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Updated: 6 min 39 sec ago

Mexico to sit out extension of OPEC+ oil output cuts

44 min 2 sec ago

Mexico will not join other top oil producers in extending through July output cuts aimed at propping up the price of crude, Energy Minister Rocio Nahle said on Saturday. Made up of OPEC members and allies led by Russia, the group known as OPEC+ agreed in April to cut oil supply by 9.7 million barrels per day (bpd) in May and June to support prices. Under that deal, Mexico pledged to reduce its crude output by 100,000 bpd in May and June, after resisting pressure from other oil producers to make cuts of 400,000 bpd.


Hedge Funds Don’t Selling Marvell Technology Group Ltd. (MRVL)?

Sat, 06/06/2020 - 21:27

We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]


Apple Preparing Monthly iPad, Mac Payment Plans for Apple Card

Sat, 06/06/2020 - 21:02

(Bloomberg) -- Apple Inc. is preparing to allow customers to buy many of its products, including iPads, Macs and AirPods, over monthly installments via its Apple Card credit card.The Cupertino, California-based technology giant is planning to roll out the service in the coming weeks, according to people familiar with the plan. The offering will let customers buy a product through Apple and split up the cost over several months with interest-free payments.The company will offer a 12-month interest-free payment plan for iPads, Macs, the Apple Pencil and iPad keyboards, as well as the Mac XDR Display monitor, and six months with no interest for the AirPods, Apple TV, and HomePod, the people said.An Apple spokeswoman declined to comment.The payments will be managed through the Apple Card section in the Wallet app on the iPhone and charges will be added to a customer’s monthly Apple Card bill. Apple started a similar program for the iPhone last year, offering 24 months no interest.The program is similar to those by carriers selling phones and other products, offering consumers another avenue to purchase these items with monthly payments.The service is also designed to spur enrollment for the Apple Card, a joint effort with Goldman Sachs Group Inc., and boost sales of Apple products by letting users split up the cost over time. It will be compatible with Apple’s education discounts, the people said.Apple Chief Executive Officer Tim Cook said on the company’s second-quarter earnings call in April that the company would launch an installment payment service for products beyond the iPhone, but he didn’t specify timing or features.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Hedge Funds Are Buying Simon Property Group, Inc (SPG)?

Sat, 06/06/2020 - 20:51

Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]


