Stock futures were flat to slightly higher as the overnight session kicked off Monday, as investors continued to eye states’ reopening plans and mulled recent corporate earnings results....
A former North Carolina trucking company co-owner was sentenced to 15 months in prison for orchestrating an elaborate $500,000 wire fraud scheme, according to federal prosecutors.Nathaniel Brad Moffit, 40, of Statesville, North Carolina, was sentenced in U.S. District Court in Statesville on Thursday, after pleading guilty to one count of wire fraud in November.He must serve two years of supervised release once he finishes his prison sentence. He also has been ordered to repay his former business partner, Brian Souther, more than $40,000, and loan company National Funding Inc. nearly $73,000. According to court documents, Moffit and Souther were longtime friends and co-owned Piedmont Sales Service and Transport LLC (PSST), a small trucking company in Harmony, North Carolina. While running the day-to-day business operations, Moffit had access to the company's bank accounts as well as Souther's personal information. Federal prosecutors said Moffit engaged in a "Ponzi-style" scheme to defraud the company and...
(Bloomberg) -- PNC Financial Services Group Inc. will sell its stake in BlackRock Inc., more than two decades after it bet on the business that became the world’s largest asset manager.PNC will exit its investment, worth about $17 billion, with a public secondary offering, it said Monday. As part of the transaction, BlackRock will buy back $1.1 billion of the shares directly from the firm. PNC holds 22% of BlackRock’s outstanding shares, making it the largest holder.The separation comes 25 years after PNC bought BlackRock, severing it from alternative asset manager Blackstone Group Inc. in a $240 million deal that Steve Schwarzman went on to call “a heroic mistake.” The value of PNC’s stake snowballed over time. A share of BlackRock cost $14 when it debuted in 1999; its shares closed at $493.11 on Monday.As the gap between PNC’s market value and BlackRock’s widened -- and as BlackRock soared above its...
The technology sector is proving to be a premier source of strength this year. Just look at the tech-heavy Nasdaq-100 Index (NDX), which was the first of the major domestic equity benchmarks to return to positive territory following the March market swoon.Within the broader technology universe, several sub-groups are standing out, including cloud computing. For example, the ISE CTA Cloud Computing Index entered Monday with a year-to-date gain of 9.54%.For awhile, the universe of dedicated cloud computing exchange traded funds was sparsely populated, but that's changed over the past couple of year and some of the new additions to the group are performing well this year. Consider some of the following ideas.Global X Cloud Computing ETF (CLOU)The Global X Cloud Computing ETF (NASDAQ: CLOU) remains one of the success stories of the thematic ETF realm. At just about 13 months old, the Global X ETF has nearly $597 million in assets...
It probably won’t come as much of a surprise to learn that Barrick Gold (GOLD), the world’s second largest gold mining company, is enjoying a successful 2020. Gold performs particularly well during global crises, and hardly any come any bigger than the current pandemic. As a result, the precious metal has been changing hands for prices not seen since 2013. Barrick has benefited from gold’s upward trend, with the mining stock up by 40% year-to-date.CIBC analyst Anita Soni argues Barrick stock has a way to go yet. The analyst reiterated an Outperform rating, while increasing the 12-month price target from $33 to $36. Investors stand to take home gains in the shape of 38%, should the target be met over the following 12 months. (To watch Soni’s track record, click here)So, what is behind Soni’s positive thesis? Well, a solid Q1 report, despite COVID-19’s sharp impact, helps. At $0.16 Q1 Non-GAAP...
Sir Richard Branson is to sell $500 million (£405 million) in Virgin Galactic shares in order to prop up his airline and leisure interests, which have been ravaged by the coronavirus crisis. In a statement to the New York Stock Exchange, Branson’s Virgin Group said it intended to sell 25 million shares via a series […]...
Michael Sonnenshein, Managing Director at Grayscale Investments, joined Yahoo Finance's Myles Udland, Dan Roberts, and Melody Hahm to discuss Bitcoin's third halving and with it means for investors. ...
