4.32k followers • 30 symbols Watchlist by Yahoo Finance
Follow this list to discover and track stocks that have been overbought as indicated by the RSI momentum indicator within the last week. A stock is overbought when the RSI is above 70. This list is generated daily, ranked based on market cap and limited to the top 30 stocks that meet the criteria.
Berkshire Hathaway Inc.
JPMorgan Chase & Co.
Banco Santander, S.A. GTD PFD SECS 6
Bank of America Corporation
Bank of America Corporation
Bank of America Corporation
Wells Fargo & Company
The Coca-Cola Company
Royal Dutch Shell plc
Bristol-Myers Squibb Company
Royal Dutch Shell plc
Wells Fargo & Company
HSBC Holdings plc
Fomento Economico Mexicano, S.A.B. de C.V.
International Business Machines Corporation
The Boeing Company
United Technologies Corporation
Royal Bank of Canada
Coca-Cola FEMSA, S.A.B. de C.V.
Fidelity National Information Services, Inc.
British American Tobacco p.l.c.
The Toronto-Dominion Bank
The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc.
(Bloomberg) -- Oil majors and traders are scrambling to book supertankers to try and divert a flood of American crude to Asia, betting the region is the best place to store the surplus while the market waits for a rebound.A dozen very large crude carriers are being sought to load from the U.S. Gulf Coast over a 10-day period from late-April to early-May, according to shipowners and brokers, as well as tanker fixtures seen by Bloomberg. That compares with nine supertankers being chartered on the route in a 25-day loading period starting early-April, data from Vortexa showed.BP Plc, Royal Dutch Shell Plc and Vitol SA are among companies inquiring about or booking tankers to move U.S. crude to Asia, the biggest-consuming region, the fixtures showed. Not all of the oil -- which could amount to as much as 24 million barrels if all the charters are confirmed -- has been committed to end-users, traders said.A glut of crude in the U.S. that’s been exacerbated by the White House failing to win funding from Congress to top up the nation’s emergency stockpiles is making the long-haul arbitrage more attractive. West Texas Intermediate is moving deeper into contango, a market structure where prompt supplies are cheaper than delayed shipments, which also makes the trade more economic.BP Shell and Vitol all declined to comment on the matter.The arbitrage window is at risk of quickly closing, however, should freight costs become prohibitively high. The VLCCs, which can carry 2 million barrels, were provisionally chartered at between $11 million to $15 million each, the fixtures showed. That compares with around $6.5 million in late-February.The tankers provisionally booked to send crude to China, Singapore and South Korea include Agios Sostis I, C. Prosperity and Amjad, the fixtures showed. The vessels may reduce their speeds during the voyage, which usually takes around 60 days, said traders who regularly work the trade. The strategy known as slow-steam resembles a floating-storage play in which participants hope to benefit from a rebound in prices, they said.Upon the shipments’ arrival, some cargoes may find their way to the Chinese refining sector, where private and state-owned processors are ramping up operations as Asia’s largest economy recovers. Some oil may be placed in onshore storage facilities as Indian, South Korean and Singaporean refiners opt to cut run rates to cope with falling domestic fuel consumption.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Amazon.com Inc., Instacart Inc. and other companies providing food, medicine and other essentials are about to find out whether the pandemic can accomplish what organized labor has struggled to do: give employees and contractors the leverage to extract better working conditions.Some employees at Amazon’s Staten Island, New York, warehouse walked off the job on Monday, calling for the company to shut the facility for extended cleaning after they say a number of their colleagues were diagnosed with Covid-19. Instacart workers called for a nationwide strike on Monday over safety and pay concerns. And, if a petition circulating online gets traction, workers at Amazon-owned Whole Foods Market plan to call in sick en masse on Tuesday.As coronavirus cases pop up at warehouses and supermarkets, workers -- cheered on by politicians and labor activists -- have begun demanding better pay, sick leave and on-the-job protections from the deadly respiratory virus. Amazon, the second-largest private employer in the U.S., has long been the target of efforts to organize its workforce. They have generally failed.