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Bank of America predicts Exxon will hike its dividend, shares will rise 45%
  + stars: | 2021-06-15 | by ( Pippa Stevens | ) sentiment -1.00   time to read: 1 min
1, the activist firm that gained three board seats at Exxon Mobil after months of targeting the oil giant, may have focused its campaign on climate, but Bank of America believes shareholders who voted in favor of the board shake-up were likely focused on one thing: the dividend. And following aggressive cost-cutting measures and a rebound in oil prices, the firm believes Exxon is set to hike its shareholder payout before the end of the year. "From our discussions with investors, dividend surety and balance sheet integrity perceived to have been put under unnecessary stress in 2020 seemingly was the catalyst for the adverse shareholder vote," the firm said late Monday in a note to clients while reiterating its buy rating on the stock.
Organizations: Exxon Mobil, Bank of America, Exxon
Sage Therapeutics — Shares of the drug maker fell about 17% after the release of study results for its experimental depression drug. Vroom — The used-vehicle e-commerce platform provider's shares fell more than 10% after it announced a convertible note offering of $500 million in convertible senior notes due 2026. Novavax — Shares of Novavax fell over 7% despite the biotech firm's announcement Monday that its Covid-19 vaccine is safe and 90.4% effective. DraftKings — The sports betting company shed more than 5% after Hindenburg Research revealed that it had a short position against the stock. Hindenburg's report highlighted DraftKing's valuation as a concern and alleged involvement in questionable gambling activity by SBTech, which DraftKings merged with in 2020.
Persons: Stephon Gilmore, Vroom, Ping, DraftKings, Morgan Stanley, — CNBC's Maggie Fitzgerald, Hannah Miao, Jesse Pound, Yun Li, Pippa Stevens Organizations: New England Patriots, Sage Therapeutics, Vista Equity Partners, Hindenburg Research, Exxon Mobil —, Bank of America, Exxon Locations: Foxborough
Stocks making the biggest moves after hours: Oracle, La-Z-Boy, Roblox & more
  + stars: | 2021-06-15 | by ( Pippa Stevens | ) sentiment -1.00   time to read: +1 min
Check out the companies making headlines in after-hours trading Tuesday:Oracle — Shares of the software company dipped more than 2% despite Oracle posting better-than-expected results for its fourth quarter. The company earned $1.54 per share, excluding items, on $11.23 billion in revenue. Analysts surveyed by Refinitiv were expecting the company to earn $1.31 per share on $11.04 billion in revenue. Roblox — Shares of the company dipped more than 7% after Roblox said daily active users declined slightly in May. H&R Block — The tax-preparation company's shares dipped 2% even after the release of better-than-expected quarterly numbers.
Persons: Refinitiv, , FactSet, Roblox, That's Organizations: Oracle, Revenue Locations: Pleasanton , California
Stock futures are flat as investors await Federal Reserve update
  + stars: | 2021-06-15 | by ( Pippa Stevens | ) + 0.00   time to read: +3 min
U.S. stock index futures were little changed during overnight trading on Tuesday, ahead of the Federal Reserve's update on Wednesday. S&P 500 futures were up 0.06%, while Nasdaq 100 futures advanced 0.12%. Previously, Fed officials hadn't come to a consensus for a rate hike through 2023. The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years during May. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.
Persons: Stocks, Dow, hadn't, Paul Tudor Jones, Brad McMillan, McMillan, Jerome, Powell, Danielle DiMartino Booth Organizations: Dow Jones Industrial, Nasdaq, Big Tech, Federal Reserve, Fed, Commonwealth Financial Network, Quill Intelligence, Fargo Investment Institute Locations: Fargo
General Electric's Paris-based unit GE Renewable Energy introduced the Haliade-X 12 MW in July. Standing nearly 850 feet tall, with three rotors each spanning more than 720 feet, a single Haliade-X can power up to 16,000 homes. Lawmakers are hammering out the particulars of the infrastructure bill, but once it's passed, companies across the energy industry could get a boost, according to Citi. The bank believes a spending package will eventually be passed, with dollars earmarked for areas including carbon capture, utilization and storage. "Thus viable business models of scale are likely to materialize with timing accelerated by passage of key aspects of Biden's infrastructure bill," Citi said.
