In Europe

https://www.investors.com/news/technology/nvax-stock-tumbles-raw-materials-challenges-trip-covid-vaccine/

Novavax (NVAX) is reportedly struggling to access the raw materials it needs to produce its Covid vaccine, according to a report that sent NVAX stock stumbling Thursday.

Supply talks in Europe have stalled, according to Reuters. Earlier this year, the European Union signed a deal for at least 100 million doses of the Novavax vaccine, with an option to buy another 100 million.

The vaccine isn't yet authorized anywhere. But Novavax says it has begun rolling reviews in the U.K., Europe, Canada, Australia and New Zealand. It's also in talks with the U.S. Food and Drug Administration through an open

Novavax's Covid vaccine has proved highly effective in clinical testing. Test results show it's 96.4% effective against symptomatic cases of Covid-19 caused by the original strain. That's helped boost NVAX stock this year.

That puts Novavax's drug among the top performers. Pfizer (PFE) and BioNTech (BNTX) say their drug was 95% effective in Phase 3 testing. Moderna's (MRNA) vaccine was 94.1% effective.

But, if authorized, the vaccine would be Novavax's first commercial product. A Novavax spokeswoman told Reuters the company is working "through some pandemic-related raw-materials supply shortage," but didn't give further details.

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[3xBuBu]

ETF Odds & Ends: FANG+ ETNs Split
https://finance.yahoo.com/news/etf-odds-ends-fang-etns-143000923.html

After seeing dramatic price increases over the past 12 months, three ETNs covering the FANG stocks and their peers are set to undergo forward splits effective Feb. 12. The $212 million MicroSectors FANG+ Index 2X Leveraged ETNs due January 8, 2038 (FNGO) will undergo a 5-for-1 split, while the $71 million MicroSectors FANG+ ETNs due January 8, 2038 (FNGS) will undergo a 4-for-1 split. The $1.5 billion MicroSectors FANG+ Index 3X Leveraged ETNs due January 8, 2038 (FNGU) will undergo a 10-for-1 split.

Splits were also announced for other ETFs in the future, including five funds offered by Direxion. Those splits are effective March 1:

The Direxion Daily S&P 500 High Beta Bull 3x Shares (HIBL) will undergo a 7-for-1 forward split.

The Direxion Daily Technology Bull 3X Shares (TECL) will undego a 10-for-1 forward split.

The Direxion Daily Semiconductor Bull 3X Shares (SOXL) will undergo a 15-for-1 forward split.

The Direxion Daily Financial Bear 3X Shares (FAZ) will undergo a 1-for-8 reverse split.

The Direxion Daily Small Cap Bear 3X Shares (TZA) will undergo a 1-for-8 reverse split.

And on March 15, DBX Advisors is expected to propose for board approval a 5-to-4 forward split for the Xtrackers USD High Yield Corporate Bond ETF (HYLB).

Expense Ratio Changes

Meanwhile, all 11 of the Select Sector SPDR ETFs saw their expense ratios reduced from 0.13% to 0.12% as of Jan. 31. The affected funds are as follows:

Materials Select Sector SPDR Fund (XLB)

Communication Services Select Sector SPDR Fund (XLC)

Energy Select Sector SPDR Fund (XLE)

Financial Select Sector SPDR Fund (XLF)

Industrial Select Sector SPDR Fund (XLI)

Technology Select Sector SPDR Fund (XLK)

Consumer Staples Select Sector SPDR Fund (XLP)

Real Estate Select Sector SPDR Fund (XLRE)

Utilities Select Sector SPDR Fund (XLU)

Health Care Select Sector SPDR Fund (XLV)

Consumer Discretionary Select Sector SPDR Fund (XLY)



Name & Index Changes

The week also saw a couple of name or index changes taking effect. On Feb. 1, the Global X YieldCo & Renewable Energy Income ETF (YLCO) changed its name to the Global X Renewable Energy Producers ETF and its index from the Indxx YieldCo & Renewable Energy Income Index to the Indxx Renewable Energy Producers Index. Its ticker changed to RNRG.

On Feb. 5, the ERShares Entrepreneur 30 ETF (ENTR) changed its name to the ERShares Entrepreneurs ETF and the ERShares Non-US Small Cap ETF (ERSX) changed its name to the ERShares NextGen Entrepreneurs ETF.



Additional Launches

Several products launched during the week beyond what ETF.com was able to cover. On Feb. 3, AdvisorShares rolled out the actively managed AdvisorShares Alpha DNA Equity Sentiment ETF (SENT) with an expense ratio of 1.12%.

On Friday, Feb. 5, UBS rolled out another seven 2x leveraged ETNs. They are as follows:

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL)

ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL)

ETRACS 2x Leveraged US Size Factor TR ETN (IWML)

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL)

ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL)

ETRACS 2x Leveraged US Dividend Factor TR ETN (SCDL)

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML)

[3xBuBu]

Short Squeeze wave coming back again











Apple Partner Foxconn to Form EV Partnership With Fisker
https://finance.yahoo.com/news/apple-partner-foxconn-form-ev-185031679.html

[3xBuBu]

Tech Stocks Sell Off As Tesla Dives

https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rally-tesla-stock-apple-stock-zoominfo-cadence-palo-alto-earnings/?src=A00220

On Monday, the tech-heavy Nasdaq composite sold off 2.5%, its worst day since Jan. 27. The S&P 500 moved down 0.8%, while the Dow Jones Industrial Average traded up 0.1%.

Among the Dow Jones leaders, Apple (AAPL) slid 3%, while Microsoft (MSFT) descended 2.7%. Apple stock fell further below its 10-week line, while Microsoft is testing a recent buy point. Disney (DIS) is back in buy range after Monday's sharp gain.

Tesla (TSLA) dived 8.55% Monday, breaking down through its 50-day support level.

[3xBuBu]

Oil Prices Continue To Rise As Bullish News Mounts
https://oilprice.com/Energy/Energy-General/Oil-Prices-Continue-To-Rise-As-Bullish-News-Mounts.html

he EIA expects a sharp rebound in demand this year, although two massive unknowns – the pace of vaccinations and the pace of infections from new covid variants – throw most forecasts into a deep state of uncertainty.

https://www.investing.com/commodities/crude-oil


https://stockcharts.com/freecharts/candleglance.html?ERX,OIL,OXY,SHI,SUN,VLO|C|A12,26,9|0
https://stockcharts.com/freecharts/candleglance.html?USO,DIG,ERX,BDCO,COG,EOG,ROYL,SU,CLMT,CVI,FST,,OXY,SHI,SUN,VLO|C|A12,26,9|0

Tuesday, February 2, 2021

Oil shot up to a one-year high on Tuesday, with WTI topping $55 per barrel. The oil market is “supported by the combination of tightening fundamentals, as seen through the rising backwardation and the renewed risk appetite in the U.S. stock market,” said Ole Hansen, head of commodities research at Saxo Bank A/S.

