Scott Frew has been named Dartmouth’s chief money officer, Executive Vice President Rick Mills announced now.
Frew has served as interim vice president for finance and treasury considering that Aug. 30. His appointment is successful right away.
“Scott is an modern chief whose skillful oversight has performed an significant job in more solidifying Dartmouth’s financial basis,” Mills states. “With his determination to transparency and ahead-contemplating strategy, he is the suitable individual to lead the finance workforce.”
Mills also announced that Dianne Ingalls ’84, Tuck ’88, has been named vice president for finance and controller, also efficient quickly. She has served as interim in that job, also considering that Aug. 30.
“Dianne has cast solid associations with administrative and fiscal officers across the establishment, efficiently overseen inside and external reporting and examination, and productively led initiatives to strengthen establishment-large money guidelines, tools, and purposes,” Mills suggests.
Frew and Ingalls had been named as co-interim vice presidents for finance next the departure of Mike Wagner, who left Dartmouth very last summertime immediately after serving right here for 20 yrs, most just lately as main monetary officer, to grow to be vice president for finance and functions and faculty treasurer at Williams College.
As CFO, Frew will be dependable for oversight of features that span the institution, together with fiscal planning, financial debt and money administration, endowment administration, and insurance coverage. He will make on solid economic management methods that exist at Dartmouth, target on keeping and bettering the institution’s economical strength in response to financial and other factors, and guidance the Board of Trustees’ Sources Committee and Investment decision Committee.
“I am energized and humbled by the possibility to carry on to support and advance Dartmouth’s financial ambitions,” claims Frew, who experiences to Mills. “We have a excellent staff, and I have loved doing the job with Dianne, so I am delighted with her marketing.”
Frew joined Dartmouth in 2005 as director of endowment administration. In 2011, he turned director of finance and treasury management, and in 2015, assistant vice president for finance and treasury administration. Ahead of coming to Dartmouth, Frew labored in the Financial Leadership Method at Fidelity Investments.
He gained an MBA from Babson Higher education and his undergraduate degree in company from the University of Calgary.
Ingalls says she’s eager to choose on the VP finance place and keep on to construct on Dartmouth’s robust basis in finance.
“Scott and I have worked alongside one another for a lengthy time, and we recognize and enjoy just about every other’s strengths,” she says. “I look forward to continuing to work closely with him and the overall finance workforce on the significant work we do to assist the fiscal functions of the institution.”
As vice president for finance and controller, Ingalls will report to Frew, supply management to fiscal functions within the division and throughout the institution, and provide oversight for vital guidelines, processes, and systems associated with administration of Dartmouth’s economical assets and business enterprise functions. She also will guidance the Board of Trustees’ Audit and Oversight Committee.
A licensed CPA, Ingalls began do the job as Dartmouth’s director of economic reporting in 2004, and in 2012 became associate controller. In 2020, she was named assistant vice president and controller. Right before working at Dartmouth, she held controller and chief economical officer roles in production, technological know-how, and services corporations.
FARMINGTON, Conn., April 5, 2022 /PRNewswire/ — Horizon Technology Finance Company (NASDAQ: HRZN) (“Horizon”), a top specialty finance corporation that provides funds in the type of secured loans to undertaking capital backed organizations in the technological innovation, lifetime science, healthcare details and providers, and sustainability industries, announced nowadays it closed a $15 million venture mortgage facility to MyForest Foods Co. (“MyForest Foods”), of which Horizon funded $7.5 million, and a non-public financial investment motor vehicle managed by Horizon Technological innovation Finance Management LLC, Horizon’s advisor, funded $7.5 million.
MyForest Foodstuff makes sustainable, meat different products applying mycelium, or the roots of mushrooms, which makes it possible for for foodstuff to be entire-slice – a distinct edge when making alternate food items. The initially merchandise from MyForest Foods is a bacon choice, MyBacon, that delivers all the style, crunch and sizzle of pork bacon, but made from just 6 substances. MyForest Foods is backed by prominent firms this sort of as Viking World-wide Investors and AiiM Companions, and will use the mortgage proceeds for expansion and doing the job cash needs.
