Warren Buffett, Wells Fargo’s biggest fan, says the Federal Reserve is making him reduce his stake in the embattled bank.
Buffett’s Berkshire Hathaway (BRKB) disclosed in a regulatory filing on Wednesday that it sold 7.1 million shares of Wells Fargo (WFC) for $384 million this week. It intends to sell an additional 1.7 million shares of Wells soon.
Berkshire’s stake in the bank had climbed above 10%. That would trigger Fed restrictions on how much business Berkshire can do with the bank. The company is selling stock to bring its stake back below 10%.
Shares of Wells Fargo fell slightly in after-hours trading Wednesday following the disclosure. They fell even more in pre-market trading Thursday after the company reported flat earnings in the first quarter.
Wells has been hammered in the last year, since the bank admitted that its employees created millions of unauthorized accounts for clients in order to meet sales quotas at the bank. Buffett has stood by the bank, calling it an “incredible institution” that had made a “terrible mistake.”
Top 10 Bank Stocks For 2018: CytRx Corporation(CYTR)
- [By Roberto Pedone]
Another under-$10 biotechnology player that’s starting to trend within range of triggering a major breakout trade is CytRx (CYTR), which has an oncology pipeline that includes two programs in clinical development for cancer indications: aldoxorubicin and tamibarotene. This stock has been moving to the upside during the last three months, with shares up by 21%.
If you take a look at the chart for CytRx, you’ll notice that this stock has been trending sideways inside of a consolidation chart pattern for the last two months, with shares moving between $2.27 on the downside and $2.68 on the upside. That consolidation pattern has occurred right above this stock’s 50-day and 200-day moving averages. Shares of CYTR have now started to break out above some near-term overhead resistance at $2.49 a share. That move is quickly pushing CYTR within range of triggering an even bigger breakout trade above the upper-end of its recent sideways trading chart pattern.
Market players should now look for long-biased trades in CYTR if it manages to break out above some near-term overhead resistance levels at $2.68 to $2.80 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 154,838 shares. If that breakout triggers soon, then CYTR will set up to re-test or possibly take out its next major overhead resistance levels at $3.20 to $4 a share.
Traders can look to buy CYTR off any weakness to anticipate that breakout and simply use a stop that sits right below its 200-day at $2.33 a share or below more support at $2.27 a share. One can also buy CYTR off strength once it clears those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.
Top 10 Bank Stocks For 2018: Gol Linhas Aereas Inteligentes S.A.(GOL)
- [By Monica Gerson]
Gol Linhas Aereas Inteligentes SA (ADR) (NYSE: GOL) is expected to post a quarterly loss at $0.73 per share on revenue of $705.31 million.
Caretrust REIT Inc (NASDAQ: CTRE) is estimated to post its quarterly earnings at $0.26 per share on revenue of $22.21 million.
- [By Lisa Levin]
Regional Airlines: The industry dropped 1.9 percent by 11:00 am. The worst performer in this industry was Gol Linhas Aereas Inteligentes SA (ADR) (NYSE: GOL), which declined 5.8 percent.
- [By Dan Caplinger]
Yet some stocks didn’t participate in the rally, instead contending with negative news of their own. Zoe’s Kitchen (NYSE:ZOES), GOL Lineas Aereas Inteligentes (NYSE:GOL), and Sarepta Therapeutics (NASDAQ:SRPT) were among the worst performers on the day. Below, we’ll look more closely at these stocks to tell you why they did so poorly.
Top 10 Bank Stocks For 2018: Spark Therapeutics, Inc.(ONCE)
- [By Paul Ausick]
Spark Therapeutics Inc. (NASDAQ: ONCE) dropped 44% Monday to post a new 52-week low of $41.06 after closing at $73.38 on Friday. The 52-week high is $91.75. Volume was around 13.5 million, nearly 30 times the daily average of about 480,000. The company’s hemophilia A drug posted disappointing trial results.
- [By Lisa Levin]
Shares of Spark Therapeutics Inc (NASDAQ: ONCE) were down 36 percent to $47.08 on preliminary SPK-8011 trial data.
Athenex Inc (NASDAQ: ATNX) was down, falling around 13 percent to $13.95. Almirall and Athenex reported a strategic partnership to develop and commercialize KX2-391 in the U.S. and Europe.
