Check out this new insurance option geared towards millennials who want a custom-made coverage policy for just about anything.
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Robocalls are exploding again, but there are some ways to stop these nuisances.
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Here's what still has to happen, including the big vote scheduled for Friday.
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Americans can’t file their income taxes fast enough — but they should brace for some unwelcome news in their 2020 returns
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- Associated Press
Russian media reported that a Boeing 777 plane made an emergency landing in Moscow in the early hours of Friday after the pilot reported a problem with the engine. The Interfax news agency cited an anonymous source saying that the pilot on the flight from Hong Kong to Madrid reported a failure of one of the left engine control channels and requested an emergency landing at the Moscow Sheremetyevo airport. Hong Kong's Civil Aviation Department identified the plane as a B777-300ER operated by Russia's state-funded Rossiya Airlines for cargo service.
The $20 trillion Treasury bond market is getting jittery. The question is what is the Federal Reserve going to do about it? The US Treasury’s auctions of five- and seven-year securities were poorly received by investors.
- LA Times
Senate Minority Leader Mitch McConnell is still throwing sand in the gears of good government. The result risks bankrupt states and localities.
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The NEXT: 21 to watch in 2021 —Representative Young Kim talks to Yahoo Finance about her goal of finding common ground and the future of the GOP.
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In this article we are going to estimate the intrinsic value of Triton International Limited ( NYSE:TRTN ) by...
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(Bloomberg) -- The world’s largest Bitcoin fund is selling off faster than the cryptocurrency itself as investors rush to the exits.The $31.6 billion Grayscale Bitcoin Trust (ticker GBTC) plunged 22% this week, outpacing a 17% decline in the world’s largest cryptocurrency. That’s evaporated GBTC’s once-massive premium to the Bitcoin it holds, with the price of GBTC closing 3.8% below the value of its underlying holdings on Thursday -- a record discount, according to data compiled by Bloomberg.It’s an unusual situation for GBTC, which has persistently traded at a premium to its net asset value since the fund’s launch in 2013. That figure soared to 40% in late 2020, with investors willing to pay a markup for exposure to Bitcoin‘s dizzying rally. That avalanche of inflows swelled the number of GBTC shares outstanding to a record 692 million. However, GBTC doesn’t allow redemptions -- meaning that shares can only be created, but not destroyed. With Bitcoin’s climb now stalling, that’s created a supply and demand imbalance as participants in the trust seek to find buyers in the secondary market.“It’s more indicative of the fact that there are so many shares are available, and it indicates demand for Bitcoin at these prices is falling off,” said Bloomberg Intelligence analyst James Seyffart.Bitcoin surged to a record of over $58,000 last weekend, but has stumbled since. The cryptocurrency slipped another 0.2% on Friday, on track for its worst weekly pullback in a year. The wider Bloomberg Galaxy Crypto Index, tracking Bitcoin, Ether and three other cryptocurrencies, is down 19.7% this week.Bitcoin’s lurch lower is part of a broader risk asset stumble, as spiking Treasury yields rattle the market’s more speculative fringes. High-flying tech stocks have been hammered as investors reassess lofty valuations, with the Nasdaq 100 on track for its worst week since March.Among those hit the hardest is Cathie Wood’s lineup of Ark Investment Management ETFs. The flagship ARK Innovation ETF is on track for a fifth consecutive day of declines, and is poised to erase its year-to-date gains after a nearly 150% surge in 2020. Ark Investment is the fourth-largest holder in GBTC.Michael Sonnenshein, chief executive officer of Grayscale Investments, acknowledged the risk of GBTC’s premium disappearing while speaking in a panel for the Bloomberg Crypto Summit on Thursday.“It’s certainly a risk, no question about it, but ultimately price discovery in GBTC every day is driven entirely by market forces,” Sonnenshein said.A host of new entrants could also be challenging GBTC’s command of the competitive landscape. The Bitwise 10 Crypto Index Fund, the Osprey Bitcoin Trust and the SkyBridge Bitcoin Fund LP have all launched within the past three months. Meanwhile, two Bitcoin ETFs -- a structure yet to be approved by U.S. regulators -- began trading this month in Canada.“Since the beginning of the year, we’ve seen the launch of multiple competing products,” said Nate Geraci, president of the ETF Store, an advisory firm. “The unpleasant truth for GBTC investors is that competition erodes demand for the product, which can lead to a collapsing premium or even a discount.”(Updates prices throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
- Motley Fool
After the November election, 36 U.S. states have now legalized medical marijuana and 15 allow recreational marijuana. Innovative Industrial owns 67 properties across 17 states, with 5.8 million square feet of rentable property.
