Stocks and Securities
Stocks are poised to move higher Thursday morning with the Dow futures currently pointing to an 80 point move to the upside.[finviz ticker=SPY width=400] [finviz ticker=IYY width=400] [finviz ticker=QQQE width=400] [finviz ticker=IWM width=400]
Starting with one of our top favourite industries – the oil patch. On the New York Mercantile Exchange, August West Texas Intermediate crude tacked on $2.23, or 3.2%, to settle at $72.76 a barrel. That was the highest finish since Nov. 26, 2014. August Brent crude, the global benchmark, settled $1.31, or 1.7%, at $77.62 a barrel on ICE Futures Europe, for the highest finish since May. The price spike came as the U.S. Energy Information Administration reported Wednesday that crude supplies dropped by 9.9 million barrels for the week ended June 22—the largest weekly decline so far this year. Analysts surveyed by S&P Global Platts had forecast a fall of 2.3 million barrels. Record crude exports and record refinery runs have combined to yield the biggest draw to crude stocks so far this year.
President Donald Trump last month pulled the U.S. out of a 2015 international agreement to curb Iran’s nuclear program, setting the stage for the reimposition of economic sanctions on the Islamic Republic that were already expected to hinder its oil exports.Iran currently exports around 2.4 million barrels a day of crude. Analysts had estimated that anywhere between 400,000 to a 1 million barrels could be at risk once sanctions are fully reinstated in six months. This should bode well for shares of our top “Morning Coffee” oil pick Anadarko Petroleum [stock_quote symbol=”APC”].[finviz ticker=WTI width=400] [finviz ticker=APC width=400]
In other news, the US Justice Department has reached a settlement with Disney [stock_quote symbol=”DIS”] that will allow the company to purchase most of 21st Century Fox [stock_quote symbol=”FOX”] assets. As part of the settlement, Disney will have to sell off 22 of Fox’s regional sports networks. The settlement still has to be approved by a federal judge, and Fox shareholders also have to vote in favour of the deal. This deal goes to show content is king and why our recent “Morning Coffee” pick Netflix [stock_quote symbol=”NFLX”] remains one of our top picks.
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Not to leave out the never ending trade war effects, The Shanghai Composite slid into bear market territory on Tuesday, closing more than 20% below its recent high in January. The index fell 0.5% on the day. Chinese stocks have come under pressure in recent weeks from concerns over the emerging trade war the United States. The Shanghai Composite has been one of the world’s worst performing stock indexes this year.
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In individual stock news, BMO Capital Markets raised their target on shares of Salesforce CRM to $152 from $147 while noting it one of their top picks. This indicates approximately a %15 upside from the currency price.
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Amazon Inc. [stock_quote symbol=”AMZN”] announced the launch of a new offering that helps entrepreneurs build their own companies delivering Amazon packages. Amazon will take an active role in helping interested entrepreneurs start, set up and manage their own delivery business. Successful owners can earn as much as $300,000 in annual profit operating a fleet of up to 40 delivery vehicles.
Blockchain and cryptocurrency
Nobel prize winner Robert Shiller, stated that Bitcoin is a remarkable social phenomenon. He stated that Bitcoin splits geographical lines of U.S. “The East Coast is less into it than the West Coast,” Shiller said Tuesday in a Bloomberg Television interview with Tom Keene and Guy Johnson. Although he stated that“It is a speculative bubble. That doesn’t mean that it will go to zero…tulips are still valued, there are some expensive tulips.” he stated.
Yesterday Facebook [stock_quote symbol=”FB”] stated that it will loosen their ban on cryptocurrency ads on their platform. Facebook stated that it will have an application process for which companies can apply for their ads to be placed for users. The company has stated that this is not a green light for ICO advertisement as ICOs will still be banned. Facebook has started their own blockchain / cryptocurrency division which is being led by the head of former product head of Instagram – owned by facebook. Rumours have spread that the social media giant is looking to perhaps buy Coinbase. The San Francisco-based company valued itself at $8b USD earlier in May. Facebook [stock_quote symbol=”FB”] reported approximately $4.3b USD cash on hand in their Q4 earnings which may give them enough capital to make a significant push to perhaps become a majority stakeholder in the exchange.
In order news, Pornhub announced that they have partnered with Tron and ZenCash. This comes after they announced in April of this year that they have partnered with Verge – a partnership that Verge and its community paid about $75m USD for. This means that Pornhub’s 90m users are now able to make payment using one of the three cryptocurrencies. This may deter corporate partenerships with Tron.
Expedia.com – one of the largest sites used for booking flights/hotels confirmed that the service “no longer accepts digital currency Bitcoin,” starting from June 10, 2018, apologizing for “any inconvenience this may cause.” The service did not comment on the cancellation either on social media or on its website. This is a big step back as they were one of the main adopter of cryptocurrency as they announced their partnership with Coinbase back in 2014. They cited the volatility of Bitcoin t be the driving factor in their decision making.
Bitcoin continues to stay within range. The price has not moved significantly since our publication of our previous report. We will post another update today, so please look forward to that. However, it is imperative to note that our bearish sentiment continues to stand.
Ethereum is up slightly this morning, however, looking at the chart in comparison to the Bitcoin chart, you can see that where Bitcoin goes, as does Ethereum. Ethereum seems ready to breakout. Read our price prediction coming later today.
Stocks on the Radar
Anadarko Petroleum Corporation (APC) [stock_quote symbol=”APC”] as stated above, operating primarily in the Delaware Basin in West Texas and New Mexico as well as in Northeast Colorado and the Gulf of Mexico. Anadarko currently produces approximately 643,000 barrels per day and expects that number to increase to an average of 658,000 to 685,000 barrels per day for the full year 2018. Having topped analyst estimates in the most recent quarter, reporting revenues of $3.045 billion and earnings of $0.52/share, the company is expected to earn $2.73/share in 2018. While oil prices may come down over the next few weeks, any period of strong global economic growth and uncertain foreign oil production, especially from Venezuela and Iran, should boost prices later this year and steady growing U.S production should place Anadarko Petroleum as a top beneficiary in the oil sector. US crude inventories will be released at 10:30 a.m. ET. We would use any pullback in prices to add to our recent “Morning Coffee” pick Anadarko Petroleum (APC) .
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Annaly Capital Management [stock_quote symbol=”NLY”] – With the June 30 dividend date, our readers need to include the $0.30 to the stocks performance.
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Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. The Author does not hold any of the securities discussed above.
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