Oil Prices Rally Towards $60

https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Rally-Towards-60.html

U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel level on economic revival hopes led by strong compliance with the planned output cuts by OPEC+.

Also contributing to the gains were a government report that showed another draw in crude stockpiles, optimism over a speedier U.S. economic recovery on the prospect of additional stimulus from Washington and a successful rollout of the U.S. vaccination program.

OPEC+ Sticks with Oil Policy as Prices Rise Towards One-Year High

OPEC+ maintained its oil output policy at a meeting on Wednesday, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers.

A Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is “optimistic for (a) year of recovery in 2021,” OPEC said in a statement after the panel met virtually.

US Crude Stockpiles Fall, Gasoline Inventories Surge: EIA

U.S. crude oil stockpiles fell while gasoline inventories jumped unexpectedly, the Energy Information Administration said on Wednesday.

Crude inventories fell by 994,000 barrels in the week to January 29 to 475.7 million barrels, their lowest since March. Analysts in a Reuters poll had forecast a 446,000-barrel rise.

[3xBuBu]

Market Drop again, DJIA -620 Points As Apple Sell-Off Continues

https://www.investors.com/market-trend/stock-market-today/dow-jones-crashes-500-points-apple-selloff-bitcoin-surges-game-stop-amc-fade-off-highs/?src=A00220

The stock market showed sharp losses Friday afternoon as leading growth stocks got taken to the woodshed again. Apple (AAPL) lagged badly in the Dow Jones Industrial Average despite a bullish earnings report earlier in the week.

The stock market moved off lows in late-afternoon, but the major stock indexes were still mired in red. The Nasdaq composite was down 1.5% in late trading, just below its 21-day exponential moving average. The 21-day line has been a consistent support level for the index since the Nasdaq's follow-through day in early November. The S&P 500 gave back 1.6% and was holding just above its 50-day moving average. The Dow Jones Industrial Average fell below its 50-day line as it tries to make a stand at the 30,000 level. The blue-chip index gave back 1.4%.

Johnson & Johnson (JNJ) also lagged in the Dow Jones today after the company said its coronavirus vaccine was 72% effective in the U.S. But it was only 66% effective in Latin America and 57% in South Africa.

Novavax (NVAX) was a coronavirus vaccine winner. Late Thursday, the company said its coronavirus vaccine is 89.3% effective in a late-stage trial in the U.K. It was 95.6% effective vs. the original coronavirus strain. Novavax gapped up to a new high, rising 63%.

Dow Jones Movers
Apple stock was down 4%. Shares are down 5% so far this week even after the company on Wednesday reported double-digit revenue growth in all of its product categories on Wednesday.

Caterpillar (CAT), Honeywell (HON) and Chevron (CVX) traded lower in the Dow Jones after reporting earnings. Caterpillar is testing support at its 50-day moving average. Honeywell gave up the 200 level, while Chevron is testing its 200-day line.

Meanwhile, the speculative crazed continued in bitcoin as well as Reddit-fueled stocks like GameStop (GME) and AMC Entertainment (AMC). Bitcoin was off highs but still rallied 8% after Tesla CEO Elon Musk added #bitcoin to his Twitter profile.

Grayscale Bitcoin (GBTC) was off well off highs but still rose 1%. Shares are flat so far this week as GBTC makes a solid test of the 10-week moving average.

After making a nice stand at its 21-day exponential moving average Thursday, Tesla (TSLA) gave up the support level Friday, falling 6%.

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https://www.marketwatch.com/investing/stock/AAPL/options


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https://www.marketwatch.com/investing/stock/TSLA/options

[3xBuBu]

AMC GME dropped 1/2 this morning

[3xBuBu]

SOXL/SOXS Direxion Daily Semiconductor Bull/Bear 3X Shares (ETF)


1Y1d_
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https://www.nasdaq.com/market-activity/stocks/SOXL/option-chain

https://www.marketwatch.com/investing/stock/SOXS/options

[3xBuBu]

Nokia Corp. ADR


1Y1d_
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https://www.marketwatch.com/investing/stock/NOK/options

[3xBuBu]

AMC Entertainment Holdings Inc./ GameStop Corp.







https://www.marketwatch.com/investing/stock/AMC/options

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https://www.marketwatch.com/investing/stock/GME/options


https://www.marketwatch.com/investing/stock/AMC/options

[3xBuBu]

Murkowski Is Latest G.O.P. Senator to Signal Possible Support for Convicting Trump

https://www.nytimes.com/live/2021/01/14/us/impeachment-trump#murkowski-trump

Ms. Murkowski said the second impeachment of Mr. Trump stood “in stark contrast” to the first, which she and virtually every other Republican opposed. She said Mr. Trump had perpetuated “false rhetoric that the election was stolen and rigged” and launched a “pressure campaign against his own vice president, urging him to take actions that he had no authority to do.”

“On the day of the riots, President Trump’s words incited violence, which led to the injury and deaths of Americans — including a Capitol Police officer — the desecration of the Capitol, and briefly interfered with the government’s ability to ensure a peaceful transfer of power,” Ms. Murkowski said.

Her remarks came the day after the House — with support from 10 Republicans — impeached the president on a single charge of “incitement of insurrection,” and as Republicans faced the prospect of a trial that could begin as soon as next week.

[3xBuBu]

New unemployment claims jump to 965,000, the highest level since August

https://www.newsnationnow.com/business/your-money/weekly-unemployment-claims-jump-to-near-one-million-as-virus-rages-on/

The number of Americans applying for unemployment benefits rose last week to almost a million people as the latest unemployment figures still remain at levels never seen until the virus struck.

The latest report released by the Labor Department Thursday shows that the number of people filing for jobless benefits increased by 181,000 to a total of 965,000, the most since late August. The previous week showed a slight decrease.