“These things do sometimes take on a life of their own, and I wonder if we’re in one of those moments where workers are starting to stand up in greater and greater numbers because of the magnitude of the threat they’re facing,” said Brishen Rogers, an associate law professor at Temple University.Organizers face long odds should they pursue formal unionization. Forming unions in the U.S. is difficult, and the coronavirus has both flooded the market with potential new hires and made large labor rallies impractical. Organizers of the Staten Island walkout say more than 60 employees participated; video from a protest appeared to show a sparser crowd.“You could come out of this seeing much greater levels of worker organization within Whole Foods and Amazon that could in the future grow into formal unions,” Rogers said. In the meantime, “I think they’ll respond by changing policies, in part to avoid unionization.”In an emailed statement, Amazon said 15 people out of a workforce of 5,000 participated in the Staten Island demonstration, and called their critiques “completely unfounded.”“Our employees are heroes fighting for their communities and helping people get critical items they need in this crisis,” the company said. “Like all businesses grappling with the ongoing coronavirus pandemic, we are working hard to keep employees safe while serving communities and the most vulnerable.” Amazon says it has stepped up cleaning inside its facilities, and that it is supporting employees diagnosed with Covid-19.A Whole Foods spokeswoman said the grocer is “committed to prioritizing our team members’ well-being, while recognizing their extraordinary dedication.”Worker protests over coronavirus workplace conditions have also recently hit companies like Perdue Farms, McDonald’s Corp. and General Electric Co., where employees at a Massachusetts site Monday protested -- standing six feet apart -- to demand the company deploy workers to manufacture ventilators in-house.Amazon boosted its $15 an hour starting pay in the U.S. by $2 an hour through the end of April, and raised overtime pay. Workers at an Amazon warehouse in northern Italy, the epicenter of Europe’s coronavirus outbreak, on Friday said they’d reached an agreement that guaranteed workers an additional five minute break to help practice personal hygiene, and made permanent temporary enhanced cleaning protocols rolled out during the pandemic.It remains to be seen whether Amazon will be pushed into broader concessions for the workers who pack and ship packages to customers. The U.S. labor market is teeming with millions of newly unemployed workers as large portions of the economy shut down to prevent the spread of the virus. Amazon has said it hopes to hire an additional 100,000 workers to deal with a surge in online shopping by people asked to stay home. Wholesale closings of large chunks of Amazon’s logistics network seem unlikely, say people who follow the company.Amazon’s responses to worker agita have been rolled out in piecemeal fashion over the last two weeks. When the first coronavirus cases appeared in European warehouses, the company began doing things like removing chairs from break rooms and turning off the metal detectors employees were previously asked to go through on their way out of buildings. Over the weekend, Amazon said it would begin screening some employees in the Seattle and New York areas for fevers, a program Amazon plans to roll out at sites nationwide.In the U.S., Amazon has also reoriented some work to spread out employees and closed locker rooms. Still several employees who work at facilities across the country have expressed alarm at the decision to keep some facilities with confirmed coronavirus cases open. The only Amazon warehouse known to have closed for an extended period -- a warehouse in Shepherdsville, Kentucky -- was set to reopen last week before the state governor intervened.Amazon says it follows public health recommendations for cleaning its sites, and that it reviews video footage to determine who sick employees came into extended contact with. Those workers are asked to go home and into a 14-day quarantine.Amazon has promised two weeks of sick pay to all employees diagnosed with Covid-19 or ordered into a quarantine; some workers, and a group of U.S. senators, say that’s insufficient.Emboldened workers can expect consumers to back them if they don’t think companies are protecting their health, said Nelson Lichtenstein, a history professor at the University of California at Santa Barbara. “Here’s a crisis,” he said, “which makes it absolutely clear how important they are.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
U.S. stocks rose on Monday, led in part by healthcare stocks as investors looked for shares that have become cheap and can withstand the impact to the economy from efforts to stem the spread of the coronavirus. The S&P healthcare sector jumped 4.67%, in part due to gains in Johnson & Johnson and Abbot Laboratories. Abbott Laboratories climbed 6.41% after winning U.S. approval for a diagnostic test for COVID-19.
