Musk has often taken umbrage at short-sellers and in 2018 sent a box of shorts to hedge fund owner and Tesla short-seller David Einhorn. The “Short Shorts” on the Tesla shop website feature gold trim and “S3XY” in gold across the back, which also happens to be formed from Tesla model names.

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Stanphyl Capital letter to investors for the month ended June 30, 2020, discussing their short thesis for Tesla Inc (NASDAQ:TSLA) and other positions in several small-cap stocks. For June 2020 the fund was down 3.9% net of all fees and expenses. By way of comparison, the S&P 500 was up 2.0% while the Russell 2000 was up […]

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Billionaire investor Warren Buffet's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) is buying Dominion Energy Inc.'s (NYSE: D) natural gas assets, the two companies announced Sunday.Berkshire Acquisition Berkshire's energy division will pay $4 billion in cash to Dominion for the purchase.The transaction between the two companies also assumes an existing debt of about $5.7 billion for Dominion's Gas Transmission and Storage Business, giving the deal an enterprise value of $9.7 billion.The assets that Berkshire is purchasing include over 7,700 miles of natural gas transmission lines, with about 20.8 billion cubic feet per day of transportation capacity. It also includes about 900 billion cubic feet worth of gas storage.The Nebraska-based conglomerate holding company increased its cash holdings to a record $137.3 billion during the first quarter this year, as the company held back from new acquisitions during the novel coronavirus (COVID-19) pandemic.The acquisition is expected to close in the first quarter this year, subject to regulatory approval, the statement read.Dominion Kills Atlantic Coast Pipeline Project In a separate statement on Sunday, Dominion, along with partner Duke Energy Corp. (NYSE: DUK), said they were canceling the Atlantic Coast Pipeline project due to "ongoing delays and increasing cost uncertainty which threaten the economic viability of the project."The pipeline has been abandoned even after the favorable United States Supreme Court decision last month. The project has faced major protests from landowners in the pipeline's path and environmental activists."This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the United States," Dominion Chief Executive Officer Thomas Farrell said in a statement."Until these issues are resolved, the ability to satisfy the country's energy needs will be significantly challenged."The pipeline that was to run from West Virginia to eastern North Carolina through Virginia was last estimated to cost $8 billion.Price Action Dominion shares closed nearly 0.5% higher at $82.69 on Thursday. Berkshire Class A shares closed 0.2% higher at $267,551, and Class B shares closed nearly 0.5% higher at $178.83 the same day.Duke Energy closed 0.1% lower at $81.84 per share.Image: WikimediaSee more from Benzinga * Saudi Arabia Threatens Another Oil Price War, As Nigeria, Angola Refuse OPEC+ Oil Cuts * Amazon CEO Jeff Bezos's Net Worth Tops Pre-Divorce Height: Bloomberg Index * Apple Blocks Developers From Updating Gaming Apps In China Without Government Approval: Report(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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(Bloomberg) — The dramatic moves in Chinese stocks over the past week are inviting comparisons with a bubble that burst spectacularly five years ago.In many ways, the pace of gains matches the market’s melt-up that started in the final weeks of 2014. The CSI 300 Index has now added 14% in five days, the most since December that year. A gauge of momentum on the CSI 300 is also the strongest since late 2014. Shares of brokerages surged as daily turnover exceeded 1.5 trillion yuan ($213 billion) for the first time since 2015, indicating increasing participation from retail investors. Monday’s more-than-5% gain in stocks had only happened once before since the bubble burst.Low interest rates and the first losses ever for some popular wealth-management products are driving China’s savers to stocks. The advance is also being aided by an enthusiastic chorus from the nation’s influential state media. A front-page editorial in the China Securities Journal on Monday said that fostering a “healthy” bull market after the pandemic is now more important to the economy than ever. Chinese social media exploded with searches for the term “open a stock account,” with bullish sentiment also boosting the yuan.But there are also key differences between now and 2014 — including a lower starting point for equity valuations. And while more traders are taking on debt to buy shares, leverage in the stock market is about half what it was at its peak five years ago. The central bank has this time taken a cautious approach to liquidity, withdrawing funds from the financial system for a seventh day on Monday.