“The rise and level of new unemployment claims is shocking, at the highest point seen since late August,” said Mark Hamrick, senior analyst at Bankrate. “This reminds us that the economic crisis has not gone away, far from it, at a time when multiple crises have been vying for our attention. It hasn’t helped that administration of COVID-19 vaccines has been slow to gather momentum since the pandemic is at the epicenter of the economy’s ills.”




https://stockcharts.com/freecharts/candleglance.html?SDOW,UDOW,SQQQ,TQQQ,SPXS,SPXL,TZA,TNA,SSG,SMH,FAZ,FAS|C|D20|0

[3xBuBu]

President-Elect Joe Biden unveiled a $1.9 trillion stimulus package that includes direct payments to Americans, a $15 minimum wage, aid to small businesses, and a national vaccination program, among many other provisions.

https://www.yahoo.com/money/biden-pandemic-stimulus-plan-222717126.html

The $1.9 trillion legislation includes $1,400 stimulus payments on top of the $600 being distributed, the extension of key unemployment programs that are set to expire in the spring, aid to small businesses, $350 billion to state and local governments, increase in tax credits for low- and middle-income families, and $160 billion for a national program on vaccination and testing.

The $2,000 direct payments would be an increase from the $600 direct payments currently being distributed, meaning eligible Americans would potentially receive an additional $1,400 (as well as an additional $1,400 for each dependent). The legislation would also expand the additional bonus for dependents from each dependent under 17 to each dependent of any age.

The extra weekly amount in unemployment benefits would be increased to $400 a week, up from the current $300 a week. Biden’s plan would also extend those benefits through September — currently, the additional benefit lapses on March 14. Under his plan, Biden would also extend the program that provides jobless benefits to workers who typically don’t qualify for regular benefits.





As of 1-14-2021

[3xBuBu]

options trade for Micron MU

https://www.marketwatch.com/investing/stock/mu/options

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[3xBuBu]

U.S. Stocks Slide to Start 2021

https://ih.advfn.com/stock-market/FTSE/UKX/stock-news/84017941/u-s-stocks-slide-to-start-2021

U.S. stocks tumbled on the first trading day of the year, retreating sharply from records set just days ago.

Investors are starting off the new year fixated on the same issue that dominated markets for much of 2020: the coronavirus pandemic. Many believe economic activity will pick up later this year as more of the population is vaccinated and businesses are able to reopen. But they acknowledge the path to recovery will likely be long and uneven.

News on the pandemic front has painted a grim picture in recent days. Hospitalizations in the U.S. jumped to a record Sunday. Meanwhile, governments across Europe are extending lockdowns to try to slow the spread of the virus.

The difficulties that countries face in containing the pandemic mean many companies will remain vulnerable to financial pressures in the near term.

The Dow Jones Industrial Average fell 382.59 points, or 1.3%, to 30223.89. The S&P 500 shed 55.42 points, or 1.5%, to 3700.65 and the Nasdaq Composite declined 189.83 points, or 1.5%, to 12698.45.

"We have continued concerns over Covid-19 and the ability to staunch this wave, not just in the U.S. but globally," said Quincy Krosby, chief market strategist at Prudential Financial.

Ms. Krosby added that there appeared to be growing nervousness over Tuesday's Georgia runoff races, which will determine whether Republicans are able to hold on to control in the Senate. In recent days, betting markets have shown the Republican lead shrinking, pointing to what will likely be a tight race.

"These are all of these concerns, and then we have a market that is priced to perfection, which is denting returns right now," Ms. Krosby said.

Among individual stocks, Coca-Cola shares fell $2.07, or 3.8%, to $52.77. RBC Capital Markets analysts downgraded the stock to "sector perform" from "outperform," saying they believe the pandemic will continue to limit major public events and dining at restaurants, potentially hurting demand for Coca-Cola's products.

Airline stocks, another group that has been hard hit by the pandemic, fell as well, with American Airlines falling 65 cents, or 4.1%, to $15.12 and Delta Air Lines losing $1.48, or 3.7%, to $38.73.

Hotel operators also retreated, with Hilton Worldwide Holdings shedding $3.74, or 3.4%, to $107.52 and Marriott International losing $7.11, or 5.4%, to $124.81.

One stock that bucked the trend Monday: Tesla. The electric-car maker rose $24.10, or 3.4%, to $729.77 after saying it delivered a record 499,550 cars last year, just shy of its half a million target.

As investors broadly withdrew from stocks, gold prices jumped 2.7% to $1,944.70 a troy ounce, posting their biggest one-day percentage gain since April. The precious metal tends to gain favor with investors when market volatility increases.

Overseas, the pan-continental Stoxx Europe 600 rose 0.7%, paring earlier gains.

The U.K.'s FTSE 100 added 1.7%. The trade deal struck on Christmas Eve between the U.K. and the European Union is likely delivering a boost to British stocks, said Sebastian Mackay, a multiasset fund manager at Invesco.

"A lot of the tail risks of a no deal [Brexit] have been removed now. This will lead people to start dipping their toes again in the U.K. market," he said.

Investors also said they were reassured by newly released data on the health of the manufacturing sector. Factories in Asia and Europe increased their output as 2020 drew to a close, according to surveys of purchasing managers that showed strong rises in activity during December.

"We're going through renewed lockdowns, which is curtailing activity to some extent, but what we've seen through the pandemic is that manufacturing activity tends to hold up quite well," Mr. Mackay said.

Most major stock benchmarks in the Asia-Pacific region advanced. South Korea's Kospi Composite led gains, rising 2.5%.

China's Shanghai Composite rose 0.9%, even after a private survey showed China's manufacturing activity moderated in December due to weak demand for the country's exports.

Ben Luk, senior multiasset strategist at State Street Global Markets, said the data pointed to continued fragility in the Chinese economy. But he said that helped ease concerns that China's central bank would act prematurely to tighten monetary policy.

Japan's Nikkei 225 dropped 0.7% after Prime Minister Yoshihide Suga said he might declare a state of emergency in Tokyo and surrounding areas as new coronavirus infections continue to rise.

[3xBuBu]

Haven, the Amazon-Berkshire-JPMorgan venture to disrupt health care, is disbanding after 3 years

https://www.cnbc.com/2021/01/04/haven-the-amazon-berkshire-jpmorgan-venture-to-disrupt-healthcare-is-disbanding-after-3-years.html

Haven, the joint venture formed by three of America’s most powerful companies to lower costs and improve outcomes in health care, is disbanding after three years, CNBC has learned exclusively.

The company began informing employees Monday that it will shut down by the end of next month, according to people with direct knowledge of the matter.

Many of the Boston-based firm’s 57 workers are expected to be placed at Amazon, Berkshire Hathaway or JPMorgan Chase as the firms each individually push forward in their efforts, and the three companies are still expected to collaborate informally on health-care projects, the people said.

[3xBuBu]

‘Massively concerning’ jobs report sends a signal that the economic recovery could be fading

https://www.cnbc.com/2020/10/02/massively-concerning-jobs-report-sends-a-signal-that-the-economic-recovery-could-be-fading.html

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Weaker-than-expected job growth in September sent a signal that the sharp economic recovery off the coronavirus shutdown may be hitting a wall.