“MyForest Food items is changing the activity for choice foods,” said Gerald A. Michaud, President of Horizon. “We believe the results of MyBacon is just the starting for MyForest Foods, as presenting a real choice to total cuts of meat will open up an completely new and huge industry prospect to offer buyers with more healthy and tastier plant-primarily based food options. We are energized to spouse with and assistance MyForest Foods’ advancement ideas.”
“We are only scratching the area of the mycelium approach with MyBacon,” stated Eben Bayer, founder and Main Govt Officer of MyForest Food items. “We have productively recreated the multi-sensory experience of consuming a total slice of meat with MyBacon, contrary to other plant-based alternatives that are pressured to system and condition their meat. The distinction is definitely putting, and buyers have overwhelmingly responded positively to MyBacon. Horizon’s guidance will enable us to additional acquire additional goods and generate an full new category of complete-cut plant-dependent foodstuff.”
About Horizon Technological know-how Finance
Horizon Technological innovation Finance Company (NASDAQ: HRZN) is a top specialty finance company that presents cash in the form of secured loans to undertaking funds backed corporations in the engineering, life science, health care details and products and services, and sustainability industries. The investment aim of HRZN is to maximize its investment portfolio’s return by generating current earnings from the personal debt investments it helps make and capital appreciation from the warrants it gets when making this sort of credit card debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional business in Pleasanton, California, and financial investment specialists positioned in Portland, Maine, Austin, Texas, and Reston, Virginia. To find out far more, make sure you take a look at horizontechfinance.com.
About MyForest Meals
MyForest Food items is an American foodstuff technologies corporation and an affiliate of Ecovative. MyForest Foods’ proprietary system employs a purely natural tremendous-component termed mycelium to improve nutrient-abundant fibers that replicate the textures and mouthfeel of meat. MyForest Foodstuff is a direct-to-purchaser foodstuff brand name now selling MyBacon(R) Strips at the Straightforward Excess weight Food Co-Op in Albany, NY, with additional widespread availability anticipated in 2022. To master additional, check out myforestfoods.com.
Forward-Hunting Statements
Statements integrated herein may perhaps constitute “ahead-wanting statements” inside the this means of the Non-public Securities Litigation Reform Act of 1995. Statements other than statements of historic facts incorporated in this push launch may well constitute ahead-looking statements and are not ensures of long run overall performance, ailment or success and require a selection of pitfalls and uncertainties. Genuine outcomes may well vary materially from these in the ahead-looking statements as a final result of a variety of components, together with individuals explained from time to time in the Company’s filings with the Securities and Trade Fee. Horizon undertakes no duty to update any ahead-wanting statement made herein. All ahead-seeking statements discuss only as of the day of this push release.
This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe
Monday, April 4, 2022
“Cash is trash,” billionaire Ray Dalio told me in a chat recently (more on that below). And he may be right as it pertains to the current investing backdrop.
Cash allocations are almost two times more than last year’s levels, according to new data out of Bank of America. The data looks at the average recommended allocation to stocks and cash by sell-side strategists.
After recommended cash allocations hit a low of 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} last August, they have jumped to 4.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} today. BofA says this is a “big” move.
At the same time, sentiment on stocks has declined for three straight months as investors digest worrisome headlines on inflation, the war between Russia and Ukraine, and weakening corporate profit margins.
While investors holding more cash appears like a negative for stocks at first blush, it’s actually not historically, points out BofA strategist Savita Subramanian.
“What we have found is that consensus Wall Street strategists are a very reliable contrarian indicator. When they are telling you to dial down your equity exposure and increase your allocation to cash, that’s actually net bullish. What we found is that when the bulk of evidence is telling you to be more cautious and defensive, probably all of that information is priced into the market and the market is more likely to surprise in the opposite direction,” Subramanian said on Yahoo Finance Live.
So on that score, trash cash and maybe put $1,000 into GameStop and another $1,000 into a boring as all hell dividend-paying company (note: this is NOT investment advice). YOLO!
Happy trading!
