Stake sell down

- A + A KUALA LUMPUR (May 25): Serba Dinamik Holdings Bhd group managing director (MD) and group chief executive officer Datuk Dr Mohd Abdul Karim Abdullah has been forced to sell more shares — this round involving 16.99 million shares representing a 0.458% stake — in the troubled oil and gas outfit. The forced disposal of the shares was done in two blocks of 3.54 million and 13.45 million shares on Monday (May 23) and Tuesday (May 24) respectively, the company's bourse filings showed. The first block crossed at 12 sen apiece, while the second larger block was let go at 10.5 sen apiece. The transactions amounted to RM1.84 million. This latest round of forced selling has trimmed his stake in Serba Dinamik to 20.368% or 755.57 million shares. Prior to that, Mohd Abdul Karim held 772.57 million shares or 20.826% in Serba Dinamik — after he was forced to sell 5.15 million shares or 0.139% — at 15 sen a share on May 20. With the latest disposal, Mohd Abdul Karim has … [Read more...] about Serba Dinamik MD Abdul Karim forced to sell more shares

- A + A KUALA LUMPUR (May 26): The Employees Provident Fund (EPF) appears to selling shares in major glove makers Top Glove Corp Bhd, Hartalega Holdings Bhd and Kossan Rubber Industries Bhd in a synchronised manner, possibly as the Covid-19 pandemic-driven jump in glove demand normalises at a time when global vaccination progress offers hope that the outbreak can be curbed, according to these companies' latest filings on Wednesday (May 25) on changes in their substantial shareholders' holdings. Top Glove said the EPF last Friday disposed of a collective 11.67 million Top Glove shares in two tranches of 11.44 million and 228,900 shares respectively. After the sale, the fund still had a direct ownership of 402.19 million shares representing a 5.023% stake in Top Glove, according to the glove maker. Meanwhile, Hartalega said the EPF last Friday disposed of a collective 251,800 Hartalega shares in two tranches of 182,400 and 69,400 shares respectively. After that, … [Read more...] about EPF sells glove shares as pandemic-driven demand normalises

Dow component Intel Corporation ( INTC ) reports third quarter 2020 earnings this week after stumbling in July, beating second quarter estimates but lowering guidance due to delays in the rollout of the company's 7nm-based CPUs. The stock fell 16% after the news, battered by shareholder disappointment and at least seven Wall Street downgrades. The decline stretched within three points of March's nine-month low before bouncing in August, but the uptick into October has failed to fill the downside gap . Key Takeaways Intel handed a competitive advantage to rivals when it delayed the rollout of the next chip generation. Accumulation readings have dropped to four-year lows, signaling the departure of institutional capital. Wall Street is highly bearish on Intel's long-term outlook. The misstep cost Intel a major time advantage against competitive products from Advanced Micro Devices, Inc. ( AMD ) and NVIDIA Corporation ( NVDA ), underpinning strong rallies … [Read more...] about Intel (INTC) Limps Into Key Earnings Report

The Goldman Sachs Group, Inc. ( GS ) reports fourth-quarter 2020 earnings next week, with analysts expecting a profit of $7.36 per share on $10.1 billion in revenue. If met, earnings per share (EPS) will mark a 57% profit increase compared to the same quarter in 2019. The stock entered a two-week slide in October despite beating third-quarter top- and bottom-line estimates, but Goldman shares recovered in November and lifted nearly 40% into year-end. Expectations are running high as a result of that impressive performance, especially with the financial sector in full-blown accumulation mode. Key Takeaways Goldman Sachs reports fourth-quarter 2020 earnings in the pre-market on Tuesday, Jan. 19. The stock is technically overbought and trading at an all-time high. The company is benefiting from higher yields and the widening yield curve . A sell-the-news reaction after earnings could presage a larger-scale correction . The financial powerhouse lost its … [Read more...] about Goldman Sachs (GS) at All-Time High Ahead of Report

The Dow Jones Transportation Average fell nearly 14% in 2018, giving up all of the gains posted since the last trading day of 2014. The index has bounced about 5% so far in 2019, but the broken uptrend looks ripe for short selling , raising the odds for even lower prices in the coming months. Truckers, packaging companies and airlines have weighed equally on selling pressure, indicating that broad-based themes are moving these stocks rather than local business conditions. Railroads could open the next chapter in this bearish tale when CSX Corporation ( CSX ) reports fourth quarter earnings in Wednesday's post-market, followed by Kansas City Southern ( KSU ) on Friday morning. This sub-group looks more resilient than transport peers, but that's attributable to industry leader Union Pacific Corporation ( UNP ) trading just 12 points below September 2018's all-time high. Even so, it isn't wise to expect any of the railroads to enter new uptrends as long as trade wars and … [Read more...] about Transportation Stocks Could Test 2018 Lows