Persons: Electric's, it's, Edward Morse, Morse Organizations: GE Renewable Energy, Citi
Lordstown Motors — The electric truck maker's stock fell more than 15% midday after announcing CEO Steve Burns and CFO Julio Rodriguez resigned. Oatly — Shares of the oat milk company dipped about 4.8% after a number of Wall Street firms began coverage of the stock. Square — Shares of the payments company rose over 4% after Deutsche Bank reiterated its buy rating on the stock. The Wall Street firm said the company has room to raise prices and the move will boost its financial results. Royal Dutch Shell – The energy stock traded about 2% higher as Royal Dutch Shell is reportedly considering a sale of shale assets in Texas.
Persons: Steve Burns, Julio Rodriguez, Lordstown, Morgan Stanley, Oppenheimer, Piper Sandler, Raymond James, Chipotle, Goldman Sachs, Shell, ContextLogic, , Jesse Pound, Maggie Fitzgerald, Pippa Stevens, Yun Li, Tanaya Macheel Organizations: Lordstown Motors, Wall Street, JPMorgan, Jefferies, Jefferies , Credit Suisse, Deutsche Bank, Philips — Philips, Ferrari —, Royal, Shell, , AMC Entertainment, Clean Energy Fuels, BlackBerry, Bed, GameStop, Clover Health Locations: Brooklyn, New York, U.S, Jefferies ,, Mexican, Texas
Oil pump under the blue sky, beam pumping unit in the oil field, oil pump and water reflectionEnergy is by far the top-performing S&P 500 group this year after registering a gain of more than 45%, but the sector remains unloved by investors, according to a new report from Bank of America. The firm found that the entire energy sector makes up just 2% of the average long-only portfolio manager's holdings. This is less than half the weight of the average fund's exposure to Facebook, which stands at 4.2%. If the sector keeps moving higher, funds with little to no exposure may suffer below-market returns. "Not owning Energy wasn't painful when the sector was <2% of the S&P 500.
Organizations: Bank of America, Facebook
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas. Oil prices are up more than 40% for 2021 amid a recovery in demand for petroleum products, and Goldman Sachs sees more upside for crude and energy stocks. West Texas Intermediate crude hovered on Friday around its highest level since October 2018, trading at $70.61 per barrel. Brent crude futures stood at $72.83, a level also not seen in more than two years. Goldman sees Brent climbing to $80 this summer because of "a further large vaccine-driven increase in demand, including jet, in the face of mostly inelastic supply."
Persons: Goldman Sachs, Goldman, Brent Organizations: West Texas, Brent Locations: Loving County , Texas
Check out the companies making headlines in midday trading. Dave & Buster's — Dave & Buster's shares fell about 2% midday after trading higher in premarket action. On Thursday, the company reported first-quarter earnings of 40 cents per share, surprising analysts who expected a loss of 16 cents per share. Reddit favorites — Stocks popular among retail investors flocking to Reddit's WallStreetBets forum were volatile in midday trading after massive rallies in recent weeks. Meanwhile, GameStop shares declined more than 2%, ContextLogic shares fell more than 5% and shares of Clean Energy Fuels slid nearly 2.5%.
Persons: Buster's, Dave, Biogen, Bernstein, , — CNBC's Pippa Stevens, Yun Li, Maggie Fitzgerald, Jesse Pound, Tom Franck Organizations: Chewy, New York Stock Exchange, Vertex Pharmaceuticals, Wall, Drug Administration, RBC, AMC Entertainment, Clover Health Investments, GameStop, Clean Energy Fuels Locations: Thursday's
The home furnisher, known formerly as Restoration Hardware, reported adjusted earnings of $4.89 per share on revenue of $861 million. Signet Jewelers – Signet shares jumped nearly 9% after the company's first-quarter earnings topped analysts' projections. The jeweler reported adjusted earnings of $2.23 per share, compared with the Street's $1.27 per share expectation, according to Refinitiv. Fastly – The cloud computing company's stock fell more than 1% in midday trading after Oppenheimer downgraded it to a perform from an outperform. GameStop – Shares of GameStop fell about 19% in midday trading.