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(Bloomberg) -- The House is poised to pass President Joe Biden’s $1.9 trillion Covid-19 stimulus, but a ruling by late Thursday by a Senate official dealt a major blow to prospects that the final legislation will include a hike in the U.S. minimum wage to $15 per hour.Friday’s vote in the House will bring most Americans one step closer to receiving $1,400 relief payments and move action to the Senate, where disagreements among Democrats over the minimum wage had been the biggest obstacle to turning the pandemic relief plan into law.However, Senate parliamentarian Elizabeth MacDonough found that the wage provision did not qualify for action under budget reconciliation, a fast-track procedure that would let Democrats pass the stimulus with only 50 votes in the evenly divided Senate.Democrats don’t yet have a unified approach for dealing with the minimum wage decision. While Biden called on Congress to “quickly” pass the relief bill, progressives are urging Democrats to overrule the parliamentarian or wage a battle over tax penalties to force higher wages. That raises the potential for disputes that delay Senate passage of the broader stimulus package.The $15 minimum wage had been a rallying point for progressive Democrats, and Senate Budget Chair Bernie Sanders immediately proposed a work-around to raise pay for low-level workers.“I will be working with my colleagues in the Senate to move forward with an amendment to take tax deductions away from large, profitable corporations that don’t pay workers at least $15 an hour and to provide small businesses with the incentives they need to raise wages,” Sanders said in a statement. “That amendment must be included in this reconciliation bill.”Senate Finance Chair Ron Wyden also endorsed the idea of a tax penalty for large corporation “that refuse to pay a living wage.”There may be prospects for bipartisan talks on a standalone measure. On Friday, Republican Senator Josh Hawley of Missouri proposed requiring companies with at least $1 billion in revenue to pay employees $15 an hour.White House economic adviser Brian Deese said Friday on MSNBC that the administration will “talk this morning and in coming days” with congressional leaders to “figure out the best way” to proceed with a minimum-wage hike while at the same time making progress on the aid bill.Using tax incentives may address a main complaint from opponents of raising the minimum wage to $15 an hour: That it would be onerous for small businesses. It also may be a way to appeal to two Senate Democrats, West Virginia’s Joe Manchin and Arizona’s Kyrsten Sinema, who’ve expressed opposition to elevating the wage floor that high nationally and whose votes are needed to pass the legislation in the face of unified Republican opposition. Potential for CompromiseManchin has backed an $11 an hour minimum, phased in over two years, and then indexed to inflation. He said on Thursday before the Senate parliamentarian ruled that a compromise might be found. “There are a lot of things we can do,” he said.Faced with the influence that moderates like Manchin wield in the 50-50 Senate, progressives have said they’re prepared to use their own leverage in the House, where Speaker Nancy Pelosi can only afford to lose five votes and still pass bills if all Republicans stick together in opposition.“We can’t just roll over and allow a tiny group -- maybe two members of the Senate on the Democratic side -- to drag all Democratic policies, including Biden’s policies, to the right,” said Representative Alexandria Ocasio-Cortez of New York.Without a tax maneuver, Democrats would likely have to try to pass the wage increase through the ordinary legislative process, which would require the votes of 10 Republicans to reach the threshold of 60 to cut off debate. The parliamentarian’s ruling can be overturned by 51 votes, but Manchin already has said he wouldn’t supply the key vote to do so.While Vice President Kamala Harris, in her role as president of the Senate, could attempt to overrule the parliamentarian, White House Chief of Staff Ron Klain and Press Secretary Jen Psaki have both said that they do not expect her to do that. She would still need enough senators to agree with her, which appears unlikely.Biden, a 36-year veteran of the Senate, recognized that the minimum wage might not qualify under the chamber’s rules, and earlier this month urged that a standalone bill be sent to him in that case. In a statement Thursday night, Psaki said the president respects the Senate process and that he “will work with leaders in Congress to determine the best path forward because no one in this country should work full time and live in poverty.”Senate Majority Leader Chuck Schumer said he was “deeply disappointed” with the parliamentarian’s decision.“We are not going to give up the fight to raise the minimum wage to $15 to help millions of struggling American workers and their families,” he said in a statement. “The American people deserve it, and we are committed to making it a reality.”The parliamentarian’s decision is likely to rekindle pressure from progressives in both chambers for Senate Democrats to jettison the filibuster rule, which requires 60 votes to pass most legislation.With the House set to vote on Friday, Democrats plan to get the pandemic relief bill through the Senate and to Biden’s desk by March 14, when expanded pandemic unemployment benefits begin to expire. The legislation would extend those through August, and bolster state benefits to $400 per week, up from the $300 per week currently.The bill also provides money for Covid vaccines, testing and care along with funds for schools, a temporary expansion of the child tax credit, and temporary health care premium subsidies among other items.House and Senate Republicans are expected to be united in opposition, arguing that it is too costly and insufficiently targeted. They have especially criticized the $350 billion in aid to state and local governments on the grounds that their finances on the whole haven’t been very hard hit during the pandemic.