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Tesla Stock Fell Sharply on Tuesday
down 30% this year
https://www.fool.com/investing/2021/08/17/why-tesla-stock-fell-sharply-on-tuesday/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
Shares of Tesla (NASDAQ:TSLA) were hit hard on Tuesday. The stock had fallen about 4% as of 11:45 a.m. EDT today.
The stock's decline extends a pullback on Monday, which was fueled by news that the National Highway Traffic Safety Administration has opened a formal safety probe into the electric vehicle maker's driver-assist technology.
Today, shares are likely down due to bearishness in the overall market and a tough day for many growth stocks like Tesla. In addition, one analyst argued in a note to inventors today that the stock is significantly overvalued.
So what
As of this writing, the S&P 500 and the Nasdaq Composite are down 0.8% and 1.1%, respectively, capturing pessimism in the stock market on Tuesday. Many growth stocks like Tesla are down even more sharply.
Meanwhile, Bernstein analyst Toni Sacconaghi told investors on Tuesday that even though the stock deserves a premium valuation relative to other automakers, it is still way too high. He has a 12-month price target for the stock of $300, down more than 50% from where it is today.
Now what
Though Tesla shares likely did get ahead of themselves earlier this year, the company is demonstrating incredible growth and an impressive operating margin. Management expects vehicle deliveries to grow more than 50% this year. Furthermore, the company's second-quarter operating margin was 11%, and management expects to achieve an industry-leading operating margin over time.
Still, investors should take note that the stock's valuation is arguably priced for strong top-line growth for years, as well as significant operating margin expansion.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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.
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.
China EV Stocks Rise Even As Beijing Keeps Turning The Screws On Tech Sector
https://www.investors.com/news/china-ev-stocks-bejing-widens-crackdown-beyond-tech/?src=A00220
China ordered 25 technology firms, including Alibaba (BABA) and Tencent Holdings (TCEHY), to conduct internal reviews as part of a campaign to root out illegal online activity, Bloomberg reported.
Beijing also demanded the companies rectify issues ranging from data security to consumer rights protections. Alibaba, Tencent and 10 other firms were also asked Wednesday to step up data security, including the export of key information, by the Internet Society of China, which was acting on behalf of the country's Ministry of Industry Information Technology.
Meanwhile, the U.S. Securities and Exchange Commission temporarily stopped processing registrations of IPOs and other securities sales by Chinese companies, sources told Reuters and CNBC. The SEC is said to be crafting new guidance for disclosing to investors the risk of a new regulatory crackdown by Beijing.
China's new demands on its tech companies comes just a day after attempted to ease investors' fears. Top officials from the China Securities Regulatory Commission told top banks that the government will weigh any market reactions before rolling out new policies, sources told the Wall Street Journal Thursday.
The regulator also said China doesn't seek to decouple from global markets, especially the U.S., the Journal added. And Chinese companies can continue listing on U.S. exchanges as long as they meet requirements, the officials added, according to CNBC.
That comes as Didi Global (DIDI) denied a separate Journal report that said the ride-hailing giant is considering going private to appease Beijing.
In a front-page editorial Wednesday, the Securities Times said the recent slump "to some extent reflects misinterpretation of policies and a venting of emotion."
It added that "Economic fundamentals have not changed and the market will stabilize at any moment," according to Bloomberg and Reuters. Other securities dailies echoed those comments.
In recent days, Beijing regulators expanded a crackdown on technology companies to other sectors. In addition, China signaled a tougher stance on financial hub Hong Kong and gambling mecca Macau.
On Tuesday, state-run media said China's top legislative body will discuss new laws next month for the former colonial territories. While reports didn't specify what kind of laws would be imposed, it follows the enactment of new security laws in Hong Kong last year to squelch pro-democracy protest.
Over the weekend, regulators ordered Tencent Music Entertainment (TME) to end exclusive music licensing deals with record labels around the world, the BBC said.
China also tightened regulations for food delivery platforms, including minimum wages. And it signaled higher oversight of the property sector
In addition, tutoring schools are now banned from offering for-profit courses in core classes during the academic year, Beijing said. The news sent TAL Education (TAL) and New Oriental Education and Technology (EDU) to multiyear lows.
A prior crackdown targeted e-commerce giant Alibaba and Didi, as Beijing increases scrutiny on domestic companies listing overseas in the U.S.
