October 2, 2020 - Zxcoachoutlet

Green-oriented NextEra Nears ExxonMobil In Market Value

October 2, 2020

In a sign of shifting fortunes in the energy business, green-oriented power company NextEra Energy on Friday sparred with petroleum giant Exxon Mobil for market capitalization supremacy.

NextEra, which owns two Florida electricity utilities and bills itself as the “world’s largest generator of renewable energy from the wind and sun,” finished Friday’s session with a market capitalization of $137.7 billion.

NextEra actually overtook ExxonMobil during the session, but finished at a level just under the oil giant’s market value of $139.4 billion. Chevron closed the day with a value of $132.9 billion.

Shares of NextEra have risen about 18 percent this year as policies to promote green energy and address climate change gain momentum and raise doubts about the longevity of petroleum.

A surge in market value by green-oriented NextEra Energy has put it ahead of Chevron and just under ExxonMobil Photo: GETTY IMAGES NORTH AMERICA / SPENCER PLATT

But

Democratic proposal for more airline aid stalls in Congress

October 2, 2020

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Video: Ethics experts see national security concern in Trump’s debt (Associated Press)

Ethics experts see national security concern in Trump’s debt

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A proposal by House Democrats to give the airline industry $28.8 billion to avert thousands of furloughs failed to advance on Friday, marking a fresh setback for airlines struggling with a massive downturn in travel during the pandemic.

Travellers check in at a United Airlines kiosk with help from a United employee in the main terminal of Denver International Airport Thursday, Oct. 1, 2020, in Denver. (AP Photo/David Zalubowski)

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Travellers check in at a United Airlines kiosk with help from a United employee in the main terminal of Denver International Airport Thursday, Oct. 1, 2020, in Denver. (AP Photo/David Zalubowski)

Rep. Peter DeFazio, D-Ore., accused Republicans of blocking him from bringing the measure to the House floor under special rules that require unanimous agreement of the lawmakers.

Earlier in the day, House Speaker Nancy Pelosi urged airlines to delay 32,000 furloughs that began this week while Congress considered DeFazio’s bill.

Mexico’s president says he has to pay a water owed to the U.S. or Trump might retaliate

October 2, 2020

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CIUDAD JUÁREZ, Mexico — President Andrés Manuel López Obrador said Friday that Mexico has to pay its water debt to the U.S., or it would risk retaliation that could include new tariffs from the Trump administration.

He spoke even as clashes continued over plans to release more of the precious liquid.

The populist López Obrador is in the tricky position of having to meet Mexico’s water treaty obligations under the shadow of the Trump administration while farmers, many of whom voted for López Obrador, worry that that would leave them without enough water for their crops.

“Unilateral measures could be taken that affect Mexico with the excuse that we are not meeting the treaty’s agreement,” López Obrador said Friday. “Like the creation of tariffs — taxes — on the products we sell and export to the U.S.”

The drought-stricken northern state of Chihuahua, across from Texas, has seen violent protests

Bain Capital’s SPAC BCLS Acquisition files for a $125 million IPO

October 2, 2020

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BCLS Acquisition, a blank check company formed by Bain Capital targeting the healthcare industry, filed on Friday with the SEC to raise up to $125 million in an initial public offering.

The Boston, MA-based company plans to raise $125 million by offering 12.5 million shares at $10. The SPAC is not offering warrants that would become exercisable following completion of the initial business combination. It may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor. At the proposed deal size, BCLS Acquisition would command a market value of $161 million.

The company is led by co-founders and Managing Directors of Bain Capital, Chairman Adam Koppel and CEO and Director Jeffrey Schwartz. The company plans to target the healthcare industry, particularly businesses based primarily based in North America and Europe in the biopharmaceutical, specialty pharmaceutical, medical device, diagnostics,

On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall

October 2, 2020

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Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

a person standing in front of a blue bench: On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor

© Getty Images
On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor

See something I missed? Let me know at [email protected] or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: [email protected], [email protected] and [email protected]. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

THE BIG DEAL-Economy adds 661K jobs in final jobs report before Election Day: The U.S. gained 661,000 jobs in September, the Labor Department reported Friday in the final jobs report

Breaux Petroleum Products And CITGO Announce Partnership To Support Lake Charles Recovery

October 2, 2020

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LAKE CHARLES, La., Oct. 2, 2020 /PRNewswire/ — Breaux Petroleum Products and CITGO have announced a partnership that has supplied frontline workers with a truckload of Mystik Bar & Chain Lubricant and Mystik JT-4 Lawn & Garden 2 Cycle Engine Oil as part of their continued effort to support relief and recovery efforts from the impact of Hurricane Laura.