Persons: RH, Signet, Goldman Sachs, Myers Squibb, it's, SVB Leerink, Fastly, Oppenheimer, Eli Lilly, Clover, Wendy's, — CNBC's Hannah Miao, Jesse Pound, Pippa Stevens Organizations: , Signet, Myers, UBS, ALX Oncology, GameStop, Amazon, Securities and Exchange Commission, Clover Health, Clean Energy Fuels Corp, Clean Energy Fuels Locations: Meatpacking, New York, Bristol, California
Clean Energy Fuels, ContextLogic soar as retail traders pick new meme stocks
  + stars: | 2021-06-09 | by ( Pippa Stevens | ) sentiment -1.00   time to read: +2 min
Shares of Clean Energy Fuels surged 28% during premarket trading on Wednesday, coinciding with mentions of the company jumping on internet chat boards, while ContextLogic advanced 31%. Clean Energy Fuels is the second-most discussed name among retail traders over the last few hours, second only to Clover Health, according to data from HypeEquity. Clean Energy Fuels is the fourth most mentioned stock, QuiverQuant found. Newport Beach, California-based Clean Energy Fuels has a relatively small float at 66%, meaning the stock can be more easily manipulated. The trading activity in Clean Energy Fuels has been building over the last few days, and on Tuesday more than 44 million shares changed hands.
Persons: ContextLogic, QuiverQuant, CNBC's Jim Cramer Organizations: Energy Fuels, Clean Energy Fuels, Clover Health, AMC, GameStop, Clover, Newport Locations: HypeEquity, Newport Beach , California, FactSet
The Lordstown Motors Corp. Endurance electric pickup truck sits on stage during an unveiling event in Lordstown, Ohio, U.S., on Thursday, June 25, 2020. Clean Energy Fuels — Shares of Clean Energy Fuels surged more than 14% amid heightened chatter on Reddit's WallStreetBets forum. Campbell Soup Company — The food producer's stock fell more than 5% in midday trading after it reported quarterly earnings of 57 cents per share, missing analysts' estimates by 9 cents. Abercrombie & Fitch — Shares of the clothing retailer added more than 1% after Jefferies upgraded the stock to buy from hold.
Persons: Clover, Wendy's, Campbell, Jefferies, Abercrombie, Fitch, Wells, , Pippa Stevens, Tanaya Macheel, Yun Li, Maggie Fitzgerald, Tom Franck, Jesse Pound Organizations: Lordstown Motors Corp, Energy Fuels, . Clover Health, AMC Entertainment, AMC, Stifel, Securities and Exchange Commission, Bank of America, RBC Capital Markets, Campbell Soup Company, Merck —, U.S, Merck, Abercrombie, Fitch, . Fox Corp, Locations: Lordstown , Ohio, U.S
Talk of the energy transition evokes images of wind turbines gently spinning in the breeze, but there's also a big opportunity for traditional oil and gas companies amid the push for renewables. As investment across the space heats up, Wells Fargo compiled a list of "traditional" energy companies that are devoting more resources towards carbon-reducing technologies, including renewable fuels, carbon capture utilization and storage, R&D efforts, technology seed funds and direct investments. These companies do, of course, continue to generate the vast majority of their revenue from fossil-fuel based operations, but some believe the firms' large research departments and existing infrastructure gives them a head start in areas like carbon capture. Wells Fargo's list of best ideas includes BP, which it said "clearly leads the energy transition with the biggest strategy shift."
Persons: there's, Wells Fargo, Wells
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email$100 oil is aggressive, but highlights solid crude market, says Dan PickeringDan Pickering, Pickering Energy Partners CIO, and CNBC's Pippa Stevens join 'Power Lunch' to discuss how long it will take for oil supply to meet with demand as the price of oil nears a three-year high.
