U.S. President Donald Trump held a press conference on Friday morning following a jobs report from the Labor Department that blew economist expectations out of the water.In his speech, Trump noted that plenty of smart experts have missed the mark when it comes to the resiliency of the U.S. economy amid the COVID-19 outbreak, and he specifically mentioned Wall Street legend and Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) CEO Warren Buffett."Warren Buffett sold airlines a little while ago. He's been right his whole life. But sometimes even somebody like Warren Buffett–I have a lot of respect for him–they make mistakes. They should have kept the airline stocks because the airline stocks went through the roof today and others did too. The whole market went through the roof," Trump said.Buffett On AirlinesBuffett sold Berkshire's entire stakes in Delta Air Lines, Inc. (NYSE: DAL), American Airlines Group Inc (NASDAQ: AAL), United Airlines Holdings Inc (NASDAQ: UAL) and Southwest Airlines Co (NYSE: LUV) back in April near their lowest points of the coronavirus sell-off.At Berkshire's annual shareholder meeting in early May, Buffett said he had been wrong to invest in airline stocks."I just decided that I'd made a mistake…in investing in the airlines business," Buffett said. "It's a very difficult business. The future is much less clear to me how the business will turn out."Since May 1, the four airline stocks Buffett sold are up between 40% and 90% each.Buffett & TrumpBuffett was a supporter of Trump's 2016 election opponent Hillary Clinton, but he has mostly remained silent on Trump since he took office."I'm not in the business of attacking any president, nor do I think I should be," Buffett said in a 2017 interview.On Friday, Trump said Americans who didn't panic and dump their stocks have been rewarded far quicker than many experts anticipated."If people didn't get rid of stocks in their 401(k)s, they're almost even. Think of it," Trump said.Benzinga's TakeA rebound in the stock market and the economy is a huge development when it comes to Trump's re-election prospects come November. Following Friday's rally, the SPDR S&P 500 ETF Trust (NYSE: SPY) is up 43.7% since March 23 and now down just 0.4% overall year to date.Do you agree with this take? Email feedback@benzinga.com with your thoughts.Related Links:History Suggests Record 50-Day Stock Market Rally May Be Just The Beginning Here's What Elon Musk Thinks About Warren BuffettSee more from Benzinga * How Large Boeing, Delta Options Traders Are Positioning As Economy Reopens * Q1 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their Portfolios * Bartstool's Dave Portnoy Breaks Down About The Importance Of Diversification(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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(Bloomberg) — Grubhub Inc. shares jumped after news that Europe’s Delivery Hero SE and Just Eat Plc expressed interest in exploring a deal.Uber Technologies Inc. has also been in talks with Grubhub about an acquisition, Bloomberg reported last month. CNBC reported Friday on interest from the other two companies, and Grubhub’s stock jumped more than 7%.Although the European companies have made inquiries, the talks with Uber are far more advanced, two people familiar with the matter said. Spokespeople for Delivery Hero and Just Eat declined to comment, and a spokesperson for Grubhub didn’t immediately respond to a request for comment.Food delivery has surged during the pandemic as health and government restrictions have kept many restaurants closed and people at home. However, the food delivery apps are still struggling to turn a profit. Companies compete to attract customers and restaurants by offering discounts to win market share, similar to the dynamic that once defined the ride-hailing business.The potential deal between Uber and Grubhub quickly drew scrutiny from Washington officials concerned about the fees such companies charge restaurants and their treatment of delivery drivers. The discussions between the two companies have since turned to the prospects of a breakup fee if the deal is unable to go through.Uber, which has seen its ride-hailing business crater during the pandemic, has made growth of its food delivery unit a central focus. Dara Khosrowshahi, the chief executive officer, said this week that Uber plans to use deals to become a leader in priority markets.(Updates with additional reporting in the 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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The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 821 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of March 31st, 2020. […]

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Indeed for North America Director of Economic Research Nick Bunker joins Yahoo Finance’s Zack Guzman to discuss May’s shocking jobs report as the U.S. economy unexpectedly added 2.5 million jobs with the unemployment rate falling to 13.3%.