China EV Stocks
Nio stock climbed 4.8% on the stock market today. Among other China EV stocks, Li Auto jumped 8.9%, and Xpeng rose 6.4%. Nio announced Friday that it will report for the second quarter Aug. 11. And a local unconfirmed Chinese report said Nio would release new, cheaper model from a "sub-brand" next year.
TAL Education gained 3.4% while New Oriental Education fell 1.8%, after rebounds off massive dives earlier.
Internet giant Tencent fell 1.2% but Tencent Music dipped 0.7%. Among other China tech stocks, Didi stock rose 4.6% after jumping 11% Thursday. Alibaba fell 1.2%, and JD.com (JD) lost 1.5%.
On July 26, U.S.-listed Li Auto earned the go-ahead from Hong Kong stock exchange for an initial public offering, just a year after its debut in New York, local reports said. Nio's also said to be seeking a dual Hong Kong listing, following in the footsteps of Xpeng Motors. The three EV startups are emerging rivals to Tesla (TSLA) in the world's biggest car market.
AMD, which also reported a better-than-expected financial performance in the latest period, said overall data-center revenue nearly doubled from the year earlier and increased sequentially from a high-teens percentage of overall revenue in the first quarter to more than 20% in the second quarter.
AMD raised its projection for revenue growth to about 60%, from about 50%, and said that the data-center business is expected to remain a strong driver into the second half of the year.
Xilinx Inc. reported stronger-than-expected quarterly results, including profit more than doubling from the year earlier despite industry-wide supply chain challenges.
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Pfizer says immunity drops to 83% within four months in people who got its COVID-19 shot, further bolstering the company case for a booster
https://www.marketwatch.com/story/pfizer-says-immunity-drops-to-83-within-six-months-in-people-who-got-its-covid-19-shot-further-bolstering-the-company-case-for-a-booster-11627579817?mod=home-page
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Chinese internet stocks
BABA JD PDD TCEHY VIPS BIDU TME NTES TCOM BILI YY BEKE DADA DIDI
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_ 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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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
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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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.
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.
U.S.-China meeting off to a tense start as Beijing official says relations are in a ‘stalemate’
https://www.cnbc.com/2021/07/26/us-china-tianjin-meeting-wendy-sherman-xie-feng-wang-yi.html
Another high-level meeting between U.S. and Chinese officials — this time in the Chinese city of Tianjin, just outside of Beijing — began with criticism.
Chinese Vice Foreign Minister Xie Feng said during talks Monday with U.S. Deputy Secretary of State Wendy Sherman that the two countries’ relationship “is now in a stalemate and faces serious difficulties,” according to an English-language press release from China’s Ministry of Foreign Affairs.
“Fundamentally, it is because some Americans portray China as an ‘imagined enemy,’” the release said, adding, “We urge the United States to change its highly misguided mindset and dangerous policy.”
The statement said, however, China still wanted to work with the U.S., on the condition leaders “change course” and adhere to Chinese interests.
The U.S. Embassy in Beijing did not immediately have a comment when contacted by CNBC.
Tensions between the U.S. and China have escalated in the last several years. Former U.S. President Donald Trump used tariffs and sanctions in an attempt to address longstanding criticism against China, such as unequal market access, lack of intellectual property protection and forcing businesses to transfer technology in order to operate in the country.
Sherman is in China for a meeting with her counterparts there Sunday and Monday.
The goal of the meeting was not a negotiation, but an effort to keep high-level communication channels open, senior State Department officials said in a briefing with reporters over the weekend.
The U.S. officials expected to meet with Xie first, and then Chinese Foreign Minister Wang Yi second.
The leaders are expected to work toward the first meeting of Chinese President Xi Jinping and U.S. President Joe Biden, likely around the G-20 summit in October.
State Department spokesman Ned Price said at a briefing Wednesday that Sherman would travel to China “from a position of strength,” similar to Secretary of State Antony Blinken’s meeting with his Chinese counterparts in Anchorage, Alaska.
That gathering in March, the first high-level meeting between the two countries under Biden’s administration kicked off with an exchange of insults.
‘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.”
Baidu, Tencent in U.S. extend slide after SEC actions amid U.S.-China tension
BY Reuters
— 3:43 PM ET 03/26/2021
NEW YORK (Reuters) - U.S.-listed shares of China based Baidu Inc and Tencent Music Entertainment group (TME) plunged this week, dropping as much as 33.5% and 48.5%, respectively, from Tuesday's closing levels.