Share to Twitter Share to Linkedin SAN ANTONIO, TX - MARCH 5 : Dillon Brooks #24 of the Memphis Grizzlies drives past Dejounte Murray ... [+] #5 of the San Antonio Spurs at AT&T Center on March 5, 2018 in San Antonio, Texas. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Ronald Cortes/Getty Images) In a deal that underscores the huge success of the NBA,  the Memphis Grizzlies announced yesterday that controlling owner Robert Pera has sent a formal notice to the NBA that he will retain his controlling interest in the basketball team. Team valuation for Pera's buyout: $1.3 billion. The price was confirmed by a person with detailed knowledge of the deal but who was not authorized to speak about it publicly. In November, the Athletic reported that "A buy-sell provision in the ownership … [Read more...] about Robert Pera Agrees To Keep Control Of Memphis Grizzlies At $1.3 Billion Valuation

Share to Twitter Share to Linkedin Topline Shares of Tesla sank to an 11-month low on Tuesday after a bearish analyst note tacked on to a flurry of concerns for the electric-vehicle maker and high-profile chief Elon Musk—even as one of the firm's staunchest bulls doubled down on its massive investment. Key Facts Tesla stock fell 7% to $628 on Tuesday, pushing the stock down nearly 49% from its all-time high in November and wiping over $30 billion from Tesla's market capitalization, which has fallen to $650 billion from a peak of more than $1.2 trillion. Prompting the steep decline, Daiwa analyst Jairam Nathan on Tuesday morning lowered his price target for Tesla shares to $800 from $1,150—telling clients Covid lockdowns in Shanghai, where the electric-vehicle maker operates its so-called Gigafactory, as well as supply issues impacting its Austin and Berlin plants, will cut deeper into earnings than previously expected. Nathan forecasts the … [Read more...] about Tesla Stock Losses Top $575 Billion As ‘Investor Patience Wears Thin’ With Elon Musk’s Twitter ‘Circus Show’

FOR CAPITAL SHIPS | The Philippine Navy on Tuesday formally took over part of a strategic shipyard facing the West Philippine Sea as its newest ship BRP Antonio Luna (FF-151) made a symbolic docking at the former Hanjin Heavy Industries shipyard in Subic Bay, Zambales. (Photo from the Philippine Navy) MANILA, Philippines — The Philippine Navy now has a home for its biggest ships after docking its vessels in commercial shipyards for so long. The Navy on Tuesday formally took over part of a strategic shipyard facing the West Philippine Sea as its newest ship BRP Antonio Luna (FF-151) made a symbolic docking at the former facility of South Korea’s Hanjin Heavy Industries in Subic Bay, Zambales . It will occupy 100 hectares of the northern portion of the 300-hectare shipyard, now called Agila Subic, for a lease of around P1 billion a year. The activation and subsequent operation of a naval operating base Subic is in line with the Navy’s scaled-up maritime operations to support … [Read more...] about Navy makes strategic move to Subic shipyard facing WPS

SET-listed Electricity Generating Plc (Egco), a subsidiary of state-run Electricity Generating Authority of Thailand, plans to increase its power generation capacity by around 1 gigawatt and will continue to acquire more assets to grow its energy portfolio. The company allocated capital spending of 30 billion baht for 2022, with 24 billion baht to support the capacity expansion and the remaining 6 billion baht to go to new energy-related businesses. Egco expects its capacity to increase to nearly 7GW, up from 5.9GW at present, generated by 30 power plants, both in operation and under construction. Thepparat Theppitak, president of Egco, said the company is also working on several asset acquisition deals but declined to elaborate. He said only that some deals are expected to be completed in the second half of this year. "If the value of some deals is greater than our budget, we will consider increasing the budget," said Mr Thepparat. Egco's latest asset purchase was made in … [Read more...] about Egco aims to increase capacity by 1GW

For Beijing office worker Tianna Cheng, the main dilemma when she was buying a 180,000-yuan ($27,000) Xpeng electric crossover was whether she should go for a BYD car instead, or a Nio; she did not seriously consider overseas marques. - A + A BEIJING (May 26): If global automakers think they can extend their dominance in China into the electric era, they may be in for a shock. Kings of the combustion age such as General Motors and Volkswagen are falling behind local players in the booming electric vehicle (EV) market in China, a country that's key to funding and developing their electric and autonomous ambitions. For Beijing office worker Tianna Cheng, the main dilemma when she was buying a 180,000-yuan ($27,000) Xpeng electric crossover was whether she should go for a BYD car instead, or a Nio; she did not seriously consider overseas marques. "If I was buying a gasoline car, I may have considered foreign brands," the 29-year-old said as she drove home from … [Read more...] about Global automakers face electric shock in China