Written by Gary
Dick’s Sporting Goods shares fall as retailer predicts slowing sales in year ahead (SPY +1.4%). Nvidia stock leads chip rally as tech shares bounce back.
The Market in Perspective
Here are the headlines moving the markets. | |
How Oil Could Go To $100 Per BarrelIn its February Short Term Energy Outlook (STEO), the EIA forecasts this month’s world oil consumption at 96.7 million barrels per day (mbpd). The oil supply, however, is much lower, only 93.6 mbpd, with the difference of 3.1 mbpd of necessity being drawn from crude oil and refined product inventories. By historical standards, a sustained draw of 3 mbpd is large, and we would expect prices to be rising under such circumstances. The EIA sees demand continuing to recover at a good pace to mid-year, with July world oil consumption forecast at 98.2 | |
U.S. Oil Production Saw The Largest Decline Ever In 2020Due to plunging drilling activity amid low oil prices, U.S. crude oil production fell by nearly 1 million barrels per day (bpd) last year, registering the largest annual decline in history, the Energy Information Administration (EIA) said on Tuesday. In 2020, U.S. crude oil production averaged 11.3 million bpd, dropping by 935,000 bpdor 8 percentcompared to the record-high annual average of 12.2 million bpd in 2019. Less than two months after American crude oil production reached a peak of 12.8 million bpd in January 2020, oil prices | |
Oil Prices Dip After Hitting $70Investor Alert! As oil markets finally recover, which of the top-tier shale drillers are a buy?Read our latest Global Energy Alert investment column to get the full breakdown of which stocks to watch.Chart of the Week- U.S. exports of propane reached record highs in 2020, up 13%.- Propane became the largest source of refined product exports, surpassing distillate fuel oil.- The increase is the result of strong petrochemical and heating demand in Asia.Market Movers- Eni | |
Can Colombia Cash In On Higher Oil Prices?Latin Americas fourth largest economy, Colombia, remains under considerable pressure. Even the latest oil price rally, which saw the international Brent benchmark gain 36%, has done little to kickstart the petroleum dependent economy. Colombias economy shrank 7% (Spanish) during 2020 and despite claims that it has returned to growth January 2021 unemployment soared to 17.3% its highest level since July last year. It is the poor performance of the Andean nations hydrocarbon sector which is weighing heavily on its economy. Despite | |
Bill Gates-Backed Israeli Startup Raises $22M To Scale Up Green HydrogenH2Pro, a startup founded in Israel in 2019, has raised US$22 million in a funding round from clean energy funds backed by Bill Gates, among others, in order to scale up green hydrogen production, Bloomberg reports. H2Pro aims to enable affordable green hydrogen production at scale, it says, through the use of a proprietary method for producing green hydrogen by splitting water that is over 95 percent efficient, safe, and cost-competitive with fossil-fuel hydrogen. The companys E-TAC technology with 95 percent efficiency is more efficient | |
Is South Koreas Monster Wind Farm Feasible?South Korea might be reputed for its state-of-the-art condensate splitters or for its massive LNG appetite that has propelled it to the ranks of the worlds third-largest importer, yet from now on it might be closely associated with wind energy. In February 2021 the South Korean government announced that it intends to build the worlds largest wind farm in the Sinan region (South Jeolla), the 8.2 GW capacity of which will surpass the largest wind plant currently in operation (Hornsea off the English coast, 1.2 GW) by a factor of seven. | |
Disney+ tops 100 million subscribers just 16 months after launchDisney+ has surpassed 100 million subscribers in just 16 months since its launch, Disney CEO Bob Chapek revealed Tuesday. | |
Boeing monthly aircraft orders outpace cancellations for first time since 2019Boeing sold 82 new airplanes in February with new sales outpacing cancellations for the first time since November 2019. | |
Rob Gronkowski will sell NFTs of his best Super Bowl momentsRob Gronkowski will put more than 300 non-fungible tokens up for sale featuring Super Bowl highlights on the OpenSea marketplace. | |
‘Avatar’ is just $7.4 million behind ‘Avengers: Endgame’ box office record and it’s headed back to Chinese theaters this weekend‘Avatar’ is just $7.4 million behind ‘Avengers: Endgame’ box office record and it’s headed back to Chinese theaters this weekend. | |
Dick’s Sporting Goods shares fall as retailer predicts slowing sales in year aheadDick’s Sporting Goods topped Wall Street’s estimates, as shoppers continued to buy equipment and apparel for working out during the Covid pandemic. | |
SoFi CEO promises higher interest rates for users as fintech firm pushes to become a bank“When we have a bank charter, we’ll be able to determine what interest rate that we want to provide,” SoFi CEO Anthony Noto told CNBC. | |
Chipotle cracks the code on adding quesadillas to the menu: Make it for online orders onlyAfter years of testing and tweaking, Chipotle Mexican Grill will finally add quesadillas to its menu. | |
Target launches grocery brand Favorite Day that’s focused on snacks, indulgencesThe big-box retailer wants to give shoppers reasons to keep coming back to its stores and website beyond the Covid pandemic. | |
House lawmakers push Biden administration to investigate USPS contract with OshkoshThe USPS awarded the first part of the 10-year, multi-billion dollar contract to update the postal delivery vehicle fleet to Oshkosh Defense. | |
Next Covid stimulus package may slash COBRA premiums for fired workersUnder the measure, the government will pay for laid-off workers to maintain their employer-sponsored health insurance. Here’s how it would work. | |
Piers Morgan quits ‘Good Morning Britain’ after backlash over his Meghan Markle commentsPiers Morgan is leaving ITV’s “Good Morning Britain” morning show after facing backlash for comments he made about Duchess of Sussex Meghan Markle. | |