They initially fell in tandem with a broad sell-off of tech and tech-related shares on Wednesday, when the Nasdaq shed more than 2%. They extended losses on Thursday after the U.S. Securities and Exchange Commission (SEC) adopted measures to remove foreign from U.S. exchanges if they failed to comply with U.S. accounting standards.
The regulator's move comes at a time of heightened tensions between the world's two largest economies.
Talks last week between U.S. and Chinese officials in Alaska culminated in U.S. sanctions being announced against Chinese officials over alleged crimes against humanity and genocide on Uighurs in Xinjiang.
Baidu stock was last down 4.7%, while Tencent had lost 9.6% on the day.
On Friday, traders said Goldman Sachs Group offered a block of 10 million Baidu shares and 50 million Tencent shares, according to a Bloomberg report.
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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%.
Stocks With The Highest Short Interest Rate This Week and beaten-up Chinese 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%.
Nike Faces China Backlash and Tencent Music Entertainment (TME) crashed 27%,
plunging below its recent buy point and then its 50-day line. It was a bad day for China stocks, with Nio (NIO), JD.com (JD) and Tencent stock falling 10%, 5.3% and 5.1% respectively. Tencent Music's parent, Tencent (TCEHY) topped earnings views early Wednesday. Vipshop (VIPS), which had been far above any buy point, plummeted 21%.
https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rally-breaks-applied-materials-rh-rise-tencent-music-crashes-tesla-falls/?src=A00220
China has proposed requiring internet firms to house their customer data in a government joint venture. China's central bank also is reducing liquidity boosts, a drag on stocks.
Highly valued growth stocks outside of China also were notable losers. Tesla (TSLA) fell 4.8%, continuing to slide from its short-term highs and key moving averages. CEO Elon Musk said early Wednesday that people can now buy a Tesla with Bitcoin, which fueled a brief morning rise in TSLA stock and the Bitcoin price. But Bitcoin also reversed lower.
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China Stock
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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General Electric (GE) Wins HA Gas Turbine Contract in Malaysia
https://finance.yahoo.com/news/general-electric-ge-wins-gas-123312812.html
General Electric Company’s GE unit GE Power recently clinched an order for its state-of-the-art HA — one of the most efficient fleet of gas turbines in the world. Notably, the company entered into a deal with engineering, procurement, and construction consortium of Posco Engineering & Construction Co. Ltd. to deliver power generation equipment at Pulau Indah power plant, located in Selangor, Malaysia.
For the 1,200 MW power plant, General Electric will be responsible for offering two blocks of 600 megawatts, each blocks consisting of an advanced 9HA.01 gas turbine, a W88 generator, an STF-D650 steam turbine and a Once Through Heat Recovery Steam Generator. In addition to the power generation equipment, the deal involves a 21-year services agreement.
General Electric’s advanced HA gas turbine technology will bring greater flexibility and efficiency to the plant’s operations for producing efficient and low-cost energy in Selangor. Apart from helping the power plant in catering to the growing requirements of reliable electricity, the HA technology will help it in lowering the consumption of natural gas and emissions. Notably, the plant’s commercial operations are expected to commence in 2024.
Separately, General Electric’s Healthcare unit introduced StarGuide, an advanced SPECT/CT system. The system is developed to facilitate clinicians to improve patient outcomes in several medical specialties, including bone procedures and others.
SMH forming H&S
interest rate increase concern causing market selloff
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oil drop lack of demand
https://finviz.com/futures_charts.ashx?t=CL
3 Chip Stocks That Could Benefit From a Crypto Mining Boom
https://www.fool.com/investing/2021/03/17/3-chip-stocks-that-could-benefit-from-a-crypto-min/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
Some investors might end their search with Bitmain, but plenty of other chipmakers could still benefit from the crypto mining boom. Let's take a closer look at three of those companies: NVIDIA (NASDAQ:NVDA), AMD (NASDAQ:AMD), and Intel (NASDAQ:INTC).
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)
FANG ETF split Schedule
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)
Apple Partner Foxconn to Form EV Partnership With Fisker
https://finance.yahoo.com/news/apple-partner-foxconn-form-ev-185031679.html
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
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.
Dow Jones Futures: 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.
TB O 31-28 59 thanks
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.
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?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.