The Labor Department reported Friday that nonfarm payrolls increased by 661,000 in September, held back by declines in government employment and an exodus of workers from the labor force.

In normal times, that type of hiring pace would be considered a sign of a robust job market. The total, in fact, would have been the best month the U.S. had seen since 1983 – if these were normal times and not amid the Covid-19 era that has changed the benchmarks by which economic data is measured.

As it stood, the total was a fairly wide miss from Wall Street’s expectation of 800,000. The unemployment rate fell more than expected to 7.9%, but that was mostly due to a sharp decline in labor force participation.

Taken together, the report is a potential early flare from the business community that a rebound during which 11 million jobs were refilled in four months could be petering out.

“This report is an illusion of progress at a time when we needed accelerating gains in the labor market. The number of jobs added this month is just not enough,” said Nick Bunker, economic research director at job placement site Indeed. “This report is massively concerning. We are not where we need to be, nor are we moving fast enough in the right direction as we head into fall.”
Data has looked good, but ...

The timing of the report is inauspicious in that most of the backward-looking economic indicators have been solid.

Housing stands out the most as the residential market is struggling to find supply to meet all the demand. Retail sales have been solid, and manufacturing is back into expansion after heading in the wrong direction for a few months.

The Citi Economic Surprise Index, which measures the data versus Wall Street expectations, has cooled since soaring to its historic peak in mid-July but still is above anything before the pandemic.

Most tellingly, consumer confidence remains strong. But that may not last, particularly if the jobs numbers weaken and the stock market continues to struggle.

“The real question in my mind is why consumers are so upbeat and why they remain upbeat. Until I can answer that, I don’t know how persistent the expansion is going to be,” said Drew Matus, chief market strategist at MetLife Investment Management. “People are underestimating how long the impact of what we’ve been through is going to last. In that regard, there’s some downside risk to the outlook.”

At the moment, the economy remains mostly in a rally mode off the unprecedented slump in the second quarter brought on by the coronavirus-induced shutdown. GDP is projected to increase by as much as a 32% annualized pace in the second quarter after tumbling 31.4% in Q2 and 5% to start the year.

[3xBuBu]

Stocks fall following Trump’s positive virus test, but close off the worst levels on stimulus hopes

https://www.cnbc.com/2020/10/01/stock-market-futures-open-to-close-news.html

U.S. stocks fell in volatile trading on Friday after President Donald Trump’s coronavirus diagnosis fueled concerns about the election and a worsening pandemic.

Major averages clawed back some of the steep losses after House Speaker Nancy Pelosi signaled aid for the airline industry could be coming soon, perhaps even as part of a much-anticipated broad relief bill.

The Dow Jones Industrial Average closed 134.09 points, or 0.5%, lower at 27,682.81 after dropping 430 points at its session low. The S&P 500 slid 1.0%, or 32.36 points, to 3,248.44 after falling as much as 1.7% earlier. The Nasdaq Composite declined 2.2%, or 251.49 points, to 11,075.02.

Shares of airlines jumped higher in unison after Pelosi called on the industry to delay furloughs, saying relief for airline workers is “imminent.” American Airlines and United erased earlier losses and popped 3.3% and 2.4%, respectively.

[3xBuBu]

President Trump Tested COVID-19 Positive and being taken to Walter Reed Military Medical Center

https://www.cnbc.com/2020/10/02/president-trump-being-taken-to-walter-reed-military-medical-center-as-a-precautionary-measure.html

Trump wearing mask walked to helicopter Marine One which will fly him to Walter Reed Military Medical Center



The move, which appears to mark an escalation in the efforts to treat the president, is being made “as a precautionary measure,” a senior administration official told NBC News.

“President Trump remains in good spirts, has mild symptoms, and has been working throughout the day,” press secretary Kayleigh McEnany said in a statement to reporters at the White House.

“Out of an abundance of caution, and at the recommendation of his physician and medical experts, the President will be working from the presidential offices at Walter Reed for the next few days. President Trump appreciates the outpouring of support for both he and the First Lady,” McEnany said.

“Out of an abundance of caution, and at the recommendation of his physician and medical experts, the President will be working from the presidential offices at Walter Reed for the next few days. President Trump appreciates the outpouring of support for both he and the First Lady,” McEnany said.

The president’s transfer to the medical facility comes less than a day after he announced his diagnosis. First lady Melania Trump also tested positive for Covid-19.

Earlier Friday afternoon, the White House physician said Trump was “fatigued but in good spirits.” The physician, Dr. Sean Conley, also said Trump, 74, had been given an experimental antibody cocktail treatment, and was taking several nutritional supplements as well.

!*******************************
Trump use experimental antibody cocktail drugs from Regeneron
instead of his fav drug Hydroxychloroquine, thousands doses still sitting in the Fed's warehouse

https://www.nytimes.com/2020/10/02/health/trump-antibody-treatment.html


Eli Lilly also has ties to the Trump administration. Alex M. Azar II, the secretary of the Department of Health and Human Services, is a former executive at the company.


During the pandemic, Mr. Trump has promoted a range of unproven or scientifically questionable treatments for the virus, and himself took hydroxychloroquine in the hopes that it could prevent infection. The Food and Drug Administration authorized hydroxychloroquine for emergency use this spring, then revoked its approval after concluding that the drug’s potential benefits did not outweigh the risks.

Mr. Trump has also enthusiastically endorsed the use of convalescent plasma and pushed for the F.D.A. to authorize the treatment for emergency use even though there is still not good evidence that it works. He suggested that injecting a disinfectant like bleach could help combat the virus, although later said he was joking.

Other treatments — an inexpensive steroid, dexamethasone, and remdesivir, an antiviral drug developed by Gilead — have been shown in clinical trials to help patients with Covid-19 who are sick enough to be hospitalized. Neither drug has gone through the rigorous F.D.A. approval process to determine that it is safe and effective, although dexamethasone is widely available for other uses, and remdesivir has received emergency authorization.

Mr. Trump in 2018 signed the Right to Try law, which allows patients and their doctors to directly request an experimental treatment from a company, without first seeking approval from the F.D.A., which typically approves the vast majority of such requests. The Right to Try law is rarely used, however, with most doctors and hospitals preferring to use the existing process of seeking agency approval.

Some ethics experts said it would not be surprising if President Trump were given the drugs on an experimental basis, given that they have passed safety trials.