(Bloomberg) -- Oil tumbled to an 18-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus.Futures in London plunged by 9% to the lowest level since March 2002, while New York crude dipped below $20 a barrel before settling just above that level. While U.S. President Donald Trump spoke with Russian counterpart Vladimir Putin Monday to discuss the importance of stable energy markets, that did little to stanch the decline.A huge oversupply is further collapsing the oil market’s structure, and there may be more weakness to come as the world quickly runs out of storage capacity. The slump in demand has shut refineries from South Africa to Canada, leading to excess barrels in the market.At the key storage hub of Cushing, Oklahoma, inventories are said to have ballooned by more than 4 million barrels last week, according to traders with knowledge of Genscape data, raising fears about storage capacity limits being reached.“We’re grinding lower here and we’ll continue to get lower as runs get cut globally,” said John Kilduff, a partner at Again Capital LLC, a New York hedge fund focused on energy. “As we see specific points like Cushing near its limits, it’s just going to put greater and greater pressure on the price till we get to a clearing point.”Prices are on track for the worst quarter on record. Goldman Sachs Group Inc. estimates consumption will drop by 26 million barrels a day this week as measures to contain the coronavirus hurt global GDP. Consultant FGE estimated that refinery operating rates have been cut by over 5 million barrels a day worldwide, and could bottom out at between 15 million and 20 million lower.Meanwhile, Riyadh and Moscow are showing no signs of a detente in their supply battle as Saudi Arabia announced plans to increase its oil exports in the coming months.In the market for physical barrels of crude, prices are already far below those of futures benchmarks. Oil from Canada touched a record low of $3.82, while many other key grades are trading below $10 a barrel, with some as low as just $3.It’s a similar picture in Europe, where Kazakh crude was offered at a 10-year low. The six-month contango on the global Brent benchmark has grown bigger than in the financial crisis, at more than $13 a barrel. The equivalent six-month contango for WTI is about $12.The plunge in prices has caused distress in some OPEC nations. Algeria, which holds the cartel’s rotating presidency, urged the secretariat to convene a panel but the call has failed to gather the majority backing necessary to go ahead. Riyadh is among those opposing the idea.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- President Donald Trump said he’s concerned oil prices have fallen too far and called Vladimir Putin on Monday to discuss Russia’s oil-price war with Saudi Arabia.The leaders, who also talked about the spread of the coronavirus, agreed to discussions on oil between energy officials in the two countries, according to the Kremlin. Both leaders “agreed on the importance of stability in global energy markets,” the White House said in a statement.The U.S. president said earlier he doesn’t want to see the American energy sector “wiped out” after Russia and Saudi Arabia “both went crazy” and launched into a conflict that depressed oil prices.“I never thought I’d be saying that maybe we have to have an oil increase, because we do. The price is so low,” Trump said in an interview on “Fox & Friends.”Crude oil futures tumbled as much as 7.7% in New York, touching an 18-year low.The Trump-Putin call came at the request of the U.S. and was “prolonged,” according to the Kremlin. Neither the White House or Kremlin statements said specifically how long the two leaders talked.Trump’s view on the oil dispute marks a shift from earlier this month, when he likened the plunge in oil prices to a “tax cut” for Americans. The U.S. president spoke to Saudi Crown Prince Mohammed bin Salman on March 9 about the price war.Trump has long argued that improving relations between Washington and Moscow could help solve international disputes. The president said he wanted to discuss trade with Putin, though he said he expected the