“This bill is actually too costly, too corrupt and too liberal -- less than 9% of this bill goes to defeating this virus,” House Minority Leader Kevin McCarthy told Fox News on Thursday.(Updates with GOP senator’s proposal in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Ark Investment Management’s miserable week showed signs of easing on Friday, as its flagship exchange-traded fund avoided a fifth day of declines.The ARK Innovation ETF (ticker ARKK) climbed almost 2% as of 12:20 p.m. in New York, after earlier sliding as much as 2.7%. The fund is still down more than 13% this week amid a technology selloff that was triggered by rising Treasury yields, putting pressure on high-flying stocks. One of those shares is electric-car maker Tesla Inc., which remains as the ETF’s biggest holding and rebounded Friday.The last time Ark founder Cathie Wood suffered a weekly run this bad was almost a year ago, during the worst of the Covid-fueled mayhem. Her main fund is now 11 times larger than it was then. It got close to erasing its gains for 2021 this week after soaring as much as 26% since the end of December.“I would expect high-momentum funds like ARKK to remain more volatile than the market,” said Mike Bailey, director of research at FBB Capital Partners.Assets in the ETF have slumped by $4.9 billion this week to $23.3 billion, according to data compiled by Bloomberg. The figure doesn’t include flows from Thursday, when ARKK dropped 6.4% for its worst day in almost six months. Investors pulled about $200 million from the fund in Wednesday trading. That brings total weekly outflows to $638 million, on pace to be the worst on record.“Money that is ‘easy come’ tends to be money that is ‘easy go’,” said Ben Johnson, Morningstar’s global director of ETF research. “You’re going to see similar, if not potentially greater, market impact on the way down, especially given that this is an actively managed ETF and a fully transparent one. The market is hanging on their every move, they’re watching their every move.”Bearish bets against the ETF continue to grow, with short interest now accounting for more than 4% of available shares, according to data from IHS Markit Ltd.Michael Purves, chief executive officer at Tallbacken Capital Advisors, said in a note Thursday that his firm is taking profits on ARKK puts, but “will look to re-enter a second bearish trade on a bounce.”Ark Investment slipped to the eighth place among the largest exchange-traded fund issuers in the $5.9 trillion industry, after becoming the seventh biggest earlier this month. Total ETF assets for the company are now just shy of $53 billion, down from more than $60 billion at the prior peak.Wood’s $10.6 billion ARK Genomic Revolution ETF (ARKG) is now flat for the year and lost $154 million on Wednesday for its third straight day of outflows. At the same time, traders pulled another $48 million from ARK Next Generation Internet ETF (ARKW).For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
GameStop Can Justify Its Valuation By Turning Into A '5,000-Store Introduction To Crypto,' Says Cramer
CNBC host Jim Cramer said Thursday that GameStop Corporation (NYSE: GME) could justify its share price by turning into a cryptocurrency play. What Happened: The “Mad Money” host made references to other companies like Paypal Holdings Inc (NASDAQ: PYPL) and Nvidia Corporation (NASDAQ: NVDA), both of which are linked in some way or the other to cryptocurrency at the present. “If GameStop were to turn itself into a 5,000-store introduction to crypto, make it so that they sell $1 billion worth of stock ... and buy crypto with it, and then make it so it’s an international gaming place where you win bitcoin, I think you can justify the stock price,” theorized Cramer. “I have not been able to come up with anything else, but this works. And it doesn’t have to be bitcoin. We can make it crypto.” See also: How to Buy GameStop (GME) Stock Cramer said if GameStop turns itself into a “crypto information place” and has worldwide games with no latency it would add to the credibility of GameStop investor and Chewy Inc. (NYSE: CHWY) co-founder Ryan Cohen. The former hedge fund manager also pointed to the upcoming resignation of GameStop CFO Jim Bell and said, “CFOs, they tend not to have bitcoin on their balance sheet. Perhaps Jim Bell, that’s what he didn’t want.” Cramer called Cohen a “big thinker” and said “I have a feeling that this is the way to get this stock higher. I can’t come up with another way.” Why It Matters: GameStop, AMC Entertainment Holdings Inc (NYSE: AMC), BlackBerry Ltd (NYSE: BB), and Nokia Oyj (NYSE: NOK) shares were buoyed in a short squeeze carried out by Reddit forum r/WallStreetBets. A notable poster on the forum — “Deep F---ing Value” — who has been credited by forum members for pointing out the short squeeze opportunity told U.S. lawmakers that he likes GameStop stock. “As far as I can tell, the market remains oblivious to GameStop’s unique opportunity within the gaming industry,” said the poster whose real name is Keith Partick Gill. On Wednesday, Cramer called the over 103% rise in the shares of GameStop “a mockery,” and questioned, “Where is the government?” Alma Angotti, a former Securities and Exchange Commission enforcement attorney said that heightened interest from regulatory bodies could be expected. “I think both Congress and the SEC will be studying that balance between orderly markets and letting people invest what they want to invest for whatever reasons they want to invest even if it doesn’t make sense to us,” CNBC reported. Price Action: GameStop shares closed nearly 18.6% higher at $108.73 on Thursday and fell 2.51% to $106 in the after-hours session. For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España. Photo courtesy: EPIC via Wikimedia See more from BenzingaClick here for options trades from BenzingaTesla Stock Performance And WallStreetBets Mentions Have A 'Real' Connection: BarclaysWhy AMC Shares Spiked 20% Today© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
A Roth IRA can be a great way to save for retirement since the accounts have no required minimum distributions and you withdraw the money tax-free.