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We’re in perplexing times. At this writing, the S&P 500 index stands at 3,201, just 5.5% below its all-time high. That high, reached back in February, came the day before the bottom fell out of the stock market, as the coronavirus crisis triggered the steepest, deepest – and fastest – stock market drop on record. And now we are in the midst of a prolonged bull-rally, as the markets have been trending upwards since bottoming out on March 23.What’s an investor to do? The natural inclination during a bear market is to defend the portfolio and make conservative plays toward defensive dividend stocks, while the inclination during a rally is to go with the winners and stake positions in the stocks that are climbing most rapidly. The two strategies don’t often overlap, and the future remains clouded even though sentiment is high for now.At Wells Fargo, strategist Christopher Harvey believes that defensive moves are obsolete for now, and that investors should “start adding risk.”“We’re starting to price in a less bad scenario. Things are getting slightly better at the margin… A few weeks ago, for the first time in a long time, we went overweight on value. Now, what we are telling [investors] is we want them to start putting risk into the portfolio,” Harvey said.The strategist is advising investors to look for stocks that are positioned for a strong comeback. These are note necessarily the stocks that have been doing best in the current rally; rather, they are stocks that will benefit most as the economy reopens. That reopening is happening now, in fits and starts, as some states continue their lockdown policies and others try to get back to business. With this in mind, we’ve opened the TipRanks database and pulled up three relevant stock calls from three of Wells Fargo's top analysts. These are stocks with at least 7% dividend yield, and in the eyes of the Wells Fargo analysts, at least 10% upside potential. Let's take a closer look. EQT Midstream Partners (EQM)We’ll start in the energy industry, with a $4.8 billion mid-cap player in the important midstream segment. EQM provides natural gas pipeline and storage services for the Pennsylvania/West Virginia/Ohio sections of the Appalachian basin. This region, in the rugged, low mountains of the East, is one of North America’s richest natural gas production areas, and a center of the fracking industry. EQM is also involved in that latter, providing water supply and waste-water disposal services for gas fracking companies.EQM holds a sound position in an essential industry, and has been able to maintain revenues and earnings despite the COVID-19 pandemic. Q1 earnings numbers beat the forecast by a wide margin. The $1.08 EPS was well ahead of the 95-cent estimate, while revenues grew 16.25% year-over-year to reach $453 million, 14% ahead of expectations.In addition, for income-minded investors, the company has made moves to maintain the dividend even in difficult times. Management lowered the payment – never a good look, really – but the new payout of 38.75 cents per share quarterly gives a yield of 7.43% and an annualized payment of $1.55 per share. These are solid numbers that significantly outperform the services industry average yield of 1.4%.Much of EQM’s potential is tied up in the Mountain Valley Pipeline. This project, in which the company is heavily invested, is delayed by regulatory and permitting hurdles, but is widely expected to come online in 2021.Covering this stock for Wells Fargo is analyst Michael Blum. Noting the pipeline delays, he writes at the bottom line, “EQM is well positioned to benefit from improving natural gas fundamentals heading into 2021 due to the expected decline in associated gas production. We see … the pending completion of MVP as positive…”Blum sets a $27 price target here, in support of his Buy rating. His target implies a healthy upside potential of 17%. (To watch Blum’s track record, click here)Overall, EQT Midstream gets a Moderate Buy from the analyst consensus, based on 3 Buy and 2 Hold ratings set in recent weeks. Shares are selling for $23.18, and the $23.20 average price target is less bullish than Blum’s. (See EQM stock analysis at TipRanks)BP PLC (BP)Next up, we move from mid-cap to industry-leading giant. BP, with a market cap of $93 billion, is one of the world’s largest oil and gas companies, and reported $278 billion in revenue for 2019. While that was down from the year before, the $10 billion in net profits beat the expected $9.7 billion.And then came Q1 2020. We all know the story. Back in April, oil prices dropped dramatically, as demand was quenched by the ongoing economic shutdowns. Oil producers don’t have the luxury of simply shutting off the pumps when demand falls; the equipment must be maintained, and it is not easy to restart a well that has been capped. The bounce back in prices since the April low has been helpful, but only partially. Even so, BP saw net profit fall 67% yoy in Q1, from Q1 2019’s $2.4 billion to the current figure of $800 million. Even though Q1 earnings dropped so drastically they remained positive, but looking ahead Q2 is expected to show a loss of 37 cents per share.Through everything, however, BP has kept up its dividend payment. The company remains committed to the payments, and has even increased its debt load to do so. The current dividend is 63 cents per share quarterly, annualized to $2.52, gives a yield of 9.65%. Compared to the 3% yield among utility peer companies, the attraction is clear.Roger Read, another of Wells Fargo’s analysts, is cautious here but also sees a path forward for BP. He writes, “…BP's expected free cashflow generation through 2022 should support reductions in leverage and capacity to raise its dividend in 2020 and beyond.”Read gives the stock a Buy rating, and backs it with a $31 price target implying room for 15% upside growth in the next 12 months. (To watch Read’s track record, click here)The Moderate Buy analyst consensus rating on BP is derived from 7 reviews, including 4 Buys and 3 Holds. The average price target of $32.20 suggests a 16% premium from the $27.81 current trading price. (See BP stock analysis on TipRanks)CenturyLink, Inc. (CTL)The last stock on our list here is a communications services firm, in the cloud-based tech niche. CenturyLink’s products offer customers solutions for networking and online security, a vital industry in today’s connected work environment – and even more vital during the current corona crisis, with so many office workers moving to telecommuting. The urgency of online security is clearer now than ever.That clear from CTL’s Q1 earnings, which not only grew 12% sequentially, but also beat the forecast by a penny. The 37 cents reported was even 8% higher than the year-ago quarter.CTL’s steady earnings underlie the company’s dividend. The payment has been stable for 5 quarters – and management recently announced that the next payout, set for June 12, will remain at 25 cents per share, or $1 annually. At this level, the dividend yields 9.43%, a solid return by any standard.Wells Fargo’s Jennifer Fritzsche, rated 5-stars in the TipRanks database, acknowledges that leading-edge tech company inhabit a capricious landscape, but is optimistic about CTL’s prospects. She writes, “In our view – the co. made its difficult capital allocations decisions last year and we see that dividend as secure near term. If one lesson will be (crystal) clear coming out of this crisis, it is that fiber is critical and necessary ‘railroad tracks’ (to quote WSJ) in our new normal. CTL has more of that asset than any public co.”Supporting her Buy rating on the stock, Fritzsche gives CTL a $12 price target, indicating room for 10% upside growth. (To watch Fritzsche’s track record, click here)While Fritzsche is optimistic here, her Wall Street peers remain cautious. CTL shares have a Hold from the analyst consensus, based on 2 Buys, 4 Holds, and 4 Sells. Shares are selling for $10.24, but the average price target is $9.91. Time will tell if Fritzsche’s bullish stance is the correct course for CTL. (See CenturyLink stock analysis at TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