Russian president to raise objections to U.S. sanctions. State-run Tass quoted Kremlin spokesman Dmitry Peskov as saying that Putin didn’t ask Trump for sanctions relief on the call.Oil tumbled earlier to its lowest point in nearly two decades, heading for the worst quarter on record as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus. The slump in demand has shut refineries from South Africa to Canada.Goldman Sachs Group Inc. estimates consumption will drop by 26 million barrels a day this week. Meanwhile, Riyadh and Moscow are showing no signs of a detente in their supply battle as Saudi Arabia announced plans to increase its oil exports in the coming months, despite U.S. warnings against flooding the market.Some analysts argue Russia’s motivations extend well beyond oil and are complicated by the federation’s anger over U.S. sanctions and opposition to the Nord Stream 2 pipeline linking Russia to Germany. And the price for getting Russia to back down could be too high.“Russia’s concerns with the U.S. go beyond market share. Putin is frustrated with sanctions and may be more interested in punishing the U.S. than Saudi Arabia,” said Dan Eberhart, a Trump donor and chief executive of drilling services company Canary LLC. “If Trump wants an agreement with Putin, he may have to promise to ease up on sanctions. I am not sure he can deliver without the backing of congress.”Rosneft PJSC over the weekend sold its assets in Venezuela to the Russian government, a move that shields the Russian oil giant from further U.S. sanctions while keeping Moscow behind the regime of Nicolas Maduro. Fears of broader sanctions have grown after the U.S. in recent months slapped restrictions on Rosneft trading companies for handling business with Venezuela.In the call, the White House said Trump “reiterated that the situation in Venezuela is dire, and we all have an interest in seeing a democratic transition to end theongoing crisis.” The statement didn’t say how Putin responded.Talks between members of the Organization of Petroleum Exporting Countries and its allies broke down in early March as Russia refused to sign on to larger production cuts proposed by Saudi Arabia. The failure to reach an agreement prompted the Saudis to unleash a price war which, combined with the devastating effect of the virus pandemic, caused the market to crash.Global demand is slumping by as much as 20 million barrels a day, about 20%, as billions of people go into lockdown to slow the spread of the virus. The outlook remains dire, with traders, banks and analysts forecasting a huge oversupply as governments effectively shut their economies.Oil industry leaders, trade groups and some Republican senators have pressed the Trump administration to seek a diplomatic solution with Saudi Arabia. Six senators from oil-producing states last week urged Secretary of State Michael Pompeo to take a tougher stance against Saudi Arabia, while highlighting several “powerful tools at our disposal,” including sanctions, tariffs and other trade restrictions.“Trump would have better success pressing Saudi Arabia than Russia since they are dependent on the U.S. for protection, intelligence and arms sales,” Eberhart said.On the coronavirus outbreak, the two sides expressed concern about the scale of its spread, according to the Kremlin. The leaders discussed steps they were taking to fight the virus and potential areas of cooperation.The White House said in its statement that “the two leaders agreed to work closely together through the G-20 to drive the international campaign to defeat the virus and reinvigorate the global economy.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
U.S. stocks rose on Monday as President Donald Trump followed last week's massive fiscal stimulus package by extending his stay-at-home guidelines, leaving investors to await more signs on the next stages of a deepening economic crisis. A record $2.2 trillion in aid and policy easing from the Federal Reserve helped equities recover some of their losses last week, with the S&P 500 posting its biggest weekly percentage gain in over a decade and the Dow Jones its best since 1938.