Odds and ends
One-on-one with Ray Dalio: I had the chance to catch up with Bridgewater Associates founder and co-chief investment officer Ray Dalio. So be on the lookout for a lot of “stuff” hitting Yahoo Finance today from that lengthy chat, which comes as a new post on YouTube from Dalio titled “Principles for Dealing with the Changing World Order” nears an eye-popping 10 million views. But here is one quote from Dalio that left me thinking — and perhaps should leave you thinking as well. “I think that most likely what we’re going to have is a period of stagflation. And then you have to understand how to build a portfolio that’s balanced for that kind of an environment.”
Tweet of the morning: Ark Invest’s Cathie Wood isn’t keen on more interest rate hikes from the Federal Reserve, as seen in a new tweet. It makes sense, as the last thing any exec at Tesla, Coinbase, Teladoc, Roku, and Zoom (the top five holdings in Wood’s Ark Innovation ETF) wants to see is a higher cost of capital as they continue to try to take over the world. Speaking of Wood’s long-time favorite, Tesla, the company posted first quarter deliveries of 310,000 versus Street estimates for 312,000. The miss may not derail the stock, as Wedbush analyst Dan Ives notes: “The bears will point to Tesla missing headline Street estimates although we believe the supply/logistics issues for Tesla in the goodbye last week of the quarter were piling up and most investors will look through the slight official headline miss on deliveries. We remain steadfastly bullish on the Tesla story and believe when factoring in all the manufacturing headwind dynamics this was a modestly bullish print.”
Starbucks: Starbucks CEO Kevin Johnson officially steps down today, handing the coffee ship off to the company’s iconic founder and failed presidential candidate Howard Schultz. Here’s a list of a few key moments from Johnson’s tenure: 1) launching sous vide egg bites in 2017 — these things are great on the go; 2) launching the unicorn frappe in 2017 — this drink was Instagram pic gold; 3) tweaking the Starbucks rewards program in 2019 that caused a social media uproar; 4) announcing in 2020 a plan to close 400 company operated stores — this was long overdue; 5) debuting a decision in mid-March to rid the company of single-use cups — get ready to bring your $75 Yeti bottle to Starbucks; 6) unionizing at Starbucks was born under Johnson’s tenure (expert reporting by Yahoo Finance’s Dani Romero on this); 7) lifting of hourly pay at Starbucks to more than $15 an hour; 8) halting Schultz’s expensive pet project of opening up giant Roastery stores in major cities.
The keys to Starbucks are now back in Schultz’s pocket. He loves writing blog posts (and internal memos as seen today, in which he announced Starbucks is halting stock buybacks), and I suspect we will get a few of them (likely targeted at cooling the union movement) before he heads back off into retirement before the end of 2022 (assuming he doesn’t decide to stay on as CEO). I will offer this dose of advice to Howard. The most important thing you could do for the future of Starbucks is to spend the next three months on the road visiting Starbucks stores across the world and listening to what employees are going through right now. This in many respects is a different company than when you left in 2017, in large part because of the aftershocks of the pandemic but also due to missteps by Starbucks. So you must actually hear the workers and then implement a plan for the next decade from there — and it’s not just giving them a few extra dollars an hour, it’s also about total quality of life.
Secondarily, Starbucks has lost a lot of great executive talent in the last decade (see Walgreens new CEO Roz Brewer, a former top Starbucks exec). I wish you well Howard, you know how to reach me (just don’t cancel my free birthday drink for writing this please — I intend to use it today).
Miscellaneous: One part personally therapeutic, one part fun and informative for investors. That’s my hot takeaway from hopping on “The Business Essential” podcast hosted by Kartik Raghuram. Give it a listen on Spotify. (Yes, we talk about gas prices).
What pandemic? The WSJ reports that as of today, JPMorgan “planned to discontinue other measures such as mandatory testing for the unvaccinated or asking employees to report COVID-19 infections. It added that it would discontinue its policy of hiring only vaccinated individuals.”
OK then. As Julie Hyman and I talked about after the jobs report on Friday, it’s likely the strong upward revisions and 5.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} increase in wages puts the Fed in play for a 50 basis point rate hike at its May 3-4 meeting. “The case for 50, barring any negative surprise between now and the next meeting, has grown,” San Francisco Fed president Mary Daly told the FT.