OPEC+ Extends Oil Cuts in Win for Saudi-Russian Alliance

Sat, 06/06/2020 - 20:35

(Bloomberg) -- OPEC+ agreed to a one-month extension of its record output cuts and adopted a stricter approach to ensuring members don’t break their production pledges.The deal will underpin the oil market recovery, easing the financial pain felt by resource-dependent emerging economies, shale explorers in Texas, and blue-chip companies like Royal Dutch Shell Plc.It’s a victory for Saudi Arabia and Russia, who put a destructive price war behind them to successfully cajole Iraq, Nigeria and other laggards to fulfill their promises to cut production. The two leaders of OPEC+ showed that they intend to keep a close watch on the oil market, meeting every month to assess the balance between supply and demand amid an uncertain economic recovery from the global pandemic.“Our collective efforts have borne fruit, and despite many uncertainties, there are encouraging signs that we are over the worst,” said Saudi Energy Minister Prince Abdulaziz bin Salman. “Demand is returning as big oil-consuming economies emerge from pandemic lockdown,” he added.After a video conference lasting several hours on Saturday, delegates said all nations had signed off on a new deal for a production cut of 9.6 million barrels a day next month. That’s 100,000 barrels a day lower than the reduction in June because Mexico will end its supply constraints, but a tighter limit than the 7.7 million barrels a day set for July in the group’s previous agreement.In addition, the communique states that any member that doesn’t implement 100% of its production cuts in May and June will make extra reductions from July to September to compensate for their failings.Those promises are a particular vindication for the Saudi minister, who has consistently pushed fellow members to stop cheating on their quotas since his appointment last year.But they could also add an element of risk. In theory, the entirety of the 23-nation production agreement, which runs until April 2022, is now contingent on every member making 100% of their pledged cuts, according to the communique. That’s something rarely achieved in the 3 1/2 years that OPEC+ has existed, or indeed the decades-long history of the Organization of Petroleum Exporting Countries itself.Daunting ChallengeOil has just posted a sixth weekly gain in London, more than doubling to $42.30 a barrel since April with traders anticipating tighter supplies as demand recovers from lockdown. U.S. President Donald Trump on Friday hailed the cuts from OPEC and its allies for saving America’s energy industry, and U.S. Energy Secretary Dan Brouillette welcomed the deal on Saturday.The oil market “is still in a fragile state and needs support,” Russia’s Energy Minister Alexander Novak said in opening remarks at the virtual meeting. “That is why today more than ever it is important to adhere to 100% compliance.”The group hopes to build on its success by pushing the market into a supply deficit next month, using a price structure called backwardation to start to chip away at the billion barrels of oil stockpiles that built up during the pandemic.Read more: OPEC+ Tries Novel Strategy to Turn Oil Price Curve Upside DownThere was no discussion in the meeting about the future of the additional 1.2 million barrels a day of voluntary output cuts being implemented by Saudi Arabia and its Gulf allies in June, delegates said.The cartel will meet again in the second half of June for another review of the oil market. Talks are scheduled on June 18 for the Joint Ministerial Monitoring Committee, which could recommend a further extension if it’s deemed necessary, pushing the deep production cuts into August, a delegate said. That panel will meet every month until December, according to the communique.The next full ministerial OPEC+ meeting has been scheduled for Nov. 30 to Dec. 1, delegates said, although the communique notes that a conference could be held whenever it is required.Cutting production is always painful for oil-dependent states. Iraq in particular needs every penny because it’s still rebuilding its economy following decades of war, sanctions and Islamist insurgency.The country made less than half of its assigned cutbacks last month, so compensating fully would require it to slash production by a further 24% to about 3.28 million barrels a day, according to Bloomberg calculations. Accepting such terms could risk a backlash from Iraqi parliamentarians and rival political parties for bowing to foreign pressure.Read: Oil’s Fragile Peace Is Threatened by Iraq’s Desperate RealityThe traditional shirkers in OPEC+ have promised many times before to do better. Some analysts were skeptical that this occasion will be any different.“Everyone saves face with this agreement,” Jan Stuart, global energy economist at Cornerstone Macro LLC, said on Friday after a tentative deal was in place. “But it begs the question: What is the enforcement mechanism? I’m very curious to see how the organization is going to elicit greater compliance from the cheaters.”There’s also a risk that future OPEC+ curbs could be undermined by a return of Libyan oil. The civil war there halted more than 1 million barrels a day of production, helping OPEC+ rebalance the market, but a cease fire now opens the door for a gradual recovery of supply.For now at least, members of OPEC+ can enjoy the price gains resulting from their deal.“The oil market is on its way to recovery,” said Ann-Louise Hittle, oil analyst at consultant Wood Mackenzie Ltd. “Supply has shifted dramatically already”(Adds detail)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Bulls And Bears Of The Week: Gilead, Shopify, Tesla And More

Sat, 06/06/2020 - 20:26

* Benzinga has examined the prospects for many investor favorite stocks over the past week. * This week's bullish calls included semiconductor and casino stocks. * Cruise and electric vehicle stocks were among the bearish calls.The Dow Jones industrials ended last week more than 6% higher while the S&P 500 saw almost a 5% gain. That was due in part to a shockingly strong employment report for May and despite mounting unrest nationwide focused on racial inequities, police brutality and the federal response to protests. The Nasdaq lagged the other main indexes, up a little more than 3% for the week.As usual, Benzinga continues to examine the prospects for many of the stocks most popular with investors. Here are some of this past week's most bullish and bearish posts that are worth another look.Bulls Shopify Inc (NYSE: SHOP) has been among the best-performing stocks but remains a long-term winner, according to Elizabeth Balboa's "Why Shopify -- And Not Zoom -- Is The Stock To Chase Right Now.""Why BofA Recommends Buying GPU Plays AMD and Nvidia" by Shanthi Rexaline makes the case that Advanced Micro Devices, Inc. (NASDAQ: AMD) stock is still attractive despite its recent run-up.In "'Long Lines And Packed Flights': Casino Stocks Rise Following Vegas Reopening," Wayne Duggan shares why MGM Resorts International (NYSE: MGM) and others are accelerating their reopening plans.Priya Nigam's "Gilead Analyst: Coronavirus Drug, Arcus Collaboration Make Biopharma A Buy" suggests that consensus estimates for Gilead Sciences, Inc. (NASDAQ: GILD) appear overly conservative.For additional bullish calls, also have a look at "History Suggests Record 50-Day Stock Market Rally May Be Just The Beginning" and "Cramer Says The Latest Rotation Trend Is Driven By 'Ravenous Consumers.'" Bears One key analyst sees trouble ahead for Tesla Inc (NASDAQ: TSLA). So says "Tesla's China, Europe Performance Suggests Quarter Will Be One Of Automaker's Weakest, Says Gordon Johnson" by Shanthi Rexaline.Tanzeel Akhtar's "Morgan Stanley Deboards From Cruise Lines, Bearish On Carnival, Norwegian And Royal Caribbean" looks at why Norwegian Cruise Line (NYSE: NCLH) and its peers have a long slog to recovery."Ex-Whole Foods Exec Says Grocery Stores Need To Prepare For Next Disruption" by Jayson Derrick discusses why the likes of Kroger Co (NYSE: KR) likely are unprepared for further disruption of the national food chain.In Priya Nigam's "DocuSign's COVID-19 Quarantine Benefits Could Last Longer, But Not Enough To Move BofA From Sidelines," see why upbeat DocuSign Inc (NASDAQ: DOCU) results were not good enough.Be sure to check out "Pro Investor Says Market Isn't Pricing In China Risks" and "5 Reasons The Value Stock Rally May Run Out Of Steam" for additional bearish calls.At the time of this writing, the author had no position in the mentioned equities.Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.See more from Benzinga * Barron's Picks And Pans: Cisco, Gilead, Netflix, Wayfair And More * Benzinga's Bulls And Bears Of The Week: Boeing, SmileDirectClub, Tesla And More * Benzinga's Bulls And Bears Of The Week: Ford, Gilead, Microsoft, Intel And More(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


