(Bloomberg) -- Oil eclipsed $40 a barrel in New York on Friday, extending a slow but relentless rise that’s been fueled by a pick-up in demand and could signal a reawakening for U.S. shale production.Two of the world’s biggest commodity trading houses, Vitol Group and Trafigura Group, said global oil demand is recovering at a rapid pace this month, while Saudi Energy Minister Prince Abdulaziz bin Salman also said he sees encouraging signs of a consumption recovery.The rally allows the industry some breathing room on its high debt burden, giving confidence to lenders and investors as U.S. shale seeks to rebuild after the worst price collapse in a generation. But with producers planning to turn on the taps once again, it could also be short-lived.“To a certain degree producers will come back,” said Bob Yawger, director of the futures division at Mizuho Securities USA. “It’s not the sweet spot by any...
Wirecard CEO Markus Braun stepped down from his position over the German payment firms latest accounting scandal. Yahoo Finance’s On The Move panel shares the details....
How sweet is a 300% rally? DraftKings (NASDAQ:DKNG) investors just got that gift in a flash. The quarantine jump-started it like with a giant shot of adrenaline. After a small dip, DraftKings stock tripled in just two months, and the success should be long term.Source: Lori Butcher/Shutterstock.com But that's why investors should exercise a little patience and find better entry points. This comment will likely upset a few fans, but my concern is with the stock's price action, not the company itself.The concept is great and the bullish thesis is 100% viable. The company operates in one of the hottest concepts of late. Gaming and esports have incredible momentum, and gambling will never fall out of favor. Add to it that they are domestic and online and it's a formula for sure success for years to come. The world is now on an ultra fast pace to digitize thanks to the...
(Bloomberg) -- Some of Wirecard AG’s most-loyal shareholders have sold their stakes as allegations of accounting impropriety engulf the German payments company.Alexander Darwall, who has held Wirecard shares since at least 2007, instructed his investment firm to sell all of its holdings, while Alken Asset Management, which has owned the stock since 2008, did the same. DWS Group, which had built a Wirecard position that reached about 1 billion euros ($1.1 billion) across several funds by the end of October, has also cut its exposure.Wirecard’s Chief Executive Officer Markus Braun resigned with immediate effect on Friday, after two Asian banks that were supposed to be holding 1.9 billion euros of missing cash denied any business relationship with the company.Wirecard shares plunged as much as 52% in Frankfurt on Friday, and the stock has lost about 71% since Wednesday’s close.Darwall’s asset management firm Devon Equity Management, which manages more than 1 billion...
Saturna Capital Corporation is the investment management company of Sextant Mutual Funds. Sextant Mutual Funds recently released Q1 2020 Investor Letter, a copy of which you can download here. The Sextant Growth Fund posted a return of -15.13% for the quarter, outperforming its benchmark, the S&P 500 Index which returned -19.60% in the same quarter. […]...