!*******************************
Attendees tested positive for Covid-19 nearly a week after attending SCOTUS announcement with no mask

https://www.cnn.com/2020/10/02/us/notre-dame-president-covid-trnd/index.html


The president of Notre Dame has tested positive for Covid-19 nearly a week after he attended a White House event where he was spotted without a mask.

Fr. John Jenkins tested positive and is now isolated with mild symptoms, according to a message from the school sent to members of the Campus Community Friday afternoon.
"During self-quarantine this week, University of Notre Dame President Rev. John I. Jenkins, CSC, learned that a colleague with whom he has been in regular contact tested positive for COVID-19. Fr Jenkins was tested and found to be positive for COVID-19 too. As a result, he is entering an extended period of isolation as indicated by University medical personnel and county health officials," the message said.
"My symptoms are mild and I will continue work from home," Jenkins said in the press release. "The positive test is a good reminder for me and perhaps for all of how vigilant we need to be.
This comes nearly a week after Jenkins attended the announcement for the White House Supreme Court of the United States nominee Judge Amy Coney Barrett.
He was seen at the announcement shaking hands and not wearing a mask.
On Monday, Jenkins wrote a letter to his students titled "I regret my error of judgment in not wearing a mask," in which he apologized and said he would quarantine out of an abundance of caution in accordance with university protocols.
"I know many of you have read about the White House ceremony I recently attended. I write to express my regret for certain choices I made that day and for failing to lead as I should have," Jenkins said in the letter.

Trump's Supreme Court nominee Amy Coney Barrett was diagnosed with coronavirus this summer

https://www.cnn.com/2020/10/02/politics/amy-coney-barrett-coronavirus-supreme-court-nominee/index.html

This is so unfortunate for Trump to early nominate a supreme court judge since this is against Judge Ginsburg's dying wish!

Granddaughter confirms Ginsburg’s dying wish: That Trump not fill her seat
https://www.timesofisrael.com/relative-confirms-ginsburgs-dying-wish-was-to-keep-trump-from-filling-her-seat/


Trump’s promotion of hydroxychloroquine is almost certainly about politics

https://www.washingtonpost.com/politics/2020/04/07/trumps-promotion-hydroxychloroquine-is-almost-certainly-about-politics-not-profits/

For weeks, President Trump has actively hyped the possibility that the antimalarial drugs chloroquine and hydroxychloroquine might prove to be miracle cures for covid-19, the disease caused by the coronavirus that has spread across the country. His promotion of the drugs — which are already broadly in use in the United States without having been proved to be unusually effective at treating covid-19 — has spurred questions about his motivation. Why promote these unproven drugs over and over instead of just continuing to allow them to be used? Why keep focusing on them overtly?

Trump was asked a version of that question specifically over the weekend.

“I want them to try it,” Trump said. “And it may work, and it may not work. But if it doesn’t work, it’s nothing lost by doing it. Nothing.”

[3xBuBu]

Disney to lay off around 28,000 workers at its parks in California and Florida due to pandemic

https://finance.yahoo.com/m/4175bc14-36e6-3577-93e8-8647491f0e09/disney-to-lay-off-28-000-amid.html

The massive job reduction was the most eye-opening among several severe cost-cutting measures made by Disney DIS, -0.46% , which has lost billions of dollars in potential revenue because of suspended operations at its amusement parks, live-production units and cruise lines since COVID-19-imposed closures dating back to March.

About two-thirds of the 28,000 who lost their jobs worked part time, according to D’Amaro. The company did not specify how many were laid off from parks.

Disneyland and California Adventure in Anaheim, Calif., remain shuttered while theme parks in Florida, Paris, Shanghai, Japan, and Hong Kong have reopened to limited capacity.

[3xBuBu]

Japan_s economy sinks deeper into worst postwar contraction
, intensifies challenge for new leader after PM Abe resigned last week

https://www.reuters.com/article/us-japan-economy-gdp/japans-economy-shrinks-more-than-expected-in-second-quarter-heightens-woes-for-new-leader-idUSKBN25Z00R?il=0

The world’s third-largest economy shrank an annualised 28.1% in April-June, more than a preliminary reading of a 27.8% contraction, revised gross domestic product (GDP) data showed on Tuesday, suffering its worst postwar contraction.

The record drop roughly matched a median market forecast of a 28.6% contraction in a Reuters poll.

The main culprit behind the revision was a 4.7% drop in capital expenditure, much biggest than a preliminary 1.5% fall, suggesting the COVID-19 pandemic was hitting broader sectors of the economy.

The data will put the new prime minister, to be elected in a ruling party leadership race on Sept. 14, under pressure to take bolder economic support measures.

Many analysts expect the BOJ hold off on ramping up stimulus for now as steps to spur demand could get people moving more freely into shops and risk spreading the virus.

“Even though restrictions to economic activity have been relaxed, some of them will remain under the new lifestyle forced upon by the pandemic,” said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute.

“It will probably take a long time for the economy to normalise and return to levels before the pandemic.”
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[3xBuBu]

The trigger for a seismic stock-market slump Thursday and Friday that has erased weeks of gains for a frothy U.S. stock market, may have been embattled investment firm SoftBank

https://www.marketwatch.com/story/this-nasdaq-whale-may-have-triggered-the-stock-markets-brutal-rout-claims-report-11599234572?mod=home-page

On Thursday, the Dow Jones Industrial Average DJIA, -0.56% ended with a loss of 807.77 points, or 2.8%, at 28,292.73, after dropping more than 1,000 points at its session low. The S&P 500 index SPX, -0.81% closed 125.78 points lower, down 3.5%, at 3,455.06. The Nasdaq Composite COMP, -1.26% tumbled 598.34 points, or 5%, to end at 11,458.10. The declines marked the biggest one-day drops for all three indexes since June.

On Friday, The Nasdaq Composite COMP,tumbled 582 points, or 5%, before climping back to end at 11,313.

he Wall Street Journal wrote on Friday that SoftBank bought options tied to billions of dollars worth of individual tech stocks, which may have included bullish bets on Tesla TSLA, +2.78% and Apple AAPL, +0.06%.

The Journal wrote that regulatory filings show the investor bought nearly $4 billion of shares in technology companies in the spring. They said that not included in those disclosures were the massive options trades, which were reportedly bought to pay off if the stock market rises to a certain level and then lock in gains, the paper said citing people familiar.

[3xBuBu]

Why Sorrento Therapeutics, Novavax, Moderna, and Other Coronavirus Stocks Plunged Today

https://finance.yahoo.com/m/0fefd82f-cea0-3e20-97e8-bb1c6c3b6884/why-sorrento-therapeutics-.html

A shocking announcement out of Russia sent shares of companies working on COVID-19 vaccines and treatments sharply lower.

