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Tag: surge

Oil Prices Pause in Week-Long Surge Norwegian Strike Drives Strong Gains | Investing News

October 9, 2020
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TOKYO (Reuters) – Oil prices eased a few cents early in trading on Friday in a breather at the end of a week of big gains propelled by a strike in Norway that raised the prospect of supply from the major producer being slashed by up to 25%.

Brent

was down by 9 cents at $43.25 a barrel by 0152 GMT, having gained more than 3% on Thursday. U.S. West Texas Intermediate (WTI) crude

dropped 5 cents at $41.14 after also falling more than 3% on Thursday.

Both contracts are on track for gains of around 10% this week – the first rise in three weeks – yanked higher by the prospect of tighter supply on production outages in the North Sea because of the action by Norwegian oil workers.

“This could see almost one million barrels a day of crude oil impacted,” ANZ Research said in a note.

Norwegian

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GameStop shares surge 44% on tie-up with Microsoft to upgrade stores

October 9, 2020
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Adds details from release, analyst comment, background

Oct 8 (Reuters) – GameStop Corp GME.N and Microsoft Corp MSFT.O signed a multi-year deal that would allow the videogame retailer to upgrade its stores with the software maker’s cloud and hardware services, sending GameStop shares 44% higher on Thursday.

GameStop, which already sells Microsoft’s flagship Xbox gaming console, said it would now offer a two-year digital subscription package with the consoles to players at no upfront cost.

Several analysts are expecting the November launches of the XBox Series X and rival Sony’s PlayStation 5 to boost sales for GameStop, which has been reeling under losses driven by coronavirus-led disruptions and delayed console purchases ahead of the new cycle.

Brokerage Jefferies said the agreement provides GameStop access to revenue created at the gamer level, instead of solely on the piece of content sold.

GameStop, which did not disclose the financial

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S&P 500 Gains 27 Points as Occidental, ExxonMobil Lead Oil Stock Surge, IBM Shares Rise on Spinoff

October 8, 2020
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For a change, investors aren’t having to count on tech stocks to deliver the goods. The S&P 500 Index (SNPINDEX: ^GSPC) gained 27 points, up 0.8%, on Oct. 8. The Technology Select Sector SPDR ETF (NYSEMKT: XLK) gained 0.5%, while the Energy Select Sector SPDR ETF (NYSEMKT: XLE) surged 4.1% higher on another strong day for crude oil. IBM (NYSE: IBM) was the sole tech giant to have a big day, with shares gaining over 5% on news it was going to spin off part of its business.

Utility and real estate stocks, segments that usually do well in a recession but have underperformed in a 2020 that’s been anything but usual, also finished up today. Every stock in both sectors closed higher, with DTE Energy (NYSE: DTE) up 6.3% and Iron Mountain (NYSE: IRM) up 4%, leading the way.

Oil barrel and pumpjack paperweights on pile of cash.

Image source: Getty Images.

Is oil back? Investors are behaving

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Netflix will surge 28% to Street-high price target of $650 on increasing users and prices, Pivotal Research says

October 7, 2020
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Reed Hastings (L), co-founder and CEO of Netflix, and Ted Sarandos, Netflix chief content officer, pose for photographs during a news conference in Seoul, South Korea, June 30, 2016

Kim Hong-Ji/Reuters


  • Netflix received a Street-high price target of $650 on Wednesday from Pivotal Research Group, representing potential upside of 28% from Tuesday’s close.
  • Pivotal said Netflix is set to continue benefiting from a “virtuous cycle” of growing its subscriber base, increasing its spend on original content, and raising the price of its monthly subscription.
  • Netflix is “due for an increase” in price as early as January 2021, according to Pivotal.
  • Visit Business Insider’s homepage for more stories.

Netflix is engaged in a “virtuous cycle” of growing its business and extending its lead against other video streaming services, Pivotal Research Group said in a note on Wednesday.

This cycle is just one reason Pivotal increased its Netflix price target to

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Oil Rises After Biggest Surge Since May on Stimulus Optimism

October 6, 2020
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(Bloomberg) — Oil rose further after the biggest gain since May on growing optimism for more U.S. fiscal stimulus and as President Donald Trump left hospital following treatment for Covid-19.