Persons: Dan Pickering Dan Pickering, Pippa Stevens Organizations: Pickering Energy Partners
On today's show, MacKenzie Sigalos breaks down bitcoin's latest turn lower after the FBI recovered most of the ransom Colonial Pipeline paid criminal group Darkside. Plus, Jeff Cox dives into rising inflation fears as Deutsche Bank issues a grave warning. Bitcoin slides 7% after U.S. seizes most of Colonial Pipeline ransomBitcoin's price slipped again Tuesday. The reason for the move was unclear, however it may be related to concerns over security of the cryptocurrency after U.S. officials managed to recover most of the ransom paid to hackers that targeted Colonial Pipeline. The firm contends that the Fed's intention not to tighten policy until inflation shows a sustained rise will have dire impacts.
Persons: Pippa Stevens, MacKenzie Sigalos, Jeff Cox, XRP Organizations: Colonial Pipeline, Deutsche Bank, Wall, Deutsche, Federal Reserve, Clover Health Locations: Washington, cyberattacks
Here are Cowen’s favorite ways to play the renewable future
  + stars: | 2021-06-07 | by ( Pippa Stevens | ) + 0.94   time to read: +1 min
The so-called "clean tech" universe is attracting more dollars as investors bet on the energy transition, and Cowen put together a list of top picks to play the theme. The firm said that the pandemic, while initially halting renewable energy installments, ultimately accelerated transitions that were underway, thanks in part to government stimulus packages. "Sentiment greatly improved in 2020 despite COVID-19 challenges, and 2021's prospects remain positive despite recent pullbacks in valuation." Cowen said that while compiling the list, now in its sixth year, it noticed changes in how investors approach sustainable energy. For one, a shift toward ESG or environmental, social and governance factors, has driven dollars into the sector.
Persons: Cowen Locations: COVID
Hydrogen will play a key role in the green energy transition, and UBS put together a portfolio of stocks across sectors that are poised to benefit. The firm focused on so-called blue hydrogen, which is made with natural gas and incorporates carbon capture and storage. UBS said this is a necessary stepping stone toward green hydrogen, which is produced using renewable energy. Given the market's potential, the firm said companies across sectors will be affected. Oil and gas companies that have natural gas infrastructure could see the value of those assets expanded, while utility and electrical equipment manufacturers could see increased demand.
Organizations: UBS
Cowen downgrades Workhorse, calls latest move a ‘meme stock spike’
  + stars: | 2021-06-04 | by ( Pippa Stevens | ) sentiment -1.00   time to read: 1 min
Interior of the Workhorse Group Surefly Octocopter at the Detroit auto show on Tuesday, Jan. 15, 2019 operates with a joystick-like device executives hope will make flying as easy as operating a drone. Workhorse Group's 57% jump this week is due to a "meme stock spike" and nothing else, Cowen said Friday in a note to clients while downgrading the stock. The firm cut its rating from outperform to market perform, saying there's little near-term upside ahead for shares following the recent ascent. "We view shares as fairly valued following the recent rally which we view as not supported by fundamentals or company specific catalysts," the firm said, adding that it sees "no major near term catalysts to buoy shares further."
Persons: Cowen Organizations: Detroit
Bank of America believes oil could spike above $100 before this cycle plays out
  + stars: | 2021-06-04 | by ( Pippa Stevens | ) sentiment -0.99   time to read: 1 min
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas. Oil prices are up around 80% over the last year amid a recovery in demand and record production cuts from producers, and Bank of America says the rally isn't slowing down anytime soon. The firm said Friday that oil cam climb all the way to $100 per barrel "before this story plays out." Underpinning Bank of America's bullish outlook is accelerating demand and the "risk that a supply/demand imbalance skews quickly towards a tighter market."
Organizations: Bank of America, America's Locations: Loving County , Texas
Renewable energy is poised to play an ever greater role as the world shifts away from fossil fuels, and the recent pullback in clean tech stocks presents a buying opportunity, Guggenheim said while initiating coverage on solar stocks. "We expect distributed solar installations to continue growing robustly, especially now that energy storage is becoming economically viable." Following a 140% gain in 2020, the iShares Global Clean Energy ETF has dipped 20% this year. The firm pointed to several possible factors driving the declines, including excessive valuations after 2020's record run, as well as slower-than-expected governmental policies. But given solar's large and growing market, Guggenheim said the pullback is an "attractive opportunity" to pick up shares of quality names.