- [By Jim Robertson]
On Wednesday, our Elite Opportunity Pronewsletter suggested going long again on small cap gene therapy stock Spark Therapeutics (NASDAQ: ONCE):
Financially, Spark Therapeutics has over $300M in cash on the books and no debt to speak of yet, which equates to a share price of just over four times cash. The Company has generated over $20M in revenue for the trailing twelve months, and although the Company is expected to continue to lose money for the next few years, any strong clinical data that hits the tape could rocket shares of ONCE overnight, just like we’ve seen with so many others over the years.
Top 10 Bank Stocks For 2018: Jacobs Engineering Group Inc.(JEC)
- [By Chris Lange]
The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Tuesday was Jacobs Engineering Group Inc. (NYSE: JEC) which rose about 9% to $64.92. The stocks 52-week range is $49.31 to $65.29. Volume was1.8 million compared to its average volume of less than 1 million.
- [By Ben Levisohn]
Lee offers 22 stocks that could benefit from the correlation trade: Western Digital (WDC), Xerox (XRX), First Solar, Ford Motor, Best Buy (BBY), PulteGroup (PHM), AutoNation (AN), Textron (TXT), Jacobs Engineering Group (JEC), Mosaic, BB&T (BBT), Fifth Third Bancorp (FITB),Loews (L), Regions Financial (RF), KeyCorp (KEY), Comerica (CMA), Leucadia National (LUK), Zions Bancorp (ZION), Valero Energy (VLO), Marathon Oil, Cardinal Health (CAH), and Pepco Holdings (POM).
Top 10 Bank Stocks For 2018: Autohome Inc.(ATHM)
- [By Monica Gerson]
Autohome Inc (ADR) (NYSE: ATHM) is estimated to report its quarterly earnings at $1.68 per share on revenue of $1.05 billion.
Vera Bradley, Inc. (NASDAQ: VRA) is expected to report its quarterly earnings at $0.05 per share on revenue of $106.75 million.
- [By R. Chandrasekaran]
The following stocks are rated with Neutral:
JD.Com Inc(ADR) (NASDAQ: JD). Vipshop Holdings Ltd – ADR (NYSE: VIPS). Autohome Inc (ADR) (NYSE: ATHM). SouFun Holdings Ltd (NYSE: SFUN). Leju Holdings Ltd (ADR) (NYSE: LEJU).
The following stocks are rated Underweight:
Top 10 Bank Stocks For 2018: Medical Marijuana, Inc. (MJNA)
- [By Peter Graham]
A long term performance chart shows GW Pharmaceuticals PLC outperforming other marijuana stocks like Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE), Cannabis Science Inc (OTCMKTS: CBIS) and Medical Marijuana Inc (OTCMKTS: MJNA), but shares are also once again falling off from all-time highs:
- [By Keith Speights]
As increasingly more marijuana growers entered the market and more states allowed residents to legally grow marijuana, cannabis prices dropped throughout 2016. Wholesale marijuana prices late in the year were roughly half the levels of 12 months earlier. Will this trend continue — and possibly hurt leading marijuana stocks including Aphria (NASDAQOTH:APHQF),Aurora Cannabis (NASDAQOTH:ACBFF), Medical Marijuana,Inc.(NASDAQOTH:MJNA), and even GW Pharmaceuticals (NASDAQ:GWPH) in the process?
- [By Matthew Briar]
Look out Cannabis Science Inc (OTCMKTS:CBIS), and step aside Medical Marijuana Inc (OTCMKTS:MJNA). There’s a new cannabis name on the scene…. Algae Dynamics Corp. (OTCMKTS:ADYNF). It may not be known (or named) like its marijuana peers, but give it time. This small cap company has a very big idea, and it’s going to sprout soon.
Yes, Algae Dynamics is an algae company. It’s not just an algae company though.
Algae Dynamics is the owner of the proprietary BioSilo ™ process. BioSilo is a way of growing algae quickly and effectively…. a mix of an open-pond system and a photobioreactor, which is a light-driven approach to growing algae. It can be viewed as a “best of both worlds” approach, lowering the typical cost of algae farming, while the modular design makes it easy to maintain.