10:00 a.m. ET: Factory orders, February (-0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} expected, 1.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in January)
10:00 a.m. ET: Durable goods orders, February final (-2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} expected, -2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in prior print)
10:00 a.m. ET: Durable goods orders, excluding transportation, February final (-0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} expected, -0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in prior print)
10:00 a.m. ET: Non-defense capital goods orders, excluding aircraft, February final (-0.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in prior print)
10:00 a.m. ET: Non-defense capital goods shipments excluding aircraft (0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in prior print)
Earnings
No notable reports scheduled for release
Politics
President Biden will appear alongside some big rigs at the White House at 1:45 p.m. ET to tout the administration’s plan for truckers and their work to strengthen supply chains . Transportation Secretary Pete Buttigieg will appear alongside Biden.
The nomination of Supreme Court judge Ketanji Brown Jackson is set to advance as the Judiciary Committee gathers at 10:00 a.m. ET to vote on her nomination. She is expected to receive a full Senate vote by the week’s end.
Securities and Exchange Commission Chair Gary Gensler will deliver keynote remarks at a symposium on “The Future of Crypto & Digital Assets” hosted by the University of Pennsylvania Carey Law School beginning at 1:00 p.m. ET
Top News
European markets mixed as EU prepares fresh Russia sanctions [Yahoo Finance UK]
Starbucks’ Schultz announces halt to stock repurchasing program as he returns [Reuters]
UK regulators to review LME halt to chaotic trading [Reuters]
Tesla unable to restart Shanghai production on Monday: Internal memo [Reuters]
Yahoo Finance Highlights
Supply chains: ‘Nearshoring’ could be the answer to America’s logistics problems, Deloitte exec says
Student loans: Mom slams Purdue ISA offering as son deals with nearly $100,000 in debt
NIL: Michigan basketball player explains how he built a lucrative TikTok empire
—
Read the latest financial and business news from Yahoo Finance
Elon Musk, Tesla’s founder and chief govt, grew to become Twitter’s major shareholder on Monday, spurring speculation that he may possibly request to enjoy a purpose in the corporation.Credit history…Pool photo by Christian Marquardt
Elon Musk, the billionaire main govt of Tesla and the world’s wealthiest man or woman, bought a practically 10 p.c stake in Twitter, the social media system where by he has much more than 80 million followers and shares anything from company thoughts and memes to, this previous weekend, his working experience at a famed Berlin nightclub.
The order, manufactured community on Monday in a regulatory filing with the Securities and Trade Fee, is worthy of about $2.89 billion based mostly on the closing price tag of Twitter’s stock on Friday. News of Mr. Musk’s purchase-in despatched Twitter share price ranges soaring.
A spokesperson for Twitter did not straight away react to messages requesting remark. Mr. Musk similarly did not reply to a request for comment.
The invest in, equal to 9.2 percent of the organization, appears to make Mr. Musk Twitter’s biggest shareholder. His keeping is a little more substantial than Vanguard’s 8.8 per cent at the conclude of final 12 months, and it dwarfs the 2.3 p.c stake of Jack Dorsey, Twitter’s previous chief govt. The shares depict a portion of Mr. Musk’s described $270 billion-moreover web value.
Mr. Musk has criticized the firm in latest weeks for failing in his perspective to adhere to no cost speech concepts, and he has brazenly considered beginning a social community of his very own that would be open up resource. His extensive and intricate personalized romantic relationship with the system has also gotten him in trouble, with his tweets about Tesla’s finances resulting in legal wranglings with the S.E.C.
Some of Mr. Musk’s tips, like shifting Twitter to an open up-resource network, have attained help of Twitter’s co-founder, Mr. Dorsey, who stepped down as chief government late previous calendar year.
“The choice of which algorithm to use (or not) should really be open up to absolutely everyone,” Mr. Dorsey claimed very last month in response to a tweet from Mr. Musk advocating an open-resource algorithm for the system. Mr. Dorsey, who is friendly with Mr. Musk, is expected to depart the Twitter board in Could.
It is unclear what Mr. Musk’s programs are further than the substantial shareholder posture and regardless of whether he’ll ask — or be invited — to sign up for Twitter’s board. Mr. Musk filed a securities document indicating that he planned for the expense to be passive, indicating he does not intend to go after command of the corporation. But there was also speculation Monday that he could improve the standing of his expense, go on buying shares or even check out to acquire the company outright, today’s DealBook e-newsletter documented.