Kind launches frozen smoothie bowls as more consumers eat breakfast at homeThe Kind brand has expanded into a number of new product categories, positioning itself as healthier and more nutritious than its competition. | |
‘Gamification’ of online stock trading is not a problem, GOP senator says before GameStop hearing“My view is the democratization of these markets has been fantastic,” Senate Banking ranking member Pat Toomey told CNBC ahead of Tuesday’s hearing. | |
Cathie Wood’s ARKK Has ‘Best Day Ever’ As PPT-Engineered Squeeze Lifts All BoatsCathie Wood’s ARKK Has ‘Best Day Ever’ As PPT-Engineered Squeeze Lifts All Boats Don’t say you were not warned…
After Friday’s PPT and Last night’s “National Team”, is it any wonder that everything dollar-priced is screaming higher as the greenback tumbles. As a reminder, in China last night, the stick-save hit as things escalated quickly…but as is clear it didn’t last so something needed to be done and Europe stepped up… Source: Bloomberg In the last 14 trading days, the nation’s benchmark CSI 300 Index has plummeted 14% from a 13-year high, with daily declines of more than 2% becoming more frequent. That co … | |
Sixth Woman Accuses Cuomo Of Sexual HarassmentSixth Woman Accuses Cuomo Of Sexual Harassment Accusations of sexual harassment against NY Gov. Andrew Cuomo are piling up faster than unreported COVID-19 nursing home deaths. According to a report published just minutes ago by the Albany Times-Union, the paper of record for the Empire State’s capitol region, a sixth woman is now claiming she was harassed by the governor, whom she accused of “inappropriate touching” – but this time, the alleged harassment purportedly took place at the governor’s mansion. The governor’s office first learned of the allegation over the weekend, but this is the first time it has been made public.
A Cuomo spokesperson said the governor’s office has already patched the accuser through to NY AG Letitia James, who is leading an official investigation into the myriad accusations of sexual misconduct levied against the governor. | |
‘Weekend At Biden’s?’ Handlers Shut Down Yet Another Q&A After Public Appearance‘Weekend At Biden’s?’ Handlers Shut Down Yet Another Q&A After Public Appearance For the third time in as many days (the previous two detailed here), President Biden’s handlers abruptly panicked at the prospect of him answering a question from the press. Today’s debacle takes place in a DC hardware store as double-mask-wearing Biden stares blankly at the store owner during his polite introduction, then becomes distracted by people on an upper level of the store. As the owner tries to address Biden again, Biden’s handlers suddenly become agitated and one is repeatedly heard saying, œcome on press, let’s go, we’re gonna move out. œLet’s go you guys, come on let’s go, she repeats herself as one of the reporters tries to ask Biden about œthe crisis at the border.
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Value Is Subjective: Neither Gold Nor Crypto Have “Real Value”Value Is Subjective: Neither Gold Nor Crypto Have “Real Value” Authored by Connor Mortell via The Mises Institute, A major hurdle to the adoption of bitcoin is that while the average person may be at least open to the idea that fiat money is not the ideal, they still struggle to see a difference between fiat money and cryptocurrency. And this lumping together is not just held to the average adopter but includes many brilliant household names such as Peter Schiff and Elon Musk. This widespread conflation of cryptocurrency and fiat currency comes from two vital misunderstandings: a lack of an understanding of what exactly fiat is and a lack of understanding of value’s subjectivity. If we turn to Ludwig von Mises’s The Theory of Money and Credit, we will discover that it is his definition of fiat th … | |
EU seeks to supercharge computer chip productionThe European Commission wants 20% of the world’s cutting-edge chips to be manufactured locally. | |
Liberty Steel boss Sanjeev Gupta warns over loss-making plantsSanjeev Gupta, owner of Liberty Steel, says he is seeking new funding after its lender went under. | |
Supermarkets warn pet boom causing food pouch shortagesSainsbury’s, Tesco and Morrisons have seen demand rise after more people bought pets during lockdown. | |
Short-sellers made billions from US tech selloffTesla was short-sellers’ biggest win, giving them estimated profits of $4.2 billion so far in 2021, followed by more than $1 billion gains each on Zoom Video and Apple, according to Ortex. | |
Twitter’s Jack Dorsey to convert proceeds from auction of first ever tweet to bitcoinJack Dorsey’s 15-year old tweet could attract bidders to pay a high price for the digital memorabilia. The highest bid for the tweet stood at $2.5 million as of 17:05 GMT on Tuesday. | |
REITs, InvIts disappoint with poor returnsBrookfield Real Estate Investment Trust which listed recently is down nearly 10 percent and others have provided tepid returns since these instruments came into vogue four years ago after nearly a decade of back and forth between the regulator and the industry. | |
: Nvidia stock leads chip rally as tech shares bounce backNvidia Corp.’s stock and the broader chip sector logged their best day in nearly a year as beaten-down tech stocks staged a rally Tuesday. | |
Cryptos: ‘Obviously, we had no idea it was going to get here,’ say the guys who made the first NFTNFTs are taking the digital world by storm—and raising fresh concerns about asset bubbles–over three years after they were first conceived of as a way to authenticate ownership of an asset. | |
: Sonos says the growth can continue after big pandemic surgeSonos Inc. has been a big winner during the pandemic amid booming sales of smart speakers to suit the at-home lifestyle, but the company argues that it can maintain its momentum even after people resume normal living. |
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