The company could go a lot of directions with the technology, Most of the tens of thousands of species of algae are rather flexible in how they can be purposed, and what they can become. Algae Dynamics is first focused on the development of two kinds of products though…. Chlorella, and Omega-3.
Chlorella is a type of microalgae that can be processed into a consumable powder by drying it until it takes a powder form, similar to coffee. Chlorella is rich in minerals, prebiotics, vitamins, and other nutritional substances. It can be added to a baked goods and a number of other products, or taken as a supplement on its own. Chlorella is used in over 1,000 products in the food and beverage markets. Algae Dynamics estimates the global Chlorella market was $210.3 million in 2014 and is expected to reach $265.5 million in 2018.
Despite a market for Chlorella in North America, there are no commercial North American producers of it.
Due to its health benefits, Omega-3 oil can be added to a very wide range of products. Consumers are increasingly aware of these benefits too, leading to substantial growth in the industry; health supplements compr
Top 10 Bank Stocks For 2018: Inter Parfums, Inc.(IPAR)
- [By Monica Gerson]
Inter Parfums, Inc. (NASDAQ: IPAR) is estimated to post its quarterly earnings at $0.31 per share on revenue of $110.58 million.
Norwegian Cruise Line Holdings Ltd (NASDAQ: NCLH) is expected to report its quarterly earnings at $0.37 per share on revenue of $1.10 billion.
Top 10 Bank Stocks For 2018: SeaWorld Entertainment, Inc.(SEAS)
- [By Jon C. Ogg]
SeaWorld Entertainment Inc. (NYSE: SEAS) was downgraded to Sell from Neutral and the price target was cut to $15 from $19 (versus an $18.88 close) at Citigroup.
- [By WWW.THESTREET.COM]
SeaWorld Entertainment (SEAS) is probably the most famous example of a company that’s suffered from animal cruelty allegations. Shares of the theme park operator, backed by Blackstone (BX) , have never recovered from the release of the 2013 documentary Blackfish, which argued that orca captivity is inhumane and dangerous to the human trainers of the orcas. SeaWorld announced in March that it would phase out its orca captivity, breeding and live shows. The company’s remaining whales, most of which were born in captivity, will live out their lives at the parks. The news sent SeaWorld shares soaring 9%, but continued attendance drops forced the company to slash its dividend and invest $175 million in new attractions.
- [By Ben Levisohn]
SeaWorld Entertainment (SEAS) has dropped 2.2% to $18.47 after getting cut to Sell from Neutral at Citigroup.
Valeant Pharmaceuticals International (VRX) has jumped 4.3% to $11.68 after activist investor ValueAct bought three million shares of the beaten-down specialty pharmaceutical company.
- [By Peter Graham]
The Q4 2016 earnings report for troubled small capSeaWorld Entertainment Inc (NYSE: SEAS) is scheduled for before the market opens onTuesday (February 28th) as the company still grapples with thefallout generated from the highly critical documentary Blackfish. On Tuesday, SeaWorld Entertainment reportedthat preliminary total 2016 revenues were expected to be $1.344 billion and total attendance was approximately 22.0 million guests for the year. The CEO commented:
- [By Benzinga News Desk]
In the parched terrain just south of the United States border, the prices of food and other necessities follow the dollar, whose value has been climbing: Link
Industrial Production (MoM) for Feb 0.00% vs 0.20% consensus estimate; Manufacturing Outputs (MoM) for Feb 0.50% vs 0.40% consensus estimate.
The University of Michigan's consumer sentiment index for March is schedule for release at 10:00 a.m. ET.
The index of leading economic indicators for February will be released at 10:00 a.m. ET.
The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
Wunderlich upgraded Adobe Systems (NASDAQ: ADBE) from Hold to Buy
FBR Capital upgraded L Brands (NYSE: LB) from Market Perform to Outperform
Morgan Stanley upgraded Dean Foods (NYSE: DF) from Neutral to Overweight
Baird downgraded Patheon (NYSE: PTHN) from Outperform to Neutral
Citigroup downgraded SeaWorld Entertainment Inc (NYSE: SEAS) from Neutral to Sell
Goldman Sachs downgraded Macerich (NYSE: MAC) from Neutral to Sell
This is a tool used by the Benzinga News Desk each trading day — it's a look at everything happening in the market, in five minutes. To get the full version of this note every morning, click here or email firstname.lastname@example.org.