What happened

Coronavirus-related stocks fell on Tuesday after Russia said it had registered the world's first novel coronavirus vaccine.

By the close of trading, shares of Sorrento Therapeutics (NASDAQ:SRNE), Inovio Pharmaceuticals (NASDAQ:INO), Novavax (NASDAQ:NVAX), BioNTech (NASDAQ:BNTX), and Moderna (NASDAQ:MRNA) were down 25%, 23%, 16%, 7%, and 4%, respectively.
So what

Russian President Vladimir Putin said his country's healthcare regulator officially approved the new COVID-19 vaccine. Russia intends to embark on a national immunization program, while also exporting the drug to international markets across the world. "I hope we can start a massive release of this vaccine soon," Putin said.

The news prompted some investors to sell their shares of COVID-19 vaccine and treatment stocks, many of which had seen their share prices soar in recent months on optimism that they could be the first to develop effective solutions for combating the disease.
Now what

While many people understandably cheered the news out of Russia, others were skeptical about Putin's claims. Health officials in the U.S. and around the world questioned whether the vaccine is truly safe and effective, particularly since Russia appears to have rushed its testing process. In particular, the vaccine has not yet gone through a phase 3 clinical trial -- a critical step in determining how well it works. Thus, Russia's announcement is certainly not a death knell for any of the companies elsewhere developing coronavirus vaccines or treatments. It's also possible that many of the companies leading the charge against COVID-19 -- including Sorrento, Inovio, Novavax, BioNTech, and Moderna -- could see their stocks rebound in the coming days, particularly if Russia's claims of success in the vaccine race are shown to be unsubstantiated.

[3xBuBu]

Groupon Stock Spikes 50% as Turnaround Shows Signs of Progress

https://finance.yahoo.com/m/08e6557f-61a1-313e-901c-5b8434f38e03/groupon-stock-spikes-50-as.html

Groupon shares rose as much as 50% after the company’s June-quarter results showed encouraging signs of a turnaround.

The company, specializing in online offers for consumer experiences, dining, and health and beauty services, posted revenue of $396 million, down 26% from a year ago, but almost twice the roughly $200 million Wall Street expected. Groupon (ticker: GRPN) reported a loss of 93 cents a share, smaller than the Street’s consensus loss forecast of $2.75 a share.

Adjusted earnings before interest, taxes, depreciation and amortization was $1.3 million. Global units sold were down 35%, reflecting the impact on demand for consumer experiences that has flowed from the Covid-19 pandemic.

[3xBuBu]

AstraZeneca to supply Japan with COVID-19 vaccine thru JCR Pharma output, imports

https://news.yahoo.com/astrazeneca-supply-japan-covid-19-101048783.html

AstraZeneca said on Friday JCR Pharma will help make a portion of its potential COVID-19 vaccine in Japan and it will import shots as part of its deal to supply the Asian nation with up 120 million doses from early 2021.

It did not give a breakdown for the volume of domestic production and imports or say where the vaccine from overseas would come from.

It also said Daiichi Sankyo Co Ltd, Daiichi Sankyo Biotech Co Ltd, Meiji Seika Pharma Co Ltd and KM Biologics Co Ltd will "support supply" in Japan, but gave no other details.

[3xBuBu]

Twitter and TikTok had talks about potential combination of social media services

https://news.yahoo.com/twitter-tiktok-reportedly-had-talks-003203641.html

Could a Twitter and TikTok merger be in the works?

The Wall Street Journal reported Saturday that San Francisco-based Twitter had preliminary talks about a potential combination with TikTok, the popular video-sharing app, citing people familiar with the matter.

According to the Journal, it was unclear whether Twitter will pursue a deal with TikTok, which would face significant challenges.

Twitter and TikTok declined to comment when reached by USA TODAY Saturday. TikTok said it doesn't comment on "market rumors."

President Donald Trump signed an executive order late Thursday blocking all U.S. transactions with TikTok’s Chinese parent corporation, ByteDance, the latest move by the administration to force the video-sharing app to sever its ties to Beijing.

TikTok lawsuit?: TikTok is planning to sue the Trump administration as early as Tuesday, according to a report

Unemployment benefits: Trump extends unemployment benefits through executive order but cuts aid to $400 per week: What we know

The order, which is likely to face legal challenges, would bar “any transaction by any person, or with respect to any property, subject to the jurisdiction of the United States, with ByteDance Ltd" in an effort to “address the national emergency with respect to the information and communication technology supply chain.”

The president signed a separate executive order banning transactions with China-based tech giant Tencent, which owns the app WeChat, citing similar national security concerns.

He claims the apps “capture vast swaths of information from its users” which could allow "the Chinese Communist Party access to Americans’ personal and proprietary information."

Microsoft confirmed on Aug. 2 that it would continue to negotiate a purchase of TikTok's U.S. operations after a conversation between CEO Satya Nadella and Trump.

"Microsoft will move quickly to pursue discussions with TikTok’s parent company, ByteDance, in a matter of weeks, and in any event completing these discussions no later than September 15, 2020," Microsoft said in a blog post. "During this process, Microsoft looks forward to continuing dialogue with the United States Government, including with the President."

[3xBuBu]

TikTok may sue White House over ban as soon as August 11th

https://finance.yahoo.com/m/0f4eaa40-a1bc-3ce2-a3ce-43f7e2014b35/tiktok-may-sue-white-house.html?.tsrc=fin-srch

TikTok might quickly make good on its promise to fight the White House’s threatened ban on its service. An NPR source claims TikTok will file a lawsuit against the Trump administration as soon as August 11th. The suit will contend that the executive order is unconstitutional as it violated TikTok’s due process right to respond, and that the national security rationale behind the order is based on “pure speculation and conjecture,” according to the source.

The reported insider also maintained that the White House didn’t have investigators contact the company ahead of an enforcement action, as they normally do with companies. TikTok’s legal time considered that a breach of procedure, according to claimed insiders on TikTok’s legal team.


The company declined to comment on the possibility of an impending lawsuit, but did acknowledge beliefs the order was issued “without any due process” and “no substantiation” of the security allegations.

TikTok might not have as much trouble contesting the ban as you might think. While Trump used the International Emergency Economic Powers Act to help justify the order on security grounds, that law doesn’t allow bans based on personal communication and media sharing — both central to TikTok.

The challenge, as you might imagine, is to have the right people agree. Congress isn’t likely to help as it’s pushing for a ban on TikTok for government devices and has generally echoed security fears. TikTok may have to rely on the courts to avoid a ban, at least if a Microsoft deal doesn’t go through.

