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(Bloomberg) -- In 2003, as the Federal Reserve was easing monetary policy to stave off a recession, Wisconsin placed a nearly three-decade long bet with some of Wall Street’s biggest banks that interest rates wouldn’t go any lower.Yet they continued to fall -- and the state has been tied to those money-losing derivative trades ever since, paying as much as 5.5% interest on some of the $475 million it borrowed to shore up its employee pension system. It couldn’t refinance without paying Citigroup Inc., UBS Group AG and JPMorgan Chase & Co. steep fees to call off the contracts, which became increasingly valuable to the banks as interest rates declined.Now, with state and local bond yields holding near more than half-century lows, Wisconsin may finally end its ill-fated experiment with high finance. It’s waiting for the chance to refinance the debt, cut its exposure to swings in interest rates and produce...
(Bloomberg) -- Larry Ellison’s faith in Tesla Inc. and his friend Elon Musk is being rewarded.The Oracle Corp. chairman bought 3 million shares of the electric-vehicle maker before joining Tesla’s board in December 2018. The stake -- worth $1 billion at the time -- is now worth more than $1.6 billion. The stock has surged 25% in just the first two weeks of 2020 as fourth-quarter vehicle deliveries exceeded estimates and Musk started handing over locally assembled cars to customers in China.For most of 2019, Ellison’s investment was floundering as Musk, Tesla’s chief executive officer, bounced from crisis to crisis and Wall Street cast skepticism on consumer demand. On the day Ellison’s holding and his appointment to the board were disclosed, the shares closed at $333.87. By June, they had plunged to a low $176.99. They’ve almost tripled since and traded up as much as 4.2% before the start of regular...
(Bloomberg) -- Aphria Inc. shares fell 8% in pre-market trading after the Canadian cannabis producer missed the lowest revenue estimate and cut its guidance for the current fiscal year.The company reported second-quarter net revenue of C$121 million, below the consensus estimate of C$130 million. Its adjusted Ebitda was C$1.9 million, the third consecutive quarter of positive results.Aphria cut its full-year revenue forecast to a range of C$575 million to C$625 million, down from its prior outlook of C$650 million to C$700 million. It now expects to report full-year adjusted Ebitda of C$35 million to C$42 million, down from C$88 million to C$95 million previously.The pot producer cited a slower-than-expected rollout of retail stores in its home province of Ontario, the temporary banning of vape products in Alberta, the higher cost of sourcing third-party cannabis while it waited to receive a license for its Aphria Diamond greenhouse and a slowdown at its...
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly......
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is......
Analysts had expected a profit of $1.12 per share, according to Refinitiv data, but it was not immediately clear if the numbers were comparable. The San Francisco-based lender last year appointed Charles Scharf, a one-time Jamie Dimon protégé as its new chief executive officer, to help it rebuild its reputation with customers, investors and regulators....