“It’s very unlikely for us to go through the boom-and-bust like we experienced in 2014 and 2015,” said Dai Ming, Shanghai-based fund manager at Hengsheng Asset Management Co., who is buying property shares. “The market isn’t flooded with money everywhere like last time. Beijing is still very prudent with its monetary policy.”Talking up stocks is a dangerous game in China, where investment choice is limited due to capital controls. In 2014, encouraging words by state media helped revive interest in what had been a dull equity market. The result was a debt-fueled speculative bubble that burst, wiping out $5 trillion of value. Just like then, regulators have recently unveiled measures to liven up trading, including a new, streamlined approach to initial public offerings.“The state is very cautious about creating another boom-bust as seen in 2015, realizing the harm to confidence that comes from the bust is greater than the good from the ride up,” said Wang Zhuo, fund manager at Shanghai Zhuozhu Investment Management Co.The CSI 300 is up 14% this year, one of the biggest gains among major global benchmarks, to trade at a five-year high. Its 14-day relative strength index has climbed to 88, the highest since December 2014. The Shanghai Composite Index rose 5.7% Monday, its biggest single-day gain in five years. Futures on the city’s SSE 50 Index of large caps jumped 9.1%.Brokerages, typically seen as a barometer for market sentiment, led gains Monday with a Bloomberg gauge for Hong Kong-listed securities firms surging the most in nearly four years. A dozen mainland-listed brokers surged by the 10% daily limit. China International Capital Corp. hiked target prices for the industry, predicting the country’s stock market will double in value in the next 5-10 years.Surging risk appetite is one factor behind the relentless rout in China’s sovereign bonds, with the yield on the 10-year note rising the most since 2016 Monday. The selloff is also spilling over to the credit market, where companies are shelving plans to sell debt as borrowing costs surge. They canceled about $11 billion worth of deals in June alone.In another illustration of bullish sentiment, Semiconductor Manufacturing International Corp. is set to hold the mainland’s largest stock sale in a decade. The chipmaker is seeking to raise as much as $7.5 billion, or more than double the cash predicted by analysts. SMIC’s Hong Kong stock jumped 21% to a record Monday, its biggest gain since 2009.While the rally looks hot, investors such as He Qi, a fund manager with Huatai Pinebridge Fund Management Co, say they have made the most of lower valuations and a catch-up rally in cheaper stocks.“I’ve been fully invested in stocks since early June to bet on the shift in market focus,” he said, adding that he had focused on brokerages, property developers and automakers. “After a tough two months or so, it’s finally my moment to shine.”(An earlier version corrected name of publication in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Tesla Inc. (NASDAQ: TSLA) has started taking pre-orders for its Cybertruck in China, its website suggests, as earlier spotted by Reddit user u/aaronhry.What Happened The Palo Alto-based automaker is asking customers to pay $141.8 (CNY 1,000) to make the reservation for the all-electric pickup truck.The full self-driving feature is available as an add-on for the truck at $9,075.8 (CNY 64,00), according to Tesla's website.Tesla unveiled the Cybertruck in November last year, but production isn't expected to begin until late 2022.The Elon Musk-led company saw nearly 250,000 reservations in the United States, where it has been taking $100 deposits, within the first week of launch. Tesla stopped keeping track, but according to third-party data reported by Electrek, the number of reservations has crossed 500,000.Tesla has shortlisted sites for the Cybertruck manufacturing plant, including in Texas and Oklahoma.Price Action The company's shares closed nearly 8% higher at $1,208.66 on Friday. The shares added another 0.4% in the after-hours at $1,213.20.Image: TeslaSee more from Benzinga * Tesla Under Federal Probe Over Fatal Battery Design Flaw * Lyft Resumes Self-Driving Test Rides * Here's How Much Investing ,000 In Bitcoin 5 Years Ago Would Be Worth Today(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Jul.06 — Freddie Lait, chief investment officer at Latitude Investment Management, discusses the current state of markets and where he sees them heading. He speaks on “Bloomberg Markets: European Open.”

