Written by Gary
US stock market continue rally in a strong showing (SPY +1.3%). Stocks making the biggest moves midday: Zoom Video, Nikola, Tesla.
Here is the current market situation from CNN Money | |
North and South American markets are broadly higher today with shares in Mexico leading the region. The IPC is up 3.09% while U.S.’s S&P 500 is up 1.25% and Brazil’s Bovespa is up 0.87%. |
Traders Corner – Health of the Market
What Is Moving the Markets
Here are the headlines moving the markets. | |
Japan And Kuwait Strike Major Oil Storage DealJapan and Kuwait have struck a deal to store crude oil for Southeast Asia in Japan in a bid to boost the regions oil supply network, which is currently rather weak and vulnerable to supply outages. Japan already has oil stockpiling agreements with the UAE and Saudi Arabia for storage space totaling 16.4 million barrels. Reports of the deal first emerged last week, when unnamed sources said that Japan has agreed to lease to the Kuwait Petroleum Corp. some 3.14 million barrels in oil storage capacity. This is equal to 1.5 days of consumption | |
U.S. Senate Approves Trumps FERC NomineesThe Senate has approved two candidates for the Federal Energy Regulatory Commission nominated by President Donald Trump, which would mean FERC will be Republican-dominated until June, according to Reuters. The approved commissioners are Republican Mark Christie, formerly chairman of the Virginia State Corporation Commission, and Democrat Allison Clements, founder and president of energy policy and strategy consulting firm Goodgrid LLC. Trump nominated Christie and Clements earlier this year, in response to growing pressure from the Democratic Party | |
Exxon Breaks With Tradition, Announces $20 Billion Oil Asset Write-DownExxon has finally broken with its tradition to never write down its assets. Exxon has announced massive writedowns of between $17 billion and $20 billion due to the pandemic and its effect on the oil industry. The company also said that it will focus on its most lucrative projects and remove less lucrative ones from its development plan. The latter, all dry gas assets, will result in the $17-20 billion writedown. Leveraging the significant cost savings realized in 2020 that are on track to exceed announced reductions of $10 billion or 30 | |
Is Exxon’s Dividend Too High To Justify?The energy sector has emerged as the best performer over the past few weeks, with WTI crude prices climbing to their highest level in nearly eight months thanks to a flurry of potential Covid-19 vaccines. Optimism has returned to the oil markets in a big way. Even conservative BP Plc (NYSE:BP) has backtracked on its earlier projections that we might have passed peak oil, with the company now saying oil demand might not peak till around 2030. Yet, Big Oil is still far from being out of the woods, with big dividend payers, in particular, remaining | |
U.S. Oil Production Is On The Rise AgainCrude oil production, including lease condensate, in the United States rose in September to 10.860 million barrels per day on average, according to the Energy Information Administrations monthly report released on Monday. Septembers oil production was up 286,000 barrels per day on average compared to the month prior, but still down significantly1.635 million bpdfrom September 2019. The increase in September over August was mostly due to offshore oil production off the Gulf of Mexico, which saw a 315,000 bpd increase | |
Britain Bets Big On Battery StorageThe UK Department for Business, Energy and Industrial Strategy (BEIS) has approved the construction of the biggest battery storage project in the UK, and one of the largest such projects in the world, the company developing the site said on Monday. InterGen, an energy company headquartered in Edinburgh, has received the green light to build the US$267 million (200 million) project in southern England. The project is expected to provide at least 320MW/640MWh of capacity, with the potential to expand to 1.3GWh more than ten times the | |
Online sales reach $10.8 billion on Cyber Monday, the biggest U.S. e-commerce day ever, Adobe saysAs retailers look to prevent crowded stores during the pandemic, the holiday shopping season has grown longer. | |
Sephora will open mini shops inside 850 Kohl’s stores by 2023, as retailer bets big on beautyKohl’s deal with Sephora rivals Target’s recently announced Ulta Beauty partnership. | |
CDC panel is set to vote Tuesday on who gets coronavirus vaccine firstInitial doses will be limited as manufacturing ramps up, with top U.S. health officials predicting it could take months to immunize everyone in the U.S. | |
Pfizer, BioNTech apply for Covid vaccine approval in EuropeIf authorization is granted, it could enable use of the vaccine in Europe this month, BioNTech said. | |
Black Friday weekend shopping and spending drop as sales season starts early, National Retail Federation saysThe retail trade group expects 2020 holiday sales to rise by between 3.6% and 5.2% year over year, as Americans spend less on travel and dining out. | |
Nikola shares see another ugly selloff in volatile trading as insider lockup period expiresShares of Nikola plummeted as much as 18.3% Tuesday morning after an insider lockup period expired on up to 166 million shares of the electric truck start-up. | |
Trump Covid vaccine czar says side effects ‘significantly noticeable’ in 10% to 15% of recipientsPresident Trump’s coronavirus vaccine czar said that Pfizer and Moderna’s Covid-19 vaccines are safe, with only 10% to 15% of volunteers reporting side effects that were “significantly noticeable.” | |
Boom Supersonic start-up goes ‘all-in’ on using Amazon’s AWS for aircraft design and developmentAmazon Web Services announced on Tuesday that Boom Supersonic is going ‘all-in’ as a cloud-computing customer. | |