Do Hedge Funds Love Teradyne, Inc. (TER)?

Sat, 06/06/2020 - 20:02

In this article we will take a look at whether hedge funds think Teradyne, Inc. (NYSE:TER) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips from […]


Pinduoduo Inc. (PDD): Hedge Funds Taking Some Chips Off The Table

Sat, 06/06/2020 - 20:01

Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]


Hedge Funds Digging Kinross Gold Corporation (KGC)

Sat, 06/06/2020 - 20:01

Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]


Is ON Semiconductor Corporation (ON) A Good Stock To Buy?

Sat, 06/06/2020 - 18:22

The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]


Hedge Funds Aren’t Done Buying Cadence Bancorporation (CADE)

Sat, 06/06/2020 - 16:51

In this article we will take a look at whether hedge funds think Cadence Bancorporation (NYSE:CADE) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips from […]


iQIYI, Inc. (IQ): Hedge Funds Are Snapping Up

Sat, 06/06/2020 - 16:51

The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 821 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of March 31st, 2020. […]


These Analysts Think Auxly Cannabis Group Inc.'s (CVE:XLY) Sales Are Under Threat

Sat, 06/06/2020 - 16:33

One thing we could say about the analysts on Auxly Cannabis Group Inc. (CVE:XLY) - they aren't optimistic, having just...


Here is What Hedge Funds Think About Capri Holdings Limited (CPRI)

Sat, 06/06/2020 - 16:31

In this article we will check out the progression of hedge fund sentiment towards Capri Holdings Limited (NYSE:CPRI) and determine whether it is a good investment right now. We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 and […]


Bill Gates on coronavirus: 'The world needs more than breakthrough science'

Sat, 06/06/2020 - 16:30

Billionaire Bill Gates’ foundation is donating $1.6 billion to Gavi to help develop vaccines for disease including COVID-19.


El-Erian: Here's a 'nightmare scenario' for the U.S. economy

Sat, 06/06/2020 - 15:07

The big risk with the latest jobs report is if it turns out to be a “head fake” says Mohamed El-Erian, chief economic advisor at Allianz. “That’s the nightmare scenario,” El-Erian told Yahoo Finance after the US unexpectedly added 2.5 million jobs last month states started re-opening their economies and easing COVID-19 shelter in place measures. “The big risk is...that this is a head fake, a major head fake that we are picking up the impact of both data distortions and policy distortions,” said El-Erian.


Here's What GAN Limited's (NASDAQ:GAN) ROCE Can Tell Us

Sat, 06/06/2020 - 14:24

Today we are going to look at GAN Limited (NASDAQ:GAN) to see whether it might be an attractive investment prospect...


DocuSign, Inc. (NASDAQ:DOCU) Just Reported And Analysts Have Been Lifting Their Price Targets

Sat, 06/06/2020 - 14:22

DocuSign, Inc. (NASDAQ:DOCU) last week reported its latest first-quarter results, which makes it a good time for...


Need To Know: Analysts Are Much More Bullish On Biomerica, Inc. (NASDAQ:BMRA)

Sat, 06/06/2020 - 14:01

Shareholders in Biomerica, Inc. (NASDAQ:BMRA) may be thrilled to learn that the analysts have just delivered a major...


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