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If you are looking to hit a home run in the stock market, the NASDAQ Composite is a good place to start. The index is home to surging technology, internet, and biotech stocks. Despite the adverse effects from COVID-19, the index is up 25% over the past year, and recently hit a new all-time high. Now comes the hard part. How are investors supposed to determine which stocks are poised to take off? Will the current winners continue climbing, or will new high-flyers emerge? Finding the next big one is challenging to say the least. On top of this, there are numerous and sometimes conflicting investing strategies to consider. Bearing this in mind, Wall Street analysts can provide some inspiration. The experts possess extensive knowledge about the stocks they cover, and offer insights on compelling names that don’t always get the same attention as other heavyweights. To this end, we used TipRanks’ database to pinpoint three micro-cap stocks that have earned a “Strong Buy” consensus rating from the analyst community. Not to mention each boasts excellent upside potential. We’re talking about over 120% here. Immunic, Inc. (IMUX) The first stock on our list is New York-based Immunic, a pharmaceutical company developing drugs to treat chronic autoimmune, inflammatory and viral diseases, with its market cap landing at only $182.9 million. The company’s lead prospect is IMU-838, an orally-dosed DHODH (an enzyme in humans that is encoded by the DHODH gene on chromosome 16) inhibitor. IMU-838 is currently being tested in four Phase 2 studies for multiple indications including COVID-19. Other promising drugs that Immunic is developing include IMU-935, a treatment for autoimmune diseases and MU-856, a treatment for gastrointestinal disorders. On June 15, Immunic announced that the first patients in its Phase 2 CALVID-1 clinical trial of IMU-838 in COVID-19 had been dosed. Ladenburg Thalmann analyst Matthew Kaplan explained, “The CALVID-1 study is a prospective, multicenter (10-35 centers in Germany, USA, and half a dozen European countries), randomized, placebo-controlled, double-blind Phase 2 clinical trial in approximately 230 patients with moderate COVID-19, and will evaluate efficacy, safety, and tolerability of IMU-838.” The development marked an important milestone in advancing the candidate. Commenting on this, Kaplan stated, “An interim analysis is planned after 200 patients have completed treatment, which could lead to an expansion to a confirmatory Phase 3 trial with an adaptive trial design…We are encouraged by the preclinical data and clinical plan and look forward to future updates.” Speaking to the strength of Immunic’s other possible catalysts, Kaplan noted, “We also believe the earlier stage pipeline programs (IMU-935 and IMU-856) provide for significant additional potential upside.” Based on all of the above, Kaplan reiterated his Buy recommendation. He also has a $50 price target on the stock, which indicates significant upside potential of 307%. (To watch Kaplan’s track record, click here) All in all, other analysts agree with Kaplan. 3 Buys and no Holds or Sells add up to a Strong Buy consensus rating. Meanwhile, the $51 average price target, which is more aggressive than Kaplan’s, represents a huge 315% potential increase from the share price of $12.30. (See Immunic stock analysis on TipRanks) Benefytt Technologies, Inc. (BFYT) Next up we have Benefytt Technologies, (previously called Health Insurance Innovations, Inc.) which sells a range of Medicare-related health insurance plans as well as other health and life insurance products. Last year, management made a strategic shift towards targeting Medicare dollars rather than individual and family plans. Consequently, the company, which has a market cap of $310.8 million, is navigating its way through a transition year, negatively affecting its operating performance. In the first quarter of 2020, revenue fell to $71.6 million, from $87.3 million in the prior-year quarter. That said, a closer look at the results reveals a bright spot. Revenue from Benefytt’s Medicare segment, which is new to the company since June 2019, came in at $18.9 million. Management plans to grow the Medicare segment to between $190 million to $210 million in the coming year. Five-star analyst from Cantor Fitzgerald, Steven Halper, shares the company’s optimistic view. “We continue to believe the company is taking the necessary steps to grow its Medicare business. It still expects 2020 Medicare revenue to be $190-210 million,” he commented. Pointing to Benefytt’s stock price, the five-star analyst said, “We have made some modest changes to our estimates but our price target remains at $75. Either way, we believe the shares are compelling at current levels.” To this end, Halper has an Overweight (i.e. Buy) rating on the stock. His $75 price target suggests hefty upside potential of 244%. (To watch Halper’s track record, click here) Turning to the rest of the Street, other analysts are on the same page. 5 Buys and no Holds or Sells have been issued in the last three months, so BFYT gets a Strong Buy consensus rating. The average price target is $47.30, which implies sizable upside potential of 117%. (See Benefytt stock analysis on TipRanks) Scorpio Bulkers (SALT) Last but not least is Scorpio Bulkers, an international shipping company that provides marine transportation for dry bulk commodities such as coal, grains, and fertilizers. At $181.1 million, its market cap is the smallest on our list. It has been a trying period for Scorpio Bulkers shareholders. The company’s shares have significantly underperformed the broader market, plunging 76% year-to-date, compared to a 3% loss for the S&P 500. Nevertheless, BTIG analyst Gregory Lewis believes the stock is ripe for a bounce. In a recent research report, he noted, “The company has prepared itself for the enacted IMO 2020 fuel regulation by installing scrubbers on its fleet which should provide above market earnings and a way for investors to capture dislocations in the marine bunker fuel market.” Further adding to the analyst’s bullish sentiment, Lewis sees several upcoming catalysts that are set to bolster shipping rates and profitability. These include countries reopening their economies and undertaking a restocking cycle, and governments employing stimulus programs to jump-start their economies. In line with his optimistic take, Lewis rates the stock a Buy and maintains a $40 price target, which translates to substantial upside potential of 164%. (To watch Lewis’ track record, click here)   Do other analysts on the Street agree with Lewis? Yes, they do. The consensus rating is a Strong Buy, based on 5 Buys and 1 Hold. The average price target of $34.17 implies meaningful upside potential of 126%. (See Scorpio Bulkers stock analysis on TipRanks)

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We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]

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