Futures added 1.2%, following Monday’s surge above $39 a barrel. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will resume talks on Tuesday on another round of pandemic relief funding, but there’s no sign yet they are close to a deal despite Trump’s urging to get it done. The president will recuperate in the White House after his diagnosis last week roiled markets and pushed oil into the biggest weekly loss since June.



chart: Oil reverses last week's losses when it plunged to a three-week low


© Bloomberg
Oil reverses last week’s losses when it plunged to a three-week low

Crude rose on Monday as part of a broader market relief rally, and aided by a strike in Norway that has shut fields and is curbing flows. Masses of people in China

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DraftKings, Patriots’ Kraft cash in on betting-fueled surge

October 6, 2020
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DraftKings Inc. and some early investors, including New England Patriots owner Robert Kraft, are taking advantage of the stock’s 264 percent surge from an April debut to sell a combined 32 million shares.

The offering, underwritten by Credit Suisse Securities LLC and Goldman Sachs Group, will include 16 million shares sold by DraftKings while the other half are being offered by some investors, the online gaming company said in a statement. Boston-based DraftKings said its proceeds from the offering will be used for general corporate purposes.

DraftKings shares closed at a record high $63.78 on Friday, up more than 260 percent since April and 56 percent above the price when 40 million shares were offered at $40 each in June. The stock fell 5.1 percent Monday to close at $60.55 after news of the latest planned share sales.

Shalom Meckenzie, a billionaire Israeli executive who merged his company with DraftKings

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Bed Bath & Beyond Q2 Profit Tops Estimates, Comps. Up 6%; Shares Surge

October 1, 2020
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(RTTNews) – Bed Bath & Beyond Inc. (BBBY) reported second quarter adjusted net earnings per share of $0.50, compared to $0.34, a year ago. On average, 16 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.23, for the quarter. Analysts’ estimates typically exclude special items.

Second quarter net sales were approximately $2.69 billion, a decrease of approximately 1% from last year. Comparable sales increased approximately 6%, for the quarter. The company said comparable sales benefited from significantly strong growth in digital channels of approximately 89%, partially offset by an approximately 12% decline in comparable store sales. Analysts expected revenue of $2.6 billion, for the quarter.

During the second quarter, the company generated cash flow of over $750 million; reduced its gross debt by approximately $500 million or 30%; and further enhanced its liquidity position by approximately $400 million to approximately $2.2 billion.

Bed

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Demand for Big-Box Warehouses Soars Under E-Commerce Surge, Report Says

October 1, 2020
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A key measure of demand for big warehouses soared 51% in the first half of 2020 as the pandemic-driven surge in online sales sent companies scrambling for space to store and deliver goods to locked-down consumers.

The rush toward distribution centers was most pronounced at the largest end of the market, real-estate brokerage firm

Colliers International Group Inc.

said in a report released Thursday, as

Amazon.

com Inc. and other e-commerce and logistics providers accelerated a push toward sprawling facilities to process, package and ship digital orders.


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The report covers industrial buildings of 200,000 square feet or more in major North American markets.

“There is a surge in big-box occupancy,” said Pete Quinn, the firm’s national director of industrial services. “Amazon obviously leads the pack. They’ve got

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UK housing market continues strong recovery as prices surge

October 1, 2020
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Video: Gold on Track for Biggest Weekly Drop Since March (Bloomberg)

Gold on Track for Biggest Weekly Drop Since March

UP NEXT

UP NEXT



graphical user interface, application


© Provided by City AM


UK house prices rose by five per cent in September compared with a year previous according to the latest data from Nationwide.

The building society said the annual rate of growth was at its highest in four years as the post-lockdown recovery continued.

Its lending data revealed that there had been a 0.9 per cent increase in house prices from August, following a 2.0 per cent rise on the previous month, taking annual growth from 3.7 per cent to 5.0 per cent.

Read more: Official figures confirm jump in UK house prices

It cited the lifting of restrictions on viewings as well as the stamp duty holiday as key factors for activity “recovering strongly”, with the latter “adding to momentum”

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Cancer Drug Bet Pays Off for Biotech CEO With 3,600% Stock Surge

September 30, 2020
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(Bloomberg) — When Jan Skvarka joined biotechnology firm Trillium Therapeutics Inc. as chief executive officer, he made a big bet to reshape the company and went all-in on a cancer treatment platform. Now, he’s reaping the rewards.

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It was the gamble of a lifetime for the 53-year-old CEO, who decided to shutter the drug developer’s lead program on treating tumors directly and instead focus on cancer-fighting technology for patients with different blood cancers. Investors cheered, rewarding him with a 3,600% stock-surge since he joined the company a year ago.

Trillium is the No. 1 stock on Canada’s S&P/TSX Composite Index this year, skyrocketing past tech behemoth Shopify Inc. by almost 10-fold. It’s U.S.-listed shares are the fourth best-performing company on the Nasdaq Composite Index.

Despite its epic stock-market rally, every analyst covering the company rates it a buy, signaling that further gains are on the horizon for investors

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