- [By Rick Munarriz]
It’s time to see if SeaWorld Entertainment (NYSE:SEAS) can earn a treat by performing a fancy trick above water. The struggling theme park operator has a media event slated for Thursday morning at its flagship SeaWorld Orlando park. Speculation centers around the unveiling of a new sea-rescue-themed attraction, but some brand bashers hope that SeaWorld will be taking additional steps to wean itself from live marine-life entertainment.
Top 10 Bank Stocks For 2018: Addus HomeCare Corporation(ADUS)
- [By Lisa Levin] Gainers
Marathon Patent Group Inc (NASDAQ: MARA) shares rose 47.1 percent to $3.22 in pre-market trading after jumping 54.23 percent on Wednesday.
Digital Power Corporation (NYSE: DPW) rose 27.6 percent to $0.800 in pre-market trading after gaining 9.79 percent on Wednesday.
Social Reality Inc (NASDAQ: SRAX) shares rose 23.1 percent to $7.16 in the pre-market trading session after surging 37.59 percent on Wednesday.
China Auto Logistics Inc (NASDAQ: CALA) rose 16.9 percent to $4.15 in pre-market trading after gaining 4.11 percent on Wednesday.
Riot Blockchain Inc (NASDAQ: RIOT) rose 15.1 percent to $18.40 in pre-market trading after climbing 42.01 percent on Wednesday.
Seven Stars Cloud Group Inc (NASDAQ: SSC) rose 14.5 percent to $2.85 in the pre-market trading session after gaining 0.40 percent on Wednesday.
Affimed NV (NASDAQ: AFMD) shares rose 14.3 percent to $2.40 in pre-market trading after gaining 4.88 percent on Wednesday.
Corecivic Inc (NYSE: CXW) rose 10.2 percent to $25.56 in pre-market trading after climbing 0.65 percent on Wednesday.
LM Funding America, Inc. (NASDAQ: LMFA) rose 9.6 percent to $3.30 in pre-market trading after surging 34.98 percent on Wednesday.
U.S. Global Investors, Inc. (NASDAQ: GROW) rose 7.2 percent to $3.30 in pre-market trading after dropping 8.06 percent on Wednesday.
Xunlei Ltd (NASDAQ: XNET) rose 6.8 percent to $25.61 in pre-market trading after climbing 11.74 percent on Wednesday.
Net 1 UEPS Technologies Inc (NASDAQ: UEPS) shares rose 5.9 percent to $13.00 in pre-market trading after gaining 21.34 percent on Wednesday.
Addus Homecare Corporation (NASDAQ: ADUS) rose 5.5 percent to $35.60 in pre-market trading after gaining 3.69 percent on Wednesday.
TOP SHIPS Inc (NASDAQ: TOPS) rose 5.2 percent to $0.528 in pre-market trading after falling 10.36 percent on Wednesday.
Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) rose 4.7 percent to $14.11 in pre-market trading. Teva Pharma
Top 10 Bank Stocks For 2018: Energy Focus, Inc.(EFOI)
- [By Peter Graham]
Meanwhile, small cap Energy Focus Inc (NASDAQ: EFOI) calls itself an industry-leading innovator of energy-efficient LED lighting technology that aims to be the trusted leader in LED lighting retrofit. As the creator of the first, and so far, only UL-verified low-flicker LED products on the U.S. market, Energy Focus products provide extensive energy and maintenance savings, and aesthetics, safety, health and sustainability benefits over conventional lighting. Customers include national, state and local U.S. government agencies (thanks to numerous research and development projects for the DOE and DARPA) as well as Fortune 500 companies, the U.S. Navy and many others.
- [By Lisa Levin]
Shares of Energy Focus Inc (NASDAQ: EFOI) were down 40 percent to $7.95 after the company reported weaker-than-expected Q4 results.
Omega Protein Corporation (NYSE: OME) was down, falling around 20 percent to $17.47 after the company reported weaker-than-expected results for its fourth quarter.