“We would anticipate this passive stake as just the begin of broader conversations with the Twitter board/administration that could in the long run direct to an energetic stake and a probable more intense possession position of Twitter,” Daniel Ives, an analyst at Wedbush Securities, explained Monday early morning.
If Mr. Musk pushes for alter at Twitter, he would not be the initially agitated trader the firm has experienced to contend with in new many years. The activist company Elliott Administration took a placement in Twitter and named for Mr. Dorsey’s removal in 2020. It later on struck a offer with Twitter that integrated a $1 billion financial investment from the private equity organization Silver Lake and introduced on new board customers, such as Silver Lake’s co-chief government, Egon Durban. Silver Lake partnered with Mr. Musk in his initiatives to just take Tesla non-public
Mr. Musk’s listing of other enterprise ventures operates extensive: Over and above Tesla, he is chief govt of the rocket business SpaceX and founder of The Unexciting Company, a tunnel construction products and services enterprise. Adding a different role to the checklist could irk Tesla shareholders. In the very last two months of past year, Mr. Musk marketed all-around $16 billion of Tesla stock, equal to roughly 10 per cent of his stake in the electric car corporation.
Tesla has defied the supply chain complications that have strained most regular carmakers, introducing to Mr. Musk’s prosperity and his affect in the tech and automobile industries. Tesla practically doubled gross sales past yr, approaching a single million autos marketed. On Saturday Tesla stated it sold 310,000 cars in the very first three months of 2022, a 70 percent raise from the identical period of time a calendar year before — gains that distinction with steep declines noted past week by Typical Motors and Toyota Motor.
Tesla’s steadily growing production community, together with new factories in Austin, Texas, and in the vicinity of Berlin, positions the business to rival carmakers like BMW and Mercedes-Benz in numbers of autos offered. Irrespective of an array of new battery-driven models from Ford Motor, Kia and others, Tesla proceeds to dominate the marketplace for electric powered autos, the industry’s swiftest-developing segment.
Still, executives who have juggled media initiatives with other personal endeavors have sometimes uncovered on their own in policymakers’ cross hairs. Previous President Donald J. Trump, for example, took a dim view of Amazon since he disagreed with protection in The Washington Article, which Jeff Bezos bought in 2013. Tesla is a huge beneficiary of environmental credits, when SpaceX pursues government contracts.
No matter of likely pushback, Mr. Musk may perhaps stand to achieve from the investment. The doc detailing Mr. Musk’s stake explained it was well worth about $3 billion at Friday’s closing value. It is dated March 14, and Twitter’s shares are up about 50 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} considering that then.
Adicet Bio, Inc. (NASDAQ:ACET – Get Rating) – Stock analysts at Truist Financial upped their Q1 2022 earnings per share (EPS) estimates for Adicet Bio in a report issued on Thursday, March 31st. Truist Financial analyst A. Goonewardene now expects that the company will earn $0.08 per share for the quarter, up from their previous forecast of $0.07. Truist Financial currently has a “Buy” rating and a $30.00 target price on the stock. Truist Financial also issued estimates for Adicet Bio’s Q4 2022 earnings at $2.25 EPS, FY2022 earnings at $1.61 EPS and FY2026 earnings at $2.07 EPS.
A number of other analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Adicet Bio from a “sell” rating to a “hold” rating in a research report on Tuesday, January 11th. Jefferies Financial Group began coverage on shares of Adicet Bio in a research report on Friday, March 4th. They issued a “buy” rating and a $27.00 target price on the stock. TheStreet upgraded shares of Adicet Bio from a “d” rating to a “c-” rating in a research report on Friday, December 17th. StockNews.com began coverage on shares of Adicet Bio in a research report on Thursday. They issued a “sell” rating on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $34.00 target price on shares of Adicet Bio in a research report on Tuesday, December 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $27.63.
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NASDAQ ACET opened at $20.81 on Monday. The firm has a market capitalization of $829.84 million, a price-to-earnings ratio of -10.05 and a beta of 2.48. The firm’s 50 day simple moving average is $14.41 and its 200 day simple moving average is $12.28. Adicet Bio has a 1 year low of $6.25 and a 1 year high of $21.00. Adicet Bio (NASDAQ:ACET – Get Rating) last posted its quarterly earnings results on Tuesday, March 15th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.44) by ($0.03). The company had revenue of $5.47 million for the quarter, compared to analyst estimates of $4.65 million.
