Stocks under 20

Share to Twitter Share to Linkedin Topline The stock market moved higher on Tuesday in an attempt to bounce back after six consecutive weeks of heavy losses, as investors digested the latest comments from Federal Reserve Chair Jerome Powell, who pledged to keep raising interest rates until inflation starts “coming down.” Key Facts Stocks widely rebounded, paring back some of the steep losses from last week: The Dow Jones Industrial Average rose 1.3%, over 400 points, while the S&P 500 jumped 2% and the tech-heavy Nasdaq Composite 2.8%. The market broadly moved higher—with ten out of eleven sectors in the S&P 500 posting gains, as shares of technology stocks and financials led Tuesday’s gains. Markets initially moved higher amid a solid retail sales report and news that China could soon be taking steps to ease lockdowns in cities such as Shanghai, with optimism about reopening helping boost prospects for global economic activity. … [Read more...] about Dow Jumps 400 Points After Powell Says Fed ‘Won’t Hesitate’ To Keep Raising Rates To Combat Inflation

Reuters filepix for illustration purpose only - A + A NEW YORK (May 18): The US is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp. The Securities and Exchange Commission has been sending firms lists of key positions — in some cases pointing to around 30 people including heads of certain investment banking teams or trading desks — that are subject to the review, according to people with direct knowledge of the requests. Personnel in those roles are being ordered to hand over phones so devices can be examined by lawyers. The aim is to gauge how pervasively Wall Street professionals use unauthorized messaging platforms to chat with each other or clients as regulators decide which firms to punish, and how hard, for failing to preserve business-related messages sent via unapproved platforms. … [Read more...] about US pries into over 100 trader and banker phones in texting probe

- A + A NEW YORK (May 18): In public, Elon Musk’s erratic tweets have sent Twitter Inc’s shares flailing, as traders bet that the billionaire is preparing to walk away from or re-negotiate his US$44 billion takeover of the social-media company. Behind the scenes, it’s more like business as usual, as advisers on both sides plug away at the day-to-day work of closing a megadeal. One potential sign that the deal is still on track: the 139-page filing that hit early Tuesday, detailing how the offer came together and Twitter’s rationale for accepting it. That document was the result of weeks of coordinated work by both Musk and Twitter’s teams, according to people familiar with the matter. Musk himself signed off on the final version — complete with a deal price of US$54.20 a share — before it was filed, the people said. The situation is similar at the banks that promised to finance the transaction, said the people, who asked not to be identified because the details are … [Read more...] about As Musk tweets, advisers plug away to keep Twitter deal on track

- A + A (May 18): Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand. Ambani’s Reliance Industries Ltd is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance even deferred a scheduled maintenance of the facility to help churn out more diesel and gasoline, whose margins have shot up to touch a three-year high. The two Indian tycoons are stepping in at a time when many developed countries are scrambling for alternative sources of fuels as they try to back away from Russian supplies. This month, the Group of Seven most-industrialized nations pledged to ban imports of Russian oil. The … [Read more...] about Asia’s two richest men reap windfall from surging oil, coal

- A + A KUALA LUMPUR (May 18): Country Heights Holdings Bhd (CHHB) informed Bursa Malaysia on Wednesday (May 18) that it was not aware of any corporate development that would have caused the sharp fall in its share price. The group also stressed that it is in compliance with the Bursa Securities Listing Requirements on immediate disclosure obligations. CHHB had opened one sen higher at RM1.20 but thereafter inexplicably nosedived on heavy trading volume to 83.5 sen — dropping 35.5 sen or 30% — hitting limit down and triggering an unusual market activity (UMA) query by Bursa Malaysia. The company is valued at RM247.99 million based on the stock price of 83.5 sen. In late April this year, the group said it intended to invest about RM250 million in capital expenditure (capex) for the next five years following its partnership with Beijing Wodong Tianjun Information Technology Co Ltd (JD.com) to develop an omnichannel business model in Malaysia. CHHB managing … [Read more...] about Country Heights says not aware of reason for UMA

In a highly volatile session on May 18, the Nifty ended flat amid mixed a trend on the sectoral front. The index opened above 16,300, extending the previous day’s gains but failed to hold on to the intraday gains to end marginally lower, forming a small-bodied bearish candle on the daily scale. It closed 19 points, or 0.12 percent, down at 16,240.30. The index has to hold above 16,250, for an up move towards 16,442 and 16,666, whereas supports shift higher to 16,161 and 16,061 zones, experts said. "The near-term trends shall remain positively biased in favour of bulls as long as the index sustains above 15,900 levels. In such a scenario, on resumption of the up move, the index can test its 20-day simple moving average, whose value is around 16,635 levels," Mazhar Mohammad, Founder & Chief Market Strategist, Chartviewindia.in, said. Weakness in the short-term support zone of 16,200–150 levels shall be an opportunity to go long with a stop below 15,900, he said. Close … [Read more...] about Technical View | Nifty forms bearish candle; 15,900 is the level to watch

Representative image The rupee on Wednesday declined by 16 paise to close at its fresh lifetime low of 77.60 against the US dollar amid unabated foreign fund outflows and a stronger greenback in overseas markets. At the interbank foreign exchange market, the rupee opened lower at 77.57 and later hit the day's low of 77.61 as the dollar rebounded in global markets following hawkish comments from US Federal Reserve chief Jerome Powell. Crude oil prices also surged by over 1 percent, which weighed on the rupee. The local unit finally ended at its all-time low of 77.60, showing a loss of 16 paise over its previous close of 77.44. "The dollar index took support near 103.50 and the capital market witnessed profit booking from higher levels, sending rupee into weakness," said Jateen Trivedi, VP Research Analyst at LKP Securities. The US Fed chief asserted that the central bank would increase interest rates as high as needed to contain a spike in inflation which threatens the … [Read more...] about Rupee falls 16 paise to record low of 77.60 against USD