AT&T Reports Earnings Wednesday. Here’s What to Expect.
Dividend plans, 5G and HBO Max updates, and 2021 guidance will be the highlights of AT&T’s fourth-quarter earnings report Wednesday.
Berkshire Hathaway vice chairman Charlie Munger unloaded on bitcoin, showing that his views haven't changed since Warren Buffett and Munger last opined on the digital asset.
At least 124.85 BTC appear to have been swept from wallets generated by the website.
Tesla has a slew of rivals coming for its crown, but it can hold on to its enormous market lead if it can focus on its vehicles and continue its global expansion.
(Bloomberg) -- Kweichow Moutai Co. investors are selling their shares at the fastest pace in more than two years, a warning for a market that owes much of its rally to a handful of large caps.The biggest stock listed in mainland China has lost $80 billion since onshore markets reopened after the Lunar New Year holiday. Wednesday’s 5.1% drop put Moutai’s five-day decline at 16%, the biggest for such a period since October 2018. The company had rallied 30% this year through its Feb. 10 record close.Momentum trades are cracking after the CSI 300 Index briefly surpassed its 2007 closing peak. Chinese traders were griping about a lack of market breadth before the holiday and extreme valuations for some of the most-loved stocks. Less than 10 companies accounted for half of the returns on the benchmark -- including Moutai -- with foreign investors and domestic mutual funds compounding the problem by buying the most liquid megacaps.“This is the beginning of the end for baijiu’s outrageous valuations and the mark of a massive shift to value stocks,” said Dong Baozhen, fund manager at Beijing Lingtongshengtai Asset Management. The big baijiu gains of the past year “have become a prisoner’s dilemma - whoever sells first wins.”Triggers for the reversal include signals on tighter monetary policy from the central bank. The People’s Bank of China is withdrawing liquidity from the financial system, while local media ran a front-page editorial this week saying China’s economic recovery is creating the conditions for the central bank to “normalize” monetary policy.The CSI 300 ended 2.6% lower, with the consumer staples sector that includes baijiu down 4.5%. Health care, which had also been among the market’s best performers until the holiday, dropped 4.4% Wednesday to cap its biggest three-day drop since December 2018.Other makers of baijiu -- a popular liquor in China -- are among the worst performers on the CSI 300 in the past five days, with Shanxi Xinghuacun Fen Wine Factory Co. down 22% and Luzhou Laojiao Co. losing 21%. The Securities Times newspaper on Tuesday listed three major concerns around the baijiu trade, including record-high valuations, overly heavy positioning by institutional investors and the demise in popularity of the spirit among the younger generation.A high-profile fund managed by a star manager Zhang Kun, known for his outperformance in recent months and heavy allocation in the baijiu sector, suspended new orders starting Wednesday. The industry accounted for about 40% of the fund’s holdings, according to a fourth-quarter filing, with top positions including Moutai.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
President Joe Biden said on Wednesday he would seek funding for legislation to supercharge chip manufacturing in the United States as a shortfall of semiconductors has forced U.S. automakers and other manufacturers to cut production. Biden also signed an executive order on Wednesday aimed at addressing the global semiconductor chip shortage that has alarmed the White House and members of Congress, administration officials said.
China's Geely Automobile and its Swedish sister company Volvo Cars will abandon merger plans but launch a new entity to combine their powertrain operations and expand cooperation on electric vehicles, the companies said. A year ago the two said they were planning to merge, giving Volvo access to public markets, as global automakers pursue alliances to respond better to the cost of the transition to electric cars, tougher emission rules and autonomous driving. Geely and Volvo on Wednesday said they would preserve with their existing separate corporate structures after "a detailed review of combination options".
Charlie Munger, vice chairman of Berkshire Hathaway and long-time business partner of Warren Buffett, issued a strong condemnation of the businesses he said enabled the recent frenzy of speculative trading by retail investors.
The Irish High Court this week is hearing arguments concerning the repudiation of some of Norwegian’s liabilities including aircraft leases. Airbus declined to comment. Boeing was not immediately available for comment.
Stocks opened lower on Wednesday to pick up declines from the past week, with tech shares still under pressure.
Liink, JPMorgan’s blockchain banking network, is based on a fork of Ethereum.
AstraZeneca Plc has told the European Union it expects to deliver less than half the COVID-19 vaccines it was contracted to supply in the second quarter, an EU official told Reuters on Tuesday. Contacted by Reuters, AstraZeneca did not deny what the official said, but a statement late in the day said the company was striving to increase productivity to deliver the promised 180 million doses. The expected shortfall, which has not previously been reported, follows a big reduction in supplies in the first quarter and could hit the EU's ability to meet its target of vaccinating 70% of adults by summer.
"Bytedance plans to make Singapore its epicenter for the rest of Asia-Pacific in its quest to find a neutral ground amid the ongoing trade tensions between the US and China."
Spirit gets a big chunk of its revenue from Boeing Co, which was forced to cut back production due to the grounding of its 737 MAX jet and a slump in air travel due to the pandemic. The MAX was finally cleared late last year to fly after being grounded for nearly two years and Spirit hopes to benefit from a ramp-up in production at the planemaker. Boeing 737 MAX deliveries fell to 19 shipsets from 153 a year earlier.
The hottest person in the usually quiet world of exchange-traded funds is Cathie Wood. Palantir Technologies (NYSE: PLTR) was a big buy from Wood last week. The big Feb. 18 buy came immediately after Palantir reported its quarterly financials, which sent the stock sharply lower and gave Wood a bargain entry point.