In related news, Director Aya Jakobovits sold 8,000 shares of Adicet Bio stock in a transaction on Wednesday, February 9th. The shares were sold at an average price of $14.03, for a total transaction of $112,240.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 16,000 shares of company stock valued at $239,240 in the last three months. 33.90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Abingworth LLP raised its stake in Adicet Bio by 31.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the fourth quarter. Abingworth LLP now owns 2,115,385 shares of the company’s stock worth $36,892,000 after buying an additional 500,000 shares during the last quarter. BlackRock Inc. grew its holdings in Adicet Bio by 16.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the fourth quarter. BlackRock Inc. now owns 1,452,452 shares of the company’s stock worth $25,403,000 after purchasing an additional 203,933 shares during the period. Point72 Asset Management L.P. grew its holdings in Adicet Bio by 4.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the third quarter. Point72 Asset Management L.P. now owns 1,275,000 shares of the company’s stock worth $9,996,000 after purchasing an additional 60,000 shares during the period. DAFNA Capital Management LLC grew its holdings in Adicet Bio by 94.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the fourth quarter. DAFNA Capital Management LLC now owns 733,172 shares of the company’s stock worth $12,823,000 after purchasing an additional 356,891 shares during the period. Finally, Johnson & Johnson acquired a new stake in Adicet Bio in the third quarter worth $5,715,000. 68.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by institutional investors and hedge funds.
Adicet Bio, Inc is a biotechnology company, which engages in the design and development of off-the-shelf allogeneic gamma delta T cell therapies for cancer and other diseases. The company was founded by Aya Jakobovits in November 2014 and is headquartered in Boston, MA.
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U.S. stocks were mixed on Monday as investors monitored the potential for more sanctions against Russia amid ongoing concerns over inflation and global economic growth.
The S&P 500 traded flat, while the Dow dipped. The Nasdaq Composite rose about 0.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} just after market open as technology shares outperformed. Shares of Twitter (TWTR) soared by more than 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} after Tesla (TSLA) CEO Elon Musk disclosed he now owns an about 9.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} stake of the social media company.
Investors globally considered the European Union’s next punitive measures against Russia as the more than month-long war in Ukraine escalated further. The EU responded Monday to apparent war crimes in Ukraine, as Russian forces allegedly now widely killed civilians and attacked civilian infrastructure in major cities, with the bloc saying in a statement it would, “as a matter of urgency, work on further sanctions against Russia.” Some major European officials including Germany’s defense minister said they would support banning Russian natural gas — a move previously excluded from sanctions as Russia supplies about 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of Europe’s gas energy.
U.S. crude oil prices edged higher Monday morning and looked to rise for the first time in three sessions. Brent crude oil, the international standard, also gained.
JPMorgan (JPM) CEO Jamie Dimon also called attention to the war in Ukraine as one of three key risks he saw to the economic outlook, according to his widely read annual shareholder letter released Monday. The other included “the dramatic stimulus-fueled recovery from the COVID-19 pandemic” as well as “the likely need for rapidly raising rates and the required reversal of QE [quantitative easing]” from the Federal Reserve, Dimon said.
“We do not know what its outcome ultimately will be, but the hostilities in Ukraine and the sanctions on Russia are already having a substantial economic impact. They have roiled global oil, commodity and agricultural markets,” Dimon said. “Our economists currently think that the euro area, highly dependent on Russia for oil and gas, will see GDP growth of roughly 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in 2022, instead of the elevated 4.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} pace we had expected just six weeks ago. By contrast, they expect the U.S. economy to advance roughly 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} versus a previously estimated 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.”
Concerns over the resilience of the U.S. economy in the face of a geopolitical crisis and still-elevated inflation have been fanned further as a closely watched portion of the Treasury yield curve inverted — a move that previously has preceded recessions. As of Monday morning, the yield on the benchmark 10-year note remained below that on the shorter-term 2-year note. Such a phenomenon has occurred before each of the last eight recessions since 1969.