[3xBuBu]

Eastman Kodak's $765 million U.S. loan agreement on hold after recent allegations

https://finance.yahoo.com/news/eastman-kodaks-765-million-u-022323141.html

Eastman Kodak Co's $765 million (587 million pounds) loan agreement with the U.S. government to produce pharmaceutical ingredients has been put on hold due to "recent allegations of wrongdoing," the U.S. International Development Finance Corp (DFC) said.

Earlier this week, senior Democratic lawmakers asked federal regulators to investigate securities transactions made by the company and its executives around the time it learned it could receive the government loan.

"Recent allegations of wrongdoing raise serious concerns," DFC said late on Friday in a tweet.

"We will not proceed any further unless these allegations are cleared," the DFC said. It was referring to a letter of interest it signed on July 28 with Kodak.

President Donald Trump on Tuesday said the government would investigate the circumstances surrounding the announcement of the loan, which will help the photographic equipment maker shift into making pharmaceuticals at its U.S. factories.

Kodak shares surged more than 1,000% last week after the loan was announced, generating a windfall for executives, some of whom had received options one day earlier.

Lawmakers said they had "serious concerns" about the transactions and asked the Securities and Exchange Commission to investigate the circumstances surrounding the matter. They cited growing concerns about insider trading.

The company said it had appointed a special committee of independent directors of its board to conduct an internal review.

"The internal review will be conducted for the Committee by Akin Gump Strauss Hauer & Feld LLP," Eastman Kodak said in a statement.

[3xBuBu]

U.S. G.D.P. Fell 9.5 Percent
https://www.nytimes.com/live/2020/07/30/business/stock-market-today-coronavirus?action=click&module=Top%20Stories&pgtype=Homepage


The U.S. economy’s contraction in the second quarter was the worst on record.
Economic output fell at its fastest pace on record last spring as the coronavirus pandemic forced businesses across the United States to close their doors and kept millions of Americans shut in their homes for weeks.

Gross domestic product — the broadest measure of goods and services produced — fell 9.5 percent in the second quarter of the year, the Commerce Department said Thursday. On an annualized basis, the standard way of reporting quarterly economic data, G.D.P. fell at a rate of 32.9 percent, or 32.9% annual pace in the second quarter.



The collapse was unprecedented in its speed and breathtaking in its severity. The only possible comparisons in modern American history came during the Great Depression and the demobilization after World War II, both of which occurred before the advent of modern economic statistics.

Unlike past recessions, this one was a result of a conscious decision to suspend economic activity to slow the spread of the virus. Congress pumped trillions of dollars into the economy to sustain households and businesses, limit long-term damage and allow for a rapid rebound.

[EquityMonster83]

Traded these in for $20 $25 and $30 calls.

[3xBuBu]

Kodak’s stock triples as company announces pandemic plan to start making pharmaceutical ingredients

https://www.marketwatch.com/story/kodaks-stock-triples-as-company-announces-pandemic-plan-to-start-making-pharmaceutical-ingredients-2020-07-28

he Trump administration’s $765 million loan to the Eastman Kodak Co. for its launch of a business making pharmaceutical ingredients sent shares of the iconic camera company soaring.

Kodak’s stock KODK, +203.05% rallied more than 200% on Tuesday after the news was announced by the Trump administration. The company emerged from a 2011 bankruptcy in 2013, and its shares tumbled from a 10-year high of $37.20 on Jan. 9, 2014, to a low of $1.55 on March 23 of this year.

The Trump administration said the Kodak deal is the first of its kind, and uses powers afforded by the Defense Production Act. The administration previously used these powers to demand that Ford Motor Co. F, +1.15% begin manufacturing respirators and masks and that General Motors Co. GM, +2.45% make ventilators.

It awarded $354 million to Phlow Corp. in May to start producing active pharmaceutical ingredients, or API, among other chemical ingredients, used in certain essential medications. A spokesperson for Phlow said that the company can’t disclose the list of drugs but that it includes treatments for pain and blood pressure that can be used by hospitalized COVID-19 patients. The total contract is worth up to $812 million. Phlow cites a shift toward producing API in China and India as the rationale behind its business model.

“The threat of pandemics like COVID-19 has exposed the United States’ heavy reliance on foreign pharmaceutical supply chains,” Phlow said in a statement at the time.

Drug makers largely do not manufacture API in the U.S., and many have instead sourced API from such lower-cost countries as China and India.

[3xBuBu]

An accelerating decline in the U.S. dollar is reverberating around the world

https://www.reuters.com/article/us-health-coronavirus-dollar-analysis/king-dollars-decline-ripples-across-the-globe-idUSKCN24T1G5

Further dollar weakness would likely be an unwelcome development for economies such as Europe and Japan, as their own rising currencies threaten to weigh on growth and efforts to spark inflation.

The dollar is down around 3% year-to-date, after rising for each of the last two years. The greenback slid nearly 10% in 2017.

A weaker dollar makes U.S. exports more competitive abroad and helps U.S. multinational companies by making it cheaper for them to convert profits back into their home currency. That’s potentially good news for a rally in U.S. stocks that has slowed in recent weeks after coming within distance of all-time highs.

A 10% fall in the value of the dollar against a basket of trade-weighted currencies would increase 2020 earnings per share by about 3%, Goldman said. Goldman analysts expect the dollar to fall another 5% over the next 12 months.



Other assets are already benefiting from the dollar’s drop. Gold, which like many commodities is priced in the U.S. currency and becomes more affordable to foreign buyers when the dollar falls, stands near its historic high, part of a rally that has driven the S&P/Goldman Sachs Commodity Index .SPGSCI 34% higher since late March, as of Monday.

Developing countries are also likely to cheer a weaker dollar as it makes it cheaper for them to service debt denominated in the U.S. currency.

[3xBuBu]

Under Armour Falls After Founder, CFO Are Named in SEC Probe

https://finance.yahoo.com/news/under-armour-falls-founder-cfo-133816136.html

Under Armour Inc. said a pair of top executives, including founder Kevin Plank, has been named in a federal probe of the company’s accounting, sending shares of the athleticwear maker down.

Plank and Chief Financial Officer David Bergman received Wells Notices informing them that the U.S. Securities and Exchange Commission is likely to “allege certain violations of the federal securities laws,” Under Armour said Monday in a regulatory filing. Under Armour also received a notice informing it that the agency may file an enforcement action against the company.