(Bloomberg) -- JPMorgan Chase & Co.’s alternative-investments division is seeking to raise as much as $10 billion in an effort to bolster its spending power as the Covid-19 pandemic roils global markets.“The magnitude of these dislocations is so significant,” Anton Pil, the global head of alternatives for JPMorgan’s asset-management arm, said in an interview Monday. “And to get some of these markets functioning, you need a lot of capital.”JPMorgan plans to raise $5 billion to $10 billion “in the next couple of months” from clients including pension funds, sovereign-wealth funds, family offices and private banks, Pil said. The New York-based bank already has about $10 billion of client capital that it intends to deploy on opportunities created by the market dislocation, he said. That encompasses roughly $3 billion intended for credit, $3 billion for real estate and $4 billion across transportation and infrastructure.“We have to have a road map for how to deploy capital in this environment,” he said.Newly raised capital will be earmarked for strategies including credit, where the firm will focus on financing commercial real estate and leveraged loans, special situations and private equity, and so-called liquid macro strategies such as foreign exchange, commodities and thematic equities.Amid the tumult, JPMorgan has inked leisure and transportation deals in Europe, Pil said, declining to provide details. The firm has identified potential investments associated with European office and industrial real estate, Japanese multifamily properties, and airplanes and container ships, he said.Buoyed by opportunities amid the liquidity struggles faced by companies hurt by the coronavirus pandemic, some alternative-investment firms across Wall Street have activated previously raised contingency funds, while others are seeking new pools of capital.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Wells Fargo & Co. is a leading lender to small and midsize U.S. companies, home buyers and commercial property investors, and has capacity to unleash about $384 billion of additional loans to customers trying to weather the coronavirus pandemic.But the bank can’t -- because it’s in the regulatory doghouse.The Federal Reserve remains reluctant to ease or lift its 2018 order capping the San Francisco-based lender’s assets because the company has yet to fully address concerns that prompted the unprecedented sanction, according to people with knowledge of the situation. The cap effectively prevents the bank from deploying a mountain of pent-up capital that could back a surge of lending.As the coronavirus pandemic began upending the economy in recent weeks, it quickly emerged that Wells Fargo’s representatives had privately broached the idea of at least temporarily lifting the restriction so it could help more customers. The Fed has yet to publicly disclose its decision.Behind the scenes, Fed officials are skeptical the bank is ready, the people said. Wells Fargo’s new leaders have been making progress but have yet to prove they have made adequate reforms to prevent the consumer abuses that fueled scandals in recent years. And they have confidentially warned the Fed they will miss an April deadline to submit a required plan for improvements.“While we cannot comment on regulatory matters, Wells Fargo is focused on satisfying the requirements of the consent order,” the company said in a statement. “During these challenging times, we are very focused on doing all we can for our clients while operating under the constraints of the asset cap.”Most FirepowerThe Fed’s consent order from February 2018 caps Wells Fargo’s assets at their 2017 level. At the end of last year, the bank was just $24 billion short of that level -- all the room it had to grow unless the ban is rescinded. With credit lines being drawn by companies and deposits flowing in, it may already have gotten there.Wells Fargo executives have made internal adjustments over the years to ensure they can meet customers’ needs. The bank should be able to keep meeting demands from existing clients, but it might be constrained in ramping up lending significantly as new ones seek help, one of the people said.The appeal puts the Fed in a difficult spot -- conflicted between its role as a tough regulator of financial giants and its current efforts as a central bank trying to ensure ample cash for the struggling economy. The Fed has encouraged the biggest lenders to use their excess capital and dip into additional buffers to expand lending during the pandemic.Bloomberg calculated Wells Fargo’s capacity for additional lending based on its capital at the end of 2019. Together, the nation’s eight banking titans had enough then to ramp up lending by $1.6 trillion. But ironically, the firm with the most firepower among them can’t proceed.It would be tricky to lift the ban temporarily, because it would entail setting a time line for undoing any growth. It’s one thing to prevent a balance sheet from expanding, quite another to shrink it significantly after making hundreds of billions of dollars in ongoing loans.Chief Executive Officer Charlie Scharf