18 May

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S&P 500 Flat as Reopening Stocks Gain, but Energy Loses Power By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 struggled for direction Tuesday as reopening stocks climbed on easing Covid-19 restrictions, but energy stocks fell sharply as oil prices retreated on fears of increased supply amid reports an Iran nuclear deal was imminent. The Dow Jones Industrial Average fell 0.15%, or 51 points, the S&P 500 fell 0.05%, and Nasdaq Composite gained 0.53% Consumer discretionary stocks were supported by renewed optimism on the reopening trade - bullish bets on stocks tied to the progress of the economic reopening – as Covid-19 restrictions continue to ease. Casino and travel stocks...

18 May

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Burry of ‘Big Short’ fame reveals large bearish bet against Tesla By Reuters

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By Hyunjoo Jin and Maiya Keidan BERKELEY, Calif. (Reuters) -The family office run by "Big Short" investor Michael Burry has disclosed a large bearish bet via options on Tesla Inc. Scion Asset Management said in a regulatory filing on Monday that it had put options on 800,100 shares in Tesla as of the end of the first quarter. Based on Tesla's closing price of $667.93 at the end of the first quarter the value of that many shares would be about $534 million. Details on the strike price of the puts, their value and whether they...

18 May

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FTSE 100 finishes flat, USD weak, cryptos steady By Investing.com

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Key Points FTSE 100 closing price of 7,034.86, +0.03% Vodafone falls as spending to increase UK labour market “turns a corner” USD weak as Fed hike fears ease Cryptos steady following Musk rout By Samuel Indyk Investing.com – The FTSE 100 finished broadly unchanged and well off intraday highs as a decline in Vodafone (LON:VOD) shares offset the earlier gains. The telecoms company fell over 8% after reporting results pre-market. Investors seemed to be worried about the increased capital spending as Vodafone said it would be accelerating investment in its network. Some domestic reopening...

18 May

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Summers Says Central Banks Currying Favor With Climate Focus By Bloomberg

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(Bloomberg) -- The world’s central banks are yielding to political pressures by emphasizing the risks of climate change when the more obvious threat to financial stability comes from future pandemics, former U.S. Treasury Secretary Lawrence Summers said Tuesday. “Central banks have, in order to be relevant to something that’s on political leaders’ and citizenry’s mind, have rather stretched things in the degree of emphasis they place,” Summers said in a virtual question-and-answer session as part of the Federal Reserve Bank of Atlanta’s annual financial markets conference, held virtually because of the Covid-19 pandemic. Summers, speaking...

18 May

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BoE’s Bailey sees no clear sign input prices are raising inflation By Reuters

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LONDON (Reuters) - Bank of England Governor Andrew Bailey said on Tuesday there was so far no strong evidence that rises in prices paid by manufacturers were feeding through into the consumer prices which serve as a target for the British central bank. "We do hear those stories about input prices but we are not yet seeing strong evidence of passing-through into consumer prices," Bailey told lawmakers in Britain's parliament, echoing recent comments he has made about the inflation outlook. "But I can assure you that we will be watching this extremely carefully and we...

18 May

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Snowflake Gains As Rosenblatt Upgrades Citing Multiple Tailwinds By Investing.com

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By Dhirendra Tripathi Investing.com – Snowflake (NYSE:SNOW) shares rose 6% Tuesday as Rosenblatt Securities upgraded the stock to a buy, citing several tailwinds it believes will help the company exceed the brokerage’s estimates. Rosenblatt’s Blair Abernethy has given a $285 target for the stock. This is nearly 27% higher than its current level of $225. Snowflake will report its April quarter earnings, its first for the financial year, on May 26. “Given the healthy IT spending environment so far this year, the accelerating digital transformation trends, and the strong first quarter performance from the leading...

18 May

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Exclusive: Glencore to restart operations at Mutanda copper, cobalt mine in 2022 By Reuters

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By Pratima Desai LONDON (Reuters) - Commodity trader and miner Glencore (LON:GLEN) plans to restart operations at Mutanda - the world's biggest cobalt mine that also produces large amounts of copper - in the Democratic Republic of Congo next year, a source with direct knowledge of the matter told Reuters. Glencore, one of the world's largest copper producers and leading cobalt producer, said in February that the process to resume production at Mutanda was underway, but did not give a specific date. Copper is a vital material for the power and construction industries and...

18 May

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Shell in talks with Nigeria to divest onshore oil stakes By Reuters

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LONDON (Reuters) - Royal Dutch Shell (LON:RDSa) is in talks with the Nigerian government to sell the Anglo-Dutch company's stake in onshore oilfields, CEO Ben van Beurden said on Tuesday. Shell, the operator of the West African country's onshore oil and gas joint venture SPDC, has struggled for years with spills in the Niger Delta as a result of pipeline theft and sabotage as well as operational issues. The spills have led to costly repair operations and high-profile lawsuits. Speaking at the company's annual general meeting, CEO Ben van Beurden said that Shell can no longer...

18 May

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UK’s COP26 president Sharma: We need more urgency from China on climate promises By Reuters

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LONDON (Reuters) - Britain's COP26 President Alok Sharma said he wanted to see more urgency from China on meeting its own climate promises ahead of the United Nations Climate Change Conference in Scotland this November. "We need the Chinese system to deliver on President Xi's commitments with more urgency," Sharma told a parliamentary committee. "What is really important in the case of China - indeed every country - is to set out the detailed policies which then lead to the long term commitments that are being made." China is aiming to bring its emissions to...

18 May

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Core-Mark Gains On Merger Deal With Performance Food By Investing.com

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By Dhirendra Tripathi Investing.com – Core-Mark (NASDAQ:CORE) shares hit their year’s high Tuesday as the company agreed to Performance Food's (NYSE:PFGC) stock and cash offer that values it at $2.5 billion. The deal will boost earnings per share from the first full fiscal year following closing of the transaction, which is likely to happen by June 2022. Annual cost savings of approximately $40 million by the third full year after closing the transaction are also expected. The transaction will add approximately $17 billion to PFG’s net sales, resulting in total pro-forma annual net sales of approximately...

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S&P 500 Flat as Reopening Stocks Gain, but Energy Loses Power By Investing.com

Burry of ‘Big Short’ fame reveals large bearish bet against Tesla By Reuters

FTSE 100 finishes flat, USD weak, cryptos steady By Investing.com

Summers Says Central Banks Currying Favor With Climate Focus By Bloomberg

BoE’s Bailey sees no clear sign input prices are raising inflation By Reuters

Snowflake Gains As Rosenblatt Upgrades Citing Multiple Tailwinds By Investing.com

Exclusive: Glencore to restart operations at Mutanda copper, cobalt mine in 2022 By Reuters

Shell in talks with Nigeria to divest onshore oil stakes By Reuters

UK’s COP26 president Sharma: We need more urgency from China on climate promises By Reuters

Core-Mark Gains On Merger Deal With Performance Food By Investing.com

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