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
Dow Jones Slumps 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
Chamath Palihapitiya Says He Exited GameStop Long Position
Tech investor Chamath Palihapitiya says he exited a long position in GameStop, apparently via options, earning hundreds of thousands of dollars. He'll donate the proceeds.
https://www.thestreet.com/investing/palihapitiya-exits-gamestop
Palihapitiya told CNBC Wednesday, “I ended up closing out my position this morning, and I wanted to announce that I’m taking all the profits that I made plus my original position — I’m going to take $500,000, and I’m going to donate it.”
The short squeeze for multiple companies with poor fundamentals began on Friday when Andrew Left, managing partner of short seller Citron, said it was abandoning GameStop because of harassment from bulls.
Before and after his remarks, retail investors have been buying shares of the videogame retailer like there’s no tomorrow.
Billionaire investor Chamath Palihapitiya on GameStop surge and rise of retail investors
BlackBerry execs sold shares as Reddit-driven rally started
https://www.marketscreener.com/news/latest/BlackBerry-execs-sold-shares-as-Reddit-driven-rally-started--32309898/?countview=0
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https://www.marketwatch.com/investing/stock/KOSS/options
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https://www.marketwatch.com/investing/stock/BB/options
Three BlackBerry executives, including the chief financial officer, sold $1.7 million of the telecoms technology firm's stock in the early days of this month's meteoric share price rise, filings with securities regulators show.
The executives sold their holdings on Jan. 20 at prices ranging from $12.63 to $13.01, nearly double what the stock had been trading at a week earlier.
BlackBerry shares climbed as high as $28.77 in New York on Wednesday and ended trading on Thursday at $14.65.
Chief Financial Officer Steve Rai sold almost 33,000 shares, his entire position in the company, according to a filing made with the U.S. Securities and Exchange Commission on January 21, in a trade valued at $428,731.
Mark Wilson, the company's chief marketing officer, sold 78,500 shares, worth $991,455, according to a filing.
Billy Ho, who leads divisions within Blackberry, sold $259,000 of shares.
All of the executives have sold stock periodically over the past year. The disposals at the start of the Reddit-driven rally represent the largest for the executives in the last year, according to filings.
Koss : Robinhood restricts buying of fractional shares in GameStop, other hot stocks
https://www.marketscreener.com/quote/stock/KOSS-CORPORATION-9831/news/Koss-Robinhood-restricts-buying-of-fractional-shares-in-GameStop-other-hot-stocks-32308976/
a practice that has encouraged smaller investors by reducing the size of the amount they have to bet
Charles Schwab, TD Ameritrade Haven't Halted Any Stock Trading This Week
https://ih.advfn.com/stock-market/NYSE/charles-schwab-SCHW/stock-news/84205101/charles-schwab-td-ameritrade-havent-halted-any-st
Charles Schwab Corp. said Friday that neither Charles Schwab & Co. nor TD Ameritrade halted buying or selling any stocks this week.
The financial company said neither firm restricted buying or selling basic options, though both firms did adjust margin requirements on select stocks to ensure clients had sufficient assets to pay for stock purchases. Both firms also restricted certain advanced options strategies, it said.
In recent days, certain stocks, including GameStop Corp. and AMC Entertainment Holdings Inc., have become part of what is being called a "short-squeeze," with volumes jumping and prices fluctuating wildly.
Schwab said both firms put in place some restrictions on certain types of options transactions to help mitigate risk. For example, they aren't allowing clients to sell naked call options in order to mitigate an unlimited risk situation. These decisions are based on risk and volatility and are made on an individual security basis.
Both firms, as normal course of business, review and alter margin requirements in highly volatile securities. As margin requirements increase, clients are required to hold more equity in their accounts to make trades in these securities.
For GameStop, for example, both firms changed the requirement to 100%, thereby removing margin from the security. This process began Jan. 13, and since that time, clients have been restricted from using GameStop as collateral for a margin loan; before Jan. 13 clients could do so in a limited way.
American Airlines Accepts Delivery of Five Boeing 737 MAX Aircraft Year to Date
https://www.marketscreener.com/quote/stock/AMERICAN-AIRLINES-GROUP-I-15171667/news/American-Airlines-Accepts-Delivery-of-Five-Boeing-737-MAX-Aircraft-Year-to-Date-32310910/
American Airlines Group Inc. said it has accepted delivery of five Boeing 737 MAX family aircraft year-to-date and expects an additional six MAX aircraft to be delivered in the balance of 2021 and 10 MAX aircraft in 2022.