took over in October after two previous CEOs frustrated regulators and politicians who accused the bank of failing to act quickly enough to fix problems. Unlike his predecessors, both longtime Wells Fargo veterans, Scharf is an outsider, and he’s been developing plans to more radically overhaul the company. At a congressional hearing this year, he acknowledged there’s much left to do.The bank’s representatives didn’t try pressing a case to the Fed that Scharf’s work on reforms is done, the people said. Rather, they noted the scope of the emergency facing the country and the bank’s willingness to help. Without the cap, Wells Fargo would be able to arrange significantly more financing for consumers, local businesses, large corporations and municipalities.Wells Fargo has been in Washington’s crosshairs since a variety of scandals emerged following the 2016 revelation that employees had opened millions of potentially fake accounts to meet sales goals. Lawmakers on both sides of the aisle have expressed deep frustration with the bank, with some signaling the Fed would face a backlash if it’s lifted. But there’s a chance that the virus’s impact on the economy might shift the political landscape.On Saturday, Maxine Waters, who chairs the House Financial Services Committee, asked Fed Chair Jerome Powell for information on Wells Fargo’s request and what the regulator makes of it. She wants his staff to provide a briefing to the committee in coming days on its supervision of the bank.Desperate CompaniesCompanies eager for cash have drawn down credit lines and arranged new facilities, obtaining at least $177 billion in financing since March 9, when Bloomberg News began tracking the data. Behind the scenes, bankers have sought to persuade corporate clients that they don’t need to tap cash preemptively -- often for reasons that have less to do with liquidity than profitability. That suggests that even if Wells Fargo’s cap were lifted, it may not rush to deploy all of the money.While lending boosts the asset side of banks’ balance sheets, investors fleeing capital markets have generated a flood of deposits, increasing the liability side. By March 18, the 25 largest commercial banks had collectively gained $420 billion of deposits this year, according to Fed data.Wells Fargo had 9.6% of the market share for U.S. deposits in 2019, according to Federal Deposit Insurance Corp. data. If it maintained that share, the influx would amount to about $40 billion, potentially pushing the bank above its 2017 asset cap.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Lake Charles is one of several LNG export projects based around the world that have been delayed in recent months by the collapse in global energy prices. U.S. gas prices have recently dropped to their lowest since 1995.
Some of the roughly 200,000 workers at U.S. online grocery delivery company Instacart said they were striking on Monday as labor unrest grows globally over safety and wages for people working through the coronavirus crisis. Workers at an Amazon.com Inc warehouse in Staten Island, New York also plan to walk off the job on Monday. It was not immediately clear how many Instacart workers were participating in the strike, organized by a group called the Gig Workers Collective, or what impact it might have on operations.
With the recent market crash, stocks in all sectors are down. Now is the time for long-term investors to pounce on blue-chip stocks!The post Market Crash: This Blue-Chip Stock Is Cheap! appeared first on The Motley Fool Canada.
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With the approval of increasing their stake in respective securities JV, Morgan Stanley (MS) and Goldman (GS) are set to further diversify their revenues.
Bank of Montreal (TSX:BMO)(NYSE:BMO) and another Canadian bank stock could allow contrarians to lock in a massive dividend alongside outsized capital gains going into year end.The post 2 Oversold Canadian Bank Stocks I Bought in March appeared first on The Motley Fool Canada.
JPMorgan, Wells Fargo, Walgreens, Constellation Brands and Nike are part of Zacks Earnings Preview
West Texas Intermediate, the New York-traded benchmark for U.S. crude prices, was down $1.51, or 7%, at $20 per barrel by 1:32 PM ET (17:32 GMT). “With the lockdowns extending geographically to India, the U.S. (and) now Russia, as well as extending in time in other regions, the focus has entirely shifted to demand destruction,” said Olivier Jakob of Zug, Switzerland-based oil risk consultancy Petromatrix.
The out-of-the-box mass campaigns by corporate firms to spread the message of social distancing through easily identifiable brand logos and taglines could work wonders to confine coronavirus epidemic.
Wall Street was set to open slightly higher on Monday as President Donald Trump followed last week's massive fiscal stimulus by extending his stay-at-home guidelines, leaving investors guessing at their economic impact. The S&P 500 posted its biggest weekly percentage gain in over a decade last week, while the Dow Jones its best since 1938, thanks to the record $2.2 trillion in aid agreed by officials.