Nikola founder Trevor Milton can sell his 91.6 million shares starting Tuesday as insider lockup period expiresWith roughly 360.9 million shares of company stock outstanding, Milton is by far Nikola’s largest single shareholder. | |
Post-election, political partisanship on Main Street is spikingThe economic outlook on Main Street has dipped, but it’s the election more than Covid-19 causing the small business pessimism, CNBC|SurveyMonkey data reveals. | |
One chart shows how bad Germany’s second wave of the coronavirus isGermany was widely seen as a poster-child for its approach to tackling the coronavirus in the spring, but its second wave is proving more deadly. | |
Singapore and Hong Kong push back their travel bubble again, this time beyond 2020Both sides said they will review the arrangement again in late December to decide on a start date. | |
Op-ed: Here are 5 lessons the pandemic taught this financial advisorAs he started to think about plans for his advisory firm in 2021, Dennis Morton of Morton Brown Family Wealth wrote down five lessons he learned this year. | |
Biden’s Pick For Budget Chief Scrubs Twitter History Ahead Of Contentious ConfirmationBiden’s Pick For Budget Chief Scrubs Twitter History Ahead Of Contentious Confirmation Tyler Durden Tue, 12/01/2020 – 11:18 With Senate Minority Leader Chuck Schumer calling on Congress to begin hearings on Joe Biden’s Cabinet picks before the inauguration while the results of the 2020 election remain in dispute, one nominee has already stoked controversy for peddling conspiracy theories and partisan attacks on Twitter – and is now deleting the evidence. | |
Pizza Hut To Accept Bitcoin & Ethereum For Pies In VenezuelaPizza Hut To Accept Bitcoin & Ethereum For Pies In Venezuela Tyler Durden Tue, 12/01/2020 – 11:07 Authored by Turner Wright via CoinTelegraph.com, A famous US-based pizza chain has begun accepting cryptocurrency payments in all its stores in Venezuela. According to a Nov. 27 tweet from crypto services firm CryptoBuyer, Pizza Hut stores in the South American nation now accept crypto as a form of payment for food and drinks. | |
Bipartisan Senate Group Unveils $908 Billion COVID Relief PlanBipartisan Senate Group Unveils $908 Billion COVID Relief Plan Tyler Durden Tue, 12/01/2020 – 10:47 While neither Republican nor Democratic leadership has signed on to the plan, a $908 billion bipartisan proposal from moderates has been unveiled this morning. Under the proposed compromise being pitched, Bloomberg reports, small businesses would get a roughly $300 billion infusion for a version of the Paycheck Protection Program of forgivable loans and other aid, and state and local governments would get about $240 billion, including money for schools, according to three people familiar with the proposal. Another $180 billion would go to an extension of pandemic unemployment benefits, providing an additional $300-a-week for four months. Transportation including airlines, airports, transit and Amtrak would get $45 billion in funding, a person familiar with the plan said. Vaccines, testing and tracing would get $16 billion and health care providers $35 billion. | |
Citi Warns “100% Probability Of Loss” In Most “Euphoric” Market Since Dot Com BubbleCiti Warns “100% Probability Of Loss” In Most “Euphoric” Market Since Dot Com Bubble Tyler Durden Tue, 12/01/2020 – 10:35 Sometimes “greed” is not good. | |
Debenhams set to close putting 12,000 jobs at riskThe move comes after the failure of last-ditch efforts to rescue the ailing department store chain. | |
What went wrong at Debenhams?The pandemic pushed the retailer into liquidation, but its problems go back much further. | |
Price of first class stamps to rise 9p to 85pThe price rise will take effect on 1 January when the cost of a second class stamp will rise 1p to 66p. | |
Airbnb aims for about $35 billion value in long-awaited IPOThe home-rental platform and some shareholders are offering 51.9 million shares at $44 to $50 apiece, San Francisco-based Airbnb said in a filing Tuesday with the US Securities and Exchange Commission. | |
What bitcoin’s new record means for Wall StreetAs the cryptocurrency hit $18,000 for the first time since 2018, Jamie Dimon at JPMorgan Chase & Co. said he hadn’t changed his mind since he called Bitcoin a fraud during its 2017 bubble. | |
How India Inc managed a healthy 9-10% earnings upgrade post Q2All key sectors, barring capital goods and utilities, reported expansion in operating margins. | |
October 2020 CoreLogic Home Prices: Home Price Appreciation The Fastest Annual Acceleration Since April 2014Written by Steven Hansen CoreLogic’s Home Price Index (HPI) home prices for October 2020 increased 7.3% in October 2020, compared with October 2019, marking the fastest annual appreciation since April 2014. On a month-over-month basis, home prices increased by 1.1% compared to September 2020.
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Project Syndicate: Sky-high stock prices make sense, Robert Shiller saysStock prices are quite high when judged by the cyclically adjusted price-to-earnings ratio, but Robert Shiller says low interest rates may justify higher equity prices and CAPE ratios. | |
The Margin: Major Biden will be the first shelter dog in the White House ” and that’s good news for all animals in need of forever homesA rescued First Pet ” including a rumored new cat ” could inspire more animal fosters and adoptions | |
: BlackBerry’s stock rockets toward best day in 17 years after development deal with Amazon’s AWSShares of BlackBerry Ltd. skyrocketed in very active trading Tuesday, after the security software services company announced it was joining forces with Amazon Web Services Inc. to develop and sell BlackBerry’s intelligent vehicle data platform, known as “IVY.” |
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