“Investors have been particularly concerned about the prospect of yield curve inversion as a signal for imminent recession,” Goldman Sachs strategist David Kostin wrote in a note. “Our rates strategists recently raised their forecasts and now expect the 2-year UST and 10-year UST yields to end 2022 at 2.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, respectively, for a 20 bp [basis point] inversion.”
“However, our strategists note that the nominal curve tends to invert more easily in high inflation environments, which means that it would take a deeper nominal curve inversion than in recent cycles to produce a comparable recession signal,” he added. “Asset indicators imply a 38{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} probability of recession within 24 months.”
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9:42 a.m. ET: Hertz announces plans to buy EVs from Tesla rival Polestar
Hertz (HTZ) said Monday it planned to purchase as many as 65,000 electric vehicles from Polestar, an automotive start-up competing with incumbents like Tesla in the market for electric vehicles.
The car rental company said it would make these purchases over five years, with availability set to begin this spring in Europe and later this year in North America and Australia.
“For Hertz, the partnership is part of the company’s ongoing commitment to lead in electrification, shared mobility and a digital-first customer experience,” according to the company’s press statement. “In addition to making the fleet available to its business and leisure customers, Hertz is extending EVs to rideshare drivers as a way to further accelerate electrification.”
In October 2021, Hertz previously announced it ordered 100,000 Tesla Model 3 vehicles for delivery in late 2022.
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9:31 a.m. ET: S&P 500, Nasdaq open slightly higher
Here’s where markets were trading just after the opening bell:
S&P 500 (^GSPC): -2.68 (-0.06{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,543.18
Dow (^DJI): -80.73 (-0.23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,737.54
Nasdaq (^IXIC): +42.83 (+0.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,304.75
Crude (CL=F): +$3.35 (+3.37{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $102.62 a barrel
Gold (GC=F): +$10.80 (+0.56{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,934.50 per ounce
10-year Treasury (^TNX): +3.3 bps to yield 2.393{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
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9:04 a.m. ET: Stocks’ Q1 drop was shallower than previous quarterly declines: BofA
With the second quarter of 2022 now under way, Bank of America took a deeper look into the first quarter’s biggest quarterly decline since the first three months of 2020. The firm found despite the volatility, stocks still fared better than in many cases in the past.
“Despite elevated levels of uncertainty, stocks bounced back in March (S&P 500 +3.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} total return) and closed 1Q just down 4.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} (was down as much as 12.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}),” Savita Subramanian, Bank of America equity and quant strategist, wrote in a note Monday. “But a 4.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} decline in a quarter is smaller than the historical average decline of 6.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for down-quarters since 1936. Stocks also outperformed both long-term Treasuries (-10.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) and corporate bonds (-7.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) amid higher rates (10-yr yield +83bps).”
Subramanian also noted that the sector performance during the first quarter — with the energy sector posting its best quarter since 1970 — favored names that have historically outperformed during periods of stagflation, or times with high inflation and low growth.
“The top three sectors YTD (Energy +38{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, Utilities +4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and Staples -2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) were the best performers during stagflation periods in the past, marked by below-average GDP and rising inflation … while the bottom three sectors (Comm. Svcs. -12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, Cons. Disc. -9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and Tech -9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) have been the worst performers during stagflation,” she added.
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7:48 a.m. ET Monday: Stock futures edge higher
Here’s where markets were trading Monday morning:
S&P 500 futures (ES=F): +5.25 points (+0.12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,544.5
Dow futures (YM=F): -3 points (-0.01{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,715.00
Nasdaq futures (NQ=F): +49.25 points (+0.32{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,911.00
Crude (CL=F): +$0.75 (+0.76{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $100.02 a barrel
Gold (GC=F): +$10.10 (+0.53{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,933.80 per ounce
10-year Treasury (^TNX): +2 bps to yield 2.395{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
NEW YORK, NEW YORK – APRIL 01: Traders work on the floor of the New York Stock Exchange during afternoon trading on April 01, 2022 in New York City. U.S. stocks closed higher on the first day of trading of the second quarter of 2022 after the Department of Labor released a jobs report that showed an increase well above pre-pandemic trends. (Photo by Michael M. Santiago/Getty Images)