The disclosure expands upon comments from the company in November, when it revealed that it had been under federal investigation for more than two years. The situation has roiled the Baltimore-based company as it has grappled with lackluster sales amid the coronavirus pandemic and a CEO change, with Plank handing the reins to Patrik Frisk earlier this year.

Under Armour and the executives “maintain that their actions were appropriate,” according to the latest filing. They intend to respond to the Wells Notices and “engage in a dialogue” with the SEC to resolve the matter.

The Wells Notices, which the SEC uses to inform investigation subjects that it intends to bring enforcement actions against them, relate to sales that were allegedly pulled forward during a period from the third quarter of 2015 through the end of 2016, Under Armour said. The SEC is “focused on the company’s disclosures regarding the use of pull-forward sales in order to meet sales objectives,” but it is not alleging revenue recognition violations, the company said.

Under Armour fell 1.3% to $10.77 a share at 9:34 a.m. Monday in New York. The shares slumped 49% this year through Friday.

[3xBuBu]

‘Trouble’s coming,’ warns short-selling legend who just cashed in a roughly $100 million winning bet
https://www.marketwatch.com/story/troubles-coming-warns-short-selling-legend-who-just-cashed-in-a-roughly-100-winning-bet-2020-07-27?mod=home-page

That’s legendary short seller Jim Chanos, fresh off a $100 million win, casting gloom over the current state of the stock market in a recent interview with the Financial Times.

Chanos, who once made a killing by shorting Enron and aims to make another one with his bearish bet against Tesla TSLA, +8.65%, just earned nine-figures by shorting Wirecard ahead of its collapse, according to sources cited in the FT story.

Of the big Wirecard win, he said “it’s bittersweet. because short sellers put up with weeks and months of misery, and you feel good for hours and days.”

Speaking of misery, his Tesla short is a mess, but Chanos, with $1.5 billion in assets under management, still maintains he’s got a winner on his hands.

“Elon Musk has personified the hopes and dreams of this bull market,” Chanos said, adding that Tesla has “a culture of deception” and it “burnishes its results through aggressive accounting.”

He claimed we’re in a “golden age of fraud,” describing the current market climate as rife with euphoria, FOMO and Trumpian “post-truth” politics — “a really fertile field for people to play fast and loose with the truth, and for corporate wrongdoers to get away with it for a long time,” he said.


TSLA stock short sellers
https://marketrealist.com/2020/07/tesla-takes-dig-short-sellers-einhorn-chanos/
Tesla has always had a challenging relationship with short sellers. Jim Chanos and David Einhorn are among the company’s most well known short sellers. Last year, Elon Musk and David Einhorn were involved in an online brawl. Einhorn taunted Musk about Tesla’s struggling solar business. Earlier this year, Einhorn questioned Tesla’s accounting policies. He wasn’t the first person to question the company’s accounting policies.

David Einhorn and Jim Chanos
Earlier in 2020, Jim Chanos said that he’s “maximum short” on the stock. Einhorn’s Greenlight Capital also added TSLA puts in the first quarter. However, TSLA stock short sellers have lost billions this year betting against the company. After the stock surpassed $1,200 on July 3, Musk took another dig at short sellers.

Tesla short shorts
Tesla launched limited-edition short shorts, which sold out quickly. At the time of writing this article, only the XL size was available for sale. Even though the shorts are an apparent dig against the short sellers, the company made it even more obvious in its communication. The company said, “Tesla Short Shorts, featuring our signature Tesla logo in front with ‘S3XY’ across the back. Enjoy exceptional comfort from the closing bell.”

[3xBuBu]

T-Mobile stock halted after Nasdaq request for more information
https://www.marketwatch.com/story/t-mobile-stock-halted-after-nasdaq-request-for-more-information-2020-07-27?mod=MW_article_top_stories

Shares of T-Mobile US Inc. TMUS, +0.65% were halted early in the extended session Monday due to Nasdaq requiring additional information from the company. The reasons behind the request were not immediately clear. Shares of T-Mobile ended the regular Monday session up 0.7% and so far this year the stock has gained 35%, which contrasts with losses of 7% for the Dow Jones Industrial Average DJIA, +0.43% and compares with gains around 0.3% for the S&P 500 index SPX, +0.74%. T-Mobile is expected to report second-quarter earnings next week; analysts polled by FactSet call for adjusted earnings of $1.18 a share on sales of $692 million, compared with sales of $1.75 billion in the year-ago quarter. Rival Verizon Communications Inc. VZ, +0.03% on Friday reported better-than-expected earnings.

[3xBuBu]

Intel’s Chief Engineering Officer Is Leaving the Chipmaker

https://finance.yahoo.com/news/intel-chief-engineering-officer-leaving-210841041.html

Intel Corp. ousted Chief Engineering Officer Murthy Renduchintala after the chipmaker failed to keep up with the latest manufacturing advances.

The executive will leave Aug. 3, and his organization will be split up and led by other leaders. Intel said it was making the changes “to accelerate product leadership and improve focus and accountability in process technology execution,” according to a statement.

When Renduchintala joined Intel more than four years ago, he was lauded as someone with the experience needed to upgrade Intel’s design efforts. He was later promoted to his current position, which added responsibility for manufacturing, a key part of improving the performance of chips.

Last week, the company said the latest technique for building the most advanced semiconductors was a year behind schedule. That followed a multiyear delay in the previous manufacturing process. The stock slumped 16% on Friday and fell 2% more on Monday.


Intel ‘Stunning Failure’ Heralds End of Era for U.S. Chip Sector

https://www.bloomberg.com/news/articles/2020-07-25/intel-stunning-failure-heralds-end-of-era-for-u-s-chip-sector

Intel Corp.’s decision to consider outsourcing manufacturing heralds the end of an era in which the company, and the U.S., dominated the semiconductor industry. The move could reverberate well beyond Silicon Valley, influencing global trade and geopolitics.

The Santa Clara, California-based company has been the largest chipmaker for most of the past 30 years by combining the best designs with cutting-edge factories, several of which are still based in the U.S.

Most other U.S. chip companies shut or sold domestic plants years ago, and had other firms make the components, mostly in Asia. Intel held out, arguing that doing both improved each side of its operation and created better semiconductors. That strategy is in tatters now, with the company’s factories struggling to keep up with the latest 7-nanometer production process.

After Chief Executive Officer Bob Swan said Intel is considering outsourcing, the company’s shares slumped 16% on Friday, the most since March, when the stock market plummeted in the early days of the Covid-19 pandemic.

“We view the roadmap missteps to be a stunning failure for a company once known for flawless execution, and could well represent the end of Intel’s computing dominance,” Chris Caso, an analyst at Raymond James, wrote in a research note on Friday.