CITGO Logo (PRNewsfoto/CITGO Corporation)

Breaux Petroleum is partnering with CITGO to aid massive, ongoing clean-up efforts in the wake of the category 4 storm, which came ashore August 27th. Breaux Petroleum will distribute the lubricant and oil donations to local fire departments in Lake Charles, Westlake and Sulphur, and other non-profit relief organizations including the Cajun Navy, a volunteer operation of private boat owners who participate in rescue and recovery efforts in the area. Surplus lubricants and oil are reserved for equipment like chainsaws, trimmers, and blowers

Rochester, New York, mayor indicted on 2 felony campaign finance charges

October 2, 2020

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ROCHESTER, N.Y. — Rochester Mayor Lovely Warren has been indicted on two felony campaign finance charges, Monroe County District Attorney Sandra Doorley announced Friday.

a close up of Lovely Warren wearing a red shirt: Lovely Warren is mayor of Rochester, N.Y.

© Provided
Lovely Warren is mayor of Rochester, N.Y.

The first charge is for first-degree scheme to defraud; the second is an election law offense for illegally coordinating activities and expenditures.

The grand jury indictment is connected to Warren’s 2017 mayoral re-election campaign. Warren has adamantly refused any wrongdoing in the matter.

Warren will be arraigned at 4 p.m. Oct. 5 in front of Cayuga County Judge Thomas Leone. She did not provide immediate comment Friday.

If convicted of the felony charges, Warren would be removed from office under state law. The maximum sentence would be 16 months to four years in prison. While Warren would be unlikely to be incarcerated, her pension could be forfeited if the matter is determined to be a crime

US IPO Week Ahead: The IPO market cools off in a 2 IPO week

October 2, 2020

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Following an active September, two IPOs are scheduled to raise $200 million in the week ahead.

Several companies could join the IPO calendar early in the week, such as Spruce Biosciences (SPRB), Shattuck Labs (STTK), and Kronos Bio (KRON).

Live TV streaming platform fuboTV (FUBO) plans to raise $150 million at a $1.4 billion market cap. Launched in 2015, fuboTV offers subscribers access to live sporting events annually as well as leading news and entertainment content through streaming devices. Fast-growing and highly unprofitable, fuboTV had over 300,000 paid subscribers in 2019. The company is currently listed on the OTCQB under the symbol FUBO.

Commercial-stage regenerative medical product maker Aziyo Biologics (AZYO) plans to raise $50 million at a $177 million market cap. Through its proprietary tissue processing platforms, the company has developed a portfolio of advanced regenerative medical products designed to be similar to natural biological material. While gross

Ford CEO Jim Farley replaces CFO Tim Stone with John Lawler in shake-up

October 2, 2020

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Jim Farley, of Ford Motor Co., talks about the future of the automobile and how Ford will innovate and change demand like they did with the Model T.

Detroit Free Press

At 8 a.m. Thursday on the first day of Jim Farley stepping into his new CEO role at Ford Motor, the company announced “operational and leadership changes” designed to do what Farley has promised publicly: drive growth and speed transformation of the 117-year-old automaker.

The plan, Ford said, is to “turn around automotive operations; allocate capital to Ford’s strongest franchises and high-growth opportunities, and produce compelling, uniquely Ford electric vehicles at scale.”

First of all, Farley replaced the relatively new Chief Financial Officer Tim Stone with Ford veteran John Lawler, 54, effective immediately. Lawler will oversee the finance and Ford Motor Credit operations. Stone accepted a job at ASAPP Inc., an artificial intelligence software company.

Ford CEO Jim

Despite Breaking Out, The Markets Are Still Nervous (Technically Speaking For 9/28-10/2)

October 2, 2020

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My Friday column is divided into two sections. The first uses the long-leading, leading, and coincidental indicator method developed by Arthur Burns and Geoffrey Moore. The second looks at the large equity index ETFs.

There are a large number of credit market numbers in the long-leading and leading indicators and with good reason: credit market problems typically pre-date an economic downturn. Thankfully, the Federal Reserve’s early and aggressive intervention calmed the credit market, which lowered yields across the board.

The yield on all manner of credit rose sharply at the beginning of the recession. But all are now lower. AAA (upper left) and BBB (upper right) are now near 5-year lows. CCC (lower left) rose to just shy of 20% but are now back to the 12.5% level.The shorter-end of the corporate yield curve (1-10 year yields; left) and longer-end (10+ years; right) all spiked at the beginning of