Persons: Guggenheim Organizations: Clean Energy
Stocks making the biggest moves midday: AMC, BlackBerry, Ford and more
  + stars: | 2021-06-03 | by ( Hannah Miao | ) + 0.00   time to read: +4 min
Check out the companies making headlines in midday trading. AMC Entertainment — The movie theater operator's shares tumbled about 30% after AMC said it may offer and sell up to 11.55 million shares of its Class A common stock. BlackBerry — Shares of the tech company were down more than 4% in midday trading after surging more than 20% shortly after the opening bell. Shares of Express tumbled about 25% after the retailer announced a stock sale plan of 15 million shares. Splunk — Shares of the software company tanked about 9% in midday trading after reporting a wider-than-expected quarterly loss.
Persons: Jim Farley, Ford –, Kevin Mandia, Ciena, Splunk, Cantor Fitzgerald, it's, CNBC's Maggie Fitzgerald, Tanaya Macheel, Yun Li, Tom Franck, Jesse Pound, Pippa Stevens Organizations: Ford Motor Co, AMC Entertainment, AMC, GameStop, Ford, General Motors, Twitter, FireEye, Symphony Technology, Products, Ciena, , Aphria, Moderna — Moderna, Moderna, World Health Locations: Dearborn , Michigan, North America, Canada, Australia, Refinitiv, Botswana
Morgan Stanley is doubling down on its bullish outlook for Exxon in the wake of activist firm Engine No. 1 claiming a third board seat at the oil giant. Morgan Stanley said that with 25% of Exxon's board now made up of activists pushing for environmental, social and corporate governance criteria, the company will be forced to prioritize spending around the transition in energy. "We believe the updated results of this activist campaign may accelerate these changes, increasing emphasis on low carbon growth over increases in oil & gas spending," Morgan Stanley said Thursday in a note to clients while reiterating its overweight rating on the stock.
Persons: Morgan Stanley Organizations: Exxon
On today's show, CNBC's digital video team takes a look at another wild trading session for AMC, which announced Thursday it was selling 11.5 million shares after its stock rose more than 420 percent in the past month. Here's what else happened in business news today:AMC says it has already completed share offering, raises $587 millionAMC Entertainment said it has completed its new stock offering announced just Thursday morning, raising $587.4 million in additional capital. The company said it sold 11.55 million shares at an average price of approximately $50.85 per share in an at-the-market equity program launched earlier Thursday. When AMC announced the offering, it said in a filing it may sell some of the 11 million shares "from time to time." Apparently that time was now as it completed the offering in about three hours.
Persons: Pippa Stevens, Kate Rogers, Dow Jones, there's Organizations: AMC, AMC Entertainment, Federal, Twitter
European markets head for a muted open, continuing a global trend
  + stars: | 2021-06-02 | by ( Holly Ellyatt | ) sentiment -1.00   time to read: +2 min
LONDON — European stocks are expected to see a cautious start to the trading day on Wednesday, continuing a lackluster start to trading in June. The cautious start for European markets follows similar sentiment elsewhere following muted action stateside on the first day of June, although there were some gainers during the session, notably in stocks connected to the reopening. Airline and cruise operator companies saw their stocks jump as Covid cases in the U.S. continue to decline. U.S. stock index futures were little changed during overnight trading on Tuesday, with futures contracts tied to the Dow Jones Industrial Average gained just 23 points. For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial now- CNBC's Pippa Stevens and Eustance Huang contributed reporting to this story.
Persons: Germany's DAX, Elvira Nabiullina, Pippa Stevens, Eustance Huang Organizations: London's FTSE, CAC, IG, Dow Jones Industrial, Nasdaq, St ., Economic, CNBC, CNBC Pro Locations: London's, U.S, Asia, Pacific, Europe, Russia, St, St . Petersburg
Clean-tech stocks have stumbled recently following eye-popping returns in 2020, but the space continues to attract investing dollars and should benefit from growing consumer interest, according to Jefferies. The firm noted that the energy transition theme has seen the biggest growth in assets under management for thematic funds this year. With these companies set to play an increasingly prominent role thanks to factors including supportive policies, Jefferies said it remains one of the firm's preferred investing themes for the remainder of the year.
Persons: Jefferies
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