Wirecard scandal: Missing billions likely don’t exist
BERLIN (AP) — German payment service provider Wirecard said Monday it has concluded that 1.9 billion euros ($2.1 billion) which were supposed to be held in two accounts probably don’t exist, deepening troubles that last week prompted the resignation of its chief executive.
https://finance.yahoo.com/news/germanys-wirecard-missing-accounts-probably-061610166.html
I originally plan to post a story about how Robinhood makes money. The app has been making news of late as more people have begun using the website to “Pandemic Trading.” Unfortunately one young trader took his own life because he did not understand the trades. The money and long term affects are real.
On the small yellow sticky note that 20-year-old Alex Kearns left on his bedroom door was an ominous message saying to turn on the computer.
Daniel Kearns powered up his son’s laptop in their home in Naperville, Ilinois. Within seconds, a four-paragraph letter flashed on the screen. “If you’re reading this, then I am dead,” the note started.
You gotta eat. One of the staple industry, even in a pandemic, is the food business. Walmart (WMT), Whole Foods and Kroger saw steady sales for the first two quarters of the year. Kroger, however, experienced a degree of pushback on the performance news on Thursday. The company witness investor pullback, is this an opportunity?
Only Kroger KR -3.05% seems excited about its own sales performance last quarter. Investors could show a little more enthusiasm.
The grocery chain saw an impressive uplift in revenue excluding fuel, growing it by 19.1% in the quarter ended May 23 from a year earlier. Total sales exceeded analyst expectations by 2.1%, and digital sales grew by a remarkable 92%. Earnings per share also came in 9% higher than expectations.
Qualcomm Inc on Tuesday said it is putting 5G technology into chips for smartphones that will sell for as little as $300 and that will come to market in the second half of this year. Read More
Qualcomm pushes 5G tech into chips for cheaper phones — Financial Post
This week the market will experience the triple witching event. If you are unfamiliar with the term now is a good time get your pencil and paper young wealth manager. This could be an opportunity for the short-term investor to take advantage of market volatility. A little known goes a long way . . . in your portfolio.
Last Thursday marked the unofficial start of triple witching options expiration, with the rollover of June futures contracts into the September forward month at many brokers. The period from the rollover through this Friday’s expiration have a well-earned reputation for whipsaws and reversals, raising the potential for high volatility. The CBOE S&P 500 Volatility Index (VIX) is sounding this message loud and clear, with the “fear gauge” lifting to a two-month high above $40.
Usually the average investor must decide between income or growth. The Reaves Utility income fund has both. The closed-end fund (UTG) has a five year track record equal to the S&P 500, however, has not kept pace in the last three years.
Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
DENVER, May 29, 2020 /PRNewswire/ — On May 29, 2020, the Reaves Utility Income Fund (NYSE MKT: UTG) (the “Fund”), a closed-end sector fund, paid a monthly distribution on its common stock of $0.18 per share to shareholders of record at the close of business on May 19, 2020.
Reaves Utility Income, which is a closed-end fund, is designed to provide a high level of after-tax income, along with capital appreciation, by holding a portfolio that is at least 80% invested in companies that provide products or services for generating or distributing electricity, gas or water, along with companies involved in telecommunications, infrastructure, toll roads and municipal services.
(Bloomberg) — Liquidators overseeing Abraaj Group’s insolvency now estimate Chief Executive Officer Arif Naqvi’s alleged theft to have cost the firm…
Abraaj Ex-CEO’s Theft Totals $385 Million, Liquidators Claim
Canopy’s huge loss resulted from shuttered facilities and obsolete packaging, marijuana
The Nasdaq’s ETF ranking reveals a lot about how traders and investors are playing the market.
The exchange’s economics research division released rankings of the top 25 ETFs for the last week and month on Monday, with the U.S. Global Jets ETF (JETS) topping both lists.
Its top 25 ETFs for the last week are:
https://www.cnbc.com/2020/06/10/stock-market-futures-open-to-close-news.html
the Java Exchange 