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The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

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Casino stock investors received some good news this week as early reports out of Las Vegas suggest the reopening of major casino resorts was met with strong initial demand.However, one analyst said on Friday that Vegas still has a long road to full recovery from its shutdown.What Happened?A number of Las Vegas casinos opened their doors for the first time on June 4, and Bank of America analyst Shaun Kelley said initial demand was so strong that several operators are now opening additional properties ahead of schedule."At 12:01AM on June 4th, Las Vegas casinos officially reopened. From local reports and our channel checks, the demand was strong with long lines and packed flights, similar to most regional gaming markets," Kelley wrote in a note.Why It's ImportantDemand was so strong that Caesars Entertainment Corporation (NASDAQ: CZR) has bumped up its planned opening of Harrah's and MGM Resorts International (NYSE: MGM) is planning to open Excalibur next week.But while the initial surge of Vegas demand was much better than feared, Kelley said room rates will likely suffer significantly in the medium term. Kelley estimates quoted room rates on the Vegas Strip are down 36% in June and 46% in July compared to a year ago, which will negatively impact operator margins. Kelley said the cancellation of Vegas events and conferences will continue to weigh on room rates given these events drive demand for some of the Strip's highest-priced rooms.Even once events ramp back up, Kelley is projecting convention attendance will drop 15% in the second half of the year.Kelley estimates Las Vegas Sands Corp. (NYSE: LVS) will endure the smallest drops in average room rates in the near term, with average rates in June and July falling 23% and 40%, respectively. Wynn Resorts, Limited (NASDAQ: WYNN) has the highest average room rates on the Strip, and Kelley estimates it will endure the largest drop in average rates. He projects 43% and 53% declines in June and July, respectively.Benzinga's TakeStrong initial demand was the first hurdle for Vegas casino stocks to overcome in the near-term. Now that the Strip is reopened, the focus will shift to room rates and margins to determine just how profitable these casino stocks can be in a sub-optimal environment.For investors looking to play the Vegas recovery, Bank of America has the following ratings and price targets for major Las Vegas casino operators: * Las Vegas Sands, Buy rating and $61 target. * Wynn, Buy rating and $95 target. * MGM Resorts, Underperform rating and $15 target.Do you agree with this take? Email feedback@benzinga.com with your thoughts.Related Links:Las Vegas Casinos Reopen This Week, And Here's What Investors Should Expect Analyst: Why Penn National And Boyd Could Outperform As US Casinos ReopenLatest Ratings for MGM DateFirmActionFromTo May 2020UBSMaintainsNeutral May 2020Credit SuisseAssumesNeutral May 2020B of A SecuritiesDowngradesNeutralUnderperform View More Analyst Ratings for MGM View the Latest Analyst RatingsSee more from Benzinga * 7 Sin Stocks To Buy During The Coronavirus Shutdown * Q1 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their Portfolios(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Stunning employment data fed into growing optimism about cities and states relaxing the coronavirus-related restrictions that have hobbled activity and crushed the jobs market.

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(Bloomberg) — President Donald Trump chided Warren Buffett’s recent move to exit his bets on the airline industry.“He’s been right his whole life, but sometimes even somebody like Warren Buffett — I have a lot of respect for him — they make mistakes,” Trump said Friday in a news conference at the White House. “They should have kept airline stocks, because the airline stocks went through the roof today and others did too.”Buffett abandoned his investments in four major U.S. airlines in recent months as the coronavirus pandemic swept the nation, curbing travel across the globe. He started piling into the industry in 2016, which went against his previous swearing off of airlines after a tumultuous USAir bet. At the annual meeting of his Berkshire Hathaway Inc. in May, he said the “world changed” for the airline industry.All four companies that Berkshire previously held soared this week after American Airlines Group Inc. said it would boost July flights 74% and jobs data showed an unexpected rebound in hiring. Delta Air Lines Inc. surged more than 40% this week, while American Airlines jumped 90%, Southwest Airlines Co. climbed more than 25% and United Airlines Holdings Inc. advanced more than 60%.Buffett’s assistant didn’t immediately return a message seeking comment.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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The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

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