Even after a price plunge of more than $10,000 over the past couple days, analysts see further selling ahead.
(Bloomberg) -- Canada and the U.S. are working on joint environment plans that could include singling out countries with weaker climate laws, Prime Minister Justin Trudeau says.The Canadian leader said in an interview with Bloomberg News that his country’s plans to deepen climate cooperation with the U.S. will include complementary policies that take “into account the emissions profiles of industrial competitors around the world.”Some countries “are producing without having the same kinds of leadership on climate change that the U.S. is bringing into place and that we already have,” Trudeau said in the telephone interview Wednesday, one day after a bilateral meeting with U.S. President Joe Biden and key officials. “That level of transparency and accountability is something that we are concretely looking at moving forward on.”Trudeau’s comment illustrates just how far the idea of penalizing high-emitting countries -- perhaps with carbon taxes on their exports -- has advanced in recent months among major economies ramping up efforts to curb pollution. Such levies could alleviate some of the competitiveness concerns, and political backlash, associated with new climate regulations and laws.Trudeau didn’t mention specifically the idea of a carbon border levy in the interview, other than to say more details will be unveiled in the coming months, ahead of an April climate summit the White House is planning.His trade chief, Mary Ng, said earlier this month the Canadian government is “working on” the idea, as part of broader efforts to find areas where economic goals and climate targets align. A Canadian government official said a number of measures are being looked at around the world, with carbon adjustments being just one tool.Taxing goods from countries with weaker climate laws has won the support of U.K. Prime Minister Boris Johnson, who is expected to use his country’s Group of Seven presidency this year to win support for so-called carbon border adjustments. The European Parliament’s environment committee backed a resolution earlier this month urging the European Commission to put a price on emissions from imported products by 2023.‘Competitive Disadvantage’Biden has promised aggressive action to combat climate change and on the campaign trail signaled his support for carbon fees or quotas that would raise the price of imported goods from countries with lax climate controls.“As the U.S. takes steps to make domestic polluters bear the full cost of their carbon pollution, the Biden administration will impose carbon adjustment fees or quotas on carbon-intensive goods from countries that are failing to meet their climate and environmental obligations,” Biden’s campaign pledged in a clean energy blueprint last year. “This will ensure that American workers and their employers are not at a competitive disadvantage and simultaneously encourage other nations to raise their climate ambitions.”However, it isn’t clear whether a carbon levy on imports would comply with World Trade Organization rules without a similar domestic tax.U.S. Special Presidential Envoy for Climate John Kerry and Canada’s Environment Minister Jonathan Wilkinson also spoke Wednesday about how the two countries can coordinate their efforts. Wilkinson told reporters in Ottawa after the meeting the pair spoke about carbon tariffs and there is interest in the concept, but that the priority remains on building global ambitions to fight climate change.“After four years of moving in entirely different directions on this file with the United States, it is certainly great to be working together again,” Wilkinson said.The Canadian minister cited Japan, India, China, Australia and Mexico as countries that should face pressure to lower their emissions.For Trudeau, pushing aggressively on climate provides some defense against attacks on his country’s environmental record, which is complicated by Canada’s large oil and gas sector. Trudeau’s two-hour virtual meeting with Biden sought to soothe growing tensions over the U.S. administration’s decision to cancel a permit for a major oil pipeline over the Canada-U.S. border.In the interview, Trudeau said Biden won’t change his mind on the Keystone XL pipeline but that Canada is focused on other energy issues with the U.S., including how the two countries can work together to build a cleaner electrical grid -- a key to meeting 2030 emissions goals, he said.“Those issues were brought up. We spent most of our time talking however about the larger idea of energy strategy and climate change at the same time,” Trudeau said. On Keystone, “I think it’s very clear that the U.S. administration has made its decision on that, a decision that we disagree with and are disappointed by.”(Updates with Kerry-Wilkinson meeting, minister’s comment beginning in 11th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Johnson & Johnson's one-dose COVID-19 vaccine appeared safe and effective in trials, the U.S. Food and Drug Administration said Wednesday, paving the way for its approval for emergency use as soon as this week. The vaccine was 66% effective at preventing moderate to severe COVID-19 in a 44,000 person global trial, the FDA said in documents ahead of a Friday meeting of independent experts who will advise the agency on emergency authorization. New data provided by J&J to the FDA showed the vaccine was 64% effective at stopping moderate to severe cases of COVID-19 after 28 days in thousands of trial participants in South Africa where a worrying new variant has swept across the country.
Lordstown Motors gets ready to bring its electric pickup truck called the Endurance to market. Yahoo Finance chats with Lordstown Motors founder and CEO Steve Burns.
The U.S. Postal Service on Tuesday awarded Oshkosh (NYSE: OSK) an initial $482 million to modernize its fleet of postal-delivery vehicles, a big win for Oshkosh that has sent shares of electric truck maker Workhorse Group (NASDAQ: WKHS) plunging. The Post Office in a statement announced a 10-year contract with Oshkosh Defense for the Next Generation Delivery Vehicle (NGDV). The initial contract will allow Oshkosh to finalize production design for the vehicle, with a plan to assemble 50,000 to 165,000 of them over the next 10 years.
A stock market plunge could drive investors into the safe-haven U.S. Dollar that could lead to renewed pressure on gold prices.