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Peter Russell

Goldman’s top stock picker is bullish on tech and bearish on energy

5 years ago

David Kostin said in a research note dated Friday that analysts at Goldman had been reflecting on a “remarkable” rally during the last three months.
“Most institutional investors have been stunned by the juxtaposition of the sharpest GDP contraction on record with a 36% market rally, as have we,” Kostin said.
“But, the combination of incremental data improvement and extraordinary policy support has been sufficient to assure the forward-looking market that the earnings damage resulting from the virus will ultimately be short-lived,” he added.

Dow futures pop more than 400 points as stocks look to extend gains after Monday’s big comeback

5 years ago

Futures contracts tied to the major U.S. stock indexes rose Monday evening as investors looked to extend Wall Street’s gains from Monday’s dramatic comeback.

Dow Jones Industrial Average futures rose 448 points, suggesting an open gain of nearly 495 points when regular trading resumes on Tuesday. S&P 500 and Nasdaq-100 futures also implied a positive Tuesday start for the two indexes.

How IPOs give the ‘illusion of diversity’ with underwriters, while paying minority-owned firms less

5 years ago

It’s common for initial public offerings to include minority-, women- and veteran-owned business enterprises as underwriters.
But a CNBC analysis found those “MWVBE” firms’ fees are about 12 cents on the dollar — when compared with other smaller firms with “passive” roles.
On average, between 2016 and the first half of 2020, MWVBE’s received 0.69 percent of the fee pool, the CNBC analysis found, using S&P Global Market Intelligence data.

Coronavirus vaccine is closer than the market thinks, Wharton’s Jeremy Siegel predicts

5 years ago

Wharton finance professor Jeremy Siegel expects a game changer.

He predicts a coronavirus vaccine is closer than the market thinks.

“We’ve had almost no setbacks in the schedule developing the vaccine, and I think that’s where upside surprises can occur,” Siegel told CNBC’s “Trading Nation” on Tuesday. “We may find ourselves with a workable vaccine for high risk individuals by the end of the fall, early winter.”

Trump signed law slapping sanctions on China for interference in Hong Kong

5 years ago

President Donald Trump said Tuesday that he signed legislation to impose sanctions on China in response to its interference with Hong Kong’s autonomy.
Trump also said in the White House Rose Garden that he signed an executive order ending the preferential treatment that Hong Kong has long enjoyed.
The Trump administration has previously blamed China for the unfolding health crisis caused by the coronavirus, and it has criticized Beijing for its illegal territorial claims in the South China Sea.

The market’s comeback from coronavirus lows caused two Wall Street greats to change their minds

5 years ago

Wall Street’s top traders say a combination of unprecedented monetary and fiscal stimulus appears to have pacified the market.
Stanley Druckenmiller and Paul Tudor Jones both said this week that the S&P 500′s robust rally since March has humbled them.
An unparalleled response from the Fed and Congress has provided businesses with one of the most powerful safety nets ever, says strategist Quincy Krosby.

A ‘financial war’ with China could be brewing on top of the trade war

5 years ago

U.S. regulators have long sought more transparency from Chinese companies with shares trading on U.S. exchanges, but Beijing has resisted.
More than a decade ago, hundreds of Chinese companies went public in the U.S. via reverse mergers, merging into public but mostly dormant U.S. companies, and many turned out to be frauds.
Efforts to solve the problem are getting more traction due to the escalation of trade disputes with China.

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