The airline in a Securities and Exchange Commission filing Friday said it has financing commitments in place for three of the six MAX aircraft to be delivered in the balance of 2021. American Air said it doesn't have any financing commitments in place for the 10 MAX aircraft to be delivered in 2022.
"We have the right to defer all of the 13 MAX aircraft deliveries that do not have committed financing to 2023 or 2024," the company said.
American said it hasn't accepted any Boeing 787 aircraft year-to-date and expects 19 787 aircraft to be delivered in the balance of 2021 and none in 2022. The company said it has financing commitments in place for all 19.
The company said it accepted delivery of one Airbus A321NEO aircraft year to date. American expects an additional 15 NEO aircraft delivered in the balance of 2021 and 26 in 2022. The company said it has financing commitments in place for all 15 to be delivered in the balance of 2021, and doesn't have in place financing commitment--third party or backstop--for any of the 2022 NEO deliveries.
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https://www.marketwatch.com/investing/stock/AAL/options
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https://www.marketwatch.com/investing/stock/BA/options
SOXL/SOXS Direxion Daily Semiconductor Bull/Bear 3X Shares (ETF)
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https://www.nasdaq.com/market-activity/stocks/SOXL/option-chain
https://www.marketwatch.com/investing/stock/SOXS/options
Dow drops more than 600 points for its worst day since October, S&P 500 goes red for the year
https://www.cnbc.com/2021/01/26/stock-market-futures-open-to-close-news.html
Federal Reserve officials left interest rates near-zero and pledged to continue making huge purchases of government-backed bonds as the central bank tries to help the United States economy weather the pandemic’s ongoing hit.
“The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic,” the central bank’s policy-setting Federal Open Market Committee said in its January policy statement.
Fed Chair Jerome H. Powell, speaking at a news conference on Wednesday, said the resurgence of the virus was “weighing on economic activity and job creation,” and that the economic outlook hinges crucially on the pandemic itself.
https://www.nytimes.com/2021/01/27/business/economy/fed-interest-rates-economy.html
Delays in the rollout of Covid-19 vaccines, coupled with lingering lockdown measures, marked a "double whammy" of bad news for investors, said Hani Redha, a portfolio manager at PineBridge Investments.
"I think the market expected that by now we would be talking about loosening, not tightening restrictions," he said. "On the vaccine rollout, this is very problematic for the near term. It is very critical for shaping the growth bounce back, and these issues are just adding more delay to that."
The Dow Jones Industrial Average lost 633.87 points, or 2.1%, to 30,303.17 for its worst day since Oct. 28. The S&P 500 dropped 2.6% to 3,750.77, slipping from a record high and suffering its biggest drop in three months. Wednesday’s steep losses wiped out the 2021 gains for the S&P 500 and it’s now down 0.1% on the year. The tech-heavy Nasdaq Composite slid 2.6% to 13,270.60.
Boeing fell nearly 4% after its earnings report showed its 2020 net loss hit a record of $11.9 billion amid the 737 Max grounding and the coronavirus pandemic. Shares of AMD tumbled more than 6% even after the chipmaker posted revenue and earnings that beat Wall Street’s already high expectations.
But it was intensifying speculative behavior among retail investors that was causing the most concern. Heavily shorted names, including GameStop and AMC Entertainment, continued to be pushed higher by amateur day traders in online chat rooms. Some investors are worried about mounting losses by hedge funds spilling over to other areas of the market as those funds sell other securities to raise cash. Investors are also concerned the speculative behavior is a sign the market is overvalued and a pullback is near.
“We’ve run up so much and this is healthy profit taking,” said John Davi, founder and CIO of Astoria Portfolio Advisors. “There has been a tremendous market melt-up in the past two months. When the market goes up parabolically, you will see speculative behaviors from a lot of investors.”
AMC Entertainment Holdings Inc./ GameStop Corp.
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https://www.marketwatch.com/investing/stock/AMC/options
GameStop Corp.
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https://www.marketwatch.com/investing/stock/GME/options
Nokia
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https://www.marketwatch.com/investing/stock/NOK/options
SOXS Direxion Daily Semiconductor Bear 3X Shares (ETF)
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https://www.marketwatch.com/investing/stock/SOXS/options
Nokia Corp. ADR
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https://www.marketwatch.com/investing/stock/NOK/options