3G Capital Looks to Sell 25 Million Shares of Kraft Heinz

Fund unloading part of food company stake after challenging year. 3G Capital, the fund with the second-largest holding of Kraft-Heinz (KHC) shares, made a block offering of 25 million of those shares, sending Kraft Heinz shares down. The offering was made at a price of $28.60 per share, a slight discount to where shares traded. The food company has seen shares trade as high as $58 in the past year and $80 in the past two years. Shares have declined in part due to the high cost of the merger of the two companies, and large accounting write-offs this year also reflect ...
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Analysts Warn on Corning as Firm Cuts Forecasts

Apple supplier sees lower demand for products. Corning (GLW), a maker of optical and display products for companies such as Apple, cut its forecasts recently. This led to a round of analyst downgrades, and shares dropped nearly 6 percent as a result. The Citigroup analyst noted that conditions have recently worsened for the company, and that expected benefits from the growth of the 5G network have yet to grow at a level to offset the decline in fiber optic technologies. Overall, Corning expects a 3-5 percent sales drop for the year, against a prior forecast of a low, single digit increase. Looking at ...
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Insider Activity: Anixa Biosciences (ANIX)

CEO, director add to insider buys this year. CEO Amit Kumar and director Lewis Titterton have been buyers at Anixa Biosciences (ANIX). The CEO bought 10,000 shares, increasing his holdings in the company by 6 percent, paying over $41,000. The director bought 15,000 shares, increasing his holdings by 2 percent, paying over $61,000. Insiders, including other directors at the firm, have been steady buyers at the company in the past year, with no insider sales in the past year. Insiders have bought near current prices, and as much as 9 percent higher than where shares trade. Anixa Biosciences is a biotechnology company with ...
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DA Davidson Downgrades Huntington Bancshares

Firm sees little upside for bank following rally. DA Davidson downgraded Huntington Bancshares (HBAN), leaving the company with a neutral rating. DA Davidson left their price target at $16 per share, however. The bank has seen shares rally 32 percent from its 52-week low set in late 2018, and shares are up over 22 percent year-to-date, beating the overall stock market. Davidson sees this relative outperformance as a reason to be less bullish, and to take profits for holders of the company. Relative to other banking companies, Huntington Bancshares look rather pricey at current levels, although at just 10.5 times forward earnings, the ...
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Unusual Options Activity: British Petroleum (BP)

Bet on oil giant rallying more through Friday. Friday’s $41 call options on British Petroleum (BP) saw heavy trading as the oil market shot higher. With just three trading days until expiration, over 128,992 contracts of the option traded at an average price of $0.14. With an open interest of 3,500 contracts, this is a near-37-fold increase in volume on the trade. Shares of BP surged to $39 in trading, so the trade is a bet shares can move another $2, or about 5 percent higher. BP operates a worldwide energy business with oil and natural gas exploration, field development, and transportation, storage, ...
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Drone Strikes Cripple Saudi Oil Output

Over 5 million barrels per day knocked offline. After a series of drone strikes hit oil infrastructure in Saudi Arabia, oil prices rose by 13 percent. The attack caused enough damage to lead to a shutdown of nearly half of the key OPEC member's oil output, about 5 million barrels per day. Yemen-based Houthi rebels claimed credit for the attack. The attacks came at a sensitive time, as Saudi Arabia was looking to take its oil giant, Saudi Aramco, public. While higher prices could benefit Saudi Aramco, the speed of getting operations going again will be a crucial sign of leadership. Some traders were quick ...
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Insider Activity: Halliburton (HAL)

Insiders make first buy in 14 months. Director William Albrecht recently added to his stake at Halliburton (HAL), with an 8,000 share buy. The purchase doubled his total stake to 16,000 shares, and cost over $154,000 to make the buy. This is the first insider buy at the company in 14 months, following a series of sales by insiders at prices anywhere from 28 to 49 percent higher than current prices. Halliburton provides various products and services to the oil and natural gas industry. Their products include well casing and cementing services, well completion and sand control products, pump and lift services, ...
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Dealer Inspire Selected as Website Provider for GM Dealerships

Cars.com-owned website to profit from agreement. Dealer Inspire, a division of Cars.com (CARS), has been selected as a website provider for dealers of General Motors. The company has over 4,000 dealers in the U.S for the Chevrolet, Buick, and Cadillac brands. Dealer Inspire provides advanced website platforms to connect automotive customers and dealers quickly and with high personalization and customization options. DI reports that it has an average dealer satisfaction score of 9.5 out of 10, leading the industry. Cars.com provides services connecting car dealerships with customers. While shares are down substantially in the past